GOVT LAUNCHES ANTI-GAS FLARING SATELLITE TRACKING SYSTEM

The Federal Government has commenced the use of a satellite tracking system to identify gas flaring locations in the oil producing parts of the country, in a strategic move to bring culprits to book and thereby curb the environmentally-unfriendly practice.

The administration had rolled out a zero-gas-flaring policy, to address the pangs of unsavoury emissions, especially in the oil producing Niger Delta region of the country.

Read more @ The Guardian

ECONOMY UNDER THREAT AS OIL PRICE FALLS BELOW $73

Efforts by Nigeria and four other members of the Organisation of Petroleum Exporting Countries to see a reduction in oil production to revive falling oil prices proved abortive on Thursday as the 12-member cartel decided to maintain production quotas.

No sooner had word gone out that OPEC at the end of its meeting in Vienna decided not to cut production than oil prices slumped to a five-year low.

Read more @ The Punch

CRUDE OIL PRICES TUMBLE AS OPEC MAINTAINS OUTPUT

Crude oil prices sank to new four-year lows on Thursday on the back of the announcement that the Organisation of Petroleum Exporting Countries (OPEC) has decided to maintain its oil output ceiling at 30 million barrels, preferring, as a strategy, to wait for the market to stabilise instead of cutting production quotas.

OPEC’s decision sent world oil prices tumbling, with London’s Brent Light crude for January deliveries falling to $74.36 a barrel while New York’s West Texas Intermediate (WTI) for January slumped to $70.87, triggering the likelihood of a price war among Saudi Arabia, Russia and the United States of America as they battle to maintain market share.

Read more @ Thisday Live

700 BENEFIT FROM TOTAL’S FREE MEDICAL SERVICE IN RIVERS

About 700 people from communities in Ogba/Egbema/Andoni Local Government Areas (ONELGA) of Rivers State are beneficiaries of the ongoing free medical services organised by oil giant, Total Exploration and Production Nigeria (TEPNG) Limited.

About 3,000 people are expected to be the eventual beneficiaries as the five-day programme comes to an end today in Total’s OML-58 host communities.

Read more @ Nigerian Tribune

TOTAL NIGERIA CREATES PLANS TO TACKLE CLIMATE CHANGE, GAS FLARE

Total is consolidating its efforts to address climate change by supporting three international initiatives backed by the Global Compact, the World Bank and the Climate and Clean Air Coalition (CCAC).

Total said it will support the United Nations Global Compact’s call for companies to factor an internal carbon price into their investment decisions

Read more @ Naija 247

ALISON-MADUEKE ELECTED FIRST FEMALE OPEC PRESIDENT

LAGOS — Members of the Organisation of Petroleum Exporting Countries, OPEC, yesterday, elected Mrs. Diezani Alison-Madueke, Minister of Petroleum, as its president, making her the first female president of the oil cartel.

Alison-Madueke, who is currently the Alternate President of OPEC, was elected at the 166th meeting of the OPEC Conference in Vienna, Austria, and will assume office from January 2015.

Read more @ Vanguard

GAS TO DELIVER 30,000MW ELECTRICITY BY 2020’

GAS has been identified to be the greatest source of power generation in the foreseeable future in the country. Specifically, by 2020, an estimated power capacity of about 30,000 MW of electricity is expected to be base primarily on gas.

Read more @ The Guardian

WORLD OIL MARKETS AWAIT OPEC DECISION TODAY

As the meeting between Saudi Arabia, Venezuela, Russia and Mexico on Tuesday failed to achieve a consensus on whether to cut production, world oil markets, oil-dependent economies and investors are increasingly looking forward to the outcome of today’s meeting of the Organisation of Petroleum-Exporting Countries.

A cut in production by OPEC, which supplies a third of the world’s crude oil, is needed to shore up prices, which have fallen more than 30 per cent from more than $110 per barrel in June.

Read more @ The Punch

NIGERIA GETS $10BN TOTAL’S INVESTMENT IN FIVE YEARS

Oil firm, Total, has invested over $10bn in Nigeria in the past five years, according to the company’s Deputy Managing Director, Lagos District, Mr. Charles Ngoka.  He disclosed this during the company’s second Open Day for Secondary Schools in Lagos district.

Read more @ The Punch

NLNG’S SUBSIDY ON COOKING GAS HITS $50M

The Nigeria Liquefied Natural Gas Limited has subsidised Liquefied Petroleum Gas (cooking gas) to the tune of $50m since the commencement of its intervention scheme on the product nationally.

The firm, which currently supplies some 80 per cent of the total cooking gas consumed by Nigerians, restated that it remained committed to increasing domestic cooking gas supply to the Nigerian market.

Read more @ The Punch

NNPC, OTHERS PLAN TO SIGN FID ON BRASS LNG

Strong indication has emerged that the Nigerian National Petroleum Corporation (NNPC), Eni and Total would soon sign the Final Investment Decision (FID) on the two-train $20 billion Brass Liquefied Natural Gas (Brass LNG) project. 

Read More @ Newswatch Times

OIL SLUMP REVEALS STRUCTURAL DEFECTS IN NIGERIAN ECONOMY

The slump in oil prices would not have hit Nigeria so hard if the country had sufficiently diversified its economy and created an industrial base for refining its crude locally.

Oil importers from India to China and Morocco, are benefiting from a fall in oil prices, which is cutting into energy costs and giving a boost to their domestic economies.

Read more @ Businessday

BONGA OIL SPILL: HOUSE ORDERS SHELL TO PAY $3.6BN FINE

The House of Representatives has directed Shell Nigerian Exploration Company (SNEPCo) to pay the sum of $3.6 billion or N604.832 billion for the damage caused by oil spill from its equipment failure almost four years ago  in Bayelsa State

The House Committee on Environment gave the directive during an investigative public hearing on Wednesday, citing the breakdown of an independent value analysis it adopted, which totalled N63.6 billion, payable for direct losses (irreversible damages) the community incurred.

Read more @ Thisday Live

FG TO COMMENCE RESTORATION OF OGONILAND Q1 2015

The federal government has said that the restoration of Ogoniland will commence in the first quarter next year in line with the recommendations of the United Nations Environmental Programme (UNEP) report vis-a-vis the multi-stakeholders group.


Speaking yon Tuesday in Geneva, Switzerland, at the follow-up meeting of technical working groups on environment restoration of Ogoniland, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, stressed that the federal government was in a hurry to begin the implementation of the UNEP report which recommended the spending of about $1 billion for the cleaning up of the oil spills that had been ravaging the oil producing community for decades.

Read more @ Thisday Live

GOVT COMMENCES DESIGN OF $5B TRANS-NIGERIA GAS PIPELINE

Plans have reached advanced stage on the construction of a new Tran-Nigeria gas pipeline aimed at delivering gas to Northern and Eastern parts of the country.

Specifically the Nigerian National Petroleum Corporation (NNPC), said it has commenced the design for the $5 billion project expected to be awarded soon.

Read more @ The Guardian

HOST COMMUNITY OPPOSES SALE OF OML 29

The host community to the Oil Mining Lease (OML) 29 has opposed the intention of the federal government to sell the oil block to interested buyers.

Anglo Dutch oil giant, Shell, has been offering several of its onshore oil assets for sale to interested buyers as part of global divestment strategy

Read more @ Thisday Live

TOTAL’S EGINA OIL PROJECT TO GULP $16B

Indications have emerged that the Egina oil field development operated by Total Upstream Companies in Nigeria (TUCN) may now gulp about $16 billion.

Total’s Deputy Managing Director, Lagos District, Charles Ngoka, who disclosed this during the company’s second Open Day for Secondary Schools in Lagos district, said the project plays important role in Total’s contribution to national oil output.

Read more @ The Guardian

TOTAL HARPS ON EFFORTS TO FIGHT CLIMATE CHANGE

Total is consolidating its efforts to address climate change by supporting three international initiatives backed by the Global Compact, the World Bank and the Climate and Clean Air Coalition (CCAC).

Since 2008, Total has factored a long-term carbon price of €25 per ton into its investment decisions and backed the gradual introduction of policies that incorporate climate considerations into markets without distorting competition.

Read more @ Nigerian Tribune

OPEC FACES TEST, MEETS THURSDAY ON OIL PRICES

The Organisation of the Petroleum Exporting Countries (OPEC) is set to hold a very crucial meeting on Thursday to decide on new production cuts for member countries, as the cartel seeks to lift crude oil prices which have plunged by about one-third in value since June to about $80 a barrel.

If OPEC does not curb production, the price of crude is likely to drop into the $60 per barrel range and possibly lower.

Read more @ Thisday Live

SHELL SHUTS PIPELINE, BEGINS INVESTIGATION INTO LEAKS

Shell Petroleum development Company of Nigeria has shut its Trans-Niger Pipeline, which carries its key grade crude, Bonny Light BFO-BON, after discovering a leak on Saturday.

The company also said on Monday that it was investigating the source of the leak at Okolo Launch in Eastern Niger Delta, which occurred near the 24-inch and the 28-inch TNP.

Read more @ The Punch

OIL, GAS INDUSTRY OPERATORS DIFFER ON MEASUREMENT OF NIGERIAN CONTENT

Oil and gas industry operators have differed on the acceptable metrics to measure the progress of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010 in the oil and gas sector.

Read more @ Thisday Live

LOCAL REFINERIES OUTPUT DROPS TO 16%

Output from the country’s refineries dropped to 294,000 metric tonnes in August as they operated at an average of 16 per cent of their combined nameplate capacity of 445,000 barrels per day, the latest report from the Nigerian National Petroleum Corporation has shown.

In July, when the refineries operated at 22 per cent of their installed capacity, the output was 334,000MT.

Read more @ The Punch

TOTAL UPSTREAM TASKS STUDENTS ON OIL EXPLORATION

Total Exploration and Production (E & P) Nigeria limited has tasked secondary school students on capacity building in oil and gas exploitation at the 2014 Open Day organised recently by the company for secondary schools.

The Deputy Managing Director, Lagos District, Total Upstream Companies in Nigeria (TUCN), Mr Charles Ngoka, described the programme "as part of the company's Corporate Social Responsibility to the society and the citizens; the Open Day affords students vital opportunity to give students career counselling session and talks on social responsibility".

Read more @Thisday Live

TOTAL SUPPORTS INTERNATIONAL INITIATIVES TO COMBAT CLIMATE CHANGE

French oil giant, Total has stated that it is consolidating its efforts to address climate change by supporting three international initiatives backed by the Global Compact, the World Bank and the Climate and Clean Air Coalition (CCAC).

The new Chief Executive Officer of the company, Mr. Patrick Pouyanne said in a statement at the weekend that the group supported the United Nations Global Compact’s call for companies to factor an internal carbon price into their investment decisions.

Read more @ Thisday Live

OPEC MAY NOT CUT OIL PRODUCTION

Ahead of the meeting of the Organisation of Petroleum Exporting Countries this Thursday, industry analysts have highlighted some of the factors that may prevent the 12-member oil cartel from agreeing to slash oil production to revive crashing oil prices.

International Brent crude, against which most of the world’s oil is priced, has fallen by over 30 per cent from more than $110 per barrel in June, putting pressure on the budgets of oil-exporting countries, including Nigeria. It recently tumbled below $80 per barrel.

Read more @ The Punch

ALISON-MADUEKE LOBBIES FOR NIGERIA AHEAD OF OPEC MEETING

Ahead of the Organisation of Petroleum Exporting Countries’ (OPEC) meeting billed for Thursday in Vienna, Austria, Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, at the weekend, met with some economic and financial experts on the OPEC’s Economic Commission Board (ECB).

The meeting, it was learnt, was to ensure that the decision to be taken by OPEC at the meeting favours the peculiar challenges facing Nigeria. 

Read more @ New telegraph

STATISTICIANS WANT CRUDE OIL, TRADE DATA LAWS REVIEWED

The Federal Government of Nigeria( FGN) has been urged to review  existing laws relating to crude oil sales data collation process and those relating to transactions in the Free Trade Zones for effective planning and economic development.

President, Nigerian Statistical Association (NSA), Muhammed Tumala, made the call last week in Abuja while speaking at the African Statistics Day.

Read more @ Thisday Live

NIGERIA TO ENFORCE LAW ON SHIPMENT OF OIL & GAS IN 2015

In order to safeguard and to benefit maximally from oil and gas exports from Nigeria, as well as monitor crude oil produced at any point in time, starting from the next quarter in 2015, no shipment of oil and gas will be allowed to leave the shores of this country until it fulfills all legal weights and measures requirements.

Read more @ Sweet Crude

FG TO RECOVER $279M OIL COMPANIES’ DEBTS

The Federal Government has lamented the failure of oil and gas producers and exporters to settle their indebtedness totaling $279.33m being the fee for legal metrology services.

The development is however, seen as a calculated attempt to slow down the government’s metrology implementation services, according to top industry sources.

Read more @ The Punch

NIGERIA’S CRUDE REFINING TO DROP FURTHER

The country’s four refineries are currently operating far below optimal capacity owing to their prolonged state of disrepair. Falling oil prices and pipeline vandalism are further threatening their output.

Nigeria is currently under fresh pressure to reduce the quantity of crude oil being refined in its four refineries.

Read more @ The Punch

SCHNEIDER ELECTRIC’S IBETC GRADUATES 30 NIGERIAN STUDENTS

Schneider Electric a global specialist in energy management today announced the graduation of 30 Nigerian students from its Isaac Boro Energy Training College (IBETC) Grenoble, France.  

The graduating students are the first batch of beneficiaries  of the training programme which is a multilateral partnership between the Nigerian government, the French Education Ministry and Schneider Electric, designed to address the dearth of trained engineers in electrical and energy fields, especially in  emerging economies like Nigeria. The 30 trainees flew to France in November 2013 and followed an intensive 12-month program in electrical installations and equipment, medium and low voltage and renewable energies. 

Speaking at the graduation ceremony, the Special Adviser to the President on Niger Delta and Chairman of the Presidential Amnesty Programme, Kingsley Kuku emphasized that Nigeria needed more company’s like Schneider Electric to drive the development of indigenous capacity. “This is a proven commitment towards manpower skill enhancement in Nigeria’s energy sector and we call on other companies to do same” Kuku said.

With their Certificate of Professional Competencies for Electrical Networks and Installations, specialising in Design and Operation, the technicians have become part of the much sought after skilled workforce that industries are on the lookout for, to carry out implementation tasks, commissioning and maintenance of electrical installations and equipments up to international standards.

Officials, trainers and professionals in France were all impressed with the level of accomplishment achieved by the trainees in one year. The Director of Schneider Electric France Energy Training Mr Francois Milioni reports: “This has been a very successful year. Students have made outstanding progress and have shown great enthusiasm to learn and reinforce their technical skills. They have demonstrated exemplary behavior throughout the course and will be valuable assets for any organization.”

In his response, Jean-Pascal Tricoire, Chairman and CEO of Schneider Electric, who also expressed satisfaction at  the competence and expertise demonstrated by the graduating students, said “ Our goal is to overcome the shortage of skilled manpower in the sector and this is why we are constantly identifying partnerships that aim to improve the skill sets of personnel in the sector and improve emerging economies”.

Responding on behalf of the graduating students, Master Ojoye said “This training has placed me and my colleagues on a higher pedestal of productivity and professional competence and we are grateful for the opportunity provided by Schneider Electric, Nigerian government and the French Education Ministry  to acquire skill in energy management“.

Throughout their course the technicians have benefitted from a high level of exposure to various professional and training environments, state-of- art equipment and personalized training in a dedicated centre, with a focus on practical experience. They have come back to Nigeria eager to make a difference and will undoubtedly contribute to the success of the organizations taking them on board.

COURT RESERVES JUDGMENT IN ALISON-MADUEKE’S SUIT TO STOP HOUSE PROBE

A Federal High Court in Abuja has  fixed December 17 for judgement in the suit filed by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, and the Nigeria National Petroleum (NNPC) seeking to stop the House of Representatives from inviting her over an allegation that she spent N10 billon on aircraft charter.

Following several invitations asking her to appear before one of its committees, Alison-Madueke on April 11 applied to the court to stop the moves by the House to probe her.

Read more @ Thisday Live

NIGERIA BUDGET CUT PLEDGE FALLS SHORT AS OIL PRICES DROP

Nigeria’s pledge to trim spending in the face of plunging oil prices may fall short of what’s required as Africa’s biggest crude producer heads into an election year.

Finance Minister, Ngozi Okonjo-Iweala’s proposal to cut expenditure by 6 per cent may be insufficient to address investors’ concerns after oil prices plunged by about 30 percent since July, said economists including Alan Cameron of FCMB Group Plc (FCMB) in London. The budget approval process will probably also face delays because of the vote, scheduled for February 14.

Read more @ Thisday Live

TOP OIL TRADER TRAFIGURA TO DISCLOSE PAYMENTS TO NNPC

Trafigura Beheer B.V, one of the world’s leading commodity trading firms and a major lifter of Nigeria’s crude oil, has announced its commitment to opening up on its payment to Extractive Industries Transparency Initiative (EITI)-compliant and candidate countries like Nigeria, starting from 2015.

Trafigura’s decision is in compliance with the principles espoused by EITI in advancing transparent remittance of revenues from natural resources of countries.

Read more @ Thisday Live

SHELL KNOWS OF PIPELINE PROBLEMS

Oil giant Shell was warned by its own staff that the Trans Niger Pipeline had a “risk and likelihood of rupture” years before two spills in 2008 spewed as much as 500,000 barrels of oil in the town of Bodo in Ogoniland, Rivers State.

The BBC reported these revelations after viewing internal company documents submitted to a court in London, where some 15,000 Nigerians are suing Shell over a separate spill from the same pipeline.

Read more @ Thisday Live

OIL SLUMP RENEWS CASE FOR SECTOR REFORMS

Despite austerity measures unfolded by the government to cushion the impact of lower oil prices on the economy, the reform of the oil and gas sector remains critical to attracting foreign investment into the country, analysts have said.

International Brent crude, against which Nigerian oil is priced, tumbled below the $80 per barrel mark last .

Read more @ The Punch

NIGERIA'S INDUSTRIAL REVOLUTION PINNED ON OIL TO GAS POLICY SHIFT

Nigeria is known mainly as an oil producer but shifting the emphasis to natural gas is necessary if the country is ever to realise its ambitions for industrialisation.

The plans by Africa’s richest man, Aliko Dangote,  to build a 500,000 barrels per day oil refinery, petrochemical plant and fertilizer complex, hinges on one key component ; the availability of cheap natural gas in Nigeria.

Read more @ Businessday

PIB UNLIKELY TO PASS BEFORE 2015 ELECTION - OKONJO IWEALA

The long-awaited Petroleum Industry Bill (PIB) is not expected to be voted on by parliament before a planned general election in February 2015, the Minister of Finance and Coordinating Minister of the Economy, Ngozi Okonjo-Iweala told a conference call  on Tuesday.

The bill, which is expected to reform Africa’s top oil producer’s oil taxes and licences, and to overhaul state-run Nigerian National Petroleum Corporation, has dragged on for over five years because of political wrangling over its many clauses.

Read more @ Businessday

OPEC BLAMES POOR REFINING CAPACITY FOR NIGERIA'S WOES

The Organisation of Petroleum Exporting Countries, OPEC, has blamed the dismal refining capacity in the country for its inability to weather the headwinds in the global oil industry.

It also criticised the huge refining gap within the continent, even as it notes that the region is lagging behind in implementation of refinery projects.

Read more @ Sweet Crude

TOTAL ADDS 2.2B BARRELS TO COUNTRY’S OIL PRODUCTION

TOTAL Upstream Companies in Nigeria have added over 2.2 billion barrels to Nigeria’s crude oil production in the last 47 years.

The company, which has been involved in activities in the last 50 years, has over five producing fields onshore and offshore Nigeria

Read more @ The Guardian.

CHEVRON NIGERIA DEPLOYS ADVANCE TECHNOLOGY IN DRILLING OPERATIONS

Chevron Nigeria Limited said that it has continued to deploy the latest advanced technology in its oil and gas operations in Nigeria.

The company, which was a major sponsor of the just concluded Nigerian Association of Petroleum Explorationists (NAPE) yearly conference, said that its experience, technology and perseverance have created opportunity to overcome challenges and deliver value in the oil and gas sector

Read more @ The Guardian

NSCDC BOSS DECLARES WAR ON CRUDE OIL THIEVES IN BAYELSA

The Commandant General of the Nigeria Security and Civil Defence Corps (NSCDC), Mr. Ade Abolurin, has declared war on pipeline vandals and crude oil thieves in Bayelsa State.

Abolurin, who was in Bayelsa State on inspection tour of NSCDC equipment and facilities, said the next seven days would be tough for pipeline vandals and crude oil thieves as the NSCDC were battle ready to thwart any criminal activity.

Read more @ Sun News Online

JONATHAN CALLS FOR RESOLUTION OF DELTA INDUSTRIAL PARK DISPUTE

President Goodluck Jonathan on Monday called for a speedy resolution of the dispute plaguing the multi-billion Naira industrial park in Delta State.

The dispute had forced the postponement of its ground breaking that was to be performed by the president

Read more @ Thisday Live

WORK RESUMES AT ESCRAVOS-LAGOS GAS PIPELINE

Construction workers handling the phase 2 of the Escravos-Lagos Gas Pipeline Expansion project  returned to site yesterday at Igbooye, in the suburb of Epe, Lagos State.

The development was sequel to a peace agreement sealed between the parties on payment of compensation and other issues last Saturday.

Read more @ The Nation

ASSETS SALE: SHELL’S CONTRACTORS, STAFF FRET OVER JOB LOSS

Contractors in the oil acreages, Oil Mining Licences (OML) 18, 24, 25, 29, as well as a major pipeline, the Nembe Creek Trunk Line operated by the Royal Dutch Shell in Nigeria are worried over loss of their jobs.

This came as checks revealed that the statutory minister of petroleum resources consent for the final transfer of Shell’s stakes to new owners in the lucrative assets is likely to be signed next month.

Read more @ New Telegraph

Nigeria: Manufacturers Lose N22 Billion to Shell Gas Cut

The cut in gas supply to no fewer than 87 manufacturing companies in the Agbara and Ota industrial belts of Lagos and Ogun states has cost manufacturers about N22b in the past three weeks, manufacturers, whose businesses have been affected, have cried out.

Read more @ AllAfrica

JONATHAN INTERVENES AS OIL WORKERS’ULTIMATUM EXPIRES TODAY

President Goodluck Jonathan has ordered a quick resolution of the crisis in the oil and gas industry to avert the planned strike by workers.

The workers, under the aegis of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), had issued a 14-day ultimatum after their joint National Executive Council (NEC) meeting in Abuja on October 31, over alleged sack of members by Total Exploration and Production (TOTAL E&P).

Read more @ New Telegraph

FG URGED TO PASS PIB TO REDUCE PRESSURE ON NAIRA

The Institute of International Finance,IIF, has urged Federal Government to pass the Petroleum Industry Bill, PIB, to reduce pressure on the Naira. The currency has come under pressure over the past two months from falling global oil prices and reduced appetite for assets. Though, the Central Bank of Nigeria has been intervening since the beginning of this year to prop up its value, but the Naira has lost 7.2 per cent since January 2

Read more @ National Mirror

NAVY DESTROYS TWO ILLEGAL REFINERIES IN RIVERS

In its determination to end oil theft in the country, the Nigerian Navy has set ablaze two illegal refineries in Akuku-Toru Local Government Area of Rivers State.

The Base Operations Officer of the Nigerian Navy Ship Pathfinder, Port Harcourt, Commander Chido Yahaya, also disclosed that two Cotonou boats laden with stolen crude oil were similarly set ablaze.

Read more @ The Punch

JTF ARRESTS 10 SUSPECTED OIL THIEVES IN BAYELSA

The Joint Task Force (JTF), Operation Pulo Shield, has arrested 10 suspected crude oil thieves in Bayelsa State. The Coordinator of JTF’s Joint Media Campaign Centre, Lt.-Col. Mustapha Anka, spoke yesterday on the arrest.

He said the suspects were held on Brass waterways, near the Nigerian Agip Oil Company (NAOC) terminal.

Read more @ The Nation

EMERGING AND EXISTING OIL AND GAS OPPORTUNITIES IN SUB-SAHARAN AFRICA

Look at the last full year 2013. The biggest oil and gas discoveries are all over the place, worldwide. Some in non-surprising areas, with others in new or frontier areas: 
(1) Lontra – Angola – 900m boe 
(2) B14/B17 – Malaysia – 850m boe
(3) Ogo – Nigeria – 775m boe
(4) Nene – Congo Brazzaville – 700m boe
(5) Agutha – Mozambique – 700m boe
(6) Tangawizi – Tanzania – 575m boe;
(7) Coronado – Gulf of Mexico – 550m boe
(8) Salamat – Egypt – 500m boe
(9) Maximino – Gulf of Mexico – 500m boe
(10) Bay du Nord – Canada – 450m boe.

Read more @ Businessday

GOVT’S LETHARGY TRAPS $720BN NIGERIA GAS FINDS

Nigeria’s huge gas finds with an estimated value of $720 billion have been left trapped and unproductive for decades, on account of  lethargy by a government that is unable to create the policy environment to turn this huge resource into prosperity dividend for the country and its people.

Read more @ The Businessday

AMNESTY TACKLES SHELL OVER OIL SPILL CLAIMS

Amnesty International on Thursday alleged that Shell had repeatedly made false claims about the size and impact of two major oil spills at Bodo, Rivers State.

The non-governmental organisation, in a report on its website, claimed that court documents showed that the oil major tried to minimise its compensation payments, adding that Shell had known for years that its pipelines in the Niger Delta were old and faulty.

Read more @ The Punch

TOTAL CONSTRUCTS 95KM PIPELINE TO BOOST GAS COMMERCIALISATION

Nigeria’s gas commercialisation is set to receive a boost following the ongoing construction of two major gas pipelines by Total Exploration and Production (E&P) Nigeria.

The projects are the 50km Northern Option Pipe Line otherwise known as (NOPL) and the 45km traversing the Obite, Ubeta and Rumuji (OUR) pipelines.

Read more @ Leadership

POOR INVESTMENT LEAVES NIGERIA’S 65 BILLION BARRELS OF OIL UNEXPLORED – TOTAL BOSS

More than 65 billion barrels of oil in the new frontier basins have been left unexplored due to uncertainty in the Nigerian oil and gas investment environment, said the managing director of Total Upstream Companies in Nigeria, Elizabeth Proust.

Proust disclosed this at the opening ceremony of the 32nd annual International Conference of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, yesterday.

Read more @ The Punch

NAIRA FACES DEVALUATION AS OIL PRICES SLIDE FURTHER

The sustained fall in crude oil prices may lead to the devaluation of the country’s currency, the naira, which will spark inflation and its attendant reduction in the purchasing power of Nigerians, analysts have said.

International benchmark Brent crude, against which Nigeria’s oil is priced, on Thursday plunged further and hovered around $79 and $80 per barrel.

Read more @ The Punch

COURT DOCUMENTS EXPOSE SHELL’S FALSE CLAIMS ON NIGERIA OIL SPILLS

Court documents revealed by Amnesty International today expose the fact that Shell has repeatedly made false claims about the size and impact of two major oil spills at Bodo in Nigeria in an attempt to minimize its compensation payments. The documents also show that Shell has known for years that its pipelines in the Niger Delta were old and faulty.

The potential repercussions are that hundreds of thousands of people may have been denied or underpaid compensation based on similar underestimates of other spills.

Read more @ Sweet Crude

TOTAL LAUNCHES CAMPAIGN AGAINST HIV/AIDS IN RIVERS

Total Upstream Companies in Nigeria and Total Nigeria PLC have launched a campaign against tuberculosis, malaria and HIV/AIDS through an education programme to protect the people of its host communities in Rivers State against the deadly diseases.

Total said that it was better to prevent contracting any of the diseases and that the only way to achieve that was by educating the people in communities on how to live without diseases

Read more @ New Telegraph

SHALE GAS, LOW OIL PRICES THREATEN LNG PROJECTS

The Shale gas boom and the recent drop in crude oil prices in the global market constitute major threats to the development of Liquefied Natural Gas projects still awaiting Final Investment Decision, analysts have said.

Three LNG projects are currently awaiting FID in Nigeria. Olokola LNG, Brass LNG and Train 7 projects have over the past few years continued to await FID by the stakeholders on the projects, even as some have pulled out of the projects

Read more @ The Punch

FG CONSIDERING $3.50 GAS FLARE FINE

The Federal Government has not discarded its plans to raise gas flaring penalty to $3.50 for a million standard cubic feet per day, but is rather still considering the increase, the President, Nigerian Association of Petroleum Explorationists, Mrs. Adedoja Ojelabi, has said.

The fines imposed by the government have also increased over the years to about N10/mmscf/day ($0.06/mmscf/day.

Read more @ The Punch

ANXIETY OVER ECONOMY AS OIL PRICE DROPS BELOW BUDGET'S BENCHMARK

A FRESH fall in the price of oil has again challenged the official position that the country is not broke and triggered anxiety about the government’s ability to meet its financial commitments. 

Indeed, the price of crude oil, the single commodity on which the country relies for the financing of her budgetary plans has now fallen below the benchmark price, both for the current fiscal year and the projection for the next year 2015.

Read more @ The Guardian Mobile

FIRMS BAG $30MN OFFSHORE CONTRACTS FROM SHELL, ENI

An international oil service firm, Ceona has been awarded two new SURF (subsea umbilicals, risers and flowlines) contracts in Nigeria along with its local strategic partner Marine Platforms Limited (MPL).

The contracts, which are worth a total of more than $30 million, will see Ceona providing vessels from its first-class fleet together with its installation expertise on the ENI NAE (Nigerian Agip Exploration Limited) ABO12 well completion, as well as supporting MPL on the Sea Eagle FPSO for Shell Petroleum Development Company (SPDC). 

Read more @ The Guardian

OIL SECTOR REQUIRES $10TR INVESTMENT IN 26 YEARS, SAYS OPEC

GLOBAL oil and gas sector would require about $10 trillion worth of investment to meet the demand between 2014 and 2040, according to the Oraganisation of Petroleum Exporting Countries (OPEC).

Meanwhile, Nigeria has again been rated among the 10 largest gas reserves in the world, after Russia, Iran, Qatar among others.

Read more @ The Guardian

GAS SUPPLY PROBLEMS STALL POWER PLANTS’ SALE

The sale of the 10 power plants constructed under the National Integrated Power Project has been stalled by gas supply challenges, the Bureau of Public Enterprises has said.

The Head, Public Communications, BPE, Mr. Chigbo Anichebe, disclosed this in a telephone interview with our correspondent in Abuja on Tuesday.

Read more @ The Punch

MANUFACTURERS LOSE N22BN THROUGH SHELL GAS CUT

The cut in gas supply to about 87 manufacturing companies in the Agbara and Ota industrial belts of Lagos and Ogun States has cost manufacturers about N22 billion in the past 16 days of the crisis.

Four manufacturers that called to complain of the problem lamented that their businesses had witnessed the worst crisis since the incident which they blame on the Shell Petroleum Development Company (SPDC) that supplies the two areas gas for their plants

Read more @ Thisday Live

NNPC HALTS SALE OF SHELL’S OIL BLOCK TO CRESTSTAR

The year-long process by Shell Petroleum Development Company (SPDC) and its joint venture partners to divest some of their onshore assets has run into a hitch, as the Nigerian National Petroleum Corporation (NNPC) has moved to stop the sale of Oil Mining Lease (OML) 25 to Creststar consortium.

Under the latest divestment programme, Royal Dutch Shell had concluded the sale of OMLS 18, 24, 25 and 29, in addition to the Nembe Creek Trunk Line (NCTL), following a 2013 review of its business in the country.

Read more @ Thisday Live

FALLING OIL PRICES THREATEN BUDGET IMPLEMENTATION

There is a likelihood that the Federal Government will record a 36 per cent drop in budget implementation if oil prices do not surpass the $80 mark, with analysts saying that the nation may need the commodity to sell for $126 per barrel in order to balance the budget.

With Brent at $82 a barrel, only Kuwait, Qatar and the United Arab Emirates will earn enough to balance their budgets, according to the International Monetary Fund.

Read more @ The Punch

Vacancies! Vacancies! Vacancies!!!

Caritas Communications is currently sourcing the right candidate to fill the following positions: 

A. JOB TITLE: ASSISTANT MANAGER, RESEARCH & STRATEGY

DESCRIPTION: Responsible for executing assigned research and produce information emanating from research, documentation and analysis. With the guidance of the unit head, develops content to support the activities of the Strategy unit & The Reputation Solutions Faculty and other tasks as may be assigned for attainment of organizational goals.

QUALIFICATION: Minimum of 6 years experience in research related projects in a reputable organization preferably in a public relations firm, advertising or media

Verifiable evidence of content development and management such as newspaper, journal or the web

Bachelor’s Degree in English, Mass Communication, Public Relations, statistics or social science 

Post graduate qualification will be an added advantage 

Possession of certification by the Nigerian Institute of Public Relations (NIPR)



B. JOB TITLE: SPECIALIST, DIGITAL MEDIA

DESCRIPTION: Drive the development and marketing of Caritas Digital to support business operations.

QUALIFICATION: Minimum of 5 years experience in a similar position

Bachelor’s degree or HND in Social Science, Humanities or other disciplines 

Certification in web development, application and digital media 

Post graduate qualification will be an added advantage 



C. JOB TITLE: SENIOR MEDIA EXECUTIVE

DESCRIPTION: To provide strategic media advisory and routine Media Relations support for all business units in the Caritas group

QUALIFICATION: Minimum of 4 years post-graduate experience in a similar position 

A bachelor’s degree or HND in Social Science, Humanities or other disciplines

Possession of certificate by the Nigerian Institute of Public Relations (NIPR) 

Post graduate qualification will be an added advantage 


Detailed resume stating qualifications, prior experience and accomplishment should be sent to: hr@caritaspr.com no later than Friday, November 14, 2014.

OGONI: OUR OIL BLOCKS ARE NOT FOR SALE

THE Ogoni ethnic group in Rivers State, under the aegis of the Movement for the Survival of Ogoni People (MOSOP), have said the oil blocks in their land are nor for sale.

They spoke yesterday in Port Harcourt, the state capital, at the 19th memorial lecture in honour of the November 1995 hanging of nine Ogoni martyrs.

Read more @ The Nation

NIGERIA NEEDS N8.7TN INVESTMENT FOR GAS INFRASTRUCTURE

The Africa Finance Corporation says $53bn investment is required to address the huge deficit in gas infrastructure in the country.

The President and Chief Executive Officer, AFC, Mr. Andrew Alli, in his presentation at the Lagos Business School’s Executive Breakfast Session on Monday, said there was huge potential for private sector participation, but there were also a number of bankability issues, especially with regards to off-take

Read more @ Punch

FALLING PRICES: JONATHAN CHALLENGES OIL PRODUCING NATIONS

President Goodluck Jonathan on Monday advised oil producing countries to cooperate more and work together in order to overcome the current challenge of falling crude oil prices.

Jonathan made the suggestion while granting audience to Angola’s new Ambassador to Nigeria, Mr. Eustaquio Quibato, who was at the Presidential Villa, Abuja to present his letter of credence.

Read More @ The Punch

FG LOSES 4,700MW OF ELECTRICITY TO GAS SHORTAGE

Barely four days after the federal government announced that for the first time in Nigeria’s history, it was generating 4,600 megawatts (MW) of electricity, the Minister of Power, Professor Chinedu Nebo, on Monday said the country was still losing 4,700MW due to the unavailability of gas to fire 7,800MW space capacity.

Read more @ Thisday live

SCHNEIDER ELECTRIC APPOINTS NEW COUNTRY PRESIDENT

Lagos (Nigeria), November 10, 2014 – Schneider Electric, the global specialist in energy management today announced the appointment of Mr. Walid Sheta as the new Country President of its subsidiary in Nigeria. This is part of the global energy giant’s strategic positioning to align with its growth plan for Nigeria and English West Africa.

The new Country President has over 19 years work experience within the Schneider Electric group, serving in various top management capacities. Walid takes over from Marcel Hochet who has served as Country President for the past 10 years. 

A 43 year-old Degree holder in Engineering from the National Institute of Applied Sciences (INSA-Rennes), France, Walid, first began his long professional experience at Schneider Electric, taking up the role of Project Manager, Schneider Electric, Egypt in 1995 mainly focusing on Industrial and Infrastructure Projects.

In 2000, Walid moved to Schneider Electric U.A.E where he served as the Distribution Center Manager. He championed the transformation of the center from an order processing center to a complete Distribution Center controlling its own inventory.

Aligning the commercial strategy of the company towards strategic global customers, Walid went on to serve at Schneider Electric, France as the company’s International Account Manager from 2002 to 2006 from where he moved on to become Country Manager, Schneider Electric, Indian Ocean 

Islands. In this position, he successfully implemented the first Schneider Electric Villasol project in Madagascar under its sustainable development program. as well as Solar Farms for Casino retail chain.

He returned to Egypt, to take up the position of Director, Marketing & Business Development, first for Egypt then for Africa, from 2010 to 2014. Here, he drove Business Development and Marketing strategy for all business lines ensuring homogeneous solutions for targeted segments, developing business opportunities in new markets and effectively driving the new marketing communication function inside the company.

Walid is a French & Egyptian national and speaks 3 international languages.

CONFERENCE TO DISCUSS CHALLENGES IN OIL & GAS INDUSTRY

Conflict resolution and environmental protection took central stage in deliberations at a Peace and Environment Conference, with a call on oil producing African countries to work on guaranteeing peace and protecting the environment.

Read more @ SpyGhana

STAKEHOLDERS DEMAND SEPARATE CRUDE OIL PRICE BENCHMARK FOR AFRICA

Stakeholders in Af­rica’s downstream petroleum sector have demanded a separate Af­rican pricing benchmark for crude oil and petroleum products.

The position was made in a communiqué issued at the end of the annual Oil Trading and Logistics (OTL) Africa Downstream Expo held in La­gos recently. The annual OTL Africa Downstream Expo is the continent’s leading busi­ness forum for unique insights on markets and emerging opportunities in addition to knowledge development, products showcase and rec­ognition of excellence in the downstream petroleum value-chain. 

Read more @ The Sun