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…
Author: orientalnewsng
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…
By Yemisi Izuora-Lagos Worried by influx of substandard goods into the country and its attendant consequencies to the Nigeria’s fragile economy, the Standards Organisation of Nigeria (SON) is considering new measure to end the scourge. The agency is proposing stiffer penalties on nations exporting such goods into the country. The Director General of SON, Dr. Joseph Odumodu, said the countries involved are enemies of Nigeria’s economy and therefore do not mean well for the development of the nation. The D-G therefore proposed stricter punishment to be deployed to curb the influx of substandard goods into the country. Odumodu while speaking…
By Yemisi Izuora-Katsina The Central Bank of Nigeria (CBN) has disclosed that the country’s mobile financial transactions had exceeded US$2 billion and that a total of 15 million transactions have been made since the inception of the mobile banking scheme in 2012 with 58 million subscribers while the total value of the transactions till date is N430 billion (over US$2 billion). CBN Head of Payment System Policy and Oversight Division of Banking and Payments Department, Musa Itopa-Jimoh who made this disclosure while speaking at the 2014 workshop organised by the Nigeria Deposit Insurance Corporation (NDIC) for finance correspondents and Business…
Boko Haram suffered another major defeat on Tuesday, this time in Konduga, Borno, as Nigerian troops inflicted a heavy toll on the militia, killing over 50 of the assailants. Another 10 of their members were captured. Konduga, in the central part of the state, is about 22 miles away from Maiduguri, the capital. Local residents said the militants stormed the area by the hundreds during the night, but met a fierce resistance and were overpowered. Buba Abdul, a local who fled to Maiduguri, told SaharaReporters, “The military were prepared for them so it didn’t take them by surprise at all…
Source Bloomberg A group of former militants form the backbone of support for President Goodluck Jonathan, seen here, in the area as he seeks re-election in February, and have vowed to resist attempts by some opposition lawmakers to impeach him. As the Islamist group Boko Haram intensifies attacks in northern Nigeria, former militants in the Niger River delta who once cut oil production by almost a third have become some of the government’s biggest supporters. Militant commanders like Government Ekpemupolo have gone from targeting Nigeria’s oil industry, riding around in speed boats with automatic weapons and explosives, to protecting it.…
By Yemisi Izuora-Lagos Minister of Aviation Chief Osita Chidoka has given a clear indication of faiulure of reforms in the aviation sector. He told journalists in Lagos tuesday that the Federal Government is now coming up with a 10 – year Aviation Master Plan that would set a template on the allocation of airport concessions , aeronautical agreements and the use of land around the nation’s 24 airports . According to him the master plan became imperative because years back government had many mistakes that gave rise to controversial airport concessions and uncoordinated use of airport land that contravened rules…
Tension has heightened in Maiduguri, the capital of Borno State, North-East Nigeria, following reports that at least 52 female suicide bombers have been let loose in the city. THISDAY quoted a member of the youth vigilante group as revealing that they have been commissioned to attack crowded locations. It could be recalled that two suicide bombers were unleashed on Maiduguri last week causing the death of over 35 people. Two others were unleashed on the town this Monday causing six deaths and 36 injured people. The source said the youth vigilante group had made it difficult for the insurgents to…