Category: Oil & Gas
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…
FG spent N650.2bn on petrol subsidy in 12 months —Report
The Federal Government spent a total N650.2bn in subsidising Premium Motor Spirit; latest statistics obtained from the Nigerian National Petroleum Corporation have shown. The PMS, popularly known as petrol, is imported into Nigeria solely by the Federal Government-owned NNPC. The corporation subsidises the commodity to ensure that it is not sold above N145 per litre…
NNPC, NAOC and OANDO JV makes gas and condensates discovery in Niger Delta
A trilateral collaborative joint venture (JV) between the Nigerian National Petroleum Corporation (NNPC), Nigerian Agip Oil Company, NAOC (an affiliate of Italian Oil major, Eni), and Oando has resulted in the discovery of large onshore gas and condensate deposits in the Niger Delta. The new find is the equivalent of 1 trillion cubic feet of…
European LNG projects target supply security
New import facilities progressing despite spare capacity in existing infrastructure Europe’s LNG receiving capacity, across ten countries from Lithuania to Greece, has experienced usage levels this year unprecedented in well over a decade, as a global LNG supply glut finds the continent a home of last resort. But, despite the significant uptick in deliveries, Europe’s…