Anxiety over oil prices, as OPEC meets this week
ALL eyes are on the ministers of the Organisation of Petroleum Exporting Countries (OPEC), as they gather to determine the fate of member countries on Friday in the midst of crude price volatility. The prevailing crude price situation has nearly cracked OPEC, as member-countries lobby to protect their various economies, which were apparently affected by…
Port Harcourt Refinery embarks on rehabilitation programme
PORT HARCOURT Refining Company (PHRC) Limited, has unveiled plans to embark on rehabilitation project to meet local needs of petroleum product in the country.
Universal Energy Commences Production at Stub Creek
Universal Energy in which gas producers, Seven Energy has a 62.5 per cent equity interest, has commenced production from the marginal field, Stubb Creek Field in Akwa Ibom State at an initial gross rate of 2,000 barrels per day (bpd).
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.
Total extends CSR to Akwa Ibom community
Total Exploration and Production (E&P) has handed over a completed health center with state-of-the-art equipment to the government and people of Atan Offot in Akwa Ibom state.
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…