December 16, 2017

BP Reports Second Quarter 2014 Results

BP

BP, Release date: 29 July 2014 BP today announced its financial results for the second quarter of 2014. Underlying replacement cost profit1 for the quarter of 2014 was $3.6 billion, 34% higher than the $2.7 billion reported for the same period in 2013 and 13% higher than the $3.2 billion result for the first quarter of 2014. The company also announced a quarterly dividend of 9.75 cents per ordinary share, the same level as the previous quarter but 8.3% higher than a year earlier. As previously announced, BP’s board will review the level of the dividend with the first and…

NNPC Moves to Become a Profit Centre

R-L: The Group Executive Director, Refining and Petrochemical of NNPC, Engr. Ian Gregory Udoh; the Group Managing Director of the NNPC, Engr. Andrew Yakubu; and the Managing Director of GEL Utility Ltd, a subsidiary of General Electricity, Wole Omoboriowo, after the inspection of the PHRC Independent Power Plant in Port Harcourt.

R-L: The Group Executive Director, Refining and Petrochemical of NNPC, Engr. Ian Gregory Udoh; the Group Managing Director of the NNPC, Engr. Andrew Yakubu; and the Managing Director of GEL Utility Ltd, a subsidiary of General Electricity, Wole Omoboriowo, after the inspection of the PHRC Independent Power Plant in Port Harcourt.   Yakubu Calls for Operational Attitude Change among Staff The Nigerian National Petroleum Corporation (NNPC) Transformation initiative aimed at repositioning the Corporation to be commercially focused and profit-oriented in preparation for the post-PIB era has begun to yield positive results with more of the strategic business units (SBUs) of…

Saipem awarded USD 850m worth of contracts in Asia, Africa and Latin America

Saipem7000Europoort

Oil & Gas Technology Saipem has been awarded new drilling contracts in Indonesia, Nigeria, the Arabian Gulf and Latin America worth approximately USD 850m of which USD 540m are related to offshore activity and refer to four different units of Saipem’s fleet Saipem awarded USD 850m worth of contracts in Asia, Africa and Latin America. In West Africa the contract for the Scarabeo 3 has been extended to March 2015 Saipem has signed with Eni Muara Bakau B.V. a contract for the utilisation of the Scarabeo 7 which will be operating offshore Indonesia drilling a minimum of 12 wells; the…

UK Announces 14th Onshore Licensing Round

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Rigzone New UK Energy Minister Matthew Hancock announced Monday the 14th Landward Licensing Round. Applications need to be made by 2pm on October 28, 2014, with license offers expected to be made within 12 and 18 months. Many applications are expected to be from companies engaged in unconventional drilling for shale gas and shale oil. In a statement announcing the latest onshore licensing round, Hancock said: “Unlocking shale gas in Britain has the potential to provide us with greater energy security, jobs and growth. “We must act carefully, minimizing risks, to explore how much of our large resource can be…

Nigeria’s oil and gas output ‘to rise 33% by 2030’

Oil Pumps

Oil Review Africa Nigeria may see a 33 per cent rise in its oil production from 2.35mn bpd on an average currently to a new high of 3.13mn bpd by 2030, a new report has stated. The report from the McKinsey Global Institute (MGI) namely Nigeria’s renewal: Delivering inclusive growth in Africa’s largest economy examines that with the right reforms and investments, the West African nation can become one of the world’s leading economies by 2030. The oil and gas industry currently accounts for 75 per cent of the Nigerian government’s revenue and up to 95 per cent of dollar…

India Replaces US as Largest Importer of Nigeria’s Crude Oil

oil

Leadership The Nigerian National Petroleum Corporation (NNPC) on Thursday said India had replaced the United States as the largest importer of crude oil from Nigeria. It said that India was closely followed by China and Malaysia as the biggest buyers of the nation’s oil. This is contained in a statement signed by the NNPC’s Group General Manager, Public Affairs Division, Mr Ohi Alegbe, in Abuja. It quoted Dr Tim Okon, the corporation’s Coordinator, Corporate Planning and Strategy, Tim Okon, as making the disclosure in Moscow, Russia at the ongoing 21st World Petroleum Congress (WPC). “The U.S which had traditionally taken…

New Gas Pricing Framework to Emerge in 3-4 Months

OPEC Oil Meeting

Nigeria Oil & Gas Intelligence As the power industry continues to grapple with the realisation that there is a missing link in the government’s plan for gas to power, the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, has given new hope to the power industry after announcing that a new pricing structure for gas will soon emerge. Speaking at the 1st Bayelsa State Investment and Economic Forum, in Yenagoa she said that the new pricing structure will emerge within 3 to 4 months. The Government’s intention for the new Gas Pricing Framework is to ensure that the pricing for gas…

IMO Emerges Winner of 2014 NNPC Annual National Quiz Competition

TROPHYS

Imo State representing the South East Zone has won the 2014 NNPC Annual National Quiz Competition. The quiz was won by three students from different secondary schools in the Owerri and they will enjoy university scholarships to be sponsored by the Nigerian National Petroleum Corporation (NNPC). Speaking during the grand finale of the event at the NNPC Towers, Abuja, the Group Managing Director of the Corporation, Engr. Andrew Yakubu felicitated with the winners and assured of the readiness of the NNPC to sustain the programme in order to mentor the leaders of tomorrow to succeed in their academic pursuits. Engr….

Promoting Science/Technical Education in Nigeria: The NNPC Example

TROPHYS

The Nigerian National Petroleum Corporation (NNPC) has never failed to identify with the cause of Nigerians. In its almost four decades of existence as a government agency which supervises and protects the interest of the Federal Government in the nation’s hydrocarbon business, the NNPC has always lived up to the huge expectations rightly depicted in its motto of touching the lives of Nigerians in many positive ways. From the statutory function of safeguarding the Federal Government’s interest in its dealings with international stakeholders in the hydrocarbon value-chain to ensuring and sustaining a stable petroleum products supply to the nation’s filling…

Yakubu: NNPC to Consult Senate on Revenue Remittance Order

Engr Andrew Yakubu

Ejiofor Alike and Chineme Okafor NNPC met with NASS 250 times in the last 2 years The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Andrew Yakubu has said that the NNPC will continue to consult with relevant committees of the National Assembly until issues relating to its alleged indebtedness to the Federation Account were finally resolved. Yakubu also blamed the pricing template of the Petroleum Products Pricing and Regulatory Agency (PPPRA) for the challenges facing the operation of NNPC, adding that the template did not capture offshore storage facilities owned by the corporation. The Senate had…