Schlumberger unveils new microseismic acquisition system

Schlumberger announced Tuesday the introduction of the MS Recon high-fidelity microseismic surface acquisition system.

The new microseismic system for surface and shallow grid microseismic surveys provides improved imaging of the hydraulic fracture geometry by optimizing the microseismic signal quality.

“The new microseismic surface acquisition system addresses the challenges of detecting small microseismic signals emitted during hydraulic fracturing at the surface and near-surface locations,” said Joseph Elkhoury, vice president and general manager, Microseismic Services, Schlumberger, in a statement.

“The MS Recon system improves signal-to-noise ratio during acquisition enabling the detection of many more microseismic events than conventional systems. This provides our customers with a better understanding of their stimulation operations, allowing them to optimize completion design and potentially increase production.”

Insurgency, non-Passage of PIB leads to rise in cost of oil and gas projects

Heightened insecurity in Nigeria, due to the Boko Haram increased attacks, has triggered an unprecedented rise in the costs of execution of oil and gas projects, THISDAY investigations have revealed.
Oil industry sources hinted yesterday that the spate of violence in Nigeria, particularly in the northern region, plus the renewed attacks on oil facilities and abduction of expatriates who work for oil companies located in the Niger Delta area, have pushed up costs of doing business in Nigeria’s oil and gas industry by about 100 per cent in the last two years, as Nigeria is now regarded a “high risk area”.
Investigations further revealed that most foreign and local firms that signed contracts with firms in Nigeria for the execution of various projects in the oil industry are seeking the renegotiation of contract sums on the grounds that the environment is highly insecure for business.
It was also reliably gathered that some projects have been abandoned, while the execution of others have been stalled because contractors handling such projects are reluctant to continue with the jobs for fear of attacks.
An industry expert confirmed that most contracting firms now turn down oil and gas jobs, while foreign experts develop cold feet once they are assigned jobs in Nigeria owing to security concerns. He said the execution of drilling contracts had suffered major setbacks due to disagreements that arise in contracts renegotiation.

My thoughts on ‘fraud’ allegations in CBN, NNPC – Atedo Peterside

Chairman of the Stanbic IBTC, Atedo N A Peterside is the first bank chairman to speak publicly on the suspension of Central Bank Governor, Mallam Sanusi Lamido Sanusi. In a statement made available to MARCEL MBAMALU, he called for urgent forensic audit of the accounts of the Nigeria National Petroleum Corporation (NNPC) as well as satisfactory answers on the Financial Reporting Council’s (FRC) queries regarding the apex bank’s 2012 accounts:

“I don’t know if anything is true or false. What I do know is that in a Presidential system, various aides and pressure groups try and pull the President towards the direction that they believe is best. Is that not why they even have lobbyists in Washington DC?

One does not have to jump on the rooftops and sound populist every time in order to be branded “patriotic”. Some times the true patriots are those who apply pressure where it matters most – and some times on some issues, that might be in private.

The facts of the matter are clear and are all now in the public domain and I list some of them sequentially:-

JTF arrests 8 suspected oil thieves in Rivers, Bayelsa, Delta and Edo

Joint Task Force (JTF) in the Niger Delta, Operation Pulo Shield, on Sunday said that it arrested eight suspected oil thieves and destroyed 17 illegal refineries in multiple raids.

A statement issued by Col. Onyema Nwachukwu, Media Coordination of JTF in Yenagoa, said the anti-oil theft raids were conducted from Feb. 11 to Feb. 18.

Nwachukwu said that several items were seized during the operation in Rivers, Bayelsa, Delta and Edo.

He said that the JTF troops in Edo and Delta destroyed five illegal oil distillation sites and 40 boats and seized 300 metal tanks, 64 plastic storage tanks, 72 drums and 68 cooking ovens.

He added that four pumping machines and one Lister Generator were seized at Warri South-West Local Government Area, Delta.

The spokesman said the troops also intercepted a locally made tug boat conveying 30 drums of stolen petroleum at Ajide on Benin River in Edo.

He said that six suspects were arrested during the operation and moved to the Tactical Headquarters of the Battalions for preliminary investigation.

Marketers await arrival of fuel cargoes next week to end scarcity

Some independent marketers of Premium Motor Spirit (PMS), otherwise called petrol, are selling the products above the official pump price and ex-depot price as queues in filling stations across the country worsen, THISDAY has gathered.

However, the Major Oil Marketers Association of Nigeria (MOMAN) is certain that normalcy will return to oil distribution by the time the first set of fuel cargoes land in the country next weekend.
The worsening scarcity of petrol, it was learnt, followed the initial delay of the release of fuel import allocation to the Nigerian National Petroleum Corporation (NNPC) and the Oil Marketing and Trading (OM & T) companies by the Ministry of Petroleum Resources, through the Petroleum Products Pricing Regulatory Agency (PPPRA).