Brent crude futures extended losses and slipped below $124 on Tuesday, snapping a surge that threatened to hurt the global economy while concerns over supply from the Middle East helped stem the slide | UpstreamOnline
Nigeria: ANEEJ decry secrecy surrounding renewal of Mobil leases
28 February 2012, Sweetcrude, Benin -The Africa Network for Environment and Economic Justice (ANEEJ) a Benin based Non-Governmental Organisation has frowned at the secrecy surrounding the recent renewal of expired Oil Mining licences (OMLs) 67, 68 and 70 held by Mobile Producing Nigeria (MPN) in joint venture with the Nigerian National Petroleum Corporation (NNPC) for another 20 years | SweetCrude
Exxon openly seeking Kurdistan oil talks following months of silence
Exxon Mobil has unveiled in its annual report plans to explore for oil in Iraq's Kurdistan, breaking months of silence over the investment that has outraged Baghdad, Reuters has reported | Ameinfo
Obama supports TransCanada's bid to push ahead with part of oil pipeline
White House welcomes construction of portion of pipeline between Oklahoma and Texas, but activists condemn 'betrayal' | The Guardian
Nigeria urges Chevron to help fire victims
KOLUAMA, Nigeria (Reuters) - Nigeria's president visited the site of a fire caused by an accident at Chevron's offshore Funiwa oil facility and urged the company to give more aid to the communities affected. | Reuters
Attendance at this conference is a must for senior management and in-house lawyers, including contracts, commercial and operations directors and managers and other senior personnel involved in the construction and offshore oil and gas and renewable energy projects.
The conference will include presentations by some of the leading practitioners in industry and is being directed by Steven Walker of Tanfield and Terra Firma Chambers and Iain Clark from Young and Partners.
Oil held close to $120 a barrel as Iran's top customers in Asia moved to cut back on supplies due to tighter sanctions by the West | Upstream Online
Nigeria 'losing 7 percent of crude to theft' Oil companies in Nigeria are battling against rising theft costing an estimated 150,000 barrels of crude a day, a top oil official said Tuesday | AFP
Tullow completes $2.9bn Uganda farm-out UK-based explorer Tullow Oil has completed the long-delayed farm-out of two-thirds of its Ugandan exporation licences to Total and China National Offshore Oil Corporation in a $2.9 billion deal | Upstream Online
Oil and gas production in Nigeria commenced in 1958 after the first discovery two years earlier was made in Olobiri, which is now Bayelsa State. Over the years, the laws regulating this very important industry have not been comprehensively reviewed. The main laws are the amended Petroleum Act 1969, the amended Petroleum Profits Tax Act 1959, and the amended Nigerian Petroleum Corporation Act of 1977. These laws and other laws regulating the industry need to be compulsorily updated to reflect the changing dynamics of the oil and gas industry worldwide. The Nigerian Oil and Gas Content Development Act was signed into law on the 22nd of April, 2010. Before April 2010, there was no precise legislation for the Nigerian content in the oil and gas industry except the Petroleum Act of 1969 and NNPC directives which were just pocket provisions. The Petroleum Act of 1969 stated amongst many that those who have oil mines leased to them must within 10 years from the lease have employed at least 75% Nigerians at different levels such as managerial, professional and supervisory grades. The Nigerian National Petroleum Corporation (NNPC) before now already had short term temporary directives applicable to operators in relation to local content in the Nigerian Oil and Gas Industry. This is primarily why the Nigerian Content Development Act is built on these directives.
Problem solving is a mental process involving moving from an initial state to a more desired goal state. It is considered to be a very complex intellectual function which involves the synchronization of techniques and fundamental skills to tackle challenges- so as to achieve goals. The problem solver who allocates and maximizes resources through knowledge of his/her internal and external environment in order to achieve group or societal goals is described as a leader (Adair.J, 2002, pg 4). A leader becomes effective when making decisions which benefit the group or organization dedicating its resources and support to accomplish a proposed task set out. However, what matters most is how well a leader can make good decisions. Making a good decision demands the possession of certain qualities and characteristics such as drive, honesty, integrity, intelligence and self confidence. These traits possessed by an individual separate a leader from a non leader- as explained by the trait theory of leadership (see Avery, 2006, p.72) and they in turn influence certain behavioural characteristics which assist in making a good decision.
Christophe de Margerie, the chief executive of Total SA has said he was considering possible investments in Kurdistan, and added he did not plan to chase contracts in Baghdad's next licensing round, Reuters has reported. "From what we are hearing the conditions of the fourth bidding round in Iraq do not appear very attractive," de Margerie told a press conference | Ameinfo.com
Iraq opens new oil export terminal in Persian Gulf
BAGDHAD (AP) -- Iraq inaugurated a new offshore oil export terminal in the Persian Gulf on Sunday in a vital step to ease infrastructure constraints and to bring sorely needed cash for reconstruction after decades of war and international sanctions | AP
Tamar developers sign $680 mln Israeli natgas deal
JERUSALEM Feb 12 (Reuters) - The U.S.-Israeli consortium developing the Tamar natural gas field off Israel's coast said on Sunday it had signed a 15-year deal to supply an Israeli power plant operator with an estimated $680 million worth of gas |Reuters
Fresh oil spill from Eni oil well in Bayelsa
An environmental group, Environmental Rights Action (ERA), says there is a new spill on
One of the effects of the aftermath of the 1st World War was the involvement of national governments in the operations of the petroleum sector through the formation of national oil companies, nationalisation or the acquisition of shares in existing oil and companies (Omoregbe, 2001, page 96). Prior to the time, petroleum operations were the exclusive preserve of private oil corporations who unilaterally made decisions affecting the development, production and the prices of crude oil (Turner, 1980, page 24 – 25).
The essential role that petroleum plays in today’s industrial society has made the study of future oil production profile indispensable. In 2007, oil accounted for 33% of the global primary energy mix (OECD/IEA, 2008) and over 94% of world energy use for transport (OECD/IEA, 2008). Although the importance of this resource is without doubt, the rise in oil prices between 2003 and 2008 reiterate the fear that the world is running out of oil.
The peak oil advocates forecast an impending peak in production with ensuing decline, causing serious supply crises resulting from ground resources constraint (Campbell, 2002; Laherrere, 2007). On the other hand, critics argue that there is sufficient oil resource to meet increasing demand beyond 2030 (Radetzki, 2010; Verbruggen and Al Marchohi 2010).
Another issue which would provoke a lot of discourse/debates and which is indeed likely to change the socio-economic landscape commencing from this year, in the Nigerian Energy sector, is the ongoing electric power sector reform program which indeed began around the year 2000, during the regime of President Obasanjo.
The stage for power sector reform was set with the development of the National Electric Power Policy (“NEPP”) and the subsequent enactment of the Electric Power Sector Reform Act of 2005 (the “EPSRA”) which inter alia, provides for the repeal of the National Electric Power Authority (“NEPA”) Act and consequently the de-corporatization of NEPA.
Before 1956 when oil was discovered in commercial quantity in the Nigeria’s Niger delta region, a Dutch oil exploration company Shell D’Arcy was granted a concessionary exploratory licence in 1938 to prospect for oil. This form of agreement (concessionary agreement) system was extended to other International Oil Companies (IOC’s) in the 1960s when Nigeria’s oil rich Niger delta started pouring oil to the global market. It could be said that this is the beginning of concessionary petroleum fiscal regime in Nigeria. Following her membership Organisation of Petroleum Exporting Countries (OPEC) in 1971, Nigeria incorporated her National oil company; the Nigerian National Oil Company (NNOC), which later metamorphosed to the present day Nigerian National Petroleum Corporation (NNPC) in 1977 .
OPEC provided a resource nationalistic forum for her members which ignited the quest to take control of their oil industry . NNOC at its inception sort participation through Joint Ventures (JV’s) on carried interest basis. In that case, all the IOCs operating in Nigeria were made to establish a joint exploration and production venture with the NNOC. A Joint Operating Agreement (JOA) provides the framework of the joint ventures and specifies the respective stake of the government and the IOC’s. This is how joint venture system took over from the traditional concessionary system in Nigeria.
Electricity is an essential feature for economic development. The reason for such necessity lies in the fact that Electricity affects every sphere of a nation’s economy. Bearing this in mind, both developed and developing nations aim towards establishing an efficient and effective electricity sector.
The past administration of President Umar Yar’Adua set for the Country the Vision 20:2020, which simply is the target of being one of the world’s 20 (twenty) best economies by the year 2020.In order to achieve this Vision, an efficient and effective electricity sector is a prerequisite, as there can be no industrial development without electricity.
Since the first power outage in the 1960suntil date, the Nigerian electricity sector has been characterized by epileptic and unreliable power supply, thus, creating a harsh environment for economic development and most especially, foreign investment. This has led to the witnessing of a number of reforms by the Nigerian electricity sector.
The aim of the reforms was to create an efficient and effective electricity industry, which in turn will boost the Nigerian economy. One significant reform is the unbundling and privatization of the electricity sector.