tag:blogger.com,1999:blog-50347134714672142862024-02-06T18:41:11.088-08:00Nigeria Energy IntelligenceAnonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.comBlogger397125tag:blogger.com,1999:blog-5034713471467214286.post-32032320486095256362013-09-18T01:38:00.000-07:002013-09-18T01:38:18.610-07:00Ogoni Community Drags Shell to London Court<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrgYDdm3_x64CCBsXm_zMNrs3co11HNEKXRBnFJJnhM6yCelJdGK1SuB_PLxK763DEJapYVQQnzzszAg6WVJoChgtNYFH7PwuKdk_VA-cqur3Mwl8oshQCCg_clnVvL26sZVD5odNDsRw/s1600/Shell-oil-spill-in-Ogoni.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrgYDdm3_x64CCBsXm_zMNrs3co11HNEKXRBnFJJnhM6yCelJdGK1SuB_PLxK763DEJapYVQQnzzszAg6WVJoChgtNYFH7PwuKdk_VA-cqur3Mwl8oshQCCg_clnVvL26sZVD5odNDsRw/s320/Shell-oil-spill-in-Ogoni.jpg" width="320" /></a></div>
<div style="text-align: justify;">
Following a disagreement on the amount
to be paid as compensation over the 2009 major oil spill that devastated
their environment, the people of Bodo community in Gokana Local
Government Area of Rivers State have again dragged Shell Petroleum
Development Company (SPDC) Limited before a London Court.
</div>
<div style="text-align: justify;">
The action was as a result of the failure of an out-of-court settlement between the community and Shell.</div>
<div style="text-align: justify;">
Former Secretary of Bodo Council of Chiefs and Elders, Chief Saint Pii,
told journalists in Port Harcourt that the community decided
to return to court because Shell refused to pay the 500 million pounds
they demanded as compensation as part of the out-of-court settlement. He accused Shell of trying to pay peanuts as compensation to the over
10,000 indigenes of Bodo community as well as organisations that were
affected by the oil spill, which occurred as a result of equipment
failure in the oil giant’s facilities located in the community.
</div>
<div style="text-align: justify;">
<br /></div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-191945503603980812013-09-18T01:28:00.000-07:002013-09-18T01:28:30.813-07:00Oando hires Tony Blair's wife<div class="separator" style="clear: both; text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-9j9frEseN0CSexSN0XzzMgo_Gri6SlsXHXymwigqJaTfDPegpetgl_K2vrxag-4HF3BotrofQqVnmp3AyHsy5RYvyL3J1K_XdR60MjBGqbOzZvxKKv8eFDDDWQWYJg_mUBbXc5dOg9M/s1600/Cherie+Blair.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-9j9frEseN0CSexSN0XzzMgo_Gri6SlsXHXymwigqJaTfDPegpetgl_K2vrxag-4HF3BotrofQqVnmp3AyHsy5RYvyL3J1K_XdR60MjBGqbOzZvxKKv8eFDDDWQWYJg_mUBbXc5dOg9M/s1600/Cherie+Blair.jpg" /></a></div>
<div style="text-align: justify;">
Cherie Blair, wife of former British Prime Minister, Tony Blair, is
believed to have been hired to defend Oando Plc in the case involving
former Governor of Delta State, Chief James Ibori, who is currently
serving a jail term in the United Kingdom. Blair, an attorney, was said to have been paid 200,000 pounds deposit for the case. Ibori allegedly told a Swiss private bank in 2004 that he owned 30
percent of Oando, which paid $1.2 million into his account that year, a
prosecutor told a British court.</div>
<div style="text-align: justify;">
However, the Group Managing Director of Oando, Mr. Wale Tinubu,
denied that Ibori owned 30 per cent shares in the company, explaining
that Oando’s has over 6.8 billion shares, with over 300,000
shareholders, while Ibori’s equity interest remained insignificant.</div>
<div style="text-align: justify;">
Investors reacted to the stock on the Nigerian Stock
Exchange yesterday as Oando led on the losers’ table with N1.15 or 10
per cent depreciation. From its opening value of N11.50, it closed
trading at N10.35 per share.</div>
<div style="text-align: justify;">
Details of Ibori’s assets and how he kept them hidden from the public
gaze through a web of shell companies and foreign bank accounts were
being disclosed as part of a three-week confiscation hearing, which
began in London. Prosecutor Sasha Wass told Southwark Crown Court that in
2004, Ibori had opened an account at Lugano-based PKB in the name of a
shell company called Stanhope Investments.
</div>
<div style="text-align: justify;">
Quoting from internal PKB documents, Wass told the court that Ibori
had presented himself to the bank as the owner of an insurance company,
half of a bank and 30 percent of Oando. She said that a total of $1.2 million flowed into the PKB account
from Oando in three payments that year which had later been channelled
to other accounts and were part of funds intended for the purchase of a
$20 million private jet.</div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-21550403110868343682013-09-18T01:14:00.001-07:002013-09-18T01:15:20.348-07:00Seven Energy & Frontier Oil set to unleash $500 million gas-to-power project<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLFTu8K7DNFzFSs-EwBeU1T4tZEIBQtfNXDXVEe4iP-L07DBmFksbLCNCs_2fGOB7BmEGhUN6Y-claHy9GKkqgtd_cW1GDw94w5SczjYNhORFQSF242hbIUeFjHFa82pRLxLZpTDzD2kE/s1600/Uquo+Gas+plant.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLFTu8K7DNFzFSs-EwBeU1T4tZEIBQtfNXDXVEe4iP-L07DBmFksbLCNCs_2fGOB7BmEGhUN6Y-claHy9GKkqgtd_cW1GDw94w5SczjYNhORFQSF242hbIUeFjHFa82pRLxLZpTDzD2kE/s320/Uquo+Gas+plant.jpg" width="320" /></a></div>
<div style="text-align: justify;">
The
multi-billion naira gas processing facility, built by Seven Energy and
Frontier Oil Limited Joint Venture (JV), is estimated at about $500
million (about N80 billion), with capacity to ease-off about 10 per cent
of gas-to-power challenges in the country is set for commissioning. The Project
Director, Uquo Gas Processing Plant, Alhaji Abdullah Bukar said that the gas facility was built at the best
international standards, and has product quality of up to 98 per cent
methane and lower than 2 per cent CO2 (carbon dioxide). According to him, the plant has 200 million cubic feet per day (mmcfpd)
processing capacity with two modules operating at 100 (mmcfpd) each, and
also 2,000 barrels per day of oil. The plant, according to Bukar, is
ready for commissioning, while plans are also in top gear to establish
additional $100 million (about N16 billion) pipeline network from Uquo
to Oron. He said Acugas, its downstream subsidiary has built a
62 kilometers pipeline from Uquo to Ikot Abasi, which will deliver gas
to the 190Mega Watts (MW) Ibom Power station, adding that another 37
kilometers pipeline from Uquo to Oron is under construction to supply
gas to the 560MW Calabar National Integrated Power Plant (NIPP).</div>
Seven
Energy Group is an indigenous oil and gas exploration, development and
production company that comprises, Seven Energy, Septa Energy and
Acugas).Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-75555961292484245112013-09-13T00:46:00.000-07:002013-09-13T00:46:06.065-07:00Shell offers to pay N7.5b for Bodo oil spill<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgV3586lyq-PuVcBo14WFOayR5p4uplU-DnFKeLyaTYd4u0yYXrIACfT65WbXLcDTFXq4Kxf4ZK4hDnlGp9kATnfpk5TJcniD4b5hwgD98SUaSBZU3YyXe4a7I_DhFoiI0bOHaGPCNx6mM/s1600/Shell+logo.jpeg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgV3586lyq-PuVcBo14WFOayR5p4uplU-DnFKeLyaTYd4u0yYXrIACfT65WbXLcDTFXq4Kxf4ZK4hDnlGp9kATnfpk5TJcniD4b5hwgD98SUaSBZU3YyXe4a7I_DhFoiI0bOHaGPCNx6mM/s1600/Shell+logo.jpeg" /></a></div>
<div style="text-align: justify;">
Shell Petroleum Development Company (SPDC) and the Bodo Community in
Gokana Local Government Area of Rivers State are inching close to a
settlement in a compensation case which followed two major oil spills in
2008. About N7.5b has been offered already.
</div>
<div style="text-align: justify;">
About 15,000 persons from the Bodo community sued SPDC over the
development, which occurred in 2008 for which the company had accepted
responsibility, although it insisted that the volume spilt and the
number of those who lost their livelihood as a result are exaggerated.</div>
<div style="text-align: justify;">
Both parties nonetheless commenced talks on compensation but the
talks broke down in 2012, following which the villagers filed a suit
against the oil company at a London High Court in March 2012, seeking
millions of dollars in compensation.</div>
<div style="text-align: justify;">
Sources close to the negotiators indicated that
Shell has offered N7.5 Billion as compensation to the affected persons
and the community. An official of Shell who would not discuss the figure offered however
indicated that “SPDC and the Bodo community have both committed their
full support to the clean up process currently in progress with the
support of Bert Ronhaar, the former Netherlands Ambassador to Nigeria. </div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-11444784323584310192013-09-12T00:27:00.000-07:002013-09-12T00:27:12.529-07:00Saudi ready to meet crude demand<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1btnSNcOx9u5IlkF6twAlj4rzBxcGfPzZmI6CRUE7X_E1pb7AWKXTBNuLs3jf9ySKK1QIFhYIVn0d9-US1FgRs7_TrZPTODgo2hoQ7Pq8ahAej-6Q73kju4pNl0Ux0xsFyiD_Um_AAWs/s1600/Saudi-Arabian-Oil-Minister-Ali-al-Naimi.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="229" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1btnSNcOx9u5IlkF6twAlj4rzBxcGfPzZmI6CRUE7X_E1pb7AWKXTBNuLs3jf9ySKK1QIFhYIVn0d9-US1FgRs7_TrZPTODgo2hoQ7Pq8ahAej-6Q73kju4pNl0Ux0xsFyiD_Um_AAWs/s320/Saudi-Arabian-Oil-Minister-Ali-al-Naimi.jpg" width="320" /></a></div>
<div style="text-align: justify;">
Top crude exporter, Saudi Arabia, has said its
ready to supply whatever volume of crude is needed to meet demand. This was made known by Saudi
Oil Minister Ali al-Naimi.
</div>
<div style="text-align: justify;">
Saudi Arabia produced record high volumes of crude in August as it
boosted output for the second time in two years to cushion the global
oil market from supply disruptions. Naimi's comments come after producer
group OPEC sought to reassure consumers there is sufficient
supply to cover a plunge in Libya's output.</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
Despite rising Saudi output, benchmark Brent crude prices spiked
above $117 a barrel in late August on the virtual shutdown of Libyan oil
output and the prospect of U.S. military action against Syria. (O/R)</div>
<div style="text-align: justify;">
Brent traded at $111.67 after falling as the
threat of a U.S. strike receded, but the market remains volatile on
concern diplomatic efforts to avoid military action might fail.</div>
<div style="text-align: justify;">
Speculation about international political events is driving oil
prices rather than any shortage in supply. </div>
<div style="text-align: justify;">
Saudi Arabia pumped a record 10.19 million barrels per day in August. Rising supply from Saudi helped offset losses from other members of
the Organization of the Petroleum Exporting Countries. OPEC output in
August fell around 124,000 bpd on the month to 30.23 million bpd, but
the group said in its monthly report this week that the market was well
supplied.
</div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-47704963809789171002013-09-11T01:14:00.001-07:002013-09-11T01:14:50.431-07:00Ex-militant Urges Senate to Stop Probe of OPL 245 Deal<div style="text-align: justify;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjw2gIwX8QhjVItfD99oaLusZc1Dh0zCLTFsQmABjkftHg1Ae6NktpCZfG2FHXTeKKbt7KVVyccLxJoQHRdcY9MY9QzbzqO4MtF39PVr51BiwHg0sYip_uDxePheX-2nXYR67CiTuE5T_U/s1600/BOYLOAF.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjw2gIwX8QhjVItfD99oaLusZc1Dh0zCLTFsQmABjkftHg1Ae6NktpCZfG2FHXTeKKbt7KVVyccLxJoQHRdcY9MY9QzbzqO4MtF39PVr51BiwHg0sYip_uDxePheX-2nXYR67CiTuE5T_U/s1600/BOYLOAF.jpg" /></a></div>
A former militant leader in the Niger Delta, Mr. Ebikabowei Victor Ben,
popularly known as General Boyloaf, has urged the Senate to stop its
investigation of the Oil Prospecting Licence (OPL) 245 deal and
concentrate on the passage of the Petroleum Industry Bill (PIB), which
has already abrogated discretionary award of oil blocks. The ex-war lord also decried the rising cases of oil theft and pipeline
vandalism and commended the federal government for awarding contracts
for pipeline surveillance to leaders of ex-militants and host
communities, saying communities where pipelines cut across should be
engaged to watch over these assets. In a statement on the state of the nation, the former militant leader
also alleged that politicians had hijacked the well-conceived amnesty
programme in the Niger Delta for their selfish interest, saying the
current programme was not the vision of the programme the ex-militants
agreed upon when they surrendered their arms and accepted amnesty for
peace and development.<br />
<div style="text-align: justify;">
On the controversy over the ownership of OPL 245, he stated that the
government of the late General Sani Abacha awarded numerous oil blocks
inclusive of OPL 245 and OPL 246 in 1998. “In 2001, the government of President Olusegun Obasanjo revoked
Malabu’s right to OPL 245 forcing Malabu to seek justice in court. Of
note, other oil blocks, notably OPL 246 awarded by the late General Sani
Abacha was not revoked only OPL 245 owned by Malabu was revoked. In
2002, the Obasanjo government re-awarded OPL 245 to Shell after a
competitive bidding. But most interestingly, in 2006, realising the
grave injustice meted on Malabu, the same Obasanjo government that
revoked Malabu’s right to OPL 245 restored its full right of the oil
block, thereby correcting the mistake it made in 2001. While the
multinational Shell felt aggrieved and sought relief at the courts in
foreign lands as multinationals always do, the matter dragged on and was
stalemated. It was only in 2011, after about 14 years of acrimonious
litigation that the federal government of President Goodluck Jonathan
resolved finally and satisfactorily the various ownership claims of OPL
245 between all contending parties,” he explained.
</div>
<div style="text-align: justify;">
According to him, up till today, the president has the discretionary
power to award oil blocks, except the still born petroleum industry bill
is passed into law and states otherwise, changes, amends or removes
this prerogative powers from the president.</div>
<div style="text-align: justify;">
He urged the National Assembly not to reopen an already determined
case, adding that between 2002 and 2003, the House of Representatives
spent millions of tax payers’ money over a period of 10 months
investigating what the Nigerian media sensationalised as the “Malabu
Scandal.”</div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-19408112955947495592013-09-11T00:51:00.000-07:002013-09-11T00:51:45.793-07:00Sliding Libyan oil output, good omen for Nigeria<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJka1tp44nlzsgWG89HUwY2W8-mLiXHqzXWzvOOufB0LD7hqCjxbOb-dmZd_EBeqTJJssT7WX9ypQ-dIe9OTOqo0_xJrE1Zc1iZUre0HDqhn-98NYPLcZjqFRUXdRO4DLPiV4iE3TM440/s1600/crude+oil+vessel.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="239" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJka1tp44nlzsgWG89HUwY2W8-mLiXHqzXWzvOOufB0LD7hqCjxbOb-dmZd_EBeqTJJssT7WX9ypQ-dIe9OTOqo0_xJrE1Zc1iZUre0HDqhn-98NYPLcZjqFRUXdRO4DLPiV4iE3TM440/s320/crude+oil+vessel.jpg" width="320" /></a></div>
<div style="text-align: justify;">
The fall-out of the Libyan political crisis that nearly crippled the
country’s oil production may boost Nigeria’s exports of sweet crude next
month. As traders await the October loading schedule, they
confirmed that the development had already impacted positively on
September exports, which were reportedly completely sold. There were
indications that oil production in the North African country may
completely halt soon. Libya had confirmed that oil
production fell to around 150,000 barrels per day (bpd), from around
250,000 bpd in August. A board member of Libya’s National Oil
Corporation, Bilqasim Shindeer el-Shibany confirmed, “oil exports almost
entirely have stopped.” To add to the government’s woes, the
capital, Tripoli, has been hit with water cuts for three days and
electricity outages for the past few months lasting around four hours
daily. Libya’s prime minister faced increasing calls for his
ouster, as strikes by government employees at oil export terminals
estimated to have cost the North African country more than $5 billion in
losses.</div>
<div style="text-align: justify;">
Nigeria’s light oil is apparently bridging the
supply-gap in the market, as it exports 63 cargoes of crude oil,
totaling 58.2 million barrels or 1.94 million barrels per day (mbpd) for
the month of September 2013. Angola is closely behind Nigeria,
as it unveils plans to export 1.70 mbpd of crude in October, an
increase of 30,000 bpd from September, according to a loading schedule. Angola will export 52.8 million barrels on 55 tankers three more than were scheduled to load in September.</div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-84502611672696277782013-09-10T05:25:00.000-07:002013-09-10T05:25:26.889-07:00China impounds passports of oil managers<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhamNEGlq1-IWBOxQeuwHk4L2uFNBAX9BM7Co5KjRIVOzU2tx2ja4WBdYKOa6PBxkJSF7NFfj2Pvv8Yy6GaWVjIhkyqlDhYbc7aWrUhZFzk-_FNm3yvRVXVzgjAZ5ZMXEXr4Q4Jn9Qhg4M/s1600/Petrochina.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhamNEGlq1-IWBOxQeuwHk4L2uFNBAX9BM7Co5KjRIVOzU2tx2ja4WBdYKOa6PBxkJSF7NFfj2Pvv8Yy6GaWVjIhkyqlDhYbc7aWrUhZFzk-_FNm3yvRVXVzgjAZ5ZMXEXr4Q4Jn9Qhg4M/s1600/Petrochina.jpg" /></a></div>
<div style="text-align: justify;">
Executives of Chinese oil giant PetroChina Ltd. have been told to
hand in their passports as an anti-corruption investigation of the
industry spreads. Authorities say five current or former executives of state-owned
PetroChina and its parent, China National Petroleum Corp. are suspected
of "discipline violations," a term usually used to refer to corruption.
</div>
<div style="text-align: justify;">
PetroChina managers at the level of division chiefs and above
were ordered to hand in their passports. Such a move often is
intended to prevent potential suspects or witnesses from fleeing while
investigators gather information.
</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
Political analysts say the investigation appears to be part of
efforts by China's new leadership under President Xi Jinping to tighten
control over state-owned energy companies.
</div>
<div style="text-align: justify;">
PetroChina's former chairman, Jiang Jiemin, has been fired as head of the Cabinet body that oversees China's biggest state-owned
companies, the State-owned Assets Supervision and Administration
Commission.The commission's Communist Party secretary, Zhang Yi, visited
rank-and-file PetroChina employees at two oilfields in China's northeast to affirm the ruling party's faith in their work. </div>
<div style="text-align: justify;">
PetroChina, with some 550,000 employees, is Asia's biggest oil
producer by volume and the world's second-most-valuable energy company
by market capitalization, behind Exxon Mobil Corp.
</div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-39178473753034593402013-09-10T01:40:00.001-07:002013-09-10T01:40:39.235-07:00IOCs still flare 80% gas in Nigeria<div class="separator" style="clear: both; text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhutHUiNDmQwEFfUx8ybLx_4iivKgP0Oj0wagdXk0QBi6w1J9ddhmoylQjwU9_ZMIKI7UFR8RkAkTo8GLbHH4HFA8gH124W99ufecrSQbRTV4g-Eom7zBE-V_9b5XF8NJ9iZtBLiR4JLR0/s1600/deazini-alison-madueke-petroleum-minister.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhutHUiNDmQwEFfUx8ybLx_4iivKgP0Oj0wagdXk0QBi6w1J9ddhmoylQjwU9_ZMIKI7UFR8RkAkTo8GLbHH4HFA8gH124W99ufecrSQbRTV4g-Eom7zBE-V_9b5XF8NJ9iZtBLiR4JLR0/s1600/deazini-alison-madueke-petroleum-minister.jpg" /></a></div>
<div style="text-align: justify;">
The Federal Government has declared that
International Oil Companies (IOCs) operating in Nigeria’s multi-billion
dollars oil and gas industry, still flare 80 per cent of gas. Minister of Petroleum Resources, Diezani Alison-Madueke, who said
this, however, maintained that the series of gas projects including the
oncoming petrochemical and fertiliser plants would take up a bulk of the
gas currently flared thereby reducing gas flare and the harm it does to
the environment.
</div>
<div style="text-align: justify;">
A statement issued by the Nigerian National Petroleum Corporation
quoted the minister to have said this while speaking at a plenary
session of the 19th Nigerian Economic Summit titled, “Building a World
Class Petrochemical and Fertiliser Industry in Nigeria.”</div>
<div style="text-align: justify;">
Gas flare, she said, has been reduced considerably over the past two years to 20 per cent.</div>
<div style="text-align: justify;">
Five proposed fertiliser plants, which include the Dangote
Petrochemical and Fertiliser Plant to be built at Olokola, Indorama
Fertiliser Plant at Eleme, Brass Fertiliser Company at Brass, Nagarjuna
Fertiliser Plant at Ogidigben, and another plant by the International
Fertiliser Association, are billed to come on stream by 2017.</div>
<div style="text-align: justify;">
<br /></div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-5756320206058493592013-09-10T01:18:00.001-07:002013-09-10T01:18:19.182-07:00DPR realises N470bn in Q1 2013<!--[if gte mso 9]><xml>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The Department of Petroleum
Resources, DPR said it generated over N470 billion in revenue in the first
half, thereby surpassing its projected targets by over N86 billion.</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> This was revealed during a recent interface
between the DPR and the House Committee on Upstream Petroleum, when the later
visited the industry regulator, as part of its oversight functions. The Committee led by its Chairman,
Honourable Muraina Ajibola, commended the effort of the Department in its
exceptional performance over the preceding six months, by surpassing its
revenue target for the period.</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> According to Ajibola, DPR’s expected
revenue target for the period, January to June 2013 was estimated at
N383billion, but instead realized about N470billion.</span>
</div>
<div class="MsoNormal" style="line-height: normal; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">DPR Director, Mr. George Osahon, who
led the management team, was called upon to initiate practical steps that would
boost internally generated revenue to robust levels, and promised full
legislative backing in support of such initiatives.</span></div>
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<![endif]--><div id="stcpDiv" style="left: -1988px; position: absolute; text-align: justify; top: -1999px;">
The
Department of Petroleum Resources, DPR said it generated over N470
billion in revenue in the first half, thereby surpassing its projected
targets by over N86 billion.<br />
This was revealed during a recent
interface between the DPR and the House Committee on Upstream Petroleum,
when the later visited the industry regulator, as part of its oversight
functions.<br />
The Committee led by its Chairman, Honourable Muraina
Ajibola, commended the effort of the Department in its exceptional
performance over the preceding six months, by surpassing its revenue
target for the period.<br />
According to Ajibola, DPR’s expected
revenue target for the period, January to June 2013 was estimated at
N383billion, but instead realized about N470billion.<br />
DPR Director,
Mr. George Osahon, who led the management team, was called upon to
initiate practical steps that would boost internally generated revenue
to robust levels, and promised full legislative backing in support of
such initiatives.<br />
Also, the Legislators expressed deep concern in
the seemingly unabated spate of oil theft, particularly in the Niger
Delta, and urged the Federal Government to implement the House’s
resolutions on the issue.<br />
Ajibola recalled some of the
recommendations to include, government to assign dedicated telephone
lines to security agencies. Such lines should also be made available to
the public in order to facilitate easy reporting of these incidents to
the appropriate security outlets.<br />
Other recommendations include
proper manning of crude export terminals and the installation of
electronic metering at well heads to assist stem this negative tide.<br />
- See more at: http://www.vanguardngr.com/2013/09/dpr-realises-n470bn-in-q1-2013/#sthash.TltQnxrJ.dpuf</div>
<div id="stcpDiv" style="left: -1988px; position: absolute; text-align: justify; top: -1999px;">
The
Department of Petroleum Resources, DPR said it generated over N470
billion in revenue in the first half, thereby surpassing its projected
targets by over N86 billion.<br />
This was revealed during a recent
interface between the DPR and the House Committee on Upstream Petroleum,
when the later visited the industry regulator, as part of its oversight
functions.<br />
The Committee led by its Chairman, Honourable Muraina
Ajibola, commended the effort of the Department in its exceptional
performance over the preceding six months, by surpassing its revenue
target for the period.<br />
According to Ajibola, DPR’s expected
revenue target for the period, January to June 2013 was estimated at
N383billion, but instead realized about N470billion.<br />
DPR Director,
Mr. George Osahon, who led the management team, was called upon to
initiate practical steps that would boost internally generated revenue
to robust levels, and promised full legislative backing in support of
such initiatives.<br />
Also, the Legislators expressed deep concern in
the seemingly unabated spate of oil theft, particularly in the Niger
Delta, and urged the Federal Government to implement the House’s
resolutions on the issue.<br />
Ajibola recalled some of the
recommendations to include, government to assign dedicated telephone
lines to security agencies. Such lines should also be made available to
the public in order to facilitate easy reporting of these incidents to
the appropriate security outlets.<br />
Other recommendations include
proper manning of crude export terminals and the installation of
electronic metering at well heads to assist stem this negative tide.<br />
- See more at: http://www.vanguardngr.com/2013/09/dpr-realises-n470bn-in-q1-2013/#sthash.TltQnxrJ.dpuf</div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-78882554484914853142013-09-09T01:10:00.001-07:002013-09-09T01:10:28.043-07:00Kenya offers 46 oil blocks to Nigerian investors <div class="separator" style="clear: both; text-align: center;">
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<div style="text-align: justify;">
Kenyan authority has reportedly offered its 46
newly-discovered oil blocks to interested Nigerians to prospect for the
development of the sector. Nigeria’s Minister of Petroleum
Resources, Diezani Alison-Madueke, disclosed to reporters that the offer
of the oil wells was parts of the outcome of the dialogue group
preceding the Nigeria-Kenya Investment Forum held in Nairobi,
the capital of Kenya. Alison-Madueke was on the entourage of
President Goodluck Jonathan who concluded a three-day state visit to
Kenya on Saturday with host President, Uhuru Kenyatta, presiding over
the Forum. The Forum, held at the Intercontinental Hotel,
Nairobi, had in attendance more than 500 prominent investors from both
countries. The minister said that beyond giving the opportunity to
Nigerian investors to acquire the oil wells, Kenya also sought Nigeria’s
assistance in the formulation of the right policies and frame-work to
manage the sector.</div>
<div style="text-align: justify;">
“It is well known now that Kenya had recently
discovered hydro-carbon reserves and they are very keen to move quite
aggressively in terms of exploration activities.</div>
<div style="text-align: justify;">
“They felt that
as sister African country, Nigeria having many years of oil exploration
and production, it only makes sense that we exchange agreement in
co-operation to hand over knowledge, capabilities and experience
learnt. </div>
<div style="text-align: justify;">
“They seek various templates that we have formulated,
including policies, processes and a sort of templates that form
Petroleum Industry Bill (PIB), among others.</div>
<div style="text-align: justify;">
“We also looked at
areas surrounding Nigeria’s investment possibilities where we think that
Nigerian business men and women could come into the oil and gas sector
in Kenya.</div>
<div style="text-align: justify;">
“They are very keen that Nigerian operators in the
upstream, midstream and downstream service sectors of the oil and gas
industry look to Kenya as a burgeoning frontier for investments in the
oil and gas sector.</div>
<div style="text-align: justify;">
“They are also very keen that we robustly
support them in setting up the right frame-work, policies and processes
and technology to help them drive the exploration activities,” she said.</div>
<div style="text-align: justify;">
The minister said that among the seven MoUs and bilateral agreements
signed by both countries was that on oil and gas, which spelt out
details of the co-operation.</div>
<div style="text-align: justify;">
Kenya recently announced that its
oil resources met the threshold for commercial exploitation, raising the
country’s hope of joining the league of oil producing nations.</div>
<div style="text-align: justify;">
</div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-17589598641629277662013-09-06T02:28:00.001-07:002013-09-06T02:28:27.274-07:00 Shell to negotiate with Nigerians over oil spill compensation<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfY9jA5iKTBBtzm1ecMQMtbwhFwmgL5kRy49jMR1eaeW6yOLirq8S9Nu67TWpY0X8bcZboqcPAIrNybY_O_WXMbGKyTB__hS2RuKbQaXnpfZDm-lq7mN7vB31Wcj99mLT3U6ilL4taOJ8/s1600/shell-bonny-island-terminal.jpeg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="216" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfY9jA5iKTBBtzm1ecMQMtbwhFwmgL5kRy49jMR1eaeW6yOLirq8S9Nu67TWpY0X8bcZboqcPAIrNybY_O_WXMbGKyTB__hS2RuKbQaXnpfZDm-lq7mN7vB31Wcj99mLT3U6ilL4taOJ8/s320/shell-bonny-island-terminal.jpeg" width="320" /></a></div>
<div style="text-align: justify;">
Compensation talks will begin in Nigeria between lawyers
for Royal Dutch Shell and for 15,000 Nigerian villagers who say their
livelihoods were destroyed by oil spills from pipelines operated by the
company. The Nigerians launched a suit against Shell at the High Court in
London in March 2012, seeking millions of dollars in compensation for
two oil spills in 2008 that polluted the waterways of the Bodo fishing
communities in the Niger Delta. The legal action is being closely watched by the industry and by
environmentalists for precedents that could have an impact on other big
pollution claims against oil majors.
</div>
<div style="text-align: justify;">
A vast maze of mangrove swamps and creeks, the Niger Delta is home
to communities of subsistence farmers and fishermen living alongside the
multi-billion-dollar oil industry.</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
A Shell spokesman confirmed that talks would begin on Monday September 9, 2013 between
Leigh Day and lawyers for the Anglo-Dutch firm. They will take place in
Port Harcourt, the main city in the Delta, and will be attended by
representatives of the Bodo communities. The region has been plagued by a range of problems including
sabotage, kidnappings of oil workers for ransom, theft of crude from
pipelines, armed rebellions, and conflict between communities over
clean-up contracts or compensation deals.
</div>
<div style="text-align: justify;">
Shell accepts responsibility for the Bodo spills but the two sides
disagree about the volume spilt and the number of local people who lost
their livelihoods as a result. A previous round of compensation talks
broke down in 2012, before the lawsuit.</div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-16912515986855321812013-09-05T09:13:00.001-07:002013-09-05T09:13:07.882-07:00Nigeria warns oil block buyers could lose operating rights <div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyEVd0q80mFbIyjgV_C5UFzRMyVUGaGq4AZAu70NweTYSG23KhPg9oUqIKs5jyxsnlvRWQwkMMzYHUvJYyNU7_Y19EJqFViWUG9X5vlRsbjgFvIEHUpG5SIPxGfkaJux86bqyVF-J_YIc/s1600/ABUJA_NNPC_20TOWERS1_1_-390x255.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="209" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyEVd0q80mFbIyjgV_C5UFzRMyVUGaGq4AZAu70NweTYSG23KhPg9oUqIKs5jyxsnlvRWQwkMMzYHUvJYyNU7_Y19EJqFViWUG9X5vlRsbjgFvIEHUpG5SIPxGfkaJux86bqyVF-J_YIc/s320/ABUJA_NNPC_20TOWERS1_1_-390x255.jpg" width="320" /></a></div>
<div style="text-align: justify;">
Nigeria's state oil company warned investors interested in three shallow water oil blocks offered for sale by Chevron that buyers may lose the right to operate them. U.S.-based Chevron is selling minority stakes in joint
ventures that operate five oil blocks. The majority owner is the Nigeria
National Petroleum Corporation (NNPC). Nigeria wants more direct ownership of its oil and gas through NNPC or
local firms, leading several oil majors including Chevron to dispose of
assets in Africa's top oil and gas producer. NNPC published a notice in local newspapers saying that
there had been a "recent high level of interest shown by various
investors in the ongoing divestment program for OMLs 52, 53 and 55 by
Chevron Nigeria". It reminded those considering
investing that, although Chevron currently operates the blocks, the
state oil firm has the right to take over the operatorship as majority
shareholder. Chevron owns 40 percent of the blocks and NNPC 60 percent. "Chevron shall cease to be the operator upon assignment of
their participating interest," it said. "Therefore prospective buyers
should note that automatic operatorship does not come with the
acquisition of any of these blocks." Not having
operatorship poses significant risks for would be investors in the
fields, not least that the NNPC's development subsidiary, NPDC, lacks
the finance and expertise. It has usually had to call in a third-party
operator anyway. The notice seemed calculated to avoid messy tussles that ensued when Shell sold some oil blocks two years ago.<br /><br /> </div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-62725164803695999302013-09-05T02:40:00.000-07:002013-09-05T02:40:26.041-07:00Dangote plans Nigeria's largest oil refinery<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDiOoJvbJb4FMP_MYPO_qlCtdwde8gbsuWr2b1C91LJ0nXWcGFknzMPo7Mr81zQLhoSAWDU5MgeSSNgi7jXyIJnN3EOiS1wYovFSV0E_zALb3WQAOT53waE3Y7JYVm8OfqGSXLgSHpmQI/s1600/Aliko-Dangote.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="214" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDiOoJvbJb4FMP_MYPO_qlCtdwde8gbsuWr2b1C91LJ0nXWcGFknzMPo7Mr81zQLhoSAWDU5MgeSSNgi7jXyIJnN3EOiS1wYovFSV0E_zALb3WQAOT53waE3Y7JYVm8OfqGSXLgSHpmQI/s320/Aliko-Dangote.jpg" width="320" /></a></div>
<div style="text-align: justify;">
Dangote Group has received a loan toward a $9
billion project that will give Nigeria its largest oil refinery and
petrochemical and fertilizer complex, reducing the country's reliance on
international markets. Aliko Dangote, president of Dangote Group, signed a loan worth
$3.3 billion from 12 Nigerian and international banks toward the project
which will be built in Nigeria's southwest.
</div>
<div style="text-align: justify;">
"At the completion of these projects we expect Nigeria to become
not only self-sufficient in fertilizer and refined petroleum products
but indeed to become recognized as a leading exporter of these
products," Dangote said at the signing.
</div>
<div style="text-align: justify;">
Nigeria is Africa's biggest oil producer, and is a top supplier
of crude to the U.S., but the West African country has to import most of
its fuel because of decrepit refineries unable to meet the nation's
demand for gasoline due to years of mismanagement and sabotage.
</div>
<div style="text-align: justify;">
The 400,000 barrels-per-day oil refinery and complex will become
operational by 2016, the company said. The plant will also produce 2.8
million tons of urea for fertilizing crops and to produce polypropylene,
used to make plastics, a statement said.
</div>
<div style="text-align: justify;">
Dangote said the company is still seeking an additional $2.5
billion in development funds to augment the $3.5 billion of its own
equity put into the project. The $3.3 billion loan deal was led by
Standard Chartered and Nigeria's Guaranty Trust Bank.
</div>
<div style="text-align: justify;">
Dangote's estimated worth is $16.1 billion according to Forbes,
which has also ranked him among Africa's richest men for the past few
years. The Nigerian has made his wealth in cement, flour and sugar.
</div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-36334506671469701982013-09-05T02:23:00.000-07:002013-09-05T02:30:01.192-07:00 Oil Prices Could Fall Following A Limited U.S. Led Strike In Syria <div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-4BXTUvRHIge3Z-IBsrmS5KwK3hABs70GBjxwU_eredSDbIIitZFij2DgMoSjSMXY0MAFtp-O1MHZEkbUiPXGY228LKcKNQgF9jCD2D4nFJ76TEN_cstD1wYjbLEgvxymuhx-1RYFkLc/s1600/Official_portrait_of_Barack_Obama.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-4BXTUvRHIge3Z-IBsrmS5KwK3hABs70GBjxwU_eredSDbIIitZFij2DgMoSjSMXY0MAFtp-O1MHZEkbUiPXGY228LKcKNQgF9jCD2D4nFJ76TEN_cstD1wYjbLEgvxymuhx-1RYFkLc/s1600/Official_portrait_of_Barack_Obama.jpg" /></a></div>
<div style="text-align: justify;">
While the geopolitical risk has been falling in Europe as European
governments and central banks stepped up to ease Eurozone tensions, the
latest events in Syria have raised the temperature and the ugly
geopolitical risk has raised its head again. The growing
possibility of some form of a limited U.S. led strike in Syria has
increased fears about the stability of the world's key oil producing
region. Until the nature of the possible military intervention becomes
apparent, these concerns are likely to put upward pressure on oil
prices.</div>
<div style="text-align: justify;">
Oil markets have reacted strongly to the deteriorating situation in the
Middle-East and prices have spiked sharply due to the unpredictable
consequences of a likely military action against Syria. Brent crude spot
is currently trading at a six-month high of $115 and prices are
expected to remain volatile leading up a military strike on Syria.
However, prices could fall sharply after a strike, as the actual supply
losses remain small and the chances of a violent response from Syria,
Russian, or Iran also remain low. Nevertheless, unpredictable factors
weigh heavily in the market for good reasons. </div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-38954286720839073572013-09-04T05:52:00.000-07:002013-09-04T05:52:41.016-07:00Iraq names pre-qualified builders for Jordan oil pipe project<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8Dq0R56qy7KRBwoYnhvkuRXaDp-d9RdOCAb4wXDO8UJ8SAsyDPuFjkbAjZ93wTOYQ0JFC-I2lOHUVf-2Eqhku-xlh7__kgCvo1qnV1eugwm2yFKQXDTPjSwmt64LKjNu5v5_N0H8Tmqk/s1600/Iraq+pipeline.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8Dq0R56qy7KRBwoYnhvkuRXaDp-d9RdOCAb4wXDO8UJ8SAsyDPuFjkbAjZ93wTOYQ0JFC-I2lOHUVf-2Eqhku-xlh7__kgCvo1qnV1eugwm2yFKQXDTPjSwmt64LKjNu5v5_N0H8Tmqk/s1600/Iraq+pipeline.jpg" /></a></div>
<div style="text-align: justify;">
Iraq has pre-qualified 12 companies and joint ventures to build an
$18-billion export pipeline to Jordan, the oil ministry said. The plan is to export 1 million barrels per day (bpd) of Iraqi crude
to Jordan, of which 150,000 bpd will supply Jordan's Zarqa refinery. The remainder would be exported through the Red Sea port of Aqaba,
reducing Iraq's reliance on the Strait of Hormuz shipping route.
</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
After stagnating for years due to war and sanctions, Iraq's oil
output began to rise significantly in 2010 and output reached 3.1
million bpd in August. Iraq expects output to rise by 400,000 bpd by the end of this year,
mainly due to the start-up of the Majnoon oilfield operated by Royal
Dutch Shell.
</div>
<div style="text-align: justify;">
The short-listed companies and partnerships set for the next stage
of the selection process to build the pipeline from Haditha near Baghdad
to the Jordanian border are:</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
China National Petroleum Corporation (CNPC), Consolidated Contractors Company (CCC)
</div>
<div style="text-align: justify;">
Daewoo International, Lukoil, Marubeni, Mitsui, Saipem, Toyota Tsusho, Go Gas, Larsen & Toubro and Fius Capital, Orascom with Petrojet, Petrofac and Stroygazconsulting, Punj Lloyd Group and Mass Global International (Iraq)</div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-38244524947408221152013-09-04T01:00:00.002-07:002013-09-05T01:22:12.002-07:00Accugas wins African Quality Service Award for Gas Processing & Transportation<!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYABHmvX9azyVBD2qAz1YpZHmazzQpOhvFO30WL1vTjKZS-SMpuf-xBpYvgxfoSQsiIr-zsiEb5wMYIRu4XwQdPlDKhTG1oq7bhyFFkMPTAxbRvd-KffbZwumXq0DwMq37EwiTBDGX16g/s1600/Accugas+MD.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYABHmvX9azyVBD2qAz1YpZHmazzQpOhvFO30WL1vTjKZS-SMpuf-xBpYvgxfoSQsiIr-zsiEb5wMYIRu4XwQdPlDKhTG1oq7bhyFFkMPTAxbRvd-KffbZwumXq0DwMq37EwiTBDGX16g/s1600/Accugas+MD.jpg" /></a></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span style="mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman";">Seven Energy International
Limited (“Seven Energy”), the oil and gas exploration, development and
production company with interests in Nigeria, and its wholly owned subsidiary,
Accugas Limited (“Accugas or the Company”) are proud to announce that<span style="mso-spacerun: yes;"> </span>Accugas <span style="mso-spacerun: yes;"> </span>has won </span><span style="mso-bidi-font-family: Calibri;">the 2013 African Quality Service Award for Gas Processing and Transportation.
The award was presented by the Institute for Government Research &
Leadership Technology (the “Institute”) during its 2013 African Governance and
Corporate Leadership Awards in Abuja. </span><span style="mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman";"></span></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<br /></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span style="mso-bidi-font-family: Calibri;">Ambassador Moses Essien, Chief Executive of the Institute, commended
Accugas for its contribution to gas processing services in Nigeria. The key performance
indicators used to select the winner include: excellence in gas processing and
transportation services; safety, health and environment considerations; brand
integrity; and customer service delivery. Further indicators are: product and
service track record and value creation; corporate performance and operational
excellence; compliance with local content policy and development; and compliance
with professional codes, ethical standards and regulatory laws and guidelines. </span></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<br /></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;"><span style="mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman";">Phillip Ihenacho, Chief Executive Officer, Seven Energy commented:</span></span><span style="mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman";">
“<i style="mso-bidi-font-style: normal;">We would like to thank </i></span><i style="mso-bidi-font-style: normal;"><span style="mso-bidi-font-family: Calibri;">the
Institute for this prestigious award.<span style="mso-spacerun: yes;"> </span>It
is a fantastic recognition for the on-going efforts and achievements of Accugas
and Seven Energy in contributing to the development of the Nigerian gas market
in a responsible way.</span></i><span style="mso-bidi-font-family: Calibri;">”</span><span style="mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman";"></span></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<br /></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;"><span style="mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman";">Stephen Tierney, Managing Director, Accugas Limited, added:</span></span><span style="mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman";">
“<i style="mso-bidi-font-style: normal;">Accugas is committed to aiding in the
development of Nigeria’s gas resource, improving power supply and supporting
local economic growth. <span style="mso-spacerun: yes;"> </span>Through the processing
and distribution infrastructure Accugas is constructing, we are capable of
providing a long-term supply of gas for power generation and lower cost of fuel
for local industries. This will create an attractive environment for investment
for gas-based enterprises in Nigeria, particularly the Niger Delta.”</i></span></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<br /></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span style="mso-bidi-font-family: Calibri;">Accugas currently has two long-term take-or-pay gas sales agreements
in place to sell over 1 Tcf of gas, to Ibom Power station and Calabar NIPP
power station. The Company remains on course to complete the development of
necessary infrastructure to deliver the gas to both power stations. <span style="mso-spacerun: yes;"> </span>The first 100MMcfpd train of the two train
200MMcfpd gas processing plant at Uquo, and the 62km 18-inch Uquo to Ikot Abasi
pipeline, were commissioned in the first quarter of 2013, to deliver gas to the
190 MW Ibom Power station. An additional 37 km 24-inch pipeline from Uquo to
Oron is under construction to supply gas to the 560 MW Calabar NIPP power
station’. </span></div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com1tag:blogger.com,1999:blog-5034713471467214286.post-3618232226578470872013-07-15T04:43:00.002-07:002013-07-15T04:43:47.415-07:00ExxonMobil, FRSC Join Forces to tackle Road Accidents<!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXZtGzRUqPWrtHX3kEcz8i8_w-4uejmVCTWhhvKsO4C5oqtdWh3l2IMU-6htkKvW9ecZoxrvKGNC2t1Dpl9V9Hm3GW-HX-7g0zsOlsS_LnR7TeXFyzmJjOONhht6u46MUZn7GGjRAycu4/s1600/1.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="198" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXZtGzRUqPWrtHX3kEcz8i8_w-4uejmVCTWhhvKsO4C5oqtdWh3l2IMU-6htkKvW9ecZoxrvKGNC2t1Dpl9V9Hm3GW-HX-7g0zsOlsS_LnR7TeXFyzmJjOONhht6u46MUZn7GGjRAycu4/s320/1.jpg" width="320" /></a></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">ExxonMobil in partnership
with the Federal Road Safety Corps (FRSC) has launched a <span style="mso-bidi-font-weight: bold;">Pan-Nigeria road safety campaign as part of a
series of road safety programmes to address the menace of road accidents. The three
critical areas of focus for the campaign are; seat belt usage, speed reduction
and use of phone while driving.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">According the Corps Marshall
and Chief Executive of FRSC, Osita Chidoka, “r<span style="mso-bidi-font-weight: bold;">oad crashes has been a source of concern not only to the people of
Nigeria but to most developing countries and in the next few years, road
crashes may be the third highest killer of mankind”. </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-weight: bold;">Chidoka
said that road crashes do not just happen, they are caused and can be averted,
thus, the need for this campaign which is a national reawakening to address the
challenges of apathy associated with road usage in Nigeria. He commended the
growing partnership between FRSC and corporate bodies particularly ExxonMobil which
he said has shown commitment to issues of road safety and security of human
life in work places</span></div>
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<span style="font-family: "Arial","sans-serif";">In
his speech, ExxonMobil Executive Director, Udom Inoyo, said that a</span><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-weight: bold;">ccidents are preventable with the right attitude,
adding that the motivation for ExxonMobil in partnering with FRSC is to ensure
that Nigeria can make a positive change to road safety statistics. He believes
that through the campaign, ExxonMobil will impart its values which places
premium on safety on day-to-day activities which the slogan, “Nobody gets
hurt”. Inoyo called on other stakeholders to support the initiative.</span></div>
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<span style="font-family: "Arial","sans-serif";">Samson
Makoju, the representative of </span><span class="st"><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">National Petroleum
Investment Management Services (</span></span><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">NAPIMS) <span style="mso-bidi-font-weight: bold;">expressed their support and hopes that the
result will be quite visible and everybody will soon be counting the gains.</span></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-weight: bold;">The
Minister of Information</span><span style="font-family: "Arial","sans-serif";"> Labaran
Maku represented by his Special Adviser, Henry Angulu </span><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-weight: bold;">commended the unique collaboration between the FRSC
and the private sector and assured of them of government support. He </span><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">said
that the ministry was prepared to render necessary assistance by the use of all
the electronic media to ensuring that the campaign was successful. Mr. Angulu
noted that the Ministry of Information has been giving assistance to the FRSC
by providing enlightenment campaign facilities, saying that they would not
relent on their efforts to render such support when the need arises.<span style="mso-bidi-font-weight: bold;"><span style="mso-spacerun: yes;"> </span></span></span><span style="font-size: 12.0pt; line-height: 115%;"></span></div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-3448167163541020012013-06-27T04:40:00.001-07:002013-06-27T04:40:23.638-07:00ExxonMobil Supports IPEA Training on Environmental Awareness<!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5iyQsDkFlFSamCxHYAiabnwD8uhV0p_5mmoGvCoUMrDTsBGpQoYDomOUyfgJ7voSkYEifJz69DJu98qPXAnId8v1XkGX0Ry056_5BBuSnt7oic5TFcpYk-aU2549CxNN__GVvepnJjI8/s357/green+campaign.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5iyQsDkFlFSamCxHYAiabnwD8uhV0p_5mmoGvCoUMrDTsBGpQoYDomOUyfgJ7voSkYEifJz69DJu98qPXAnId8v1XkGX0Ry056_5BBuSnt7oic5TFcpYk-aU2549CxNN__GVvepnJjI8/s320/green+campaign.jpg" width="270" /></a></div>
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<span lang="EN-GB" style="font-family: "Arial","sans-serif"; font-size: 11.5pt;">The Ibom Programme on
Environmental Awareness (IPEA), an initiative of the Akwa Ibom State Ministry
of Environment & Mineral Resources in partnership with ExxonMobil, has held
a training workshop for advocacy team members in Uyo, Akwa Ibom State. The
one-day training was designed to empower IPEA personnel to effectively
enlighten people at motor parks, schools, abattoirs, restaurants and other
locations as part of the recently-launched environmental awareness campaign in
Akwa Ibom State.</span></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<br /></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif"; font-size: 11.5pt;">The Ibom Programme on
Environmental Awareness (IPEA) is an initiative aimed at creating awareness on
pollution, and helping the citizens of Akwa Ibom state develop positive
environmental values that will enable them manage instances of environmental
pollution that may occur, as well as prevent potential environmental hazards
from happening. </span></div>
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<br /></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif"; font-size: 11.5pt;">In his remark at the
training, the General Manager, Public and Government Affairs, Mobil Producing
Nigeria Unlimited, Mr. Paul Arinze, represented by Mrs Regina Udobong, called
on the participants to live up to expectation on the campaign. According to
her, ‘ExxonMobil expects the participants to take full advantage of the
training programme to sharpen their skills to educate target audiences and
encourage best practices to curtail all kinds of environmental pollution – air,
water and earth pollution’.</span></div>
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<br /></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif"; font-size: 11.5pt;">Mr. Arinze reiterated
ExxonMobil’s commitment to the environment which has been demonstrated by the
company’s partnership with Akwa Ibom State Ministry of Environment &
Mineral Resources to achieve a cleaner and safer environment.</span></div>
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<br /></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif"; font-size: 11.5pt;">Declaring the
training open, the Commissioner for Environment & Mineral Resources, Prince
Enobong Uwah, represented by the Permanent Secretary, Ministry of Environment
& Mineral Resources, Mrs Atim Enoh, commended ExxonMobil for supporting the
environmental awareness campaign. According to him ‘the State Ministry of
Environment & Mineral Resource is grateful to ExxonMobil for sponsorship of
IPEA. This gesture by ExxonMobil reflects its commitment to cleaner environment
in Akwa Ibom State’.</span></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<br /></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif"; font-size: 11.5pt;">Prince Uwah advised
the participants to make good use of the opportunity offered by the training to
ensure that objectives of campaign were achieved.</span></div>
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<br /></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif"; font-size: 11.5pt;">The training
witnessed presentations by resource persons including Dr. James Asuquo, a
lecturer in the Department of Chemistry, University of Uyo and Mr. Stephen
Erakpotobar, an environmental expert. The training focused on key issues such
as sources of water, air and land pollution and remedies and behavioural change
communication in environmental management.<span style="mso-spacerun: yes;">
</span></span></div>
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<br /></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif"; font-size: 11.5pt;">It will be recalled
that the Ibom Programme on Environmental Awareness was launched on June 5, 2013
in Uyo by Governor Godswill Akpabio.</span></div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-48045457720777926782013-06-26T00:46:00.002-07:002013-06-26T00:46:41.295-07:00Lekoil Hits Oil Offshore Nigeria <!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAxFzU2SOrA08En7bpqKToNnEYxTYBq9Lfd3WwlHOGlT0zVhyphenhyphen1Kevjw_hhHXf746MrL6Hm6wPzvaVTLn16uc1tdYPQmDVpl3UKBzF_2fT5ovgI2tr0SqHQUo3gRfZIPmbNROggOYQ4Zv8/s1600/OPL+310.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="170" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAxFzU2SOrA08En7bpqKToNnEYxTYBq9Lfd3WwlHOGlT0zVhyphenhyphen1Kevjw_hhHXf746MrL6Hm6wPzvaVTLn16uc1tdYPQmDVpl3UKBzF_2fT5ovgI2tr0SqHQUo3gRfZIPmbNROggOYQ4Zv8/s320/OPL+310.jpg" width="320" /></a></div>
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<span lang="EN-GB" style="color: black; font-family: "Arial","sans-serif"; font-size: 12.0pt;">Lekoil
Limited </span><span lang="EN-GB" style="font-family: "Arial","sans-serif"; font-size: 12.0pt;"><span style="color: black;">has announced the
discovery of a significant light oil accumulation at the high impact Ogo-1 well
located on the OPL 310 licence offshore Nigeria, based on the results of
drilling and wireline logs.</span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<span lang="EN-GB" style="color: black; font-family: "Arial","sans-serif"; font-size: 12.0pt;">The
Ogo-1 well is being drilled by Afren Plc (“Afren”), as technical partner, under
a farmout to Lekoil of OPL310, offshore Nigeria (“OPL310”), as announced on 14
May 2013. The well has been drilled to a total measured depth of 10,518ft
(10,402ft true vertical depth subsea (“TVDSS”)), and has encountered a gross
hydrocarbon</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<span lang="EN-GB" style="color: black; font-family: "Arial","sans-serif"; font-size: 12.0pt;">section
of 524ft, with 216ft of apparent stacked, net pay.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<span lang="EN-GB" style="color: black; font-family: "Arial","sans-serif"; font-size: 12.0pt;">Further
wireline log evaluation is currently underway prior to extending the well to
target deeper prospectivity above basement, to a total measured depth of
11,800ft (11,684ft TVDSS). The expected timetable for completion of this
further drilling together with additional testing is four to six weeks
(inclusive of drilling a planned Ogo-1 side-track well). </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<span lang="EN-GB" style="color: black; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-bidi-font-weight: bold;">Speaking on the development, Lekan Akinyanmi, CEO of
Lekoil, said: </span><span lang="EN-GB" style="color: black; font-family: "Arial","sans-serif"; font-size: 12.0pt;">“The discovery of oil in the Ogo-1 well opens up a new oil basin
in an underexplored region and represents a possible extension of the
Cretaceous play along the West African Transform Margin. The discovery is a
clear validation of Lekoil’s technical analysis and of our extensive studies on
the Dahomey Basin.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<span lang="EN-GB" style="color: black; font-family: "Arial","sans-serif"; font-size: 12.0pt;">According
to Lekan, “Results to date indicate that the discovered resources could be
significantly in excess of P50 estimates prior to drilling. While Lekoil notes
these results are preliminary, we believe there exists substantial scope for
upward revisions to the data announced today as drilling and interpretation continues.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<span lang="EN-GB" style="color: black; font-family: "Arial","sans-serif"; font-size: 12.0pt;">“We
look forward to working with our Partners to realise the full potential of Ogo
and the additional prospects on the license”, he added.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
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<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<span lang="EN-GB" style="color: black; font-family: "Arial","sans-serif"; font-size: 12.0pt;">The
Ogo-1 discovery, testing a four-way dip-closed structure in the Turonian,
Cenomanian, and Albian sandstone reservoirs, confirms the extension of the same
Cretaceous play that has yielded other significant discoveries along the West
African Transform Margin.</span></div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-60597908844484164462013-06-18T05:43:00.002-07:002013-06-18T05:43:40.786-07:00Lekoil Limited Proposed Acquisition of Interest in OML113<!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMQb7ZiKUAgQaS79Stjd_Nkx9PWVo5Dk5fTH9DXfq6Z3kOpXyYPgMYXYAtMOjG4lEAI4WliRIlLK48aD3y0_RpqliE3MQ_hF10tAKQectDKwmLQ9jly9EeeYoiHhEQmTSbgNuTuFPInRc/s1600/OML+113.jpeg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="301" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMQb7ZiKUAgQaS79Stjd_Nkx9PWVo5Dk5fTH9DXfq6Z3kOpXyYPgMYXYAtMOjG4lEAI4WliRIlLK48aD3y0_RpqliE3MQ_hF10tAKQectDKwmLQ9jly9EeeYoiHhEQmTSbgNuTuFPInRc/s320/OML+113.jpeg" width="320" /></a></div>
<div style="text-align: justify;">
Lekoil, the AIM listed oil and gas exploration and development company focused
on West Africa, is pleased to announce that Lekoil Nigeria Limited, a wholly
owned subsidiary of Lekoil (Nigeria) Limited has agreed to acquire a 6.502 per
cent participating interest in Oil Mining Lease 113 ("OML113")
offshore Nigeria from Pan Petroleum Aje Limited ("PPAL"), a wholly
owned subsidiary of Panoro Energy ASA ("Panoro"), for a consideration
of US$30 million. </div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The proposed acquisition is for a
6.502% participating interest (representing c. 16.3% cost interest and c. 12.2%
revenue interest) from a subsidiary of Panoro Energy.<br />
Chief executive Lekan Akinyanmi said: "The acquisition of an interest in
the Aje field, adjacent to our existing interest in OPL310, is exactly in line
with our strategy to focus on assets in corridors of interest identified in our
detailed evaluation programme when we established Lekoil. <br />
<br />
"It also brings us potential near term production in line with our
ambition to create a producing business with higher upside appraisal and
exploration assets. In addition, we continue to assess further opportunities.
"This acquisition sees us well on our way to realising our vision for
Lekoil and its shareholders, following our Admission to AIM last month." </span></div>
<div style="text-align: justify;">
OML113 is located offshore Nigeria in the Benin Embayment along the West
African Transform Margin adjacent to Oil Prospecting Lease 310
("OPL310"), in which Mayfair Assets & Trusts Limited, a
subsidiary of Lekoil Nigeria, has an ultimate 30 per cent economic interest.
The OML113 licence area contains the Aje oil and gas field ("Aje"),
for which AGR TRACS International Ltd, in its recently updated Competent
Persons Report ("CPR"), estimated Contingent Resources of 198.7 mmboe
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKuNXv7ID7ZW2X_8DrV1mQOR-Ttgjf3yK8ub2rHtecIVMEiZPvZhGelOC7rIobAUlTEmqAHffyxl7yjonITkdxf9VHtwRy0i0cvvg-ieIHj_GNihk1kfgbUW7fseo2tj5Z_iNKgz9b4Hk/s1600/Iraq+oil+shipment.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="183" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKuNXv7ID7ZW2X_8DrV1mQOR-Ttgjf3yK8ub2rHtecIVMEiZPvZhGelOC7rIobAUlTEmqAHffyxl7yjonITkdxf9VHtwRy0i0cvvg-ieIHj_GNihk1kfgbUW7fseo2tj5Z_iNKgz9b4Hk/s320/Iraq+oil+shipment.jpg" width="320" /></a></div>
<div class="first" style="text-align: justify;">
Iraq has announced plans to quickly boost its oil production -
allowing it to beat the world's current leading oil producers.</div>
<div style="text-align: justify;">
A senior Iraqi official said his country decided to ramp up oil production
within 18 months by 30%.</div>
<div style="text-align: justify;">
The troubled nation, which still struggles for stability more than a decade
after a controversial US-led invasion, hopes to pump 4.5 million barrels per
day (mbd) by the end of next year, up from around 3.5 mbd now.</div>
<div style="text-align: justify;">
It then plans on increasing output by 157% of current rates by 2020,
reaching 9 mbd.</div>
<div style="text-align: justify;">
Chairman of the prime minister's advisory commission, Thamir Ghadhban,
confirmed the seven-year plan.</div>
<div style="text-align: justify;">
An output rate of 9 mbd would let Iraq go head-to-head with the three top
producers, Saudia Arabia, Russia and the United States.</div>
<div style="text-align: justify;">
Iraq sits atop the world's fourth largest proven reserves of conventional
crude, with about 143.1 billion barrels yet to be unlocked.</div>
<div style="text-align: justify;">
Oil revenues make up 95% of the country's budget receipts.</div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-39204853928605808872013-06-13T02:55:00.000-07:002013-06-13T02:55:19.340-07:00FG feigns ignorance of Chevron’s plans to sell oil bloc stakes<div style="text-align: justify;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPrWweSGwmcRxVVmhIRP36IFKZybuuqxCKV4gviZ-m0iqYB9pUFRvMfV6s2xndyjrXOPzxTrBYof1knh0OojbIEPqYy-n_TQ0COwl2T8GPfNzR3u0gK1Hn33CHYjLXpnloL_vI5bbelvk/s1600/220px-Diezani_K._Alison-Madueke_-_World_Economic_Forum_on_Africa_2012.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPrWweSGwmcRxVVmhIRP36IFKZybuuqxCKV4gviZ-m0iqYB9pUFRvMfV6s2xndyjrXOPzxTrBYof1knh0OojbIEPqYy-n_TQ0COwl2T8GPfNzR3u0gK1Hn33CHYjLXpnloL_vI5bbelvk/s320/220px-Diezani_K._Alison-Madueke_-_World_Economic_Forum_on_Africa_2012.jpg" width="213" /></a></div>
<div style="text-align: justify;">
<span style="mso-bidi-font-weight: bold;">The Federal</span> Government, the
majority partner in the Oil Mining Lease (OML) 35 and 38, has denied knowledge
of plans by Chevron Corporation to sell stakes in two Nigerian oil blocks.</div>
<div style="text-align: justify;">
This declaration, may have however, swiftly heightened fears among
prospective investors in the blocks.</div>
<div style="text-align: justify;">
Chevron is, according to the Nigerian National Petroleum Corporation (NNPC),
expected to officially inform the government, which, through the NNPC owns
about 55 per cent stake in the blocks purportedly up for sale before announcing
such.</div>
<div style="text-align: justify;">
The oil major is the latest International Oil Company (IOC), operating In
Nigeria’s multi-billion dollars oil and gas industry, seeking to dispose of
assets in Africa’s biggest oil producer. Joint blocks’ owners like Royal Dutch
Shell, Italy’s Eni and France’s Total have sold several blocks.</div>
<div style="text-align: justify;">
The two newest blocks for sale also hold an unknown amount of natural gas
but there has been no production yet, Reuters reported quoting two industry
sources.</div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-38399662700512882142013-06-12T07:22:00.001-07:002013-06-12T07:22:58.488-07:00Shell lifts force majeure on gas for Nigeria LNG<!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi50A8boWCDYgN4CL2fR8D0yjR6c8dhaLwZ9MffueDZqsEOjvWo8GhrIh6xcyjwEWpSIQvreHO5HLY82Uqv4DLXHIpvc94es4FJJKHChSsoE58WKCBVdBzAv-GBzEbx0lcJeoL3gxlOVL8/s1600/Shell+logo.jpeg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi50A8boWCDYgN4CL2fR8D0yjR6c8dhaLwZ9MffueDZqsEOjvWo8GhrIh6xcyjwEWpSIQvreHO5HLY82Uqv4DLXHIpvc94es4FJJKHChSsoE58WKCBVdBzAv-GBzEbx0lcJeoL3gxlOVL8/s1600/Shell+logo.jpeg" /></a></div>
<span class="yshortcuts">Shell</span> has lifted a force majeure on gas
supplies to the Nigeria Liquefied Natural Gas (LNG) plant. The company declared
force majeure on May 16 after a leak along the Eastern Gas Gathering System
near Awoba in Rivers State. It affected 1.5 billion standard cubic feet of gas
per day. That declaration came just less than a month after it had lifted a
force majeure on supplies to the plant, during a time in which Shell was
reporting growing attacks on pipelines by oil thieves.<br />
<div class="MsoNormal">
<br /></div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0tag:blogger.com,1999:blog-5034713471467214286.post-73396368693689909472013-06-12T06:20:00.000-07:002013-06-12T06:20:08.665-07:00Chevron to Sell 40% Stake in Two Oil Blocks<div style="text-align: justify;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5T9bSj6H6FZpDPoYuY5fCfpH8TtCt3UZJYmRQOo7s6YM9kWVCgMc0nCoC9C2hK7hCW4XtxjSRHTsJNu8r_lRaX6ERREnKYKxiKO3izBCP-5elP90Ml-_Fkyu3-4Mwd-pCa1Y-lxgxXeA/s1600/Chevron_Logo.svg.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5T9bSj6H6FZpDPoYuY5fCfpH8TtCt3UZJYmRQOo7s6YM9kWVCgMc0nCoC9C2hK7hCW4XtxjSRHTsJNu8r_lRaX6ERREnKYKxiKO3izBCP-5elP90Ml-_Fkyu3-4Mwd-pCa1Y-lxgxXeA/s320/Chevron_Logo.svg.png" width="286" /></a></div>
<div style="text-align: justify;">
Chevron Nigeria Limited (CNL) will be selling its
40 per cent stake in two Nigerian shallow water oil blocks in Oil Mining Leases
(OMLs) 83 and 85. Chevron has 40 per cent interest in the two blocks.</div>
<div style="text-align: justify;">
The two blocks OML 83 and OML 85 hold an
estimated 200 million barrels of oil and an unknown amount of natural gas but
there has been no production yet. Chevron did not give details of reserves. The planned sale follows several oil majors’ sale
of assets onshore or in the shallow waters of the Niger Delta over the past few
years.
</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
Oil industry analysts believe that the slow pace
of deliberation in the passage of the PIB amongst all these other factors, have
added to a growing uncertainty in the country’s oil and gas industry.</div>
<div style="text-align: justify;">
Joint owners, Royal Dutch Shell, Italy's Eni and
France's Total, have sold several oil blocks in the oil-bearing region, while
eventual buyers of these included UK-listed firms Heritage Oil and Eland Oil.</div>
<div style="text-align: justify;">
Chinese-owned Addax has also said it was
interested in buying more Nigerian oil assets in addition to what it has
already.</div>
<div style="text-align: justify;">
Chevron's blocks are at the exploratory stage,
unlike Shell's already producing fields, which will make valuations less
straightforward, one banking source said.</div>
<div style="text-align: justify;">
Chevron owns a 40 per cent stake in 13 shallow
water blocks with the Nigerian National Petroleum Corporation (NNPC) and also
has several deep offshore assets. Its 2012 net daily production in Nigeria
averaged 238,000 barrels of crude oil and 165 million cubic feet of natural
gas.</div>
<div style="text-align: justify;">
It is the third-largest oil producer in Nigeria
and one of its largest investors, spending more than $3 billion annually. It
operates under a joint-venture arrangement with NNPC and has assets on land,
swamp and near-offshore concessions covering approximately 2.2 million acres
(8,900 sq. km) in the Niger Delta region.</div>
Anonymoushttp://www.blogger.com/profile/13234186643286621765noreply@blogger.com0