Oil and Gas

OPEC Secretary General to visit Nigeria

...Leads global oil and gas players to participate in Int’l Petroleum Summit
The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Dr. Mohammed Sanusi Barkindo, will be leading other global oil and gas industry leaders to participate in the Nigeria International Petroleum Summit (NIPS).
This was disclosed by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, at a world press conference in Abuja today.

Nigerian court sets hearing date for Malabu Oilfield case

A Nigerian court has set a hearing over a disputed 2011 oilfield deal for June 18, the country’s financial crimes watchdog said Feb. 15, part of a string of international corruption probes into the purchase.
The case relates to a purchase of the offshore OPL 245 oil field in Nigeria by oil majors Royal Dutch Shell and Eni in 2011. At the core of the case is a $1.3 billion payment from Shell and Eni to secure the block from Malabu Oil and Gas, allegedly controlled by former Nigerian oil minister Dan Etete.

Independent marketers lead compliance with Govt. approved PMS price cap

...NNPC to reward marketers who make life easy for Nigerians

In spite of the challenges that independent petroleum marketers in Nigeria have been subjected to in the provision of petroleum products for daily consumption in Nigeria, they have been adjudged most compliant in upholding the Federal Government’s regulated price cap on Premium Motor Spirit (PMS), also known as petrol.

Full integration of FPSO to happen in 8 years- NCDMB

…FG to prioritize oil productions with competitive costs -Kachikwu
The Nigerian oil and gas industry must strive to develop local capacities to execute full fabrication and integration of Floating Production Storage and Offloading (FPSO) vessels in-country within the next eight years, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote has said.

Nigeria preparing to comply with OPEC output cap- Kachikwu

Nigeria will refocus on oil projects that deliver higher returns to keep production within the limits set by OPEC, oil minister Emmanuel Kachikwu said late Tuesday.

The country has been struggling to make good on its pledge not to produce above 1.8 million b/d under the OPEC/non-OPEC output agreement, with output hitting its highest level in more than two years in January at 1.93 million b/d, according to the S&P Global Platts survey.

Seawolf Drilling Coy: NUPENG suspends 15-day industrial action ultimatum

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) on Wednesday, suspended the 15-day ultimatum issued to the Federal Government over unresolved labour issues.
President of the Union, Igwe Achese, said the suspension was as a result of the timely intervention of  the  Director General of the Department of State Services (DSS).
“The suspension of the ultimatum, which should have expired on Thursday, February 15, 2018 was due to the understanding reached after a meeting with Director General of DSS  on  Tuesday,” he said.

Guesswork rules Nigeria's daily petrol consumption

Nigerians have recently been assailed with various figures estimating the country’s daily total national demand and consumption of Premium Motor Spirit (PMS), also known as petrol.

For a country so dependent on petrol imports, it is scandalous that the relevant authorities have no clue as to how much of the highly sought after product is consumed in Nigeria every single day. It is sad that in 2018, Nigeria has been unable to consistently and pragmatically collate, process and warehouse data and statistics to enable proper national planning.

U.S. may halt crude oil import from Nigeria

There are indications that the United States may halt crude oil import from Nigeria by 2022, as it moves closer to becoming a net export of petroleum products.The United State Energy Information Administration (EIA) has projected that the United States will become a net energy exporter in 2022 in the newly released Annual Energy Outlook 2018, primarily driven by changes in petroleum and natural gas markets.