LEKOIL has indicated that value appreciation for shareholders is central to its 2019 strategy. “The priority for 2019 is to grow production volumes at Otakikpo through Phase Two development (subject to funding) to reach gross volumes of 15,000 to 20,000 barrels of oil per day, bopd. The first step has already occurred, with 3D seismic…
The Nigerian National Petroleum Corporation, NNPC, has disclosed that it recorded a total of $580.32 million in export sale of crude oil and gas for the month of May, which is 23.39 per cent higher than the previous month’s figure. It said crude oil export sales alone contributed $458.59 million which translated to 79.02 per…
Nigeria lost more than $5 billion to Olokola Liquefied Natural Gas (OKLNG)and Brass Liquefied Natural Gas (BLNG) because of bureaucratic bottlenecks, it was gathered at the weekend. Other factors include lack of proper planning and implementation. Petroloeum and Natural Gas Senoir Staff Association of Nigeria (PENGASSAN) former President, Mr Louis Brown Ogbeifun, told The Nation that the…
Questions surrounding whether the NNPC invested enough funds in seismic data acquisition and drilling in these areas or whether the cessation of oil exploration in the Lake Chad Basin and Benue Trough is related to geopolitical issues in the country, will continue unless more efforts are made. The new group managing director of the Nigerian…
Eni has filed a fraud complaint against its former head of oil trading over a suspect Iraqi crude oil shipment, amid concerns inside the Italian oil major that the failed delivery may have included Iranian crude targeted by U.S. sanctions. In the filing to the Milan prosecutor’s office Eni accused its former head of trading…
With about 2,616 wells accounting for Nigeria’s daily oil production, the Department of Petroleum Resources (DPR), has said it will sanction erring operators in the oil and gas industry who fail to report their operations into the National Production Monitoring System (NPMS). The NPMS, a web-based oil, and gas production accounting, and monitoring platform were…
The Nigerian National Petroleum Corporation (NNPC) on Thursday expressed its readiness to maintain the supply of 10 per cent of India’s crude oil demand in the face of competing demand for the product from other countries. Its Group Managing Director, Mele Kyari, disclosed this during a visit by the Indian High Commissioner to Nigeria, Abhay Thakur….
Preparatory to the 2019 edition of the Nigeria Annual International Conference and Exhibition (NAICE), stakeholders have expressed optimism of unveiling solutions to recurring issues of oil pipeline vandalization and technical challenges in the oil exploration and production sector. Leveraging insights from artificial intelligence, big data and mobile technology, stakeholders in the industry noted that the…
The downstream refining sector has rebounded a bit, shrugging off the glut of gasoline seen earlier this year. But another product surplus could be looming in the second half of 2019 and into 2020. Refiners worked at elevated levels last year, helping to produce a global gasoline surplusthat ran into the early part of this year….
Nigeria holds 37 per cent of total proved gas reserves in Africa, the largest by any country within the continent. With current estimated population of above 200 million and projected population of 450 million over the next three decades, Nigeria is Africa’s largest market. While government has focused considerably on power in recent years, there…
