Upstream

Nigeria’s first deep-water exploration and production vessel, Bonga, hit a 1-billion-barrel oil export mark on Monday. This milestone is coming three months after a major turnaround maintenance (TAM) of the facility was completed ahead of schedule. Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo), Elohor Aiboni, described the milestone as a celebration of excellence, leadership and focused delivery ...

Oil prices have cooled down in recent months, but Goldman Sachs sees a major rebound on the horizon. Speaking on the sidelines of a conference in Saudi Arabia, Goldman’s global head of commodities research Jeff Currie predicts that oil prices could climb back above $100 a barrel this year. The analyst sees rising demand for oil from China. Meanwhile, sanctions ...

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday began the stakeholders’ consultation on its third round of regulations under the Petroleum Industry Act (PIA), with five new introductions essentially meant to ensure more transparency in the sector.The new regulations included: The Upstream Petroleum Measurement Regulations, Advance Cargo Declaration Regulations as well as Significant Discovery Regulations. Other newly-introduced regulations were: Gas ...

Oil prices rose for a second session on Friday, buoyed by better than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand. Brent futures gained $1.17, or 1.34%, to trade at $88.64 a barrel by 1332 GMT. U.S. crude was up $1.17, or 1.44%, at $82.18 and on track for its ...

Norway’s Equinor has launched the sale of its stake in an offshore Nigerian oilfield, joining a retreat by Western energy firms from the West African country as they focus on newer and more profitable operations, three industry sources have told Reuters. The company has hired investment bank Standard Chartered to run the sale process, which could raise up to $1 ...

Eroton Exploration & Production Company has reported fire at a wellhead at the Akaso field in its Oil Mining Lease, OML, 18 asset. The company said the incident, at the Cawthrone Channel operational area, occurred last weekend. The company’s spokesperson, Mercy Max-Ebibai, said the well was releasing hydrocarbons into the environment, accompanied by wildfire due to suspected vandalism and bunkering ...

The Commission Chief Executive(CCE) of the Nigeria Upstream Petroleum Regulatory Commission(NUPRC), Gbenga Komolafe, has said, the 2022/23 mini bid exercise officially flagged off in Lagos, is designed to attract competent investors from across the world, both local and foreign, that have the capability and competence of operating in deep water environment. Komolafe also said, apart from boosting the country’s production ...

Chevron Nigeria Limited, operator of the joint venture between the Nigerian National Petroleum Corporation (NNPC) and CNL ,has reinstated it’s commitment to remain in Nigeria as there is no such plan to exit the country. Faulting the report that it intends to leave Nigeria Esimaje Brikinn,spokesman of the multinational oil company,who clarified the position in a statement made available to ...

The oil-rich community of Tsekelewu (Polobubo) in Warri North Local Government Area of Delta State has threatened to shut down ongoing exploration activities of Conoil Producing Limited if the company failed to reach definite agreement with the community on the implementation of Chapter 3 of the Petroleum Industry Act (PIA) for the Tsekelewu bloc of communities. The leadership of the ...

The Nigerian National Petroleum Company Limited (NNPC) is pushing for more oil in the north, a move that could be made easier by the $400 million projected annual funding for the exploration of frontier basins under the Petroleum Industry Act (PIA). New data obtained covering the national oil company’s frontier exploration activities between 2020-2022 indicated that some of the states ...