Nigeria News

14 Jun 2019

US Leads World Oil Reserves

Graph: Rystad Energy

The United States has a world-leading 293 billion barrels of recoverable oil resources, which is 20Bbbl more than Saudi Arabia and 100Bbbl more than Russia, with the Permian Basin leading that charge.Rystad Energy’s estimate of US recoverable oil is also five times more than officially reported proven reserves as published in the BP Statistical Review of World Energy 2019.Tight oil plays in the Permian Basin in Texas and New Mexico now hold 100 billion barrels of recoverable oil resources, according to Rystad Energy’s analysis.

10 Jun 2019

Piracy Threat Persists in Gulf of Guinea

A crew member prepares to board a tanker that was hijacked by pirates in Benin on. Pic: US Naval Institute

Concerns raised by various industry bodies were supported by figures from the International Maritime Bureau showing that the number of attacks in the Gulf of Guinea region had doubled in 2018.There has also been a marked increase towards kidnapping for ransom and armed robbery incidents.Members of the shipping community, Flag States and Agencies from Gulf of Guinea gathered at the Headquarters of the International Maritime Organization (IMO) for a day-long symposium on Maritime Security in the Gulf of Guinea.

07 Jun 2019

US Oil Output Heads for More Records in 2019

Graph: Rystad Energy

U.S. total oil production, which is already off to an amazing start in 2019,  is on track to set another record for this year.New records are expected both when the final numbers for May emerge and at the end of the year, said Rystad Energy.The energy research and business intelligence company is raising its forecast for US crude output to 13.4 million barrels per day (bpd) by December 2019. For May 2019, our research and calculations point to crude oil production averaging 12.5 million bpd. Both are new all-time highs.“Our US supply projections have been revised up yet again.

04 Jun 2019

Record Number of VLCC Liftings at LOOP

Image: AdobeStock / © Jose Gill

Medium-sour crudes from the U.S. Gulf of Mexico are being snapped up by overseas buyers, paving way for a record six supertankers to load at the Louisiana Offshore Oil Port (LOOP) in a matter of weeks, according to people familiar with the matter.The six scheduled loadings in late May and early June would double the record of Very Large Crude Carriers (VLCCs) reached in December. An unusual influx of Gulf of Mexico crudes to the U.S. deepwater export port and weakening prices are contributing to the exports…

04 Jun 2019

Total Takes Over Toshiba's U.S. LNG Biz

Image:  Toshiba

French energy giant Total takes over the liquefied natural gas business of Japanese outfit Toshiba's Freeport LNG train tolling agreement and gains $800 million.The French oil and gas company will is paying $15 million for the shares in the Texan assets, the firms said. Toshiba will also pay Total $815 million to take over all the contracts linked to the business, Total added."It includes a 20-year tolling agreement for 2.2 million tonnes per annum (Mtpa) of LNG from Freeport LNG train 3 in Texas and the corresponding gas transportation agreements on the pipelines feeding the terminal.

30 May 2019

APM Terminals Boosts Nigerian Agri-Export

Image: APM Terminals

The West Africa Container Terminal (WACT) has invested in a new container freight station (CFS) at the Port of Onne, Nigeria.The 1,520m2 facility - the first of its kind in East Nigeria - provides Nigerian farmers with an opportunity to grow their business by exporting goods such as cashew nuts and sesame seeds.While the country has long been associated with the oil industry, it is estimated that more than 22% of the country's GDP is generated from agriculture. "A government drive to encourage exports…

21 May 2019

WACT Invests in Equipment

Pic: APM Terminals

The West Africa Container Terminal (WACT) located in Onne Port, has invested in two new Mobile Harbor Cranes, in response to continued volume growth in the Eastern Nigerian market.APM Terminal, who operates WACT, said that this is in addition to an investment of approximately USD2.5 million already made this year.The two Liebherr LHM 550 Mobile Harbor Cranes (MHCs) are due for deployment in July this year and will further boost the efficiency and cargo handling operation of the terminal, improving service delivery and reducing vessel waiting time.

15 May 2019

Topaz Installs FUELTRAX

Topaz  Energy and Marine is partnering with FUELTRAX on advanced fuel tracking and reporting.  Topaz installed FUELTRAX EFMS across 21  of its vessels operating between Nigeria and Azerbaijan for data storage and surveillance. FUELTRAX is designed to deliver an electronic record of activities using automated operational and fuel data collection, coupling it with precise in-transit efficiency recommendations for vessels located anywhere in the world.In  line  with  its  digital  transformation,  Topaz  has  also  adopted FUELTRAX Vision, a new onboard  surveillance  system which provides  a remote  view  of  onboard  surveillance footage, stored in a secure database and correlated with onboard fuel activities.

25 Apr 2019

Saudi Arabia Can Replace Lost Iranian Oil

Graph: Rystad Energy

The decision by the US government not to extend sanctions wavers for eight countries importing crude oil from Iran could remove around 1.1 million b/d from the market. But Saudi Arabia and several allies can replace the lost barrels, says a report.According to Rystad Energy, the production will drop to 2.27 million bpd for the second half of 2019, reaching this level by July 2019, which equates to a drop of 0.43 million barrels per day (bpd) from current March 2019 levels.The net effect for the oil market is bullish…

12 Apr 2019

NigerStar 7 Adds Pipelay Vessel

Seven Antares (Photo: NigerStar 7)

NigerStar 7, a joint venture between Subsea 7 and Nigerdock, said it has acquired 2009-built pipelay vessel Seven Antares, The Seven Antares, previously owned by Subsea 7, has a 300-ton main crane capacity and is a 120-ton S-lay vessel with capacity to lay pipe of up to 60-inch diameter; with an accommodation area in excess of 330 berths and a deck area of over 1,300 square meters."The vessel will provide both NigerStar 7 and Nigeria a fully owned versatile pipelay vessel ideal for conventional…

09 Apr 2019

Piracy Retreating in Q1 2019

Image: International Chamber of Commerce

The International Chamber of Commerce International Maritime Bureau’s (IMB) published its report for the first three months of 2019, reporting less incidents of piracy and armed robbery against ships than the first quarter of 2018.During the first quarter of 2019, IMB reported 38 incidents of piracy and armed robbery at sea, which are 28 less incidents than the first quarter of 2018, which stood at 66.IMB’s Piracy Reporting Centre detailed that 27 vessels were boarded, seven vessels were fired upon and four attempted attacks occurred in the first quarter of 2019.

07 Apr 2019

Guanghui Signs 10-year LNG SPA with Total

Pic: Total EP

France’s Total and  Guanghui Energy, a China-based company, principally engaged in the natural gas and coal business, have signed a long-term sale and purchase agreement (SPA) for the supply of 0.7 million tonnes per year of liquefied natural gas (LNG) for a period of 10 years.According to Total, the gas will be delivered to Guanghui’s regasification terminal in Qidong, Jiangsu Province, from Total’s global LNG portfolio.“We are delighted to start a long-term relationship with Guanghui, an increasingly successful LNG market player in China with clear ambitions for growth.

04 Apr 2019

Harvey Gulf Branches Out Internationally

Photo: Harvey Gulf Marine

Since committing to go global in September 2018, US based Harvey Gulf said on Thursday it has been awarded contracts in Mexico, Trinidad, Guyana and Suriname.The company noted it also has bids for work in Mozambique, Angola, Senegal, Israel, Ghana and Nigeria.Harvey Gulf, which completed a financial restructuring and emerged from Chapter 11 Bankruptcy proceedings in 2018, said it will continue to look for merger opportunities as they present themselves.

15 Mar 2019

ICTSI Net Income Up 22% in 2018

Basra Gateway Terminal. Photo: ICTSI

Manila-head quartered port and terminal operator International Container Terminal Services (ICTSI) has released solid results for 2018. ICTSI’s box volumes were higher, revenues increased and the group generated higher profit.The port operator said in a stock exchange annoucement that its consolidated volume higher by six percent to 9,736,621 twenty-foot equivalent units (TEUs) (FY2017: 9,153,458 TEUs) and revenue from port operations increased 11 percent to US$1.4 billion (FY2017…

01 Mar 2019

Yinson, First E&P in $902 Mln FPSO Deal

Image: Yinson Holdings Berhad

Malaysia’s floating production storage and offloading (FPSO) operator Yinson and Nigerian oil company First Exploration & Petroleum Development Company Ltd (First E&P) have executed a contract for an FPSO to be deployed offshore Nigeria.The contracts worth $901.79 million were entered into via its wholly-owned subsidiary Yinson Nepeta Production Ltd (YNPL) and indirect subsidiary Yinson Operations & Production West Africa Ltd (YOPWAL).The estimated aggregate value of the contract is based on the assumption that the extension options are fully exercised…

28 Feb 2019

Russia Ships Record High LNG Volumes to Europe

Photo courtesy of Novatek

Russia delivered a record amount of liquefied natural gas (LNG) to Europe in February, becoming the biggest supplier of the chilled fuel to the continent for the first time.A total of 19 cargoes, or 1.41 million tonnes, of LNG from the Yamal LNG plant in Russia's Arctic reached regasification terminals in Europe in February, with the majority of those going to northwest Europe, Refinitiv Eikon data shows.This is the largest monthly amount of LNG from Yamal to arrive in Europe since the plant was launched in Dec.

22 Feb 2019

Australia Leads FPSO Deployment in AsiaPac

FPSO. Pic: Modec

A total of 67 floating production, storage and offloading (FPSOs) vessels are expected to start operations globally by 2025, with Australia leading the Asia-Pacific region.Globally, 67 planned and announced FPSOs are expected to start operations between 2019 and 2025, revealed the report 'Q1 2019 Global FPSO Industry' by GlobalData.Of these, 26 are planned and 41 are announced and of these Australia will account for all FPSOs planned for deployment in Oceania during 2019-2025.In Oceania…

12 Feb 2019

Nigeria: No More Vessel Waivers

Dakuku Adol Peterside. Photo: NIMASA

The Nigerian Maritime Administration and Safety Agency (NIMASA) on Sunday said it had commenced clampdown on vessels that do not comply with the provisions of the Cabotage Compliance Strategy introduced last year to ease the implementation of the Cabotage Act 2003 in Nigeria.The Director-General of NIMASA, Dr Dakuku Peterside, said in a statement on Sunday in Lagos that the clampdown became necessary after several warnings.He has said the Agency will no longer encourage the application of any form of waivers under the Cabotage Act…

11 Feb 2019

Telford Offshore Adds Seven Vessels

Jascon 30 (Photo: Sea Trucks Group)

Dubai headquartered offshore service company Telford Offshore said it has acquired an additional DP3 pipelay and accommodation vessel, and six offshore support vessels following a legal settlement between Sea Trucks Group (STGL in liquidation) and West African Ventures (WAV).The acquisition nearly triples the Telford Offshore fleet, up from four vessels to 11.The DP3 vessel Jascon 30 is set to be dry docked in the coming months and upgraded in preparation for utilization across the globe under its new name Telford 30.

01 Feb 2019

Deepwater Oil Output to Reach 10 mb/d in 2019

Graph: Rystad Energy

Global deepwater oil production was expected to grow 700,000 barrels  per day (b/d) this year to hit a record high of more than 10 million b/d.Norwegian research group Rystad Energy said that it "expects global deepwater production to reach record high level and surpass 10 million bb/d.""With new fields starting up in Brazil and Gulf of Mexico, we expect the total deepwater liquid production to reach 10.3 million bbl/d in 2019. This is an increase of 700 kbbl/d compared to 2018…

23 Jan 2019

Offshore Upswing: CNOOC Spend Highest Since 2014

© xmentoys/AdobeStock

China's state-owned offshore oil and gas producer CNOOC Ltd said it is confident of achieving its spending target this year, the highest since 2014, as its responds to a call to build up the nation's petroleum output and reserves.The company plans to spend 70 billion to 80 billion yuan ($10.3 billion to $11.8 billion) on exploration and production, CNOOC said in a press release on Wednesday, compared with an expected 63 billion yuan in capital spending for 2018.Beijing has called…

22 Jan 2019

BIMCO Calls for Global Co-operation to Counter Piracy

Pic: BIMCO

Turning the tide of piracy and attacks is not a difficult operation in terms of military and law enforcement, according to Jakob P. Larsen, BIMCO Head of Maritime Security. The will to act and get both local and international involvement and cooperation on the other hand, may be.“To be honest, unless we see international naval support and close cooperation between international navies and local law enforcement, I doubt that we will see the numbers go down in any significant way…

21 Jan 2019

NIMASA Redoubles Efforts to Refocus Nigerian Maritime

 R-L: Head, Corporate Communications, Nigerian Maritime Administration and Safety Agency (NIMASA) Mr. Isichei Osamgbi, Executive Director, Finance and Administration, NIMASA, Mr. Bashir Jamoh, Head, Planning Research and Data Management Services, NIMASA, Mrs. Moronke Thomas and Coordinator, Central Zone, NIMASA, Engr. Femowei Abel  during the Independent Newspapers Awards 2018, held in Lagos. Photo by Nigerian Maritime Administration and Safety Agency (NIMASA).

The Nigerian Maritime Administration and Safety Agency (NIMASA) says it would intensify its efforts to reposition the maritime industry in Nigeria, as the agency moves to become a leading maritime administration in Africa.The Director-General of NIMASA, Dr. Dakuku Peterside, stated this last week in Lagos during the Independent Newspapers Awards 2018, where the agency bagged the Federal Agency of the Year Award. Dakuku said: “We are spurred by this award and we appreciate the fact that our efforts to revitalise the maritime sector through our medium term strategy plan are yielding results.

Maritime Reporter Magazine Cover Jun 2019 - 80th Anniversary World Yearbook

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News