The Nigerian Navy says the country loses N163.17 billion to pipeline vandals in Niger Delta NIGERIA has lost N163.17bn in oil revenue to the activities of pipeline vandals in the Niger Delta region between 2012 and 2017, according to statistics presented by the Nigerian Navy on Wednesday. The Navy said its operatives destroyed 637…
Armed conflict between groups vying for control of Libya is putting the country’s lifeblood oil and gas industry at risk of almost total collapse, just as production is beginning to recover from years of war, the head of the country’s state oil company said Saturday. Libya is currently pumping almost 1.3 million b/d, National Oil…
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday said in Jeddah, Saudi Arabia, that he hoped the crude oil supply cut agreement between the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members would be extended until the end of 2019. OPEC, Russia and other non-OPEC producers, an alliance known as OPEC+,…
A consortium of foreign lenders is ready to invest $600 million in the construction of a 1,500 megawatts (Mw) power plant in Okija, Anambra State, the Chief Executive Officer, Century Power Generation Limited, Dr Chukwueloka Umeh, has said. The banks are to provide the funds, once the firm is ready with the predocumentation required for…
Ahead of the 2019 World Environment Day (WED) celebration, which amplifies the clamour for players in the petroleum industry to curb the rising level of global air pollution, Nigeria Liquefied Natural Gas (NLNG) Limited has declared over $100 billion or N36 trillion gross income from gas monetisation. The Managing Director of the company, Mr. Tony…
People of Kebbi State have been called upon to avail themselves of the power franchise arrangement about to commence in the state by the Kaduna Electricity Distribution Company soon. Speaking at the Stakeholders meeting with Local Government Council Chairmen in Birnin Kebbi, the Chief Franchising and Special Customers Officer, Murtala Bello, said franchising is aimed…
The Programme Manager for the Nigeria Gas Flare Commercialisation Programme (NGFCP), Mr. Justice Derefaka, has disclosed that a market analysis carried on the NGFCP by the International Finance Corporation (IFC) of the World Bank showed that the programme would be profitable if implemented on certain premises. Derefaka, stated this in a recent presentation he made…
OSLO, Norway – ConocoPhillips Skandinavia has permission from Norway’s Petroleum Safety Authority (PSA) to use a new submarine cable at the Eldfisk complex in the southern Norwegian North Sea. This will transmit electrical power from Eldfisk 2/7 S to Eldfisk 2/7 B. In addition, ConocoPhillips can use the Island Constructor for well intervention activities on the…
Wellbore Integrity Solutions, an affiliate of Rhône Capital, has agreed to acquire the businesses and associated assets of DRILCO, Thomas Tools, and Fishing & Remedial services, along with part of a manufacturing facility on Rankin Road in Houston from Schlumberger. HOUSTON – Wellbore Integrity Solutions (WIS), an affiliate of private equity firm Rhône Capital, has entered…
STAVANGER, Norway – Construction has started of the Johan Sverdrup Phase 2 processing platform topsides at Aibel’s yard in Haugesund. Project operator Equinor has also secured approval for the plan for development and operation (PDO) from the Norwegian Ministry of Petroleum and Energy. Phase 2, due to start up in 4Q 2022, will increase oil production…