Oando Plc to boost crude output in 2019 after curbing debt Oando Plc is looking to boost crude output from next year as the Nigerian producer breaks the back of a $2.5 billion debt burden built up through the 2014 acquisition of oil and gas assets from U.S. giant ConocoPhillips reports WorldOil The borrowings will be almost 90% lower by the third quarter of 2019 and the company is now preparing for its next stage of development, CEO Wale Tinubu said in an interview at Oando’s Lagos headquarters. “We have purchased enough reserves and our job should really be to exploit those reserves,” he said. Oando focused on repaying the debt after the ConocoPhillips deal to cushion the impact … [Read more...]

Shell kick start clean-up in aghoro community in Bayelsa state According to a report filed by The Guardian the Shell Petroleum Development Company of Nigeria Limited (SPDC), says it has recovered over 95 per cent of spilled oil from the recent spill incidents on sections of the Trans Ramos Pipeline (TRP) in Aghoro and Odimodi communities in Bayelsa and Delta states respeftively. The pipeline, which has remained shut-in since the incidents, supplies crude to the SPDC Joint Venture-owned Forcados Oil Terminal in western Niger Delta for export. In a statement, SPDC acknowledged the spills as very regrettable, adding that in line with its standard operating procedures, the TRP was shut … [Read more...]

NNPC and Seplat seal 7 Critical Gas Development Projects (7CGDP) The Nigerian National Petroleum Corporation (NNPC) and Seplat Petroleum Development Company (SPDC) have signed five agreements to expedite the development of a project aimed at delivering about 3.4 billion standard cubic feet of gas per day by 2020. The project, Assa North and Ohaji South (ANOH) gas development scheme, is one of the 7 Critical Gas Development Projects (7CGDP) which is aimed at boosting gas production and infrastructure development. As part of efforts to bridge the projected medium-term gas supply gap expected by 2020. Speaking at the event, Group Managing Director of the NNPC, Dr. Maikanti Baru, … [Read more...]

NNPC hits major Milestone as it commences 7 huge Gas Projects A major stride in the attainment of national energy sufficiency was achieved in Lagos on Monday with the commencement of technical framing workshop and subsequent project signing ceremony of the seven Critical Gas Development Projects (7CGDP) to deliver about 3.4 billion standard cubic feet of gas per day (bscfd) to bridge the foreseen medium term supply gap by 2020 on an accelerated basis. The 7CGDP is an integral leg of the gas development strategy designed by the Nigerian National Petroleum Corporation (NNPC) to leverage the full potential of gas to meet the target of generating at least 15 gigawatts (GW) of electricity … [Read more...]

NNPC cries out over Federal Government debt of N170.6 Billion The Nigerian National Petroleum Corporation (NNPC) Monday in Abuja revealed that the Nigerian Federation was indebted to the corporation to the tune of N170.6 billion outstanding subsidy payments due from January 2006 to December, 2015. Leading a team of Top Management of the NNPC to the ongoing Investigative hearing on N5 trillion subsidy payments from 2006 to 2016, the Group Managing Director of the Corporation, Dr. Maikanti Baru, said the figure was arrived at after deduction of N4.950.80 trillion received as payments from the N5.121.40 trillion approved subsidy claims of the corporation from January 2006 to December … [Read more...]