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The key drive of both the Nigerian Oil and Gas Industry Content Development Act 2010 (the Local Content Act) and the Coastal and Inland Shipping (Cabotage) Act 2003, is to add value to the local economy, increase local participation and build local capacity in these principal sectors of the economy – which are the oil and gas and maritime sectors.
The regulations and guidelines embedded in these two Acts are very significant because they have the following: Read More
Crude futures also rebounded from a selloff in the previous session on support from players buying on dips and looking for a bottom on speculation that next month’s informal meeting between the Organization of the Petroleum Exporting Countries, OPEC Read More
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has urged the National Association of Petroleum Explorationists (NAPE) to explore the hydrocarbon potentials of green frontier basins in order to increase the depleting reserves in the country.
Baru said the Federal Government would be willing to make provisions for incentives for such prospective investors. Read More
The rate of importation of Automotive Gas Oil (AGO), popularly known as diesel, has slowed down as West African vessels laden with the product are said to be struggling to find offshore buyers. A major oil marketer said the challenge faced by importers in obtaining dollars had made new diesel bookings to decline.
The marketer, who preferred not to be named, said that despite the recent floating rate policy for the dollar adopted by the Central Bank of Nigeria (CBN), it was still hard for Read More
This is another stretch of protracted power outage to hit the state in a short period, the last being two weeks ago when residents spent six straight days without electricity supply from the Jos Electricity Distribution Company (JEDC). The distribution company covers four states which are Plateau, Benue, Gombe and Bauchi. Read More
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said it plans to crash the pump prices of petrol and kerosene in the country as soon as the Central Bank of Nigeria (CBN) and the federal government fulfil their strategies to buoy the naira against the dollar and also deliver cargoes of kerosene into the country.
A faction of IPMAN led by Mr. Chinedu Okoronkwo disclosed recently in Abuja that federal government has placed order to import huge cargoes of kerosene into the country. The Read More
Oil and gas is always on the news, and you (as a novice in the industry) might wonder what is being talked about or what all the fuss is about! It would not be so difficult to understand what is being said, if you are familiar with most of the words repeated daily in the news.
Therefore, penned down here are some common terminologies used in the industry: Read More
The depletion of onshore fields over the years has compelled oil companies to focus on shallow-water oil fields and later the ultra-deep water measuring about 5,000ft under very harsh environment. The ultra-deep water projects have been made easier with the advancement in subsea systems such as Remote Operated Vehicle (ROV), Floating Production Storage Offloading (FPSO), Tension Leg Platform, Spars and Compliant Towers.
The world has made a huge success in deepwater activities as a result Read More