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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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. […]

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.