High oil prices boost IOCs, indigenous firms earning in Q1

  As crude oil prices continue to soar, International Oil Companies (IOCs), and indigenous firms in Nigeria recorded significant profit during the first quarter of 2018.   Sharply climbing oil prices and years of cutting cost when they were low, are rewarding some of the world’s largest oil producers with profits not seen when crude […]

US high interest rates to affect Nigeria’s, others’ oil production

Nigeria and other countries in sub-Saharan Africa may continue to suffer high production cost and reduced output as global oil and gas stakeholders strive to  reduce cost of production per barrel of crude oil. These countries, aside Nigeria, include Senegal, Angola and Ghana, among others,   According to Sebastian Spio-Garbrah, Chief Africa Frontier Markets Analyst, […]

Dickson: Bayelsa Has 30% of Nigeria’s Gas Reserves

  The Governor of Bayelsa State, Mr Seriake Dickson, said wednesday that the state alone retains 30 per cent of Nigeria’s gas reserves, arguing that Bayelsa could become the Houston of Africa if the federal government gave the needed support.     A statement by the governor’s Chief Press Secretary, Francis Agbo, noted that Dickson […]

Local content policy implementation and political influence in Nigeria oil and gas industry

  The Nigerian Oil and Gas Industry Content (NOGIC) Act was signed in April 2010 by the administration of Goodluck Jonathan with the aim to boost indigenous capacity through implementation of 30 per cent retention of oil and gas projects in the country. However, eight years after, many indigenous operators have success stories to share […]

Force IOCs to build refineries, PENGASSAN tells FG

  The Petroleum and Natural Gas Senior Staff Association of Nigeria on Tuesday asked the Federal Government to make it mandatory for international oil companies operating in the country to build refineries.   In his May Day 2018 message, PENGASSAN’s President, Olabode Johnson, said there should be a legal framework that would compel the IOCs […]

Niger Delta crisis still a major challenge in oil production – Avuru

  Austin  Avuru is the Chief Executive Officer, Seplat Petroleum Development Company Plc. He spoke to journalists on the company’s corporate governance policy, vision and recent elevation by the Nigerian bourse. STANLEY OPARA was there   With oil prices looking up thus far this year and volumes stabilised, what should investors expect from Seplat by […]

NNPC, NCDMB collaboration to shorten contracting cycle – Kachikwu

  The Nigerian National Petroleum Corporation and the Nigerian Content Development and Monitoring Board will start using a one-stop shop arrangement before the end of this year for reviewing and approving oil and gas projects and contracts in a bid to shorten the industry’s contracting cycle, The Punch reports.   A statement on Friday by […]

Nigeria’s president: ‘I can’t tell the US what to do’ on crude oil

The Nigerian president said Monday that he can’t force the U.S. to buy its crude oil after the boom in U.S. shale oil production has drastically reduced the need for it.   “I can’t tell the U.S. what to do,” Nigerian President Muhammadu Buhari said at a joint press conference with President Trump at the […]

NNPC, NCDMB collaboration to shorten contracting cycle – Kachikwu

  The Nigerian National Petroleum Corporation and the Nigerian Content Development and Monitoring Board will start using a one-stop shop arrangement before the end of this year for reviewing and approving oil and gas projects and contracts in a bid to shorten the industry’s contracting cycle, The Punch reports.   A statement on Friday by […]

Baru, Orjiako, Peterside, Other to Discuss Future of Nigerian Oil and Gas Sector at OTC

  The Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, Managing Director, Nigerian Liquefied Natural Gas, Mr. Tony Attah and Chairman, Seplat Petroleum Development Company, Dr. A B C Orjiako are among the oil and gas industry experts to speak at this year’s Offshore Technology Conference (OTC) holding at Houston, Texas from […]