Articles

Shell and Eni to stand trial in Italy over Malabu deal

A judge in Milan has ordered Eni, Shell and current and former Eni directors to stand trial on accusations of corruption in the 2011 purchase of the OPL245 oil block in Nigeria estimated to hold 9 billion barrels of crude.
 
The CEO of Italian energy concern Eni since 2014 Claudio Descalzi, and his predecessor Paolo Scaroni are among 11 individuals indicted over the alleged bribes paid to secure the oil license for $1.3 billion (€1.09 billion).
 

Sinopec's offshore engineering unit wins Nigeria contract

An offshore engineering unit of oil major Sinopec Group has won a two-year contract to drill an offshore block in Nigeria, the state firm said on Thursday.
 
Shengli Petroleum Engineering will deploy its ‘Shengli-4’ rig to drill the block, located in shallow water off Nigeria’s Rivers State. The block has a designed daily output of 35,000 barrels of oil.
 
The Chinese rig, which previously drilled for oil for Shell in Nigeria, is slated to be moved to the new project in early 2018, Sinopec said.
 

OPEC, China form strategic partnership on energy security

The Organisation of Petroleum Exporting Countries (OPEC) and the world’s most populous country, China, have agreed to the necessity of intensifying cooperation between both parties and in the interest of the global economy.

At the Second High-level Meeting of the OPEC-China Energy Dialogue which was held on recently in Beijing, both parties agreed to explore methods to implement and operationalize the constructive intent for enhanced relations.

NIMASA flags-off seatime training for 239 cadets

·         Rewards outstanding cadets with automatic employment

·         To commence Phase 2 in 2018

At long last, some young Nigerian can heave a sigh of relief and rekindle their hopes of career development and a better life as a total of 239 cadets who are beneficiaries of the Nigerian Seafarers Development Programmes are set to embark on their mandatory seatime training in line with global best practices.

Reps urge DPR to enforce gas metreage as FG discovers 178 gas flare sites

The House of Representatives Adhoc Committee investigating revenue leakages in Nigeria’s oil and gas industry has urged the Department of Petroleum Resources, DPR to compel oil companies to install meters targeted at harnessing associated gas for positive applications in the nation.
 
The Committee disclosed that massive gas flaring was still ongoing in many parts of the Niger Delta, adding that the development has culminated in the huge loss of revenue.
 

NNPC transferred $2.51b to JV Account in one year

Within the last one year - between September 2016 and 2017, the Nigerian National Petroleum Corporation (NNPC) said it transferred a total of $2.51 billion from the $3.18 billion Nigeria got from its sales of about 715.69 million barrels of crude oil and condensate directly to the Joint Venture (JV) Cash Call account it maintains to fund oil production with International Oil Companies (IOCs) in the country.
 

In defence of Britannia-U

I read with dissatisfaction a report by a leading northern-based national newspaper titled Ghost Companies Lift N1.1trillion Crude Oil filed in which the paper reported that some indigenous companies not registered by the Corporate Affairs Commission (CAC) have lifted Nigeria Crude Oil Grades valued at 3.5billion US Dollars (N1.1billion) in the last 10 months.

The report went ahead to list the names of the 18 companies that purportedly benefitted from the contract starting from Prudent Energy, Setana Energy, Emo oil among others. Brittania U was number 14 on the list.

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