SABINEWS DAILY NEWS UPDATE ON OIL AND GAS

SABINEWS DAILY NEWS UPDATE ON OIL AND GAS

Sabinews Daily News Update on Oil and Gas for August 6, 2014Sabi-Oil & Gas

 

Angry Community Shuts Down Oil Wells in Bayelsa

The nation’s economy was dealt a devastating blow Tuesday when the aggrieved people of Biseni clan in Yenagoa Local Government Area of Bayelsa State shut down five oil wells in Idu Oil Field operated by the Nigerian Agip Oil Company. The wells were said to be producing over 15,000 barrels of oil per day.

Thisday gathered that the oil wells 3,6,8,11 and 12 were shut down by angry youths of the communities who were protesting alleged neglect by the oil company, a subsidiary of the Italian oil giant ENI SPA. Read more

 

Seplat targets 100,000bpd in three years

Seplat Nigeria Limited, an indigenous oil exploration and production firm has projected a 100,000 barrels of crude oil per day (bpd) production from three Oil Mining Licences (OMLs) acquired from Shell Petroleum Development Company (SPDC) within the next three years from the current 62,000 bpd.

The Head of Community Affairs of the company, which raised its output from 14,000 bpd that it inherited in 2010 to 62,000 bpd from OMLs 4, 38 and 41, Mr Godwin Obiuwevbi, said: “From four producing communities in 2010, we have increased to 10 and by 2017. Read more

 

Nigeria targets 8bn cubic feet of natural gas production

Minister of Petroleum Resources, Mrs. Diezani Alison‑Madueke, yesterday, said that the Federal Government is set to grow natural gas production to eight billion cubic feet per day, as well as sustain crude oil and condensate production at 2.388 million barrels per day.

The minister, represented by Mr. Emmanuel Bekee, a deputy director in the Department of Petroleum Resources, DPR, stated this at the three‑day Nigerian Annual International Conference and Exhibition of the Society of Petroleum Engineers, SPE, holding in Lagos. Read more

 

IOCs, Telcos’ Listing Will Deepen Nigerian Capital Market

The Chairman of Stanbic IBTC Holdings Plc, Mr Atedo Peterside, has blamed the non-deepening of the Nigerian capital market on the failure of international oil companies (IOCs) and major telecommunication companies in Nigeria to list on the Nigerian Stock Exchange (NSE).

Peterside who made this known in a chat with THISDAY pointed out that Nigeria capital market remains second behind South Africa, in sub-Saharan Africa in term of size and capitalisation. Read more

 

Oil theft, deferred production hit 215,000 bpd

The Federal Government lost an average of 215,000 barrels of crude oil last year to oil theft and production deferment due to pipeline vandalism, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has said.

The minister, who spoke at the opening ceremony of the ongoing Nigerian Annual International Conference and Exhibition (NAICE 2014) of the Society of Petroleum Engineers (SPE) in Lagos, said the government is investing in gas infrastructure to boost power generation and gas flare reduction. Read more

 

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