Oil and Gas

Erin Energy hits pay in Oyo well off Nigeria

Erin Energy has completed the drilling of the Oyo North West (Oyo-NW) well off Nigeria and, based on preliminary evaluation, it has discovered hydrocarbons in the Miocene Formation.
The Oyo-NW well is located approximately 9.5 kilometers northwest of the Oyo Central field on the company’s offshore Nigeria block 120. Erin Energy started drilling the well using the Pacific Bora drillship in December 2017.

New cargo policy may cost Nigeria N500bn yearly

• Palletisation plan threatens foreign reserve
• Triggers cargo diversion to neighbouring countries
The Federal Government’s new policy on cargo palletisation could rob the economy of over N500 billion yearly and send importers to the ports of neighbouring countries.
Palletisation is a method of storing and transporting goods stacked on a pallet and shipped as a unit load. It permits standardised ways of handling loads with equipment like forklift trucks.

FG blames federation account shortfall on petrol import losses

The federal government has admitted that part of the funds expected to accrue to the Federation Accounts from the sale of crude are being used to pay for the differential between the landing cost of petrol and the pump price.
It would be recalled that at the height of fuel scarcity in December last year, independent marketers claimed that they withdrew from importation of petrol because they could no longer recoup their cost as the landing cost of fuel was N171 per liter while the pump price was fixed at N145 per litre.

Nigeria, Niger republic to build oil refinery

...Nigeria receives applications for seven modular refineries in Edo State
The Federal government on Thursday announced plans to build an oil refinery by Nigeria and neighbouring Niger Republic.
The Minister of Petroleum Resources, Ibe Kachikwu, led a Nigerian government delegation to Niamey, the Nigerien capital, on Wednesday to discuss a firm agreement for the design and construction of the refinery.

SNEPCo, Cameron graduate nine OJT trainees

In fulfilment of their commitments to the development of Nigerian Content in the Oil and Gas Industry, Shell Nigeria Exploration and Production Company (SNEPCo) and Cameron Flow Control Technology Nigeria Limited recently concluded on the job training (OJT) for nine young persons.
The beneficiaries were selected through the Nigerian Oil and Gas Industry Joint Qualification System (NOGIC JQS) and the trainings were conducted at the Dormanlong facility in Lagos and Cameron yard, Port Harcourt, Rivers State for one year.

NNPC seeks PPP deals for pipeline construction, maintenance

...Sets 10-year target for 100% expansion of pipeline network 
The Group Managing Director of the Nigerian National Petroleum Corporation (NNC), Dr. Maikanti Baru, has urged the new Board of one of its downstream subsidiary companies, the Nigerian Pipeline Storage Company (NPSC), to partner with the private sector to build more pipelines parallel to the corporation’s existing ones.