POWER SECTOR OWES GAS FIRMS N100BN

Power sector gas invoice arrears increased to N100bn from N40bn as of September 2014, the Chairman, Oil Producers Trade Section and Managing Director, Chevron Nigeria, Mr. Clay Neff, said on Wednesday.

 

He stressed the need to immediately implement the gas supply aggregation agreements and put a stop to the build-up of arrears under the legacy Nigeria Gas Company contracts regime

 

Read more @ Punch NG

FG EYES OFFSHORE, INLAND BASIN GAS RESERVES

The recent militant attacks on oil and gas facilities may have prompted the Federal Government to look towards developing alternative sources of gas supply for power generation in the country.

 

Government officials, who gave the indications on Wednesday at the Nigerian Gas Association’s Business Forum 2016 in Lagos, highlighted a number of options being considered to diversify the nation’s sources of gas supply.

 

Read more @ Punch NG

FG SUSPENDS WEST AFRICAN VENTURES FROM NIGERIA’S OIL AND GAS INDUSTRY

The federal government has suspended West African Ventures (WAV) from participating in ongoing and future tenders in Nigeria’s oil and gas industry for violating the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, better known as the Nigerian Content Act.

 

The government has also directed ExxonMobil Companies in Nigeria, Chevron Nigeria Limited, Total E&P, Addax Petroleum and Nigerian Agip Oil Company (NAOC) to stop doing business with the company because of their frequent and flagrant disregard of the provisions of the NOGICD Act

 

Read more @ Thisdaylive

KACHIKWU SIGNS $80BN OIL AND GAS INFRASTRUCTURE DEALS IN CHINA

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has signed Memorandums of Understanding (MoUs) with several Chinese firms for over $80 billion new investments, spanning five years, in the oil and gas industry covering pipelines, refineries, gas and power, facility refurbishments and upstream financing.

 

Speaking exclusively to THISDAY yesterday from Beijing, China, Kachikwu said the agreements had been executed during the three-day roadshow in the Asian country to attract investments to Nigeria’s oil and gas sector.

 

Read more @ Thisdaylive

OIL PRICES REBOUND IN POST-BREXIT BARGAIN HUNTING

Oil prices topped $48 a barrel on Tuesday, as investors took advantage of a two-day slide in crude oil triggered by Britain’s vote to leave the European Union.

The vote’s impact on oil, despite sending global stocks and currencies spiraling, has so far been limited due to expectations of strong summer demand in Asia and the United States and tightening supplies after a two-year rout.

 

Read more @ Thisdaylive

 

NNPC, NIPCO FUEL DISTRIBUTION DEAL HITS 1.8 BILLION LITRES MARK

The storage arrangement otherwise known as thru put operated by the Nigerian Independent Petroleum Company (NIPCO) for the Nigeria National Petroleum Corporation (NNPC) has reached a record mark of 1.8 billion litres in the last nine years.

The thru put programme, which allowed the NNPC to use NIPCO’s storage facility for storage and distribution of petrol and kerosene commenced in 2007 and has significantly aided smooth distribution of petroleum products in the country.

Read more @ Guardian

TOTAL’S OFON EPC CREATES 3,000 JOBS

Total Exploration and Production Nigeria Limited has said that its Engineering, Procurement and Construction, EPC, contract for its 65,000 barrels per day Ofon 2 oilfield project, undertaken by Nigerdock, created over 3,000 jobs for Nigerians and recorded 3.2 million man-hours without Lost Time Incident, LTI.

Read more @ Today