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2014-08-25 18:10:00

NIGERIA IS HUGE

NIGERIA IS HUGE

Nigeria's huge offshore oil and gas resources, which remain largely dormant, present opportunities for oil service providers such as Baker Hughes, which says it is poised to remain a major player in big offshore plays in the country.

Speaking at the Baker Hughes Techno Day Conference and Exhibition on Wednesday in Lagos, Ayo Shote, vice president and managing director, Nigeria and Equatorial Guinea at Baker Hughes, said the company's presence in the offshore market in Nigeria was limited prior to 2006, adding that restructuring in the Nigerian oil and gas industry boosted involvement in the offshore space. "We invested, we brought in technology, we invested in people and also we were able to reach some deepwater tendencies and that helped to improve our response."

"Now going forward, offshore continues to be important. There is no way we can take our eyes off that. So we are focused on the offshore market. For us that is one of our biggest growth areas. And we will continue to invest in people, in infrastructure, in equipment and in technology to ensure that we remain a major player in the big offshore plays in Nigeria," he told BusinessDay on the sidelines of the event.

Nigeria's offshore space is bigger than what we have done in the past. We have fields out there that we have not taken advantage of, according to Shote.

oilandgaseurasia.com

Tags: NIGERIA, OIL, GAS

Chronicle:

NIGERIA IS HUGE
November, 22, 11:05:00

NIGERIA & CHEVRON PROJECT &1.7 BLN

Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.

NIGERIA IS HUGE
November, 22, 11:00:00

MAERSK-AKER-HALLIBURTON ALLIANCE

OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.

NIGERIA IS HUGE
November, 20, 09:35:00

OIL PRICE: ABOVE $62 YET

REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

NIGERIA IS HUGE
November, 20, 09:30:00

ROSNEFT'S WORLD RECORD: 15000 M

Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.

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