By Ijeoma Agudosi-Lagos Oando Energy Resources a company focused on oil and gas exploration and production in Nigeria has announced the completion of the 45,000bbls/d, 51km Umugini pipeline. The pipeline will provide an alternative evacuation route for crude oil produced from the Ebendo Field through the Trans Forcados export pipeline. Following the successful drilling of Ebendo wells 5, 6, and 7 over the past 12 months, oil production capacity within OML 56 has grown to 7,140boepd gross for OER and Energia Limited the operator of the asset (3,052boepd net to OER). However, export had been constrained at 3,093boepd (1,322boepd OER…
Author: orientalnewsng
By Yemis Izuora-Lagos Pensioners under the Future Unity Glanvills Pensions Limited at the recent Retiree Forum organized by the company in Lagos have commended the company for reshaping their lives after retirement. Acknowledging the impact of various pre-retirement sensitization workshops organized by the PFA on how to utilize their pension monies at retirement, they confessed that the programmes have tutored them on how to continue to live a meaningful life with their pension monies. They commended the effort of the company in ensuring that their monthly pension is regular and prompt, while continually serving them better. The Acting Chairman, FUG…
By Yemisi Izuora-Lagos Retirees under the Contributory Pension Scheme (CPS), have complained over alleged delay in transfer of their pension funds meant for purchase of annuity to a life insurance company. The complainants said they have appealed to their Pension Fund Administrator (PFA), Premium Pensions Limited to transfer their money to an insurance company of their choice for the purchase of life annuity. Briefing the journalists on the issue they alleged that the PFA is depriving them the right to choose between the available options provided in the Pension Reform Act 2014 by forcefully imposing a programme withdrawal on them against…
By Ijeoma Agudosi-Lagos Analysts have hinted of possible significant abandonment of key oil and projects across the world in 2015 following declining oil prices, according to news monitored by oriental news Nigeria on Friday. The outlook for both onshore and offshore developments is looking increasingly uncertain with prices plunging by more than 40 percent to about $70 a barrel amid a glut of supply. Decisions on projects worth $500 billion are set to be made next year, according to Norwegian consultancy Rystad Energy, the equivalent of almost 60 billion barrels of oil but with prices low, at least a third…
By Gerard Izuora-Lagos Bowalds Energy riding at the back of the UK Trade and Investment (UKTI) influence has entered into discussions with major oil and gas firms operating in Nigeria with the view to expanding its footprint in the country. In 2013 at the Global Nigerian-Aberdeen Forum, UK Trade and Investment (UKTI) and Royal Dutch Shell discussed the demand for experienced oil and gas engineering and consultancy firms prompting the setting up Bowalds Energy UK Ltd in Aberdeen, Scotland. Subsequently, the Bowalds Energy has discussed development initiatives with GE Oil and Gas, Orando PLC, Seplat Petroleum and Wood Group. Wilson…
By Angela Okisor Serious issues necessitated the round table: One, Nigeria has had outrageous substandard goods profile (over 85 per cent in 2011 and now around 40 per cent in consumer goods) and of which majority of is imported. Two, the Standards Organisation of Nigeria need be serious with the sector in order to impact better in its zero tolerance for fake products project. In addition, SON is losing revenue through importers who devise numerous tricks to avoid goods inspections and paying service charges statutorily due the agency. For the maritime operators, however, the need for uninterrupted flow of goods…
By Yemisi Izuora-Lagos Oando Energy Resources Inc a company focused on oil and gas exploration and production in Nigeria, today is pleased to announce the completion of the 45,000bbls/d, 51km Umugini pipeline. The pipeline will provide an alternative evacuation route for crude oil produced from the Ebendo Field through the Trans Forcados export pipeline. Following the successful drilling of Ebendo wells 5, 6, and 7 over the past 12 months, oil production capacity within OML 56 has grown to 7,140boepd gross for OER and Energia Limited the operator of the asset (3,052boepd net to OER). However, export had been constrained…
The extremist Boko Haram sect is currently attacking Bajoga town of Gombe state, according to information obtained by oriental news nigeria from premium times. A reporter could hear sounds of gunshots and explosion as he interviewed a resident of the town, who telephoned to inform this newspaper of the development. “Sound of explosion and gunshots woke us up from sleep and we had to hurriedly leave to the outskirts of town where I am calling you from,” said our source, who gave his name as Mr. Sunday. Bajoga hosts the Ashaka cement plant, and the Boko Haram sect carried out…
Source Platts Asia’s four largest oil consumers — China, India, Japan and South Korea — have collectively bought around 43% more Nigerian crude this year compared with 2013, but have shown a declining appetite for barrels from the other African supplier Angola, according to a Platts analysis of import data. With US imports of light, sweet West African crudes in a sharp decline thanks to its own burgeoning tight oil production, market participants have wondered which consumers are accommodating the backed-out barrels, especially as Nigerian output remains stable while Angolan is slightly lower. US imports of Nigerian crude plummeted to…
By Yemisi Izuora/Agency Report-Lagos No Nigerian crude oil has been exported to the US for four consecutive weeks starting from the week ending October 17 to the week ending November 7, according to data released late Thursday by the US Energy Information Administration. The last time the US imported Nigerian crude was for the week ending October 10, the EIA data showed. For six weeks between early July and mid-August, the US did not import a single barrel of Nigerian crude. The development comes as US weekly oil production passed the 9 million b/d threshold for the first time since…