Nigerian Agip Oil Company, a subsidiary of Italian oil major, Eni, said it had embarked on the development of the Zabazaba deepwater project offshore Nigeria despite the low oil price environment. The Vice Chairman, NAOC, Mr. Massimo Insulla, was quoted to have disclosed this in a statement from the Nigerian Content Development and Monitoring Board. The NAOC was said to … Read More
Militancy Result in Oil Production Deficit of 1.1mbpd – Kachikwu
Minister of state for petroleum, Ibe Kachikwu, has said that militancy in the Niger Delta has destabilised the country’s oil industry and that Nigeria needs to up its production by 1.1 million barrels per day to meet target. Kachikwu also said that declining price of oil in the international market has negatively impacted the country’s revenue leading to economic recession. … 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
Amendment of NLNG Act Threatens $25b Prospective Investment
Apart from the immediate relocation of investments in excess of $25 billion to other countries, Nigeria will also be opened to the risk of fines running into billions of dollars in International Courts if it amends the Nigeria LNG Acts, according to the Managing Director of Nigeria Liquiedfied Natural Gas (NLNG), Babs Omotowa. Omotowa said that Venezuela and Ecuador were … Read More
Key Stakeholders Target High Local Content in Zabazaba Project
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