- Crude Oil prices per barrel - $100.50 in the US and $100.56 in the U.K.
- Chevron Corp. said a search and rescue operation continues for two contractors missing after a fire at a rig off the coast of Nigeria. The accident happened at the K.S. Endeavor rig, which was drilling a natural-gas exploration well in the Funiwa Field about six miles (10km) off the coast in about 40 feet of water. The rig is operated by FODE Drilling Nigeria Ltd.
- NAPE January 2012 Technical meeting was held on Thursday 26th January 2012 at the Nigerian Institute of International Affairs, 13/15 Kofo Abayomi Street, Victoria Island, Lagos. The topic was "Using formation resistivity anisotropy measurements to quantify reserves in low contrast, low resistivity lamnated reservoirs: adding the value". The meeting was sponsored by Baker Hughes.
- Chevron Corporation, the world's fourth largest energy company, said its Nigerian Escravos gas-to liquids plant is more than 70% complete and on course to start production in 2013. The facility, which will refine natural gas to produce 33,000 barrels a day of fuels including diesel, is set "to be completed at the end of 2012," Andrew Fawthrop, CEO of the company's Nigerian unit has said.
- Mr. George Osahon fnape, the NAPE President-Elect has been appointed a Member of the Technical Committee of the Special Task Force for the Implimentation of the Petroleum Industry Bill (PIB). The Technical Committee is chaired by Osten Olorunshola, Director, Department of Petroleum Resources (DPR). Other members include Senan Anthony, Umar Gana, ID Waziri, Victor Briggs, Francis Adigiwe, Victor Onyegba, Seyi Peterside, Hillary Nwokoko, and representatives of the Ministries of Finance, Justice as well as Federal Inland Revenue Service (FIRS) as members.
- Thank you for your participation at the NAPE 29th Annual International Conference & Exhibition which was slated for 28th November 2011 to 1st December 2011 at Eko Hotels & Suites, Victoria Island, Lagos. The Short Courses was held November 26th and 27th 2011 at the Peninsula Hotels, Lekki Phase 1, Lagos. Theme of the Conference was "PERSPECTIVES ON GROWING HYDROCARBON RESERVES IN THE NEXT DECADE".
- The Executive Committee of the AAPG and the AAPG Foundation Trustees are pleased to announce the hiring of David Curtis as the new Executive Director of the AAPG. Additionally, to respond better to the demands of the ever growing organization, the Executive Committee is creating the position of Deputy Executive Director and is promoting David Lange to this new post at the AAPG.
- Schlumberger has appointed Mr. Nosa Omorodion the General Manager, National Content Development for its Nigeria and Gulf of Guinea (NGA) Geomarket. The new GM is charged with stakeholders (Segments, Functions and Geography) to ensure that Schlumberger not only complies with Local Content requirements in NGA but moves local content from being a compliance burden to becoming a business growth opportunity.
- Uganda is planning to build a $2 billion oil refinery to supply refined fuel products for local and regional markets, Uganda's permanent secretary at the ministry of energy and minerals development has said.
- The Organization of Petroleum Exporting Countries (OPEC) is producing at its highest rate in two years. The 12-member group's crude oil production averaged 29.57 million bpd in January, up to300,000bpd from its totals in December.
- Oil exploration in Nigeria has slumped to the lowest in a decade after producers including Royal Dutch Shell Plc and Total SA backed away from investment until the country's petroleum law is passed. Just one exploration well was drilled in Nigeria in the past two years, the lowest since 1999, according to official figures released by the Petroleum Ministry. The number of wells peaked at 34 in 2002.
- OPEC is under pressure from consumers to boost supply as most of the world's benchmark crudes surpass $100 a barrel amid political unrest in North Africa and the Middle East.
- About 25 billion cubic metres of natural gas will be transported per year in the proposed Trans-Saharan Gas - Pipeline project which will be recovered from gas flaring in Nigeria.
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