Month: May 2020

NLNG to begin domestic supply of LNG

NLNG to begin domestic supply of LNG

After decades of exporting liquefied natural gas from the country, the Nigeria LNG Limited has said it is engaging market players to begin domestic supply of the commodity. The NLNG, which is jointly owned by the Federal Government and three international oil companies, was established 1989 to harness Nigeria’s vast natural gas resources and produce […]

Gas constraint hinders Egbin, 10 other plants from optimal power generation

Gas constraint hinders Egbin, 10 other plants from optimal power generation

Dearth of gas supply to Nigeria’s largest power plant, Egbin and 10 others were responsible for low electricity generation at the facilities on Monday. Other plants, whose operations were constrained by gas supply, were Geregu II, Trans Amadi IPP, Delta, Omotosho I, Omotosho II, Olorunsogo I, Olorunsogo II, Sapele II, Ihovbor II and Okpai IPP. According to […]

NNPC’s plan for oil producers to cut Capex, output key

NNPC’s plan for oil producers to cut Capex, output key

THE petroleum industry is facing tough times with the plunge in prices of between 60 per cent and 70 per cent, OANDO Energy Resources (OER) Chief Operating Officer, Dr. Alex Irune, has said. On how the plunge has affected Nigeria’s independents, Irune stated that  his company took a pragmatic approach to hedge some of its […]

Saipem Snags Nigeria LNG Train 7 Project Contracts

Saipem Snags Nigeria LNG Train 7 Project Contracts

Saipem, in a joint venture with Daewoo E&C Co. Ltd. and Chiyoda Corp., has won EPC contracts with Nigeria LNG Ltd. for the Nigeria LNG Train 7 Project at the Bonny Island LNG complex in Nigeria. The value of the contracts is over $4 billion and Saipem’s share is approximately $2.7 billion. The NLNG Train […]

Shell invests in new NLNG processing unit

Shell invests in new NLNG processing unit

Shell Gas B.V., a subsidiary of Royal Dutch Shell plc, has announced that all conditions for its final investment decision (FID) on a new LNG processing unit at Nigeria LNG (NLNG) have now been met. These conditions included formal commitment from the organisations providing financing for the project. Subsequent to the FID, NLNG has announced […]

Africa Oil sees Nigerian profits roll in

Africa Oil sees Nigerian profits roll in

Africa Oil paid down $45.2 million of its debt during the first quarter, after receiving $87.5mn from its stake in three major Nigerian oilfields. Despite this, the company took a $215.6mn non-cash impairment on exploration assets in Kenya, leading it to post a loss for the period of $137.9mn. The loss in Kenya is related […]

Terminations of rig contracts threaten Nigeria’s oil fortunes

Terminations of rig contracts threaten Nigeria’s oil fortunes

Some of the biggest oil companies operating in Nigerian rig activities have started cancelling their oil rigs contracts from drilling companies as the effect of coronavirus and a price war continue to take a toll on hydrocarbon industry worldwide. The termination of rig counts contracts in Nigeria’s oil and gas industry exposed the volatile state […]

Nigeria hopeful as oil passes $30 benchmark amid new cuts

Nigeria hopeful as oil passes $30 benchmark amid new cuts

Crude oil futures were higher yesterday morning amid market expectations that demand destruction following the COVID-19 outbreak has found a floor, while OPEC+ cuts begin. With the gradual recovery, oil-producing countries like Nigeria can be hopeful of increased revenue, once demand rises and old stock find buyers. Indeed, the Federal Government had revised downward the […]

Nigeria records 253.09BCF of natural gas in January – NNPC

Nigeria records 253.09BCF of natural gas in January – NNPC

A total of 253.09 Billion Cubic Feet (BCF) of natural gas was produced in January 2020 translating to an average daily production of 8164.23 Million Standard Cubic Feet per Day (mmscfd). The Nigerian National Petroleum Corporation (NNPC) made this disclosure in its monthly financial report for the period January 2020. It  also said a total […]

NLNG plans construction contract for $10bn Train 7 project

NLNG plans construction contract for $10bn Train 7 project

The Nigerian LNG Limited has said it is making significant progress in activities that will lead to the formal award of engineering, procurement and construction contracts for its Train 7 project. The NLNG announced in September 2019 that it had issued a Letter of Intent for the EPC contract to SCD JV Consortium, which is […]

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