Upstream

Operators of the new marginal oil fields are expected to earn significant revenue from the fields. Proposed crude oil exploration from 57 marginal oil fields is expected to boost Nigeria’s oil production by at least 8.835 million barrels monthly. With the newly issued marginal field licences, the country’s oil production is expected to grow by 285, 000 barrels per day, ...

In this era of divestments by the International Oil companies (IOCs) from Nigeria, indigenous energy companies with the right competences and wherewithal are natural partners to government in the quest to harness oil and gas assets, the Chief Executive Officer, Seplat Energy Plc, Mr. Roger Brown, has said. The Seplat Energy CEO made this assertion at the Nigerian Association of ...

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has completed the 2020 marginal oilfields bid round two years after the process began. The N200 billion and $7 million signature bonuses and the transparency of the exercise showed positive outlook for the oil industry as well as the economy. With the issuance of the Petroleum Prospecting Licences (PPL), the oilfields awardees can ...

………..by Ben Ndubuwa…… The declining prodction of natural gas in Nigeria has been blamed on the lack of new investment in the upstream sector. Furthermore, the Nigeria Liquefied Natural Gas (NLNG) Limited has also expressed concerns over the drop in the company’s gas production capacity, which it has attributed to the increasing rate of crude oil theft and vandalism. The ...

………by Ben Ndubuwa in Abuja….. TotalEnergies has pledged to upscale it’s investment in Nigeria’s oil and gas though with eyes fixed on renewables. The company reiterated that it has no plan to slow down production of fossil fuel in Nigeria in the next five years. The firm said, it is also deepening partnership with the federal government to achieve its ...

The Federal government yesterday handed over fifty-seven oil fields located onshore and swamps of the Niger Delta to Ardova, Mainland, Matrix and other local oil companies with the mandate to quickly develop these fields in order to boost Nigeria’s daily oil production which had dwindled over the years. The government said that these companies Ardova Oil, Suntrust Oil, Energia Ltd ...

Two Nigerian oil companies – Heirs Oil and Gas Limited and ND Western Limited have submitted bids Shell Petroleum Development Company’s (SPDC) oil fields in the Niger Delta, Nigeria According to Bloomberg, Shell Plc is set to receive two final offers this week for its onshore oil and gas fields in Nigeria. Bloomberg quoted people with knowledge of the deal. ...

Upstream oil and gas investments fell by 27% from 2019 to 2020, on top of reduced investments since 2015. This was a consequence of Covid-19 demand destruction and the associated price collapse, as well as uncertainty around future demand and policy direction. Upstream capital investments have been in the range of $400-500 billion between 2016 and 2019, compared to a ...

Shell Nigeria is now set to Commence Engineering, Procurement and Construction (EPC) work on the 120,000 barrel per day Bongs North project. The project which is said to be on the drawing board for sometime with the advertisement for contractors to bid for the project. Shell has now issued three engineering, procurement and construction (EPC) tenders for companies to participate ...

Minister of State, Petroleum Resources, Chief Timipre Sylva, commended Seplat Energy Plc on its recent acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil Corporation, Delaware, United States of America. Sylva said such investments, which were underpinned by responsible policies that could ensure achievement of net-zero carbon emission, were commendable and appreciated by the government ...