The Department of Petroleum Resources (DPR), Nigeria’s regulatory agency, is awaiting the approval of the Minister of Petroleum, to announce the results of the Marginal Fields bid round. DPR concluded the analysis of the bids in the last two weeks and it has sent the results to the Minister of State for Petroleum, Timipre Sylva,…

Africa Oil Corp, has confirmed that it has received its fifth dividend from Prime Oil and Gas B.V. a company that holds interests in deepwater Nigeria production and development assets. Prime has distributed a US$50 million dividend with a net payment to Africa Oil of US$25 million related to its 50% interest. The Company will…

The Asset Management Corporation of Nigeria, AMCON and Pan Ocean Oil Corporation Nigeria Limited alongside Newcross Petroleum Limited have agreed to a settlement agreement, wherein both parties have agreed to an out-of-court-settlement pending the consent of a Federal High court. This settlement is in line with AMCON’s role as a resolution vehicle to help stabilize…

OPEC’s secretary general said on Monday an oil market recovery may take longer than hoped as coronavirus inflections rise around the world, and OPEC and its allies would “stay the course” in balancing the market. The Organization of the Petroleum Exporting Countries and allies including Russia made a record oil output cut in April as…

Nigeria has for two months now continued to experience rise in oil production as its rig count moved up by two, having recorded 10 in September, as against eight recorded in August. Earlier in July, the rig count stood at six, data from the Organisation of Petroleum Exporting Countries, OPEC, showed. This is happening at…

Seplat Petroleum Development Company Plc has said it is driving the growth of the domestic gas market to power the economy particularly because of the energy short fall in terms of electricity. The Chief Executive Officer of Seplat, Mr. Roger Brown stated this at the first Nigerian Oil & Gas Webinar organised by the Council…

The Federal Government plans to set up Nigerian Midstream and Downstream Petroleum Regulatory Authority to regulate operators in the midstream and downstream oil industry, under the new Petroleum Industry Bill (PIB). The News Agency of Nigeria (NAN) reports that the new PIB is currently before the National Assembly for consideration. NAN reports that the Petroleum…

TGS, a leading provider of multi-client geoscience data for exploration and production companies, today announced the recommencement of the geochemical coring project offshore Nigeria. The initiative is part of an anomaly targeting program focusing on the previously completed analysis of multibeam and backscatter data. This survey is being conducted in conjunction with Nigerian joint venture…

The Department of Petroleum Resources (DPR) has affirmed the suitability of the 5,000 barrels per day (bpd) Waltersmith Modular Refinery project for refining operations. The Director of DPR, Sarki Auwalu, during a pre-commissioning visit to the project site located in Ibigwe, Imo State said that the purpose of the visit is to make sure that…