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The government of Cameroon has granted Edinburgh-based Bowleven a one year extension on its offshore Etinde production sharing contract. Bowleven said planning for continuing exploration and appraisal activities next year was already underway for the permit which covers offshore Blocks MLHP-5, MLHP- 6 and...

World oil demand is likely to grow more slowly in 2012 because of a fragile global economy and deepening decline in consumption in Europe, Opec said in its first forecast for next year. Oil prices could draw some support from a lingering supply shortfall of more than 1 million barrels per day between the anticipated demand for Opec crude and the amount pumped by the 12-member...

US supermajor Chevron said today that it expects to start drilling its first deep-water well off the coast of Liberia in the fourth quarter of this year in its three deep-water concessions. The Liberian government last year approved its investment in the blocs off the West African country’s coast, giving it a 70% interest in deep-water blocks LB-11, LB-12 and LB-14,...

World oil demand growth will accelerate next year, adding to the pressure on available supplies, the International Energy Agency (IEA) said today, contradicting a more conservative outlook from producer group Opec. In its first 2012 forecast in a monthly report, the IEA said oil use would grow by 1.47 million barrels per day to 91 million bpd. The agency also trimmed its...

…Final Remediation Exercise Underway The Management of the Nigerian National Petroleum Corporation, NNPC, on Wednesday allayed fears of a possible explosion at the oil leak site near Diamond Estate, Isheri –Olofin along the Igando/Iba express way in Lagos State owing to a reported deterioration of the situation. Speaking during a session with journalists in...

SAN RAMON, Calif., July 11, 2011 – Chevron Corporation (NYSE: CVX) today reported in its interim update that earnings for the second quarter 2011 are expected to be higher than in the first quarter 2011. Upstream results are projected to improve between sequential quarters, benefiting from higher crude oil prices. Downstream earnings in the second quarter are also expected...

By Yemie Adeoye In an effort to boost indigenous participation in the nation’s oil and gas industry following the passage of the Nigerian Content Development Act by the federal Government the Petroleum Technology and Development Fund (PTDF), has concluded plans to continually boost indigenous capacity to pave way for indigenous participation in the oil and gas industry. As...

The Organisation of the Petroleum Exporting Countries, OPEC, and the European Union, EU, are now fine tuning ways to address exploration and production challenges, especially of offshore safety and human resource availability with a view to creating a safer operating environment. The parties are also considering the establishment of the OPEC-EU Energy Technology Centre,...

ABUJA – The Coalition of Civil Society Organizations for PIB Campaign, on Tuesday, charged the 7thNational Assembly to make the passage of the Petroleum Industry Bill, PIB, a major priority when it commences legislative work in the new dispensation. The Coordinator of the coalition and Executive Director of Africa Network for Environment and Economic Justice, ANEEJ,...

By Oscarline Onwuemenyi The Nigerian Geological Survey Agency (NGSA) has announced moves to acquire the 3 Dimensional, 3D, Geological Modeling to tackle the incidences of collapsing buildings as well undertake other geological events in the country. The Director General of the Agency, Prof. Siyan Malomo, who spoke with journalists in at the background of an interactive...