New PCC board to interface with PHCN, service providers
AIMED at ensuring that it protects the interest of Nigerian consumers and reduce the number of public complains that would be directed to it, the new board of the Public Complains Commission (PCC), has disclosed that it plans tp meet with the management of the Power Holding Company of Nigeria as well as other service providers to guarantee improved services to their users.
Seven Energy facilitates 560MW of additional generation capacity in Calabar
Seven Energy International Limited (Seven Energy), the indigenous Nigerian integrated gas Company has commenced the supply of gas to the 560 MW Calabar National Integrated Power Project (NIPP).
‘Petroleum firms need to focus on reducing industry cost’
The petroleum industry needs to bring down the cost of exploration and development projects to ensure that offshore hydrocarbons can be brought into production economically, speakers at the Sea Asia 2015 conference in Singapore said. "There is a lot of oil, particularly in deepwater, which is only viable at about $70 (a barrel). If we are in an environment at $50 to $70 (a barrel), then they are never going to be produced unless we can get the cost down below," Andreas Sohmen-Pao, BW Group chairman said. While oil prices, which declined nearly 50 percent since the second half of 2014, have adversely affected the petroleum sector and led many firms to cutback on capital and operating expenditures, the issue of industry cost is seen as the more acute problem. "The problem is not the oil price at all, the problem is the cost of the industry ... when the oil price was coming down from $110 to $100 (a barrel), that's when the (companies') profitability went down. That's when the projects stopped being sanctioned. That's when exploration drilling started to decline ... so in the offshore industry ... you have to solve the problem of cost in the industry," Claus Hemmingsen, CEO of Denmark's Maersk Drilling commented. Investment in offshore oil production is still needed as supplies from shale only replaced the decline in conventional onshore oil production. "Investment in offshore oil production has increased from $150 billion a year to $360 billion a year over 10 years to maintain a production of 28 million barrels a day ... U.S. shale has not replaced offshore production, but (only) ... replaced conventional onshore oil production decline," Hemmingsen said. Still, the short-term outlook arising from low oil prices poses a tremendous challenge to the offshore oil and gas industry, particularly for the rig sector. "There is overcapacity that we haven't seen for 15 or 20 years ... with more than 125 jackups being delivered," the Maersk Drilling CEO added. On oil prices, Sohmen-Pao expected the level to hover at around $70 a barrel as sufficient supplies will be made available by the market. "I went to talk to a lot of oil companies in Europe and U.S. and ... most people now are saying there is enough oil at $70 per barrel, we will not run short for some time to come, so (we need to) get use to current pricing," he said. While Saudi Arabia, OPEC's key producer, used to have an excess production capacity of 2 million barrels a day, "shale can give us up to 10 million barrels per day of extra oil as long as the price is around $70 ... technology is bringing that price down ... so shale has completely changed the game. We have enough oil for a long time to come," the BW Group explained.
OPEC losing shale oil war?
The quest by the Organisation of Petroleum Exporting Countries (OPEC) to surmount the threat of shale oil may be far from reality going by the recent developments in the global oil market.
Ekiti lists challenges of power supply
A delegation of the Ekiti State government led by the state Deputy Governor, Dr. Kolapo Olusola had visited the headquarters of the Benin Electricity Distribution Company (BEDC) in Benin, Edo State to fashion out a modality that will ensure an improvement in the electricity supply to the state.
Concerns mount over influx of foreign oil, gas divers in Nigeria
Concerns have continued to mount over the domination of foreign divers particularly South Africans who have allegedly flooded the Nigerian oil and gas market depriving the indigenous divers by about 90 per cent.
‘There is still hope for non-producing marginal fields’
The Chief Executive Officer of Eunisell Solutions, one of Nigeria’s leading oil and gas Service Company focused on accelerated field development, Dickson Okotie has said that all hope is not lost for marginal fields that are yet to produce, in view of the imminent revocation of their license.
PETAN unveils programme for OTC conference
The Petroleum Technology Association of Nigeria (PETAN) is leading Nigeria’s delegation to this year’s edition of the Offshore Technology Conference scheduled to take place between May 4 and 7,2015 in Houston, Texas in United States of America (USA).
Uncertainty looms as fuel marketers run out of stock today
THERE are indications that fuel marketers and importers would run out of stock for Premium Motor Spirit (PMS), otherwise known as fuel, at the Apapa Depot and filling stations across the country due to the inability of the Federal Government to meet subsidy obligations of over N356.2 billion.