With tensions between Saudi Arabia and Iran ratcheting up and OPEC about to announce its plans for global crude supply, investors would be forgiven for anticipating a few gyrations in oil prices. The opposite has happened: the market is the calmest it’s been for almost nine months. Implied volatility, a gauge of expected price moves,…
Royal Dutch Shell Plc will pay its entire dividend in cash for the first time in more than two years as Europe’s biggest oil company seeks to demonstrate it has left the worst of the crude slump behind. From this quarter, Shell will no longer offer shareholders the option to take the payout in stock, it…
An international oil giant, Total has announced its first oil from the Libra mega-field, located in ultra-deep waters 180 kilometers offshore Rio de Janeiro, in the pre-salt Santos Basin in Brazil. The floating production, storage and offloading (FPSO) unit Pioneiro de Libra has a capacity of 50,000 barrels of oil. This start-up of the early…
An international oil giant, Total has announced its first oil from the Libra mega-field, located in ultra-deep waters 180 kilometers offshore Rio de Janeiro, in the pre-salt Santos Basin in Brazil. The floating production, storage and offloading (FPSO) unit Pioneiro de Libra has a capacity of 50,000 barrels of oil. This start-up of the early…
CNOOC Limited has announced the Weizhou 12-2 oil field phase II project has already commenced production. The Weizhou 12-2 oil field phase II project is located in Beibu Gulf in the South China Sea with an average water depth of approximately 35.7 meters. In addition to fully utilizing the existing facilities of Weizhou 12-2 oil…
ExxonMobil has announced that the Hebron project started production safely and ahead of schedule. At its peak, the project will produce up to 150,000 barrels of oil per day. Discovered in 1980, the Hebron field is estimated to contain more than 700 million barrels of recoverable resources. The Hebron platform consists of a stand-alone gravity-based…
ExxonMobil has announced that the Hebron project started production safely and ahead of schedule. At its peak, the project will produce up to 150,000 barrels of oil per day. Discovered in 1980, the Hebron field is estimated to contain more than 700 million barrels of recoverable resources. The Hebron platform consists of a stand-alone gravity-based…
By Oke Peter THE Abuja Electricity Distribution Company (AEDC), has disassociated itself from notice of force majeure served Bureau of Public Enterprises, BPE, by the Electricity Distribution Companies, DISCOs, over the new Eligible Customer Policy in the Nigerian Electricity Supply Industry (NESI). It will be recalled that the Nigerian Electricity Regulatory Commission, (NERC), recently declared…
The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has called on the Nigerian National Petroleum Corporation, NNPC, to intensify ongoing rehabilitation of the nation’s downstream facilities, especially the depots, pipelines, tank farms, and jetties to further ensure seamless supply of products across the country. PENGASSAN commended the NNPC Group Managing Director, Dr….
Eni’s Chief Executive Officer, Claudio Descalzi and Sonangol’s Chairman of the Board of Directors Carlos Saturnino signed today an agreement that assigns operatorship of Cabinda North Block to Eni, as well as 48% the block’s rights. The signing took place in Luanda, in the presence of the President of the Republic of Angola João Gonçalves…
