Sabinews Daily Update on the Nigerian Oil & Gas industry for July 29, 2014
Napims approves N6b Mobil Nigeria community projects in Akwa Ibom state
Mobil Producing Nigeria Unlimited (MPN), operator of the Nigerian National Petroleum Corporation (NNPC)/MPN joint venture (JV), has received formal approval from National Petroleum Investment Management Services (NAPIMS) to proceed with its special community assistance projects in Akwa Ibom State valued at N6 billion. Mr. Nolan O’Neal, Chairman and Managing Director of the firm has said.
The special community assistance projects, according to the boss of MPN which will address areas such as education, health and capacity building, will be executed in eight Local Government Areas as part of the JV’s long term, multi-year 24.6 billion Naira Social Investment Package for Akwa Ibom State, which was previously announced in July 2013. Read more
IOCs to divest 8.8b barrels of crude reserves
The Department of Petroleum Resources (DPR) has disclosed that by the end of the current assets divestment process by the International Oil Companies (IOCs), about 8.8 billion barrels of crude would have been traded.
DPR Director, George Osahon in a presentation in Abuja noted also that about 24 trillion cubic feet of gas and 20 trillion cubic feet (tcf) of associated gas would have also changed hands. Read more
FG Unveils $500m Projects for Local Content Development in Oil and Gas
The federal government has unveiled new projects that would gulp $500 million for the development of Nigerian Content in the oil and gas sector of the economy.
Speaking while fielding questions from journalists after a recent visit the headquarters of the Nigerian Content Development and Monitoring Board (NCDMB) in Yenagoa, Bayelsa State, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke commended the achievements of NCDMB within its four years of existence. Read more
IPMAN Seeks Access to Quality Power for $3bn Refinery Project
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the ministry of power to help it further its planned construction of two refineries in Kogi and Bayelsa States by providing it access to electricity and transmission facilities.
IPMAN recently concluded business arrangements with a number of international investors to build two refineries worth over $3 billion at Itobe and Abbe both in Kogi and Bayelsa States respectively. Read more
NNPC strategises to revive refineries
THE Nigerian National Petroleum Corporation (NNPC) has strategised for temporary solutions to revive the ailing refineries, even as it continued negotiations with Original Equipment Manufacturers (OEM),who had refused to come into the country, due to security challenges.
The Group Managing Director of NNPC, Andrew Yakubu, who addressed the town hall meeting after a facility tour of the corporation’s Research & Development Centre, the Integrated Data Services Limited (IDSL), and the Port Harcourt Refinery, at the weekend, said the management has gone ahead to procure some of the components that needed to be changed in the refinery and has started fixing some of the critical units that need urgent intervention. Read more
FG backs IPMAN petrochemical projects
The Federal Government has assured the Independent Petroleum Marketers Association of Nigeria (IPMAN) that it would get all the support it needs to establish two petrochemical refineries in Itobe, Kogi State and Agge in Bayelsa State.
Minister of Power, Chinedu Nebo told the group in Abuja that access to power and transmission facilities would be made available to projects. According to Dr.Bestman Anekwe, Chairman NIPCO Plc both projects are scheduled to be delivered in two years’ time. Read more
Expert warns Nigeria on failure to pass PIB
International oil and gas expert, Michael Wehbeh has warned Nigeria that it must quickly pass the Petroleum Industry Bill and employ the local content law to position itself better to confront the changes in the international market for hydrocarbon resources.
Wehbey who spoke in Abuja at the Abuja Petroleum Roundtable noted that with new developments in the American and European markets for oil and gas, Nigeria must seek new alliances to market its products. Read more.
Sirius Petroleum to raise $20m for Ororo field production
Sirius Petroleum, a company focused on oil and gas development and production opportunities in Nigeria, said it had conditionally raised gross proceeds of up to $20 million by way of a placing and a subscription.
The company is seeking funding in order to bring the offshore Ororo field, located in Oil Mining Lease (OML) 95, in which it has a 40 percent economic interest, into production. The total field development includes the proposed drilling of three wells, targeting daily total field production of circa 6,000 barrels of oil per day. Read more.
Statoil profit drops 12% in second quarter on lower output
Statoil, Norway’s biggest energy company, said profit fell 12 percent in the second quarter as gas prices slid and output sank on maintenance and asset sales.
Adjusted net income dropped to 9.9 billion kroner ($1.6 billion) from 11.3 billion kroner a year earlier, the Stavanger-based company said. Read more.