The Nigerian Content Development and Monitoring Board (NCDMB), the Nigerian Agip Oil Company (NAOC) and key stakeholders of the oil and gas industry have committed to achieving high Local Content levels in the Zabazaba development project. NAOC is developing the Zabazaba and Etan deep water integrated project in partnership with the Shell Nigeria Exploration and Production Company (SNEPCo) on Oil … Read More
Gas Industry Must Invest in ‘New Energy Future’
According to PricewaterhouseCoopers (PwC), regardless of the current bleak landscape of the Africa’s oil & gas industry, there is still hope for the sector to attract investors’ confidence. In the PwC Africa, oil & gas review, 2016 report the international advisory company states that in the face of global oil prices declining, the African continent still offers significant opportunities in the … Read More
Rethinking NNPC’s Oil Search in the North
Having frittered away billions of naira of state funds in the search for crude oil in the north, the federal government (NNPC) should adopt the successful models used in the Niger Delta, Anambra and Dahomey Basins by incentivising oil companies to embark on exploratory activities in new frontiers. The Niger Delta, which largely dominates the oil-rich Gulf of Guinea, did … Read More
2016 Maybe The Worst Exploration & Production Year Since The Great Depression
According to the latest mid-year forecast assembled by World Oil magazine, only 14,430 wells will be drilled in the U.S. this year, on par with the years 1930-1934, when not a single year topped 20,000 wells drilled. In fact, this will be lowest total for exploration and production since 11,700 wells were drilled in 1933. World Oil has surveyed oil … Read More
Crude Oil Price Gain Reversed on Nigeria, Iraq Supply Boost
Oil retreated, halting the longest run of gains in four years as Iraq sought to increase exports amid a global oversupply and Nigerian militants called an end to hostilities. Futures fell 3% in New York after climbing 16% the previous seven sessions. Iraq will boost crude shipments by about 5% in the next few days following an agreement to … Read More
Nigeria’s Oil Output Will Remain Low Into 2017 – U.S.
Nigeria’s crude oil production is expected to remain depressed through 2017 as a result of militant attacks, the Energy International Administration, the statistical arm of the United States’ Energy Department, has said. The EIA, in a statement on its website, said the crude oil production disruptions in Nigeria reached 750,000 barrels per day in May 2016, the highest level since … Read More
Avengers Bow to Niger-Delta Leaders’ Plea
Niger Delta Avengers, NDA, last night, in deference to Niger Delta monarchs and leaders, who asked them, on Friday, in Warri, Delta State, to stop blowing up oil pipelines, said it would cease hostilities in the region. The cessation of hostilities, it said, was in support of “genuine Niger Delta stakeholders conference to engage the Federal Government” on the issues … Read More
Oil Production Drops by 29%, Against Projection – FG
The Federal Government on Thursday revealed that the country’s crude oil production had dropped by 29 percent, as against the nation’s 2016 budget target of 2.2 million barrels per day, an indication that Nigeria’s current economic crisis might still linger for a longer time. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who disclosed this at the national … Read More
OPEC’s Planned Oil Production Freeze Won’t be Potent
Even if OPEC strikes a deal with Russia next month in Algiers to freeze oil production, success will mean a lot less than when they tried and failed four months ago. Oil has rallied more than 10% since the Organization of Petroleum Exporting Countries said that it will hold an informal meeting in the Algerian capital, fanning speculation the group … Read More
Nigeria’s Oil Production At 30-Year Low – U.S.
Nigeria’s oil production fell to 1.4 million b/d, as at May, 2016, nearly a 30-year low, the United States Energy Information Administration has said. In a report released yesterday, the agency said the Niger Delta Avengers’ (NDA) attacks resulted in immediate and severe disruptions in crude oil production, as some of them targeted key oil-gathering and export infrastructure. According to … Read More