Thursday March 26th, 2015
Thursday March 26th, 2015
Latest

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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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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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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Stakeholders commend, review and set new target for NIMASA’s mgt

  /   in Sweet Crude   /   Comments

Akpobolekemi

Maritme industry stakeholders have commended the management of the Nigerian Maritime Administration and Safety Agency, NIMASA, in its effort to up the ante currently being experienced in the industry.

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Labour hints on nationwide strike over PIB, victimization, others

  /   in Sweet Crude   /   Comments

igwe

In recent times, the two unions in the Petroleum sector; Nigeria Union of Petroleum and Natural Gas Workers, NUPENG and its Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, besides the protracted Petroleum Industry Bill, PIB, that have remained unattended to by the National Assembly, have been battling government and private sector employers in the industry over victimization of union leaders, amongst others.

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Community shuts construction of gas pipeline

  /   in Sweet Crude   /   Comments

Gas pipeline

The people of Igboye Community in Epe Local Government area of Lagos State have protested against what it called “failure to meet necessary pre-requisites” by the operators of the Phase 2 Expansion of Escravos Lagos Gas Pipeline Project which passes through their farmland.

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Oil workers say austerity measure aimed at impoverishing Nigerians

  /   in Sweet Crude   /   Comments

Oil Installation

Workers in the Nigeria’s oil and gas sector have rejected the austerity measure recently announced by the Federal Government, saying it is at aimed further pauperizing the downtrodden masses of Nigeria.

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Eaton Identifies Solutions to Utility Network Challenges

  /   in Sweet Crude   /   Comments

Renewable-energy

Eaton Nigeria industries has identified the use of renewable energy as an answer to addressing the challenges of power demand in the West Africa, utility network. Speaking during a panel discussion at the West African Power Industry Convention, Charles Iyo, Regional Sales Manager, West Africa, stated that African countries have excellent solar irradiances, dependable wind areas, and land for renewable power plants capable of providing the energy demand for the region.

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Insurance industry can combat losses in oil & gas —experts

  /   in Sweet Crude   /   Comments

gas

To effectively reduce losses in oil and gas risks underwriting, insurance operators should provide financial tools to help manage or reduce their exposure to huge losses, experts have said.

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Naira depreciation will increase cost of shipping, capital flight

  /   in Sweet Crude   /   Comments

1000-naira-notes

Operators in the maritime industry have called on the federal government to commence strict implementation of maritime law to reduce the effect of depreciating naira in the sector.

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Declining crude price: Nigerian banks risk capital erosion -Afrinvest

  /   in Sweet Crude   /   Comments

File Photo: Crude Oil

A number of banks in Nigeria are presently at risk of losing their capital and incurring huge toxic assets following the current decline of crude oil prices in the international market, analysts at Afrinvest Securities Limited have warned.

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Mining engineers charged on standards

  /   in Sweet Crude   /   Comments

Miners

Gabriel Ewepu ABUJA-THE Federal Government has charged the newly registered mining engineers under the auspices of Council of Nigerian Mining Engineers and Geoscientists, COMEG, to sustain and maintain professional standards in the extractive industry.

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FG to stop ship importation from January 2015

  /   in Sweet Crude   /   Comments

FPSO Vessel

The Federal Government,has declared that with effect from January 2015, maritime vessels purchased overseas without inputs from local ship builders in Nigeria will not be allowed to operate in Nigeria.

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‘Gas shortage stunts Nigeria’s manufacturing sector’

  /   in Sweet Crude   /   Comments

gas

The Manufacturing Partnerships for African Development, MPAD, has lamented the persistent gas shortages at power stations, saying that it is unfavourable to manufacturing industries plants as well as hindering it’s input to the development of country’ economy.

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Bayelsa communities unveil SPDC sponsored projects

  /   in Sweet Crude   /   Comments

For communities in the hinterland of Bayelsa State where there is hardly any local and state government presence, the people are always looking up to the oil and gas multinationals to provide them with basic amenities in spite of the reservations about their activities.

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