Trouble brewing as SAC oil announces exit from OPL 223
In spite of SacOil’s optimistic announcement that it is quitting oil prospecting licence (OPL) 233 located in Koloama Community, Bayelsa State, within the transition zone and shallow offshore environment (5-10m) in the Niger Delta, it seems that trouble is brewing in yet another example of failed “marriages” in the Nigerian upstream sector.
Samsung Heavy, NLNG buoy local content in oil, gas sector
Poised to ensure realisation of the local content policy of the Federal Government in the oil and gas sector, Samsung Heavy Industries Nigeria (SHI) and the Nigerian Liquefied Natural Gas (NLNG), have trained about 57 Nigerian youths at the SHI shipyard in Geoje, South Korea.
Nigerian-owned oil firm donates $1m to Nepal earthquake victims
West African Ventures Limited, a 100 per cent indigenous oil and gas company, owned by a Nigerian, Jacques Roomans, has donated $1 million to the unfortunate victims of the recent devastating earthquake in Nepal. This donation from the company, which is a subsidiary of the Sea Trucks Group, was made to help the country in…
Oilserve incorporates new gas, power companies
The OilServe Group, a consortium of Pan African Oil & Gas and Power companies that provide services across the Oil & Gas and Power sector value chains in the Sub-Saharan Africa region, has incorporated two new companies – FrazOil Limited and FrazPower Limited.
NNPC faults forensic report on misappropriation of $20 billion kerosene subsidy
The Nigerian National Petroleum Corporation (NNPC) has once again faulted the alleged misappropriation of $20 billion through kerosene subsidy, saying that forensic report of PricewaterhouseCoopers (PwC) on the corporation’s income and expenditure did not capture the reality.
Shell Reopens 180,000 Bpd Bonny Light Crude Export Pipeline
Shell has re-opened the 180,000 barrels per day capacity Trans Nigeria pipeline, which supplies Bonny Light crude oil grade to the export terminal. Although Shell did not declare a force majeure on supplies, the 4-day closure could lead to delays in loading some June cargoes according to Reuters. The reason for the shut down was…
Capital Oil Breaks Rank to Ease Fuel Shortage
Capital Oil has come to the rescue of a grateful nation after breaking rank to begin selling fuel to the public. The company says it is releasing about 70 million litres of petroleum products into the market over the next few days.
Stakeholders seek new refineries
As the current scarcity of Premium Motor Spirit (PMS) lingers, stakeholders in the Nigerian oil and gas sector believed that the establishment of new refineries and the deregulation of the downstream sector is the only way out.
SC orders Chevron to maintain status quo with regard to disputed oil blocks
Britannia-U’s attempt to win the divested oil mining leases (OMLs) 52, 53, 55, received yet another boost after the Supreme Court ordered all parties to maintain the status quo with respect to the action. Britannia-U was appealing against a Court of Appeal order dismissing the interlocutory injunction, which Britannia-U Nigeria had obtained against Chevron in…