President Muhammadu Buhari is set to inaugurate General Electric’s (GE) $250 million manufacturing plant in Calabar, the Cross River State capital, which is billed to be ready in the third quarter of this year. This aligns with Nigeria’s infrastructure needs and will contribute to economic development, especially in the oil & gas, power and transportation…
With effect from June this year, the Nigerian Content Development and Monitoring Board (NCDMB) will begin third forensic audit of all unremitted deductions by oil and gas companies meant for the Nigerian Content Development Fund (NCDF). The impending exercise was announced by the Executive Secretary of NCDMB, Engr. Simbi Wabote at the two-day Stakeholders Sensitization…
…Minister targets $1bn The Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BOI) on Thursday in Abuja launched the 200 million dollars Nigerian Content Intervention Fund (NCI Fund). The pool of funds will provide loans to Nigerian companies involved in manufacturing in the oil and gas industry as well as firms…
Equatorial Guinea’s government officially announces the 2019 Year of Energy initiative, tying together landmark energy projects and a series of Africa-focused events. The Ministry of Mines and Hydrocarbons is working in partnership with Africa Oil & Power to organize the series of conferences. Three key events will take place: the Equatorial Guinea Gas Summit, the…
Safely figuring out how to buy crude oil from Nigeria is one of the most daunting tasks crude oil buyers from many parts of the world face. The Nigerian market is highly volatile, too many people masquerade themselves as crude oil sellers, and after a long series of engagements, both the crude oil buyer and…
Norway’s Bergen Group has entered into an agreement with its compatriot oil service company Endúr Fabricom for a merger between the two companies. Bergen Group, an industrial group based in the western part of Norway, is a supplier of products and services to the areas of energy & industry, maritime, defense, access technology & services…
Yinka Folawiyo Petroleum has received consent from the Nigerian Minister of Petroleum Resources for the renewal of the OML 113 license. MX Oil said on Friday that Yinka Folawiyo Petroleum was granted the renewal for another term of 20 years. According to the company, which has an investment in the license, the renewal is subject to…
Offshore driller Stena Drilling has secured more work for its Stena Don offshore drilling rig with the French oil giant Total. The rig is currently on a contract with Total E&P UK on an exploration well west of the Shetland Islands. Stena Drilling on Monday said it had signed a new contract which will see the Stena…
Oilfield services firm Wood has secured two new strategic modifications contracts with Norwegian oil and gas giant Equinor for the Mongstad refinery near Bergen, growing its downstream capability in Norway. Wood said on Tuesday that the scope of the contracts includes front-end engineering design (FEED) for a gas residue debottleneck project, and engineering and procurement…
Egina FPSO sails away to Egina offshore field after completing works in SHI Nigeria’s Lagos facilities; Source: Samsung Heavy The Egina oil field is located some 130 kilometers off the coast of Nigeria at water depths of more than 1,500 meters. Samsung Heavy won the order to build the Egina FPSO in 2013. The newbuild contract is worth…
