Seplat Petroleum transfersrAssests, OMLs 4, 38 and 41 to subsidiary

SEPLAT, OIl and gas, OML 4, 38 and 41

Seplat Petroleum Development Company Plc, has announced the completion of transfer of the business activities and assets of OMLs 4, 38 and 41 from the Holding Company to its wholly owned Subsidiary, Seplat West Limited. Seplat is a leading Nigerian indigenous oil and gas company with dual listing on the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE). Following regulatory and partner approvals, the transfer is effective January 1, 2020, it stated in a document on Thursday by Edith Onwuchekwa, company secretary/chief governance compliance officer, availing shareholders and the…

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How we’re cushioning pandemic impacts on Nigeria’s oil and gas sector – Auwalu, DPR CEO

How we’re cushioning pandemic impacts on Nigeria’s oil and gas sector – Auwalu, DPR CEO

Engr. Sarki Auwalu, director and CEO of Nigeria’s Department of Petroleum Resources (DPR), told the press about how the country is strategically implementing OPEC-mandated production cuts and the unprecedented co-operation among industry stakeholders to fight the pandemic. DPR is the regulatory body for Nigeria’s oil and gas industry.   How has DPR managed to ward off some of the negative impacts of Covid-19 on Nigeria’s oil and gas industry? The president and government authorities have rolled out a wide range of policy directions in response to the pandemic. DPR has…

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Post Pandemic: DPR charts plans for Nigeria’s oil sector survival

Nigeria’s oil sector regulator, Department of Petroleum Resources (DPR) has released strategic plan and policy for the survival and success of the industry post COVID-19. Engr. Sarki Auwalu, Director/CEO of the agency, , who made this known in a Keynote Address at the Webinar organised by Future Energy Leaders Nigeria (FEL) entitled; “Nigeria Oil & Gas Sector: Surviving and Thriving Post COVID –19,” underscored four key areas the country is deploying to stay afloat despite troubles and threats posed by the Coronavirus pandemic to the economy. “There is no better…

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FG extends deadline for marginal oilfield bids to June 21

US, import, oil drops

The Department of Petroleum Resources (DPR) Thursday extended by one week, the deadline to register to bid for Nigeria’s marginal oilfields, with June 21 being the new deadline. The DPR launched the first marginal field award round in nearly 20 years on June 1. Applicants initially had until June 14 to register, but the timeline has been moved to June 21. The DPR, the nation’s petroleum regulator, did not give a reason for the extension, a report by Reuters said. The marginal oilfields comprise 57 fields located on land, swamp…

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Indigenous oil marine vessels grow 37% in ten years

Indigenous oil marine vessels grow 37% in ten years

Nigerian-owned marine vessels for oil and gas sector operations have increased from three per cent to over 40 per cent, the federal government has revealed. The increase represent a growth of 37 per cent the last decade when total indigenous oil vessels share of the market stood as mere 3 per cent at at 2010. Timipre Sylva, Minister of State for Petroleum Resources, said this in Abuja at the third inaugural ceremony of the Governing Council of the Nigerian Content Development and Monitoring Board. Explaining some achievements of the NCDMB…

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Nigerian petroluem regulator bars debtors from bidding for marginal oil fields

Africa Oil & Gas

OIL firms indebted to the Nigerian Government will not be allowed to participate in the newly launched bid round for marginal oilfields as oil firms, the Department of Petroleum Resources, (DPR) has revealed. Sarki Auwalu, Director of the DPR, in a statement, said that the 57 oil fields which are listed for bidding were small oil fields that major oil companies considered unprofitable and auctioned to indigenous companies under a competitive bidding round. “We are so impressed by the responses so far. For so long the industry has been stagnant…

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Oil hits $40, Nigeria cuts production by 216,000bpd

Nigeria loses N151.78bn crude oil monthly – NNPC

Global oil commodities gained in prices on Wednesday as Brent crude, the benchmark against which Nigeria’s crude is priced, rose to $40 per barrel for the time since March. Brent crude rose by 43 cents, or 1.1 per cent, to $40 per barrel, as of 02:52 GMT. This came as the Minister of State for Petroleum Resources, Timipre Sylva, declared that Nigeria’s compliance to the crude oil production cut that was agreed by members and non-members of the Organisation of Petroleum Exporting Countries had reached 52 per cent. In a…

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