• 4 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 14 minutes The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 1 hour The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 1 hour Coal Boom in Asia is Real and a Long Trend
  • 2 hours The Plastics Problem
  • 17 hours China's President Xi To Visit North Korea This Week
  • 6 hours Hydrogen FTW... Some Day
  • 9 hours GM Considering Electric Hummer
  • 5 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 20 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 23 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 19 hours Forbes: Giant Floating Solar Farms Could Extract CO2 From Seawater, Producing Methanol Fuel.
  • 13 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 23 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 21 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 16 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
Why The Oklahoma Shale Boom Isn’t Taking Off

Why The Oklahoma Shale Boom Isn’t Taking Off

Major geological challenges and relatively…

Oil Prices Jump On Hopes Of End To U.S.-China Trade War

Oil Prices Jump On Hopes Of End To U.S.-China Trade War

Oil prices erased earlier losses…

Gazprom May Suspend $2.5 Billion Gas Project in Nigeria

Due to the Nigerian government’s ongoing delay in passing the Petroleum Industry Bill (PIB), Russian state-owned natural gas company Gazprom may suspend its investment in a $2.5 billion natural gas project.

Nigeria's proven gas reserves are 187 trillion cubic feet (tcf), with about 600 tcf additional in possible further reserves. While Nigeria is currently the world's seventh largest holder of proven natural gas reserves, the potential further reserves could catapult the nation into the world's top three nations in terms of total natural gas reserves, This Day newspaper reported.

In March 2010 Gazprom was among 15 oil companies selected by the Nigerian government as potential investors to help develop natural gas projects, as in 2008 the company signed a memorandum of understanding with the Nigerian National Petroleum Corporation on joint venture projects, covering petroleum, natural gas exploration and power generation.

Gazprom's Nigerian unit Chief Executive Officer Vladimir Ilyanin subsequently stated that any investment decision had to be after the general elections, stating that the company unveil its plans on the massive Nigerian project once the polls were over and the PIB signed into law. Now Nigerian energy analysts believe that Gazprom may have put the project, due to come online in 2015, on hold due to an "absence of clear rules."

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News