Oil and Gas

Eni Declares Force Majeure On Nigeria’s Brass River Grade Crude-trader

Eni has declared a force majeure on Nigeria’s Brass River grade of crude oil, a trader said, once again throwing a spotlight onto the unreliability of exports from a country plagued by oil theft.

The trader said the force majeure was declared after a fire on a pipeline.

Eni did not immediately respond to a request for confirmation of the outage.

Nigeria to Cut Contracting cycle in Petroleum Industry to Six Months

The Federal Government is determined to cut the contracting cycle in the country’s oil and gas industry from the current average period of two to four years, to just six months, Minister of State for Petroleum Resources, Ibe Kachikwu, said.

A contracting cycle is the duration between the initiation of the bidding process through registration of contractors and actual award of contracts for projects executed in the oil and gas industry.

AMCON Obatins Court Order to Freeze Bank Accounts of Capital Oil and Gas

The Federal High Court Lagos Division on Wednesday granted interim injunction against Capital Oil and Gas Industries Limited and Mr. Patrick Ifeanyi Ubah on the application of Asset Management Corporation of Nigeria (AMCON).

Justice M B Idris while granting the exparte order on the application of Mr. AB Mahmoud (SAN), counsel to AMCON restrained Capital Oil and Gas and Mr. Ubah from dealing with any assets or funds of the company within the jurisdiction of the court. The court also made an interim order freezing all the bank accounts of the company.

Boost For Nigeria's Power Supply as Total Commits 300mscf Gas Daily to Domestic Market

 Power supply in the country is set to get a boost as Total Exploration and Production Nigeria Limited, TEPNG, has committed to devote about 300 million standard cubic feet, mscf, of gas daily to the domestic market.
*The Federal Government has failed on its promise to achieve the target of 6,000 Mega Watts (MW) of electricity generation last December
*The Federal Government has failed on its promise to achieve the target of 6,000 Mega Watts (MW) of electricity generation last December

Nigeria To Keep ‘losing 249,000 Oil Barrels Every Day Till June’

Repair work on the pipeline feeding Forcados crude oil, one of Nigeria’s biggest export terminals, is expected to take until June, according to Reuters.

Forcados, which has the capacity to export about 400,000 barrels every day, was scheduled to export some 249,000 barrels of oil per day in February and March.

On February 21, the facility operated by Shell was hit by an explosion, which caused a leak that forced it to halt loadings.

‘Why Nigerians can’t lift crude, other products’

FORMER National Hydrographer, Comdr. Joseph Abulu, has said that Nigerians are not able to lift crude oil and other petroleum products because government is not giving opportunity to indigenous ship-owners even when they have standard vessels capable of performing the function. The former navy officer in an exclusive interview with Vanguard said that most of those involved in the lifting of the products presently do not have their own vessels but are only chartering vessels.

Oil theft: Aregbesola seeks panel of inquiry

Osun State Governor Rauf Aregbesola yesterday called on the Federal Government to set up a commission of inquiry to investigate crude oil theft amounting to N5.8 trillion under the previous Peoples Democratic Party (PDP) administration. The governor stated this when members of The Committee for the Defence of Human Rights (CDHR) presented a letter to the governor for onward transmission to President Muhammadu Buhari at the Governor’s Office in Osogbo.

Marine engineers vow to end acquisition of scrap vessels

THE Association of Marine Engineers and Surveyors (AMES) in Nigeria has said it would ensure that only certified sea-worthy ships are acquired and brought into Nigeria. Speaking with newsmen in Lagos, President of the association, Engr. Charles Uwadia said that the initiative would be among key issues for discussion at the association’s Maritime Technical Summit themed ‘Challenges of Maritime Transport Industry in Nigeria,’ billed for this month of April.

NNPC spends $1.8bn on fuel import per quarter

The Nigeria National Petroleum Corporation (NNPC) said on Wednesday that it spends $1.8 billion in 90 days to import fuel.

The Group Executive Director Upstream of NNPC, Mr Bello Rabiu, stated this while addressing State House Correspondents.

According to him, the organisation spends between $16 million and $20 million on imports daily totaling about $1.8 billion per quarter.

Rabiu was reacting to the inability of the nation’s refineries to provide the local needs of consumers.