Oil & Gas News Highlights!

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Where will this lead us?

The Punch
Oil prices edge higher on Nigerian news
By Agency reporter
Wednesday, 25 Apr 2007

Oil prices edged higher on Tuesday as markets worried about violence in Nigeria and looked ahead to the United States of America petroleum supply report.

Light, sweet crude for June delivery rose one cent to $65.90 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. On Monday, the price had jumped $1.78 to $65.89.

Brent crude for June rose 18 cents to $68.33 a barrel on the ICE Futures Exchange in London.

“Traders are hesitant to buy crude after such a jump on Monday,” said Ken Hasegawa of Tokyo brokerage Himawari CX. “But it is also difficult to sell given the tight supply of oil products in the US and Europe” due to seasonal refinery maintenance.

The rise in crude oil prices Monday was based on fears that escalating violence after a presidential election in Nigeria – Africa’s largest producer and a main oil supplier to the US – could interrupt supplies.

http://www.punchontheweb.com/Articl....00704253171971

[Stockbear]

Thumbs up for engineering technologists!

The Tide
Engineering technologists in oil, gas operations
Monday, Apr 23, 2007

Engineering Technologists are key players in the Nigerian Oil and Gas industry, which has been a major instrument and catalyst to our national development since the first energy crisis of 1973.

Today, Oil and Gas accounts for over 80% of Government’s revenue and will remain an important source of energy for the foreseeable future at least until the emergence of new and renewable energy alternatives.

The Nigerian economy is mainly oil and gas driven. Currently, Nigeria has crude oil reserve of about 36 billion barrels and an estimated 187 trillion cubic feet (tcf) of gas. The NNPC is responsible for oil exploration and production activities in Nigeria. NNPC also has operational interests in refining petrochemicals and products transportation as well as marketing.

As a practicing Process Engineer in NNPC, I have worked closely with Technologists and Technicians and have enjoyed the engineering family relationship over the years. This same spirit will go a long way in understanding the various roles we play in national development.

To have a proper perspective on the role of Technological Engineers in the Oil and Gas industry, I find it necessary to acquaint you with the definition of four cadres in engineering practice identified by COREN. The British Engineering Council (1990) defines them as follows:

An engineer is one who acquires and uses scientific, technical and other pertinent knowledge and skills to create, operate or maintain safe, efficient systems, structures, machines, plant, processes or devices of practical and economic value.

http://www.thetidenews.com/article.a...olumn=BUSINESS

[Stockbear]

We desperately need to consider investing in alternative sources of energy.

The Punch
Stakeholders ponder route to sustainable oil, gas sector
By Atser Godwin
Published: Thursday, 26 Apr 2007

The long years of neglect by the federal, state, local governments and oil communities of the Niger Delta have made the region one of the most restive spots in the world.

The deprivation of the oil-rich area comes in spite of its contribution of more than 90 per cent of Nigeria’s revenue.

As at today, the Niger Delta pumps 2.3million barrels of crude oil per day but opaqueness and collusion between government officials and oil companies have left little or no infrastructural development in that area.

It was on this premise that civil society groups gathered in Lagos last week to discuss how to tackle corruption in the oil and gas industry.

The event, which was organised by the Civil Society Legislative Advocacy Centre had the support of Britain’s Oxfam – a non-governmental organisation that aims to eradicating poverty – called for transparency in the oil and gas industry.

The Programme Officer, Public Policy and Finance, Oxfam, Mr Sam Odiba, said corruption in the extractive industry could be best handled through the strengthening of the nation’s legislative framework.

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Definitely good news!

The Punch
Analysts predict stable oil prices
By Our correspondent
Published: Monday, 30 Apr 2007

Crude oil prices are expected to stablise this week barring any major shock among the world’s major producers, analysis said on Sunday.

Prices had soared in the last two weeks on concerns over Nigeria’s disputed general elections, which had been marred by violence, vote-rigging and protests.

Just as the tension was reducing in Nigeria, the Saudi Arabian authorities announced that they had uncovered plans to bomb oil and military installations in the kingdom.

Saudi Arabia said it had since arrested a ring of alleged militants plotting airborne attacks on oil facilities and army bases.

The news from the world’s biggest oil exporter subsumed weak first-quarter growth data in the United States of America, which showed the economy expanding by its weakest pace in four years.

New York’s main oil futures contract, light sweet crude for delivery in June, rose $1.40 to close at $66.46 a barrel.

In London, the price of Brent North Sea crude for June delivery firmed 76 cents to settle at $68.41 a barrel.

http://www.punchontheweb.com/Articl....00704300395534

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The Punch
Chevron to spend $20bn on energy projects in Africa
By Atser Godwin
Published: Monday, 30 Apr 2007

American oil giant, Chevron Corp, has said it will in the next five years, spend $20bn on energy-related projects to help support Africa’s economies.

The expenditure is seen as a deliberate move aimed at consolidating the company’s interest in Africa, which has 90 per cent of its employees in the continent as Africans.

The new investments were disclosed to newsmen on Friday during the ground breaking ceremony of theAgura Power Project, in Lagos.

The project is a joint venture project between the Nigerian National Petroleum Corporation and Chevron Nigeria Limited, the US firm’s subsidiary that will gulp $700m, according to the Managing Director, CNL, Mr. Federick Nelson.

He said the project would add 780 megawatts to the national power grid on completion and generate about 500 jobs to the local community during the construction phase.

http://www.punchontheweb.com/Articl....00704300422540

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Nigerian Tribune
Obasanjo inaugurates $635m gas pipeline project
Martin Ayankola, Lagos - 30.04.2007

President Olusegun Obasanjo has inaugurated the $635 million West African Gas Pipeline Project, being run by the West African Gas Pipeline Company (WAPco) on Friday in Lagos.

The project entails transportation of Nigeria’s gas to Ghana, Togo and Benin via a pipeline system.

Present at the inauguration were Ghanaian President, Samuel Kufour, and the President of the Republic of Benin, Mr. Yayi Boni.

The 678 kilometre pipeline extends from the existing Escravos-Lagos pipeline at the Alagbado in Nigeria and proceeds to a beachhead in Lagos and from there offshore to Takoradi, in Ghana, with gas delivery laterals from the main line extending to Cotonou (Benin), Lome (Togo) and Tema (Ghana).

The Escravos-Lagos pipeline system has a capacity of 800 million standard cubic feet per day, and the WAPCo system will initially carry a volume of 170 MMscfd and peak over time at a capacity of 470 MMscfd.

The West African Gas Pipeline was built by WAPCo under authority granted by the governments of Benin, Ghana, Nigeria and Togo.

http://www.tribune.com.ng/30042007/news/news7.html