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 12, 2014Sabi-Oil & Gas

 

 

Nigeria loses N32bn to gas-flaring

Nigeria lost $198.775 million, about N31.8 billion, in one month to gas flaring, as companies in the oil and gas sector flared 50.098 billion Standard Cubic Feet (SCF) of gas in February 2014.

The United States Energy Information Administration, EIA, put the price of natural gas in the international market at $3.89 per million British thermal unit, BTU, of gas. One SCF of gas is equal to 1,020 BTU of gas. Read more

 

Why Nigerian gas sector has not developed

Why has Nigeria, with 179 trillion cubic feet of proven gas reserves not developed its gas sector since feedstock industries such as fertiliser could drive the economy?

That was the concern raised by the Managing Director of Total Exploration and Production Nigeria Limited, Mrs. Elisabeth Proust, at the just concluded Society of Petroleum Engineering, SPE Conference and Exhibition held in Lagos. Read more

 

NUPENG Issues 14-day Strike Notice over Treatment of Workers by Agip

Another strike looms as the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) issued a 14-day ultimatum to the federal and state governments, international oil majors and other relevant stakeholders to redress the harsh treatment of its members in Nigeria Agip Oil Company (NAOC) and BK Tubulars Nigeria Limited or face the wrath of the union. Read more

 

MRS Oil Nigeria’s profit gains 200% in 2013

Despite having to weather a combination of economic and socio-political challenges in 2013, MRS Oil Nigeria plc recorded a significantly improved performance in the year.

Year-on-year performance comparison shows that profit before tax significantly increased by 250 percent in 2013, from N400 million in 2012, to N1.4 billion. Also profit after tax witnessed the same significant improvement from N200 million in 2012, to N600 million in 2013, reflecting increase of 200 percent. Read more

 

New NNPC boss assures on transformation in energy sector

The newly elevated Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Joseph ThlamaDawha has said that the Corporation under his watch would sustain the ongoing transformation of the upstream, midstream and downstream sectors of the Nigerian oil and gas industry in order to impact positively on the economy. Read more

 

Gas, Key to Nigeria’s Development, Says Seven Energy

The Chief Technical Officer, Seven Energy, an indigenous oil and gas company, Mr. Campbell Airlie, has stated that Nigeria must harness its

gas-to-power resource to enhance her aspiration to attain global relevance in energy sufficiency and accelerated growth. Read more

 

FG targets production of 8bcf gas by 2018

he Federal Government is set to grow natural gas production to eight billion cubic feet (bcf) per day from the current 1,500 bcf so far achieved, Minister of Petroleum Resources, Mrs.DiezaniAlison?Madueke, who confirmed government’s plan at the just concluded Society of Petroleum Engineers (SPE) 2014 conference and exhibition held in Lagos last week. Read more

 

Clearing oil pollution in Niger Delta

New reports by the human rights organisation, Amnesty International, and environmental rights bodies such as Friends of the Earth Europe, Centre for Environment, Human Rights and Development, and Environmental Rights Action and Platform, reveal that neither Royal Dutch Shell’s Nigeria subsidiary nor the Federal Government has done anything to clean up the pollution occasioned by oil exploration in the Niger Delta region of the country. Read more

 

SNEPCO North West field adds 40,000 barrels to national reserve

Shell Nigeria investment into deep water offshore concession which is one of the deliberate policies of boosting both daily and natural reserve for Nigeria has started yielding dividends with the recent production of oil from Bonga North West. The new oil well has the capacity of adding over 40,000 barrels to national oil production. Read more

 

 

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