Post Tagged with: "Nigeria"

Source: Reuters

EXCLUSIVE Nigeria refines energy reform bill to attract more Big Oil cash

Reuters


Nigeria has sweetened the terms of a sweeping oil reform bill in a bid to attract much-needed investment to its oil industry, four people closely involved with the legislation said and a letter from oil companies, seen by Reuters, …

Energy transition risks political strife in oil-producing states: report

Energy transition risks political strife in oil-producing states: report

Reuters


LONDON – The transition towards green energy imperils oil-producing states that have lagged in diversifying their economies, United Kingdom-based risk consultancy Verisk Maplecroft warned in a report on Thursday. “Algeria, Iraq and Nigeria will be among the first casualties …

Source: Reuters

OPEC Jan oil output rises for 7th month, Nigeria limits gain-survey

Reuters


LONDON – OPEC oil output has risen for a seventh month in January, a Reuters survey found, after the group and allies agreed to ease record supply curbs further, although an involuntary drop in Nigerian exports limited the increase.…

January 29, 2021 - 10:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil companies tighten Nigeria security as protests, job losses stoke tension

Reuters


PORT HARCOURT/LAGOS  – Oil companies have asked security services to tighten surveillance as violent anti-police brutality protests and the expected sacking of hundreds of workers worsen desperation in the region, industry sources told Reuters.

Already unemployment is above 40% …

November 18, 2020 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News, International
Source: Reuters

OPEC+ to meet Saturday on extending cuts, pushing for compliance

Reuters


MOSCOW/DUBAI – OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to push laggards such as Iraq and Nigeria to comply with existing curbs.

The producers known as OPEC+ …

Source: Reuters

Coronavirus creates repair headache for oil and gas industry

Reuters


MOSCOW/LAGOS/LONDON – The coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia’s Far East to the coast of Canada, storing up problems for an industry already reeling from slumping prices, analysts say.

Lockdowns to …

Source: Reuters

OPEC+ cuts oil exports sharply so far in May: trackers

Reuters


LONDON – OPEC+ has cut its oil exports sharply in the first half of May, companies that track the shipments said, suggesting a strong start in complying with a new production cut agreement.

The Organization of the Petroleum Exporting …

Source: CNBC

How the oil price capitulation will hit Nigeria, Saudi Arabia and other major exporters

CNBC


The historic plunge in oil prices earlier this week has left some major exporters of the commodity scrambling to shore up their economies.

The U.S. West Texas Intermediate (WTI) crude contract for May delivery fell by more than 100% …

Source: Houston Chronicle

Exxon, Shell face uphill legal battle over soured Nigerian deal

Houston Chronicle


Oil majors including Exxon Mobil Corp. and Royal Dutch Shell Plc are facing uphill battles to convince U.S. courts to enforce multi-billion dollar arbitration awards they secured against Nigeria’s state oil company.

The companies accused the Nigerian National …

Source; Houston Chronicle

If OPEC+ announces a new cut, it may not be what it seems

Houston Chronicle


Speculation is mounting that OPEC and its allies may agree to a deeper production cut at their meeting in Vienna on Thursday, but market watchers shouldn’t take any such announcement at face value.

Even a sizable “new” cut …

Source: Reuters

Chevron seeks to reduce Nigerian presence with oilfield sales

Source: Reuters


LAGOS/LONDON (Reuters) – Chevron is seeking to sell several Nigerian oilfields as part of a global drive to reshape its portfolio as it focuses on growing its U.S. shale output, banking and industry sources said.

Chevron joins rivals …

REUTERS/Lisi Niesner

Nigeria lands higher oil output target in OPEC+ cut deal

Source: Reuters


OPEC has granted Nigeria a higher oil output target under an OPEC-led deal to limit oil supply in a move unannounced by the group, following efforts by Africa’s largest exporter to tweak the agreement to accommodate its expanding …

October 9, 2019 - 10:25 am Closing Bell Story‎, International, OPEC
Squeezed by U.S. Shale, Nigerian Oil Propped Up by Asian Demand

Squeezed by U.S. Shale, Nigerian Oil Propped Up by Asian Demand

From Reuters

The rising tide of light U.S. shale oil has largely swept away comparable grades of Nigerian oil from American shores and is putting them under pressure in Europe.

But steady Indian and Indonesian demand has helped lift price …

April 9, 2019 - 10:29 am Closing Bell Story‎, Crude Oil News, Energy News
Exxon Weighs Sale of Nigerian Oil and Gas Fields for Up To $3 Billion: Reuters

Exxon Weighs Sale of Nigerian Oil and Gas Fields for Up To $3 Billion: Reuters

From Reuters

Exxon Mobil recently held talks on the sale of a suite of oil and gas fields in Nigeria as the company focuses on new developments in U.S. shale and Guyana, industry and banking sources told Reuters.

The potential …

Nigerian Opposition Candidate Seeks to Privatize State Oil Firm

Nigerian Opposition Candidate Seeks to Privatize State Oil Firm

From Reuters

Nigeria’s main opposition candidate for president said on Wednesday he would seek to privatize the state oil company and other government assets if elected next month, while removing a costly petrol subsidy, to revive the economy.

Atiku Abubakar, …

January 18, 2019 - 7:01 am Closing Bell Story‎, Energy News
Oil & Gas 360 - France’s Total and Sempra Energy Sign North America LNG Deal

Why the U.S. Imports LNG from Russia and Nigeria Despite Its Gas-Export Boom

From Bloomberg

More than a decade in and the U.S. shale boom keeps breaking output records, with fields from Pennsylvania to Texas producing more natural gas than the country needs. That has triggered billions of dollars of investments to ship …

January 3, 2019 - 12:27 pm Closing Bell Story‎, Energy News, LNG
Total Starts Production at Nigeria’s Deepwater Egina Oilfield

Total Starts Production at Nigeria’s Deepwater Egina Oilfield

From Reuters

Total SA said on Wednesday it had started production from the Egina oilfield off Nigeria’s coast, part of a shift by the French energy firm toward deepwater oil and gas projects to its drive cashflow.

Output from Egina, …

January 2, 2019 - 12:32 pm Closing Bell Story‎, Crude Oil News, Energy News
Billionaire Makes a $15-Billion Bet on Oil

Billionaire Makes a $15-Billion Bet on Oil

Pushing the limits: following a $10 billion refinery and petchem plant and a $2.5 billion fertilizer plant, billionaire wants to acquire oil fields that will deliver 250,000 barrels of oil production daily

From Bloomberg 

Aliko Dangote has made a fortune …

Oil Hits $80 But Nigeria Loses 200,000 BOPD as Shell Declares Force Majeure

Oil Hits $80 But Nigeria Loses 200,000 BOPD as Shell Declares Force Majeure

From The Cable

Goood news: oil prices hit $80 a barrel on Thursday for the first time since November 2014.

Bad news: Shell Petroleum Development Company (SPDC) on Thursday declared force majeure on the exports of Nigeria’s major crude oil, …

May 18, 2018 - 11:22 am Closing Bell Story‎, Commodity Pricing, Energy News
Nigeria, China Seal $2.4 Billion Currency-Swap Deal

Nigeria, China Seal $2.4 Billion Currency-Swap Deal

From Vanguard News Nigeria

Nigeria and China have signed a currency-swap agreement worth $2.4 billion to boost commercial ties and reduce the need to use dollar in their bilateral trade. Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, …

May 4, 2018 - 6:24 pm Closing Bell Story‎, Energy News
Erin Energy Reports YE 2017 – Revenues Up 30%

Erin Energy Reports YE 2017 – Revenues Up 30%

Erin Energy Corporation (ticker: ERN) announced unaudited financial and operational results for the year ended December 31, 2017.

Full year 2017 revenues were $101.2 million, increasing by approximately 30% from $77.8 million in 2016. Fourth quarter 2017, revenues were $21.7 …

Pacific Bora drilling rig arrives at Oyo-9 field in
deepwater offshore Nigeria

Erin Energy Corporation (ERN) Q3 – Oyo-9 and Nigeria Assets: Location, Location, Location

Frank Ingriselli, independent director and chairman of Erin Energy (ticker: ERN) discussed the Oyo-9 well and related activity on Erin’s prospects offshore Nigeria during the company’s Q3 call last week.

Frank Ingriselli: This is my second earnings conference call after …

Erin Energy Corporation: Drilling to Double Production

Erin Energy Corporation: Drilling to Double Production

Erin Energy Corp. (ticker: ERN), a Houston-headquartered international oil producer, has assets based entirely in sub-Saharan Africa. The company operates in Nigeria, Kenya, Ghana, and Gambia—from approximately 5 million acres.

Erin Energy’s Nigeria operations are offshore with a 100% working …

OPEC Output Pierces Ceiling at 32.5 MMBOPD

OPEC Output Pierces Ceiling at 32.5 MMBOPD

According to the latest S&P Global Platts OPEC survey released July 6, 2017, OPEC’s crude oil output increased by approximately 500,000 BOPD within the last two months, pushing the organization’s total output to 32.49 MMBOPD.

OPEC’s June output was 220,000 …

OPEC Production Up in May with New Oil from Libya and Nigeria

OPEC Production Up in May with New Oil from Libya and Nigeria

Countries exempt from the OPEC production deal are ramping up production

Even as the Organization of Petroleum Exporting Countries looks to rebalance markets through coordinated production cuts within its ranks and with other non-members, production from the group is up.…

Exempted Nigeria Returns 20% of OPEC’s Cuts to Market

Exempted Nigeria Returns 20% of OPEC’s Cuts to Market

Shell lifts force majeure on Forcados oil in Nigeria

Royal Dutch Shell (ticker: RDSA) lifted force majeure on exports of Nigeria’s Forcados oil grade, returning about 250 MBOPD to world markets, according to shipment data obtained by Bloomberg. Europe’s …

Source: Sweetcrudereport.com

Surprise Crude Draws Continue, Reversing Oil Losses

Oil bounces back after official data shows yet another crude inventory draw

Oil prices came back from a nearly 2% decline Wednesday morning following news from the Energy Information Administration that U.S. crude oil inventories fell last week. The oil …

800 MBOPD of Oil Could Return to Markets from Libya and Nigeria

800 MBOPD of Oil Could Return to Markets from Libya and Nigeria

Libya and Nigeria hope to restart exports that could add substantially to the global glut

Both the IEA and OPEC pushed out their forecasts for market balance this week as supply continues to prove resistant to the drop in crude …

OPEC Report Calls for Market Balance in Second Half of 2016

OPEC Report Calls for Market Balance in Second Half of 2016

Unplanned outages continue to shore up the market quicker than expected – OPEC

The OPEC Monthly Oil Market Report released Monday shows the group expects oil markets to balance out in the second half of this year. Unplanned supply outages …

Political Conflict Drives Oil Outages to Highest Recorded Levels

Political Conflict Drives Oil Outages to Highest Recorded Levels

Oil outages take 3.6 MMBOPD off the market in May

Unplanned global oil supply disruptions reached their highest monthly level since 2011 when the EIA began tracking to what extent oil outages were affecting output. From April to May, disruptions …