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Industry News

  • Crude Oil prices per barrel - $74.60 in the U.S

  • Nomination of potential candidates are invited towards electing officers to fill expecting vacant posts in the NAPE Executive Committee from December 2010 to November 2012. NAPE members can download the nomination form from the website, complete, seal and return to NAPE Secretariat.
  • You are invited to the 3rd Regional Deepwater Offshore West Africa Conference and Exhibition (DOWAC) coming up 14 - 18 November 2010 at the Abuja International Conference Centre, Nigeria.
  • The United Nations Environment Programme (UNEP) has described the impact of oil spill in the Ogoni environment as serious and has apologised for the report credited to its officials saying that 90% of oil spill in the area is caused by sabotage.
  • NAPE Conference Exhibition booths are still available. Come and exhibit your Company's products and services at the Largest Deepwater Forum in Africa. Cost is N50,000.00 per square meter. Contact the NAPE Secretariat (01 - 7731539) for more details. 
  • BP has spent nearly $100 million on advertising to buff up the company's image and share information about the oil spill in the months following the April 20 explosion of the Deepwater Horizon drilling rig.
  • BP has agreed to the $20 billion oil spill fund as requested by President Obama. BP has agreed to contribute 20 billion dollars over a four-year period at a rate of five billion dollars per year, including five billion dollars within 2010.
  • Second-quarter profits at oil giant Royal Dutch Shell have almost doubled after the firm completed a year-long corporate restructuring programme. The firm reported profits of $4.5bn (Euro2.9bn) on a current cost of supplies basis, up from $2.3bn a year ago.
  • Conoil, Nigeria's leading indigenous petroleum exploration and production company, has discovered huge gas deposits in the central part of its Oil Mining Lease 136 (OML-136) in offshore western Delta of Nigeria. The company made the discovery in Agge-3B. T1 well while appraising an undrilled compartment of the Agge field complex.
  • The oil spill in the Gulf of Mexico caused by the Deepwater Horizon rig explosion has so far cost BP a total of $6.1bn. The total includes the cost of the spill response, containment, relief well drilling, and cementing up of the damaged well.
  • Royal Dutch Shell pays $4.7 billion to buy privately held East Resources Inc, giving it more exposure to promising shale gas reserves in North America.
  • The Shell Petroleum Development Company of Nigeria (SPDC) has unveiled plans to invest about $2 billion (NGN290 billion) on a number of projects that would drastically reduce gas flaring in Nigeria.
  • 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.
  • China, the world's second-biggest consumer of oil, will lend Venezuela $20 billion and form a venture to pump crude from the Orinoco Belt, President Hugo Chavez said, vowing to meet the Asian country's energy needs.

  • Eight new private refineries licensed by the Department of Petroleum Resources (DPR) would soon come on stream to contribute an aggregate of 483,000 barrels of oil per day to the nation's refining capacity.

 

 

 

 

     

     

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Education

2010 AAPG AFRICA REGION IMPERIAL BARREL AWARD (IBA)

Nigerian Universities made the country proud in this year's Imperial Barrel Award (IBA) competition which featured over 18 universities in Africa. The keenly contested competition which took place  on Friday, March 19, 2010 at the Peninsula Resort, Lekki, Lagos saw Obafemi Awolowo University Ile-Ife came the region's best and Federal University of  Technology  Akure, the second and the University of Egypt, Cairo, the third.

By emerging the overall best in Africa, Obafemi Awolowo University, Ile-Ife's team who also won the last edition will represent Africa at the Global IBA competition in New Orleans, Louisiana, United States on April 9 and 10, 2010.

Each university has between 4 and 6 geosciences students as a team, which worked on a particular project issued by the global parent body - American Association of Petroleum Geologists (AAPG) with affiliates organisations across the world.

Other universities that contested include Universities of Ilorin, Calabar and Ibadan. Others are Rivers State University of Technology and University of Nigeria, Nsukka.

The Imperial Barrel Award (IBA) programme is an annual evaluation competition created for geosciences graduate students. The programme is rigorous and contributes to AAPG's mission of promoting petroleum geosciences training and advancing the careers of geosciences students. 

University teams analyze a database in 6 - 8 weeks prior to the competition and deliver their results in a 30-minutes presentation to a panel of industry experts. Students gain experience using real technology on a real dataset. Additionally, students benefit from feedback from the industry panel, the opportuniy to impress potential employees in the audience and the chance to win cash prizes for their schools.

The Barrel Award has been part of the M.Sc Petroleum Science course at the Imperial College for the past 36 years. Started in 1976, the programme originally focused on the North Sea - a frontier basin where interpretations are required using coloured pencils.

Today  Imperial and the IBA use new technology to provide students a unique learning experience using data sets from basins round the world. Although the technology has changed, the key learning elements of the programme remain remarkably similar to the original concepts pioneered by Imperial College. For more pictures, click here. To view album, click here.
 

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