The new Petroleum Industry Bill, 2020, currently before the National Assembly, is proposing the establishment of a specialized intervention mechanism, called the Midstream Gas Infrastructure Fund, to deepen gas usage in the country. According to the bill, the purpose of the Fund shall be to make equity investments of government-owned participating or shareholder interests in…

Shell Nigeria Gas (SNG) said it would continue to optimise its onshore footprint while investing in gas development in Nigeria. This came as the company commissioned an indigenous contractor, Gredor Nigeria Limited, to begin the construction of the gas pipeline infrastructure to deliver gas to the Nigeria Content Development and Monitoring Board Industrial Park in…

The Petroleum Industry Bill 2020 has listed the specific functions of the three agencies that would replace the Nigerian National Petroleum Corporation when the proposed legislation is passed and assented to by the President, Major General Muhammadu Buhari (retd.). A copy of the bill obtained by our correspondent on Monday named the three agencies to…

Sahara Energy Resource Limited, a member of the energy conglomerate, Sahara Group, has since 2014 ploughed over $450 million into facilitating the supply of Liquefied Petroleum Gas (LPG) to Cote d’Ivoire as the nation continues its quest for cleaner cooking fuel options. Although the 2014 population and housing census (RGPH 2014) in Cote d’Ivoire showed…

Nigeria’s newest crude Egina has emerged as one of the country’s flagship main export crudes in less than two years, as refiners prize its versatility and reliability, trading sources said this week. The 200,000 b/d Egina deepwater field came on stream in late December 2018, providing a near 10% boost to Nigerian crude production. Since…

Nigeria plans to bar vessels without a valid licence to operate in Nigerian waters and has given shipping companies that trade in its coastal and inland waters three months to register, the maritime regulator said on Sunday. The Nigerian Maritime Administration and Safety Agency (NIMASA) said it will notify international oil companies to bar vessels…

Chevron Nigeria Limited, CNL, together with its affiliates, has said that 25 per cent of its workforce would be sacked. This is in line ongoing review of its manpower requirements in the light of the changing business environment, while continuing to evaluate opportunities to improve capital efficiency and reduce operating costs. In this process, the…

Africa Oil Corp has provided an update on Prime Oil & Gas Reserve Base Lending facility (‘RBL’). Africa Oil has a 50% shareholding in Prime, a company with deepwater producing assets offshore Nigeria. The September redetermination of the Prime RBL has been approved by the banking syndicate with a total principal amortization for 2020 of…

Nigeria’s latest proposed oil bill makes a provision for “unrestricted free market pricing” of petroleum products, permanently ending decades of government-subsidized gasoline if the bill becomes law. The legislation, which is currently before lawmakers, sets up a regulator to “provide pricing and tariff frameworks for natural gas in midstream and downstream gas operations and petroleum…