As the world’s demand for oil increases, so does the search for more sources of oil by oil and gas companies – since hydrocarbons play a vital role in our life and continue to be important for many more years to come.

Over 400 insurance chieftains will put heads together during the forthcoming 22nd Federation of Afro-Asian Insurers & Reinsurers, FAIR on how best the insurance sector in Afro-Asian countries can play a pivotal role in their economic development.

About 49 insurance companies in Africa have pooled gross premium income of $85.63million in five years, under the aegis of the African Oil and Energy Insurance Pool, between 2006 and 2010.

With the expansion of the Islamic communities across the globe, Islamic banking and takaful insurance are already playing vital roles in today’s global financial village.

Gas producers in Africa have continued to shore up their investment even as European countries continue to seek new measures at forcing down dependency on Russian gas.

The 52 member companies of the African Aviation Insurance Pool, said they paid about $6.93million claims to some airline operators in 2010.

Chief Sylverius Okoli is the Executive Chairman of West Africa Bitumen Emulsion Co. Limited, WABECO, and Safeco Sierra Leone Limited (former Shell Sierra Leone).

WABECO, whose revenues is now in excess of £145 million offers services in all petroleum-related disciplines from the treatment of oil and gas, gas utilisation, gas re-injection and flare-out, to power generation and natural gas liquids extraction, and is also involved in exploration, drilling, processing and exporting, with various plants and facilities inside and outside the country.

Following the incessant activities of laterite dealers around power transmission towers along the Egbin-Ikeja west 330Kv transmission lines, the Transmission Company of Nigeria (TCN) has commenced moves to bring the act described as economic sabotage to a halt.

In an effort to boost indigenous participation in the nation’s oil and gas industry following the passage of the Nigerian Content Development Act by the federal Government the Petroleum Technology and Development Fund (PTDF), has concluded plans to continually boost indigenous capacity to pave way for indigenous participation in the oil and gas industry.

The Organisation of the Petroleum Exporting Countries, OPEC, and the European Union, EU, are now fine tuning ways to address exploration and production challenges, especially of offshore safety and human resource availability with a view to creating a safer operating environment.

ENUGU—THE Federal Government has commenced work on N2.57 billion Adada River Dam project in Igbo-Etiti and Uzo-Uwani Local Government Areas of Enugu North senatorial district.

The Federal Government has been urged to go beyond the Amnesty program in the Niger-Delta to address the constitutional, political, and other juridical aspects of the conflict.

PORT HARCOURT: AN urgent appeal has gone to the federal government and the international community to come up with measures to end gas flaring in the country.

The Nigerian Electricity Regulatory Commission, NERC, on Tuesday informed Chief Executive Officers of electricity distribution companies that the last schedule of the 2008/2013 regime of Multi Year Tariff Order (MYTO) will be operational as from July 1, 2011.

PRESIDENT Goodluck Jonathan has announced that the 20 billion dollars Nigeria-Algeria gas pipeline project would now be completed by 2015, even as he also seeks tax regime on goods imported into Africa .