DGAP-News: PETROLOG ENERGY, INC. ENTERS NEGOTIATION FOR GAS PROCESSING - Company Evaluates Large Niger Delta Gas Processing Activity
(firmenpresse) - DGAP-News: Petrolog Energy Inc. / Key word(s): Miscellaneous
PETROLOG ENERGY, INC. ENTERS NEGOTIATION FOR GAS PROCESSING - Company
Evaluates Large Niger Delta Gas Processing Activity
17.02.2012 / 12:02
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PETROLOG ENERGY, INC. ENTERS NEGOTIATION FOR GAS PROCESSING
Company Evaluates Large Niger Delta Gas Processing Activity
TORONTO, CANADA- Petrolog Energy, Inc., (Deutsche Boerse, Frankfurt
Exchange, (PT2), an Ontario Province Canada public company announced today
that has entered into negotiations in the West Africa for the processing of
discovered natural gas, to be secured under the an accelerated gas
processing arrangement to meet the growth in gas demand for various sectors
of the Nigerian economy including domestic, regional and export markets.
The Niger Delta region is one of the most productive, in a country boasting
the world's eighth largest proven natural gas reserves and seventh largest
crude oil reserves.
PO&G (Petrolog Oil and Gas) (a separate entity from Petrolog Energy)
entered into a Long-term agreement for the processing of up to 500mmscfd of
Natural Gas under the accelerated gas processing arrangement enacted by the
Nigerian Ministry of Petroleum. There are substantial discovered but
undeveloped gas reserves and associated gas reserves in the onshore and
offshore territories, largely in acreages allocated to the international
and indigenous operators. The gas will be secured from the Oil majors, such
as Shell, Agip (ENI operated Consortium), Addax amongst others. The
arrangement will boost the availability of Gas domestically for
electrification and other industrial uses.
Vincent Ebuh, founder of both Petrolog Energy and Petrolog Group commented,
'We deem the Gas Processing Agreement negotiation to be an optimal target
for our Company as it proceeds with its Oil and Gas program.' He further
concluded, 'We are confident that this will prove to be a lucrative and
well judged arrangement.'
About Petrolog Energy, Inc.
Petrolog Energy is an independent oil and gas exploration and development
company with a diverse portfolio of high-quality assets. Petrolog Energy
was formed as a unit of Petrolog Group to capitalize on low-risk,
high-reward proven and underdeveloped oil and gas fields in Africa. For
more information, go to www.petrologenergy.com.
About Petrolog Group
Petrolog Group, a private company, was established 30 years ago as an oil
service company. Over the years Petrolog has expanded its services to
include Drilling, Mud Logging and Mud Engineering, Geophysical Exploration,
Engineering Design and Project Management.
Petrolog is represented in 4 continents with over 12 offices in 6
countries. With a strong and dedicated workforce (650 employees) Petrolog
is positioned to respond to client needs globally.
Forward Looking Statements
Statements in this press release relating to plans, strategies, economic
performance and trends, projections of results of specific activities or
investments, and other statements that are not descriptions of historical
facts may be forward-looking statements. Forward-looking information is
inherently subject to risks and uncertainties, and actual results could
differ materially from those currently anticipated due to a number of
factors, which include, but are not limited to, risk factors inherent in
doing business. Forward-looking statements may be identified by terms such
as 'may,' 'will,' 'should,' 'could,' 'expects,' 'plans,' 'intends,'
'anticipates,' 'believes,' 'avers,' 'estimates,' 'predicts,' 'forecasts,'
'potential,' or 'continue,' or similar terms or the negative of these
terms. Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future
results, levels of activity, performance or achievements. The company has
no obligation to update these forward-looking statements.
Contact:
Petrolog Energy, Inc.
George Ebuh
TEL: (713) 961-3324
FAX: (713) 961-3845
End of Corporate News
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company-evaluates-large-niger-delta-gas-processing-activity
Unternehmensinformation / Kurzprofil:
Datum: 17.02.2012 - 12:02 Uhr
Sprache: Deutsch
News-ID 115938
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