Friday May 29th, 2015
Friday May 29th, 2015
Latest

PETAN tasks Buhari on good policies

  /   in Sweet Crude 1:47 am   /   Comments

Buhari-oil

Part of the ways the petroleum industry can overcome current crises facing it is through government’s favourable policies and greater collaboration between government and operators, Chairman, Petroleum Technology Association of Nigeria, PETAN, Mr. Emeka Ene, tells Sweetcrude Editor, Clara Nwachukwu in this interview

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FMC Technologies, UniPort collaborate on masters’programme

  /   in Sweet Crude   /   Comments

As part of its commitment to developing the Nigerian technical workforce, FMC Technologies Inc. has announced a partnership programme with the University of Port Harcourt, UniPort, to create the first Master of Science degree in Subsea Engineering in Nigeria.

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Oil, gas, power, prices: Big themes from energy meeting

  /   in Sweet Crude   /   Comments

In the year since the energy industry last gathered for its big annual confab in Houston, prices for oil and natural gas took a dive that few, if anyone, saw coming.

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Energy firms borrow N504bn from Diamond Bank

  /   in Sweet Crude   /   Comments

Nigerian energy firms have borrowed about N503.674 billion from Diamond Bank Plc over the last two years between 2013 and 2014 to finance their operations.

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Seven Energy begins gas supply to Calabar power

  /   in Sweet Crude   /   Comments

Seven Energy International Limited, an indigenous Nigerian integrated gas Company has commenced the supply of gas to the 560 megawatts, MW, Calabar National Integrated Power Project, NIPP.

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Oil firms risk losing equities over indebtedness

  /   in Sweet Crude   /   Comments

Oil and gas firms that borrowed huge amount of money at high interest rates from financial institutions in the country would be forced to relinquish some of their stakes to the banks if they hope to continue in business, Vice President, FBN Capital, Ms. Rolake Akinkugbe, has declared.

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PETAN refocuses on gass development…as OTC 2015 kicks off

  /   in Sweet Crude 11:09 pm   /   Comments

Part of the plan for the Petroleum Technology Association of Nigerian, PETAN’s participation in this year’s Offshore Technology Conference, OTC, holding at the Reliant Park, Houston Texas, in the United States, is how to attract more investments in Nigeria’s gas sector.
The refocus on gas development follows the recent crash in the price of crude at the international oil market.

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Latest

US proposes higher onshore oil, gas royalty rates

  /   in Sweet Crude   /   Comments

The United States, US Bureau of Land Management is proposing changes to federal onshore oil and gas royalty rates, rental payments, lease sale minimum bids, civil penalty caps, and financial assurances, US Interior Secretary, Sally Jewell announced.

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Oil crash, dwindling revenue threaten Nigeria’s 2015 budget

  /   in News, Sweet Crude   /   Comments

Budget

One of the first major tasks the administration of Gen. Muhammadu Buhari will have to contend with will be how to finance the 2015 budget in the wake of low oil price and rising threats from declining revenue.

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Marginal fields have met cardinal objectives -Thomas

  /   in Sweet Crude 12:47 am   /   Comments

Dada Thomas

First of all, the marginal field award started 14 years ago, in 2001 and finally in February 2003, 24 marginal fields were awarded to 30 companies. My understanding of the reason for initiating that programme, under the presidency of Olusegun Obansajo, was to increase Nigeria content in the upstream exploration and production, E&P sector. Two, is to provide the platform for competent Nigerian professionals from the industry to participate in the upstream E&P, rather than be employees of IOCs.

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Marginal fields: 18 licences under revocation threats

  /   in Sweet Crude   /   Comments

Bonga oil field ...alleged source of the massive spill

About 18 of the oil fields under 30 oil mining leases, OMLs awarded to indigenous companies as marginal fields are now at the risk of being revoked, as the deadline for the development of the fields expired March end.

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Governance challenges in petroleum: Task before Buhari

  /   in Sweet Crude 7:39 pm   /   Comments

President-elect Muhammadu Buhari reviews a document in Abuja on April 1, 2015. Nigeria's new president-elect Muhammadu Buhari hailed polls that will lead to the first democratic change of power in Africa's most populous nation as "historic" hours after he secured a decisive victory. AFP PHOTO

Just as the discovery of shale became a game changer in the global petroleum economy, the election of Gen. Muhammadu Buhari, as the president-elect also became a game changer in Nigeria’s political clime.

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Solid Minerals sector: Window for massive employment

  /   in Sweet Crude 5:55 pm   /   Comments

Solid minerals

Over the years, unemployment has been a serious challenge to Nigeria’s economic development as its teeming youth population adjudged to be one of the most vibrant and promising in Africa and the world, had remained unproductive. The avalanche of graduates from the nation’s tertiary institutions, and informal sector has become worrisome.

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Oando/ConocoPhillips deal earns FBN Capital recognition

  /   in Sweet Crude   /   Comments

Energy-Pix-3-gas_processing

FBN Capital Limited has been awarded the ‘Africa Oil and Gas Deal of the Year Award’ for the Oando Energy Resources, OER, $350 million ConocoPhillips assets acquisition deal. The bank said in a statement that the award was conferred on it at the prestigious IJGlobal Europe & Africa Awards 2014, organised by the Infrastructure Journal & Project Finance Magazine in London recently.

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Nigeria records 50 attacks on gas pipelines

  /   in Sweet Crude   /   Comments

Gas Pipeline

Over 50 attacks were launched by vandals on the nation’s crude oil and gas pipelines in the last six months, the Executive Director, Gas and Power, Nigerian National Petroleum Corporation, NNPC, Dr. David Ige, has said. Ige, who stated this in Lagos, last week at the 12th Annual Aret Adams Foundation Memorial Lecture, said the government is undeterred by the challenges posed by the activities of the vandals in recent time.

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JTF adopts new strategy on oil theft

  /   in Sweet Crude   /   Comments

oil-crud-theft

Disturbed by the unrelenting activities of crude oil thieves and pipeline vandals in the Niger Delta, the Joint Task Force, JTF, code-named, “Operation Pulo Shield,” has adopted the carrot and stick approach to fight the menace. The JTF is saddled with the responsibility of ridding the region of these economic saboteurs bleeding the nation economy.

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Falling crude price: FG tasked on gas development

  /   in Sweet Crude   /   Comments

crude-oil-pipe-702x336-436x336

The Managing Director/Chief Executive Officer, Frontier Oil Ltd,Mr. Dada Thomas, has urged the Federal Government to strengthen its vast gas reserves to augment the losses being suffered as a result of the dwindling oil prices. Thomas, who said this recently at the Annual Lecture of Aret Adams Foundation in Lagos, also urged government to pay more attention to gas production as it is one of the country’s major revenue generation sources, even as he regretted that Nigeria had not given the sector the necessary attention before now.

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‘FG should sell 60% of refineries’

  /   in Sweet Crude   /   Comments

Sylva-Opuala-Charles

Every year three batches of Youth Corp members pass out, and we have problems from the turn out as the rate of unemployment is alarming. How best do you think the government can address this? I think the key thing (which China did and which India is doing) is industrialisation. Massive labour intensive industrialisation is the way to take out this level of unemployment we have in this country.

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Firm pays N88m ransom to free Greek crew

  /   in Sweet Crude   /   Comments

boko-&-captives

AT least $400,000 (about N88million), was reportedly paid as ransom to secure the release of three seafarers kidnapped from the Greek VLCC Kalamos, off Nigeria’s coast on February 3.

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Oil price fall affects insurance negatively – Shoderu

  /   in Sweet Crude   /   Comments

oil2

The drop in the price of crude could adversely affect the insurance industry, given the fact that insurance thrives when the economy is robust, experts have said. President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr. Ayodapo Shoderu, who made the assertion, noted that at the level of the common man, the devalued naira will reduce the disposable income of Nigerians, further precluding them to care less about undertaking insurance.

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Eunisell restates commitment to marginal field development

  /   in Sweet Crude   /   Comments

gas lines

Eunisell Solutions, an indigenous oil and gas company has reaffirmed its resolve towards the provision of solution-based services to ensure the acceleration of oil production in marginal fields.

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Nigerian Refineries: Avalanche of controversies

  /   in Sweet Crude   /   Comments

A refinery

Except urgent and immediate steps are taken, Nigeria’s quest to have sufficient refining capacity may not be achieved soon as being anticipated, because none of the fluid catalytic cracking, FCC units in all the refineries is working, investigation has shown.

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How Kerosene is produced

  /   in Sweet Crude   /   Comments

CRUDE-OIL

By Jim Rex-LAWSON MOSES Kerosene is an oil distillate commonly used as a fuel or solvent. It is a thin, clear liquid consisting of a mixture of hydrocarbons that boil between 302°F and 527°F (150°C and 275°C). While kerosene can be extracted from coal, oil shale, and wood, it is primarily derived from refined petroleum.

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Over 5000MW still offers no reprieve

  /   in Sweet Crude   /   Comments

Power

With the addition of the 220 megawatts from the newly rehabilitated Egbin turbine, many residents in Lagos are still frustrated by the poor electricity supply and its adverse impact on their businesses. Sweetcrude learnt that while some areas in Lagos continue to groan in darkness, others are luckier and enjoy more than 12hours daily supply.

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CBN should encourage lending to oil, gas companies – Fatona

  /   in Sweet Crude   /   Comments

fatona

Layi Fatona is the Managing Director of Niger Delta Exploration and Production Plc, Nigeria’s foremost indigenous and independent operator of small to medium sized fields. He was the guest speaker at the Lagos oil club, where he enunciated the operations of the company in the last 10 years. He spoke to Sweetcrude on the sidelines as reported by Sebastine Obasi. Excerpts:

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Complete deregulation is solution to fuel shortages – MOMAN

  /   in Sweet Crude   /   Comments

obafemi

The Executive Secretary, Major Oil Marketers Association of Nigeria, MOMAN, Mr. Obafemi Olawore, last week intimated journalists about efforts between government and oil marketers to avert fuel supply shortages. Clara Nwachukwu was there. Excerpts:

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Nigeria on the brink over price slump, subsidy debacle

  /   in Sweet Crude 12:54 am   /   Comments

CRUDE-OIL

The continuous decline in the prices of crude oil in the international market in addition to throwing up a number of challenges for the Nigerian economy, has also brought up yet another controversial issue the issue of petroleum subsidy removal.

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2015: Experts caution on policy issues in oil and gas

  /   in Sweet Crude   /   Comments

Nigeria's Minister of Petroleum Diezani Allison-Madueke

Experts and stakeholders in the nation’s oil and gas industry have cautioned government on the need to implement policies that would put the industry on a good pedestal in 2015.

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FG releases Q1 2015 fuel allocation to marketers

  /   in Sweet Crude   /   Comments

*File photo

The Federal Government has approved the release of first quarter (Q1) 2015 allocation to marketers for the importation of petroleum products into the country. A statement issued by the Petroleum Products Pricing Regulatory Agency (PPPRA), said the early release is in furtherance of the government’s resolve at ensuring continuous products supply in the system, aimed at sustaining the serenity in the downstream industry.

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Latest

Asia pricing-war hotspot for African, Gulf oil producers

  /   in Sweet Crude   /   Comments

Oil Installation

Asia has become a hotspot for a price war between African and Gulf oil producers who, hobbled by bulging global supplies and waning demand, are offering steep discounts to defend their market share in the world’s top net crude buying region.

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Local content has given impetus for Nigerian companies to ramp up capacity…Emeka Ene

  /   in Sweet Crude   /   Comments

Emeka-Ene

The year is gone. If you take a look from January till now, do you think the expectations of the industry have been met?

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Latest

Petroleum products top NPA import cargo chart

  /   in Sweet Crude 1:08 am   /   Comments

ship

Petroleum products topped import cargo chart in the third quarter of this year, as a total of 5.2millin metric tonnes (mmt) of refined petroleum products was brought into the country.

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