Siemens Limited Nigeria has inaugurated a new facility in Port Harcourt to increase local capacity in the Nigerian oil and gas industry. The company said it invested about €3m in the facility and developed it according to international specifications and standards. It said the Siemens Port Harcourt Service facility was equipped to repair and overhaul highly sophisticated equipment that would … Read More
New Gas Policy, Oil Sector Roadmap Underway – Kachikwu
Minister of State for Petroleum Resources Dr. Ibe Kachikwu on Thursday said the federal government is vigorously driving the process for the passage of the various component of the Petroleum Industry Bill (PIB) as part of efforts to ensure stability of the environment oil majors and other stakeholders operate. Kachikwu said efforts are on to unveil the new national gas … Read More
FG Targets 70% Petroleum Products Export – Ibe Kachikwu
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has restated government’s commitment to increase petroleum products exports by 70 per cent as a measure to earn more foreign exchange. Kachikwu, who made this commitment during his maiden visit to the Department of Petroleum Resources (DPR), said government is preparing a robust policy document that is focused on repositioning … Read More
Local Content Still Under-implemented – MD, Continental Reinsurance
Managing Director of Continental Reinsurance Plc, Dr Femi Oyetunji, has urged the Federal Government to ensure the full implementation of the local content policy in the insurance of oil and gas risks, insisting that the policy is still under-implemented. The local insurance market, by Nigeria’s law, should insure above 40 per cent of oil and gas risk before ceding the … Read More
Expert to Buhari, Pass PIB and Privatise Refineries
Following Nigeria’s descent into an economic recession that has been widely ascribed to low turnover in the oil and gas sector, experts in the sector have identified ways the federal government can quickly get the economy out of recession. The experts who spoke with THISDAY yesterday in Abuja, explained that Nigeria could be long on the recession if the federal … Read More
FG Silent as Stakeholders Seek Oil Licensing Round
As some industry stakeholders continue to look forward to another oil licensing round in the country, the Federal Government has yet to unveil any plans towards awarding licences. Over the past few years, operators and other stakeholders in the oil and gas industry have decried the lack of oil licensing rounds despite the government’s quest to increase the nation’s reserves. … Read More
Africa Oil Week; Upstream Confab Holds in Cape Town
Global Pacific & Partners, with ITE Group, will host the 23rd Africa Oil Week/Africa Upstream 2016 Conference over 31st October-4th November 2016, at the Cape Town International Convention Centre, South Africa. This meeting, according to the organiser is not an occasion to miss, for Africa-focused firms, oil/energy investors, local or foreign companies, or National Oil Companies and Governments. The organiser … Read More
Regulatory Conflicts, others Frustrating Marginal Field Operations — Experts
Experts in the oil and gas industry have identified multiple regulatory authorities of the Federal Government and incessant risk emanating from host communities, as key factors inhibiting successful operation of marginal fields’ companies especially indigenous companies. Consequently, they have canvassed the need for government to align its various policies to avoid regulatory conflicts by its agencies which frustrates the operations … Read More
Nigeria Lost N105.9bn to Gas Flaring in Six Months
Nigeria lost about $336.33 million in the first half of 2016, as oil and gas companies operating in the country flared 112.11 billion Standard Cubic Feet (SCF) of gas between January and June 2016, according to data obtained from the Nigerian National Petroleum Corporation, NNPC.” At the Nigerian Gas Company’s average gas price of $ per $1,000 SCF of the … Read More
Nigeria: Stakeholders Identify Challenges of Gas-to-Power Initiative
The availability of power is an unavoidable catalyst to boost industrial activities for economic development.Nigeria’s electricity supply is dismal owing to institutional, legal, regulatory, gas pipeline vandalism and capital challenges. Despite having a gas reserve of over 190 Trillion Cubic Feet (TCF) with a proven reserve of 187 TCF, the abysmal generation of less than 4,000 megawatts (MW) of electricity … Read More