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Rig owners greatly affected by downturn in the oil industry

The Rig Owners and Operators 2017 meeting was held in Port- Harcourt recently and participants at the meeting have decried the current situation of the their businesses in the country. Of particular mention from them was the fact that the Federal Government of Nigeria has failed to meet their Joint Venture cash obligations to the industry…

Pan Ocean Oil Corporation nears completion of major export pipeline

Pan Ocean Oil Corporation (POOC) has indicated that its Amukpe Escrcavos Pipeline Project is nearing completion and will be on stream by the end of year 2017. The facility is a 67 kilometre pipeline and would act as an alternative to the Trans Forcados Pipeline (TFP) which is constantly subject to attacks in the Niger Delta. The Oil Bloc…

NNPC kerosene output increases

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, stated that the NNPC through its refineries, producing over 5 million litres of kerosene daily. This production figure he noted, was over 60% of the nations daily consumption with the balance being imported by private traders and marketers.…

NLNG impressed by NIPCO PLC facilities

On a recent facility tour of  Nipco PLC's Liquefied Petroleum Gas facility LPG), the Managing Director of the Nigerian LNG Limited, Mr Tony Attah, was highly impressed by the human capital available at the company in addition to the huge investment in facilities undertaken by the company. NIPCO Plc completed a 4,800 MT LPG facility in 2008…

India reduces its purchases of Nigerian crude oil

India, the biggest buyer of Nigerian crude oil has reduced its purchases of Nigerian crude. India is now purchasing crude oil from the United States of America in line with its ambition to diversify its crude oil sources. The Indian Oil Corporation and Bharat Petroleum have made 2 significant crude oil purchases from the United States in July…

Shell Nigeria shuts down major pipeline

Shell Petroleum Development Company Ltd (SPDC), a subsidiary of Shell has shut down the Trans Niger Pipeline (TNP) due to some leaks. The TNP is a feeder for the Bonny Light Export Terminal with a production capacity of 225,000 barrels per day. The Pipeline was said to be shut at B-Dere in Ogoniland with investigations underway. The MOSOB, a…

Nigeria agrees to cap its production output at 1.8 mbpd

At the recently concluded meeting of OPEC and non-OPEC members held in St. Petersburg, Russia on Monday 24/7/17, Nigeria agreed to cap its daily crude oil production output at 1.8mpbd (million barrels per day) The Joint committee arrived at the decision after reviewing the June 2017 report and listening to presentations from Nigeria and Libya.…

US crude oil production projected to rise between 2017 & 2018

The United States of America's Energy Information Administration Agency forecasts in its July report that U.S. crude oil production will average about 9.3mbpd in 2017, a rise of 0.5mbpd from 2016. The Agency is equally forecasting a growth from 9.3mbpd in 2017 to 9.9mbpd in U.S total production in 2018 beating a previous record of 9.6mbpd set in…

CHEVRON & SHELL NIGERIA ENTER INTO NEW FINANCING DEAL WITH NIGERIA

In what will be received as a very positive development in the Nigerian Oil and Gas sector, Shell and Chevron subsidiaries in Nigeria have signed alternative financing deals in Nigeria aimed at increasing production and boosting the nations reserves. The deal is coming at a time where the Federal Government of Nigeria continues to find it…

NNPC & Shell Nigeria, discuss commencement of activity on the bonga field

Discussions are on-going between the Federal Government of Nigeria, Shell Nigeria and other stakeholders on the continued development of the Bonga Oilfield. Mr. Rapahel Afolabi, speaking at the Bi-Annual stakeholders meeting held in Abuja, presented a paper on the Bonga Southwest Aparo reframed project/scope and proposed Environmental Impact…
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