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Protesters storm Shell crude flow station in Niger Delta

August 15, 2017 | Nigeria, Politics & Social Unrest

Port Harcourt, Nigeria  | – Hundreds of Nigerian protesters stormed a crude oil flow station and gas plant owned by Shell in the restive Niger Delta oil hub yesterday, demanding jobs and infrastructure development, a Reuters witness said. Shell Petroleum Development Company of Nigeria (SPDC),  a subsidiary of Royal Dutch Shell Plc said in a statement that it had already shut down the facilities due to security threats before they were stormed. The protesters complained that they were not benefiting from oil production in their …

Standard Bank seeks to raise $3 billion for Ugandan oil pipeline

August 15, 2017 | East Africa, Pipelines, Uganda

Stanbic appointed joint financial adviser with Sumitomo Mitsui Pipeline financing not seen causing weakness in local currency Standard Bank Group Ltd.’s Ugandan unit plans to raise $3 billion for a crude pipeline by the second half of next year as the East African country prepares to start oil production by 2020. Stanbic Bank Uganda was appointed alongside Japan’s Sumitomo Mitsui Banking Corp. as joint financial adviser for the 1,445-kilometer (898-mile) pipeline, Patrick Mweheire, the chief executive officer of the Kampala, Uganda-based business, said in an …

Nigeria to continue Lake Chad Basin oil exploration despite deaths

August 03, 2017 | Civil Wars & Terrorism, Exploration / Discoveries, Nigeria

Abuja, Nigeria | – Nigerian scientists will continue to search for oil in the restive Lake Chad Basin region despite a kidnapping of some researchers by suspected Boko Haram members, a university and state oil firm NNPC said July 31. Members of an oil prospecting team were kidnapped in the northeast’s restive Lake Chad Basin region on July 25, prompting a rescue bid that left at least 37 dead including members of the team, rescuers from the military and vigilantes, officials say. Three kidnapped members …

Ambush on Nigeria oil team may hamper Buhari’s recovery plan

August 03, 2017 | Civil Wars & Terrorism, Exploration / Discoveries, Government & Regulations, Nigeria

Boko Haram Islamists’ attack shows ‘new level of boldness’ Government has vowed to continue oil exploration in northeast London, UK | – An attack by Islamist militants on an oil exploration team in Nigeria’s northeast has hurt the government’s ambition to find new crude reserves and quashed hopes of a quick recovery of the West African nation’s least developed region. Militants of the Boko Haram Islamist group on July 25 staged an ambush on geologists, staff of the state-run oil company and soldiers in a …

Nigeria adopts U.S.$11 billion Dangote refinery under new petroleum policy

August 03, 2017 | Economy, Government & Regulations, Nigeria

Abuja, Nigeria | – The Nigerian government has adopted the U.S.$11 billion Dangote refinery, under its new National Petroleum Policy in order to add value to crude oil, reduce high dependence on imported petroleum products and conserve foreign exchange for other developmental projects. Consequently, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, will lead a government delegation to inspect the progress of work at the 650,000 plant expected to come on stream in 2019. Investigations showed that the visit would enable the government …

Nigeria to compel oil firms to lower high oil production cost

August 03, 2017 | Commodities & Oilprice, Government & Regulations, Nigeria

Abuja, Nigeria |  – The Federal Government of Nigeria  is set to compel international oil companies (IOCs) to cut the cost of producing oil in Nigeria. Minister of State for Petroleum Resources, Dr. Emmanuel Kachikwu, who confirmed the plan said at the present low price of crude oil, it makes economic sense to cut cost. Consequently, he stated that the cost, which the National Petroleum Policy put at $28.99 per barrel, would be reviewed downward with the IOCs in order to arrive at an acceptable …

Eni  Zohr field development offshore Egypt is 80% complete

August 03, 2017 | Development / Production, Egypt

Huge Mediterranean field could satisfy domestic gas demand Cairo, Egypt | – The development of the giant Zohr gas field offshore Egypt, recently discovered by Italian oil giant Eni, is 80% complete less than two years after the discovery was made, a record in the oil industry, Eni CEO Claudio Descalzi said during his meeting with Egyptian Prime Minister Sherif Ismail in Cairo. According to Eni, the meeting, which was also attended by Egypt’s Petroleum and Mineral Resources Minister Tarek El Molla, focused primarily on the future of Zohr’s mega …

Total to boost Nigeria’s oil output by 200,000 bpd in 2018

August 03, 2017 | Company Operations, Nigeria

Lagos, Nigeria | – The Managing Director/Chief Executive Officer Total upstream companies in Nigeria, Mr Nicolas Terraz, on Wednesday said that the firm would boost the country’s daily oil production by 200,000 barrels from 2018. Terraz, who was represented by Mr Biodun Afolabi, Executive Director, Corporate Affairs and Services, said that the additional barrels would come from the company’s multi-billion dollar Egina Field Development. According to the chief executive officer, the Egina Field Development will come on stream in 2018. The managing director, who made …