NNPC TO RESUME OIL EXPLORATION IN CHAD BASIN

The Nigerian National Petroleum Corporation (NNPC) yesterday said it would resume the exploration of crude oil in the Chad Basin, following the improvement of security in the North-east region of the country.

Group Managing Director, NNPC, Dr. Joseph Dawha, who disclosed this in a statement signed by Mr. Ohi Alegbe, Group General Manager, Group Public Affairs Division and obtained by the News Agency of Nigeria (NAN), said NNPC was forced to suspend exploration in the region due to rising insecurity, stating that it planned to resume activities there in the next few days.

 

Read more @ Thisdaylive

SEVEN ENERGY COMMENCES CRUDE OIL PRODUCTION FROM STUBB CREEK

Seven Energy International Limited (“Seven Energy”), the independent Nigerian integrated gas development, production and distribution company, and its subsidiary company Universal Energy Resources Ltd, announce the commencement of crude oil production from the Stubb Creek Field, in Akwa Ibom State, following approval to embark on delivery of oil through ExxonMobil’s Qua Iboe Terminal.

Seven Energy’s interest in the Stubb Creek field is held through a 62.5% interest in the operator, Universal Energy Resources Ltd.  Stubb Creek’s development was conceived and led by the Seven Energy team, resulting in production start up in February 2015 at an initial gross rate of 2,000 bpd.  Plans being progressed to increase the processing capacity to 8,000 bpd. The company also constructed a 23 km oil pipeline from the field to the Qua Iboe Terminal to enable evacuation and export.

Commenting on this milestone, Phillip Ihenacho, Chief Executive Officer, Seven Energy, said “Oil production at Stubb Creek marks the successful first phase of our long term development plan, which is designed to deliver commercial development of the field’s oil reserves ahead of the development of the substantial non-associated gas reserves that are also present. In the long term it will bring additional gas production into our existing processing and distribution infrastructure, and so further deepen the growing Nigerian gas market.

Production at Stubb Creek is also important because it marks the attainment of first oil at one of the marginal fields allocated to indigenous companies. This realises the original intention of the marginal field round to enable domestic companies to bring smaller, unutilized fields on-stream, enhancing both domestic ownership and national production, and so revenue.”

The Stubb Creek Field was discovered in 1971 and lies near the mouth of the Cross River in OML 14 located in Akwa Ibom State. It was classified as a marginal field in 2002, and subsequently transferred to Universal Energy, a subsidiary of Seven Energy, in 2004. The field has been developed in a joint venture partnership with Sinopec International Petroleum Exploration & Production Company (Nigeria) Ltd.

To find out more, visit Seven Energy Website

 

SCARCITY: FUEL SELLS AT N250 PER LITRE IN OYOTHE ALBINO CHILD

Fuel scarcity being experienced in some parts of the country had resulted in a sharp increase in pump price of the product in Iseyin Council Area of Oyo, from the official price of N87 per liter, to N250.

A survey by the News Agency of Nigeria (NAN) on Saturday indicated that while most of the filling stations in the town were closed due to non-availability of the product, few that had it sell from N240 to N250 per litre.

Read more @ SweetCrude

US COURT ORDERS CHEVRON, BNP PARIBAS TO PRODUCE DOCUMENTS ON DISPUTED OIL BLOCKS

A United States District Court of Harris County, Texas, has ordered Chevron USA Inc. and BNP Paribas Securities Corporation to produce all documents and correspondence between them or their employees or agents and the bidders of Chevron’s disputed Oil Mining Leases (OML) 52, 53 and 55 being contested by Brittania-U Nigeria Limited.

Brittania-U had dragged Amni International Petroleum Development Company Limited, Amni International Petroleum Production Services, Tunde Afolabi, Belemaoil Producing Limited, Belemaoil Producing Corporation and Jack-Rich Tein to the US court for ‘tortious’ interference in the bidding process for the three oil blocks.

 

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JUSTICE MINISTRY TURNS CLOG IN AZURA, MOBIL POWER PROJECTS

Construction work on the widely acclaimed 500MW Azura thermal power plant in Edo state cannot begin, and progress on the 1,000MW Mobil gas fired plant in Akwa Ibom has been stalled, on account of the failure of Attorney-General, Mohammed Bello Adoke, to accede to a request for the waiver of Nigeria’s sovereign immunity.

Read more @ Businessday Online

RESTRUCTURE NNPC, EXPERTS ADVISE BUHARI

Economists and operators in the oil and gas sector have advised the incoming government to prioritise the restructuring of the Nigerian National Petroleum Corporation to speed up the development of the nation. They also urged the new government to ensure the passage of the Petroleum Industry Bill.

 

The advice came as the scarcity of fuel continued to bite harder across the country over the weekend, despite the promise by the NNPC that there was enough fuel to keep the country wet for at least three weeks.

 

Rea more @ Punchonline

NNPC AUDIT IGNORED N296BN CONDENSATE MARKET – EXPERTS

As reactions continue to trail the release of the full audit report of the Nigerian National Petroleum Corporation, industry experts have said a thorough audit of the process and operations of the NNPC needs to be carried out as the audit failed to show that revenue from condensates was accounted for.

 

The final report on the forensic audit into allegations of unremitted funds into the Federation Account by the NNPC made no clear mention of the amount the nation generated from condensates between January 2012 and July 2013, the review period.

 

Read more @ Punchonline