Category: Oil & Gas
IOCs delay $58.4bn oil, gas projects in Nigeria
Reports have shown that a number of oil and gas projects valued at $58.4bn are facing an uncertain future as international oil companies operating in the country have failed to sanction them several years after they were announced. Industry experts said the regulatory and security challenges in Nigeria, as well as the slump in global…
NNPC, JVs finally seal $10bn NLNG Train-7 deal
Jumoke Adelabu – Abuja The Nigerian National Petroleum Corporation (NNPC) and its joint venture partners in the Nigeria Liquefied Natural Gas Limited on Friday took the Final Investment Decision on the commencement of the $10bn NLNG Train-7 project. Shareholders of the company took the FID on the Train-7 project in Abuja after about 12 years…
Sylva reiterates FG’s commitment to completion of Waltersmith Modular Refinery
The Minister of State for Petroleum Resources, Chief Timipre Sylva said the Federal Government would continue to support effort to ensure the take off of Waltersmith modular refinery by May 2020. Sylva gave the assurance during his inspection visit to the Walthersmith Modular Refinery construction site located in Ohaji/Egbema Local Government Area, Imo State. The…
Is South Africa heading to a gas-powered future?
The ambitious Integrated Resource Plan may struggle to convince investors and overcome vested interests. The reality could include a far greater dependence on gas than envisaged. The South African energy sector is in desperate need of investment and reform—with state power utility Eskom as its emblematic, dysfunctional centerpiece—while potentially transformative discoveries await development. South Africa…
Nigeria lost $1.35bn to oil theft in Q1 —Obaseki
By Oke Peter The Edo State Governor, Mr. Godwin Obaseki, has flayed the incessant oil theft in the Niger Delta, bemoaning the loss of about 22 million barrels of crude oil in the first quarter of 2019, estimated at $1.35 billion. The governor, while playing host to a delegation of National Executive Committee (NEC) of…
Nigeria begins talks with oil majors to end $62bn dispute
Government claims it’s owed money as price of crude has risen Justice minister says possible settlement isn’t ‘out of sight’ The Federal Government of Nigeria began preliminary talks with international oil companies to settle a dispute over revenue. The government, citing a 2018 Supreme Court ruling, says it’s entitled to $62 billion from the companies…
NNPC discovers oil in North-East
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) on Friday said it has discovered hydrocarbon deposits (crude oil) in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the North-Eastern part of the country. Recall that drilling of the Kolmani River II Well was flagged-off by President Muhammadu Buhari on…
SPDC, Belema resolve oil dispute, resume operations
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) with its joint venture partners, Shell Production Development Company (SPDC) and Belema Oil, have resolved the dispute on the operation of Oil Mining Lease 25. The feuding group at the signing of the dispute closure agreement in Abuja on Tuesday agreed that operations at the oil…
Nigerian Liquefied Natural Gas selects Train-7 project contractor
The expansion of LNG Train-7 plant, a Nigerian Liquefied Natural Gas project, is anticipated to attract $10 billion in foreign direct investment in the next five years. After a 12-year delay, the Nigerian Liquefied Natural Gas (NLNG) Limited will now go ahead with the expansion of its LNG capacity by an additional eight metric tonnes…
$9.6bn judgment debt: NNPC subsidiary, Duke Oil, shuts down London operations
The commodity trading subsidiary of the Nigerian National Petroleum Corporation, NNPC, Duke Oil Services, has closed down its operations in London. This is probably as a result of the $9.6 billion judgement claim instituted against Nigeria by Process and Industrial Development, P&ID, Limited. P&ID had secured an order from a British court to seize Nigeria’s…