Oil and Gas

NCDMB to partner indigenous oil producers

The Nigerian Content Development and Monitoring Board (NCDMB) and the Independent Petroleum Producers Group (IPPG) will collaborate to deepen Local Content implementation in the oil and gas industry.
 
Executive Secretary, NCDMB, Engr. Simbi Wabote stated this at the closing of the 2017 Practical Nigerian Content Conference held in Uyo, Akwa Ibom State.
 
He described indigenous crude oil producers as primary beneficiaries of the Local Content policy, having acquired divested acreages from international oil companies.
 

NNPC to promote indigenous technology with research clusters

The Nigerian National Petroleum Corporation (NNPC) has pledged to promote the development and commercialization of home-grown technology in collaboration with the Nigerian Content Development and Monitoring Board (NCDMB).
 
Delivering the Lead paper at the 47th Conference and Annual General Meeting of Nigerian Society of Chemical Engineers in Port Harcourt on Friday, Group Managing Director of the Corporation, Dr. Maikanti Baru, said the effort would be driven by the Research and Development (R&D) arm of the Corporation.
 

Nigeria, a potential global crude oil refining hub- Experts

Experts have urged the Federal Government to put in place a clear policy to promote private sector involvement in commercial exploitation of opportunities in building modular refineries.
 
This, they said, would help to increase the nation’s crude oil refining capacity, boost revenues and develop the economy, as the country has the potential to become a global crude oil refining hub.
 

NCDMB releases N61.18bn local content fund to BoI

A total sum of $200m (N61.18bn at the official exchange rate of N305.9 to a dollar) has been released to the Bank of Industry as intervention fund for indigenous oil and gas service providers, the Nigerian Content Development and Monitoring Board announced on Tuesday.
 
It also stated that third party outfits were being engaged to monitor compliance with respect to local content implementation in the upstream, midstream and downstream arms of the oil and gas industry.
 

OPEC records less output in October

OPEC oil output in October fell 90,000 b/d from the previous month as declines were observed in six member countries, an S&P Global Platts survey of OPEC and oil industry officials and analysts showed Wednesday.
 
OPEC's 14 members saw their collective October output fall to 32.57 million b/d from 32.66 million b/d in September, owing to sharp declines in Iraq and Nigeria, along with slight falls in Algeria, Venezuela, Iran and Qatar.
 

PENGASSAN cautions on sale of oil assets to fund 2018 budget

Oil workers, under the aegis of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), have warned the Federal Government against selling profitable oil and gas assets as scrap to fund the 2018 budget.
 
The trade union expressed its support to any other model to fund the budget aside from selling off the sector’s assets, calling on the National Assembly to reject it as it had done in the past because the plan is not in the interest of the nation.
 

OVH Energy commissions N54.4b Lagos Midstream Jetty

Oando Plc has reiterated the importance of indigenous participation in Nigeria’s oil and gas industry and has taken private sector infrastructure development to another level with the commissioning of its N54.4 billion Lagos Midstream Jetty (LMJ) at the Apapa Harbour in Lagos.

Conceived by ASPM Limited, a subsidiary of OVH Energy Limited (an Oando Plc Licencee), the LMJ is West Africa’s first privately owned mid-stream jetty, and will allow up to 45,000 Dead Weight (DWT) vessels to berth and discharge products while easing out the congestion around the Apapa corridor.

The 11th OTL AFRICA DOWNSTREAM WEEK- COMMUNIQUE

Oil Trading and Logistics Africa (Downstream) is a Pan-African initiative dedicated to promotion of business, policy and stakeholder relationships in downstream petroleum markets across the continent.

It achieves its goals through strategic government and business liaison, research and advocacy. Its flagship platform, the annual OTL Africa Downstream Week is the continent’s leading business forum for market insights, emerging opportunities, products’ showcase and recognition of excellence in the African downstream petroleum value-chain.

Senate wants ECA scrapped

Nigerian lawmakers on Tuesday called on the government to scrap a sovereign wealth fund that the Natural Resource Governance Institute, an international watchdog, has called one of the world’s most opaque and poorly governed.
 
The Excess Crude Account (ECA), which as of September held $2.31 billion, is a rainy day fund that in theory takes money from oil sold over and above the finance ministry’s benchmark price, and can be used to plug emergency gaps in spending.
 

NIMASA to end foreign control of crude lifting

The Nigerian Maritime Administration and Safety Agency (NIMASA) is set to end foreign domination of crude oil lifting. The agency plans to introduce new measures that will pomote indigenous participation in the highly lucrative business.
 
Its Director-General, Dr Dakuku Peterside, it was gathered, has concluded arrangement to introduce new policies that will enthrone the participation of many Nigerians.
 

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