Oilgas Resources

In Nigeria, the giant of Africa, the Department of Petroleum Resources (DPR) has specified that effective from 1st of September 2020, it would initiate the strict enforcement of its Minimum Industry Safety Training for Downstream Operations (MISTDO), noting that no personnel would be allowed to engage in downstream operations without MITSDO training in the oil and gas sector. Again, the Director and Chief Executive Officer, DPR, Sarki Auwalu, disclosed that the enforcement which would kick off in several States in the federation, would be extended nationwide effective from January 1st, 2021. In continuation, Auwalu stated this at a stakeholders’ engagement on MITSDO aimed at promoting operational safety in the downstream sector, in Lagos. According to him, “This implies that no person will be allowed to engage in downstream operations without MISTDO training in these States namely: Lagos, Ogun, Edo, Rivers, Imo, Enugu, Abuja, Kaduna, Kano, Niger, Nassarawa, Gombe. It is e...

The Organization of Petroleum Exporting Countries members would gather this week to debate whether to cut oil production further as the spread of coronavirus hits demand for crude in the market. Though, OPEC and its allies, led by Russia, a group known as OPEC+, agreed in December 2019 to a collective cut in the output of 1.7 million barrels per day until the end of March. Saudi Arabia, the world’s biggest oil exporter has been voluntarily cutting an additional 400,000 bpd, meaning OPEC+ is effectively curbing its production by 2.1 million bpd in a bid to support oil prices globally. Meanwhile, the spread of coronavirus has weighed on economic activity worldwide and hit the demand for oil. And, the international oil benchmark, Brent crude has been on a downward trend since the coronavirus broke out in China. It tumbled below the $50 per barrel mark last Friday for the first time in two and a half years but rose to $52.12 per barrel as of 7:15 pm Nigerian time on Tue...

Kerosene and diesel is part of crude oil’s byproducts as a result of the refining process. Crude oil, also called petroleum, is extracted from the ground and then taken to the refinery stage where several molecular constituents will be derived. Among others, lies the diesel and kerosene which are often confused by some people. As a result, people tend to use these fuels interchangeably. While these are byproducts of crude oil, they differ in physical and chemical properties, and the interchangeable use may tend out to be inefficient in custom applications. This article brings the distinction between kerosene and diesel.                                   kerosene Kerosene, also known as paraffin, lamp oil, and coal oil (an obsolete term), is a combustible hydrocarbon liquid which is derived from petroleum. It is...

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...