Upstream

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has granted a Petroleum Exploration Licence (PEL) to TGS-PetroData Offshore Services Limited (TGS-PD), the first new licence issued under the Petroleum Industry Act (PIA) 2021.Chief executive of the commission, Gbenga Komolafe, who made this known in a statement on Thursday, said the approval was under the licence agreement which the Commission and TGS-PD ...

…….by Victor Egbo……..Austin Avuru, Executive Chairman of AA Holdings, has stated that Nigeria will need about $25 billion of annual investment in the next ten years if it is committed to achieving crude oil output of 4 million barrels per day and 3 billion cubic feet per day of domestic gas production. Avuru made this known during a panel session ...

Given that the world still depends on fossil fuels for more than 80 per cent of its primary energy consumption, and Russia invasion of Ukraine has created huge energy gap, global oil and gas majors have changed their tune on medium to long-term strategies. All European majors continue to target net-zero emissions by 2050, but some of the biggest, including ...

ExxonMobil President of Global Upstream Operations, Liam Mallon, has assured President Bola Tinubu that he is aware of the new and personal commitment that the President is bringing to bear on behalf of Nigeria and is well placed to reciprocate the President’s efforts with new investment as he pledged new production of nearly 40,000bpd in its Nigerian operations in phase ...

Italian oil giant, Eni, today, announced the signing of an agreement with Oando PLC, listed on both the Nigerian and Johannesburg Stock Exchange – for the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), the wholly Eni-owned subsidiary focusing on onshore oil & gas exploration and production in Nigeria, as well as power generation. In a statement, Eni said: ...

Italy’s Eni (ENI.MI) has begun oil and gas production at the giant Baleine field in deep waters offshore Ivory Coast, the energy group said on Monday, confirming a previous announcement by the Ivorian energy ministry. The Italian energy group, whose presence in the African country dates back to the 1960s with its subsidiary Agip Côte d’Ivoire, discovered the field in ...

Graph: Nigeria oil and gas production: current versus potential additions Nigeria’s current oil and gas production remained below the average level of 3 MMboe/d from 2010-2015, due in part to a 74% reduction in capex from $27 billion in 2014 to $6 billion in 2022. This was the estimate issued by the country’s Upstream Petroleum Regulatory Commission (NUPRC). However, prospects ...

…………..by Victor Egbo………Nigeria rig count, an index of measuring activities in the upstream sector, has risen on a year-on-year, YoY basis by 27.3 per cent to 14 in July 2023, from 11 in the corresponding period of 2022. But on a month-on-month, MoM basis, the count remains flat at 14 in July 2023, against June 2023. The Organisation of Petroleum ...

Seplat Energy has provided an update to the previous announcement regarding the incident involving the Majestic rig. The company stated that contrary to some media reports, the Majestic rig is owned by Depthwize Nigeria Limited and not Seplat. “ As stated in our previous announcement, the rig was in transit to its next drill location at Ovhor. Seplat is the ...

…….by Victor Egbo…….. The Nigerian Maritime Administration and Safety Agency (NIMASA) has disclosed that the oil rig, which capsized on Tuesday at Ovhor in Warri, Delta State, had been operating on the nation’s waters illegally since 2016.In a press statement by the Head, Public Relations of the agency, Osagie Edward, on Wednesday, he said the Majestic Rig belonging to Depthwize ...