Oilgas Resources

Having known the importance of digitization, in the whole world, the Department of Petroleum Resources (DPR) has launched its digitization initiative for Downstream operations under the ‘Automated Downstream System’ (ADS) program. According to a declaration by Head of Public Affairs, DPR, Mr. Paul Osu, and made available to newsmen, on Thursday, the digitization initiative is designed to improve overall efficiency and accelerate DPR Downstream Regulatory performance by reducing application processing time, enhance transparency, provide platform for accurate Downstream statistics integrate with other stakeholders for document verification purposes and improve revenue collection. “The ADS is in line with DPR’s alignment with the government’s ease of doing business policy which is geared towards economic growth. The initiative comprises amongst others, the following licenses and permits: “Retail Outlet Monitoring (ROMS) license for kerosene peddlers, Retail stations and ...

In the Oil and Gas sector, Oil price increased on Tuesday as investors snapped up bargains after crude benchmarks dropped almost 4 per cent in the previous session, but fears that the spreading coronavirus could wreak far greater economic damage than initially thought capped gains. Brent crude rose 29 cents, or 0.5 per cent, to $56.59 a barrel after slipping 3.8 per cent on Monday, the largest single-day price fall since February 3. U.S. crude futures climbed 22 cents, or 0.4 per cent to $51.65, recovering from a 3.7 per cent drop in the previous session. “WTI has regained some ground as investors looked for bargains and as the (U.S.) benchmark slipped neared a key support level of $50 per barrel,” said Satoru Yoshida, a commodity analyst with Rakuten Securities. Request concerns savaged prices for oil and a whole swathe of industrial commodities on Monday while both U.S. and European equities suffered their steepest losses since mid-2016. “Fears that the rapidly-spread...

  “From the findings, one of the inadequacies identified is sector-based pricing. The government’s decision to conclude that the easiest way to deliver gas to the market is by breaking industries into various sectors. “The problem, however, with this decision is that gas will only be provided to sectors that pay the most. “Investment is structured in a way that investors don’t get returns from their investments and this will discourage current and intending investors. The implication of this is that it will slow down development. There is the absence of formal consultation with the gas industry. This element is critical in ensuring that all stakeholders work collaboratively to achieve a common goal.” Suggestion In his submission, managing director, Lopacoil Limited, Lawrence Ijebor, had also said: “The goal of the FGN must be to release the industry from the shackles of pricing controls which have inhibited the growth of the industry in Nigeria. The government cannot afford t...

In the Oil and Gas sector, in spite of efforts of the Federal Government and operators, Nigeria is currently losing $2.5 billion yearly as a result of severe gas flaring from 178 flare sites nationwide, a development expected to hit $9 trillion in the next 10 years. The relatively high flaring has been attributed to many factors, including lack of infrastructure at some oil fields, the limited number of reservoirs suitable for gas re-injection, expensive nature of developing and installing of pipeline network, limited local, regional and international market and difficult terrain of the Niger Delta, which hinders the harnessing of the product for constructive usage. Consultant (Oil and Gas), Private Design Engineering, Dr Wisdom Patrick Enang, who made the disclosure in his presentation – Natural Gas: Nigeria’s Next Big Thing – at the just concluded Nigeria International Petroleum Summit, NIPS, in Abuja, said many investment opportunities exist in the different sub-sect...

In Nigeria, Seplat Petroleum Development Company Plc has said the Assa North-Ohaji South (ANOH) gas and condensate processing plant in Imo State slated to start operations in 2021, will further increase power generation in Nigeria by over 1,200 megawatts. The General Manager, Gas at Seplat, Mr. Okechukwu Mba, revealed this at the Nigerian International Petroleum Summit (NIPS) 2020 held in Abuja. Speaking during a panel session dubbed: ‘Charting the Way Forward for Gas’ the Seplat GM said strategically the company is positioned to access Nigeria’s main demand centres, adding that current well stock delivering was around 300 Million standard cubic feet per day (Gross). With over $300m invested in Oben Gas Plant Expansion Project, which is another gas plant run by Seplat, he said the company currently contributes about 30 per cent  of gas to power generation in Nigeria, adding that: “ANOH project has the capacity to unlock over 1,200MW of gas constrained power generat...

In the Nigeria oil and Gas sector, the federal government has been advised to develop policies and legislation that will help in the protection the oil and gas industry’s vital data against cyber-attack. The Technical Assistant (Gas Business & Policy) to Minister of State for Petroleum Resources, Justice Derefaka, made the call on during a panel session at the ongoing 2020 edition of the Nigerian International Petroleum Summit (NIPS) holding in the nation’s capital, Abuja, Nigeria. Again, “Government need to develop policies and legislature to address the threat to data. Use of information technology and operational technology exposes the industry and renders it vulnerable to cyber-attack” Derefaka told the audience. From him message, sharing of intelligence among operators in the industry and simulating situations before cyber-attacks can help decreace vulnerability. Lending his voice to the issue, Amusa Babatunde Adeyemi, Senior Account Representative, Huawei Ente...

In the Nigeria oil and Gas sector, the federal government has been advised to develop policies and legislation that will help in the protection the oil and gas industry’s vital data against cyber-attack. The Technical Assistant (Gas Business & Policy) to Minister of State for Petroleum Resources, Justice Derefaka, made the call on during a panel session at the ongoing 2020 edition of the Nigerian International Petroleum Summit (NIPS) holding in the nation’s capital, Abuja “Government need to develop policies and legislature to address the threat to data. Use of information technology and operational technology exposes the industry and renders it vulnerable to cyber-attack” Derefaka told the audience. According to him, sharing of intelligence among operators in the industry and simulating situations before cyber-attacks can help reduce vulnerability. Lending his voice to the issue, Amusa Babatunde Adeyemi, Senior Account Representative, Huawei Enterprise Energy Business sai...

The Oil prices fell to the lowest in more than a year on Monday as the coronavirus outbreak reduced Chinese demand and sparked potential supply cuts by OPEC and its allies. Brent crude settled down $2.17, or 3.8 per cent at $54.45 a barrel, its lowest since January last year. U.S. West Texas Intermediate (WTI) crude fell $1.45 a barrel to $50.12 after touching a session low of $49.91, also the lowest since January 2019. “We have not seen a demand destruction event of this scale that moves this quickly,” said Phil Flynn, analyst at Price Futures Group in Chicago. As the outbreak hits fuel demand in China, the world’s biggest crude oil importer, refiner Sinopec Corp told its facilities to cut throughput this month by about 600,000 barrels per day (bpd), or 12 per cent, the steepest cut in more than a decade. Independent refineries in Shandong province, which collectively import about a fifth of China’s crude, cut output by 30 per cent to 50 per cent in a little more t...

In the Nigeria oil and gas sector, The Director, Department of Petroleum Resources [DPR], Engr. Sarki Auwulu,, has agreed to speak on digitalization as Oil and Gas Service Providers Association of Nigeria, OGSPAN, has concluded plans to launch its Petrohub, a leading petroleum products digital marketplace in Lagos as soon as possible. The President of the association, Mazi Colman Obasi, who confirmed the development, in a statement released in Lagos, stated: “The Director, Department of Petroleum Resources, Engr. Sarki Auwulu is the Guest Speaker. He will speak on how digitalization will provide businesses more opportunities for value creation in Nigeria’s oil and gas industry.” He indicated: “The deployment of an efficient and effective information technology platform in the supplying and buying of petroleum products in the downstream to improve performance, service delivery and transparency at the depots have become imperative. The downstream sector of the oil and gas i...