More

Brent crude futures tops $110

Aug 2, 2013

Brent crude futures climbed above $110 per barrel for the first time since early April on Friday, as upbeat economic data raised the prospects for better global oil demand amid supply disruptions in Africa and Iraq. US manufacturing grew in July at its fastest pace in two years, while a China industrial index beat expectations…

Read More

Edo communities demand direct control of 13% derivation proceeds

Aug 2, 2013

Oil producing communities in Edo State, have demanded for the direct control of proceeds from the 13 per cent derivation fund to them, calling on President Goodluck Jonathan to direct the Revenue Mobilization Allocation and Fiscal Commission, RMAFC, to discontinue forthwith, the payment of the fund to the state government. In a letter to the…

Read More

Shell invested N45bn in the Niger Delta in 2012

Aug 2, 2013

Shell Petroleum Development Company Plc, SPDC, said it invested $281.2 million (N44.99 billion) in the Niger Delta in 2012. Speaking at the launch of its ‘Let’s Go’ advertising campaign, in Lagos, Mr. Mutiu Sunmonu, Chairman, Shell Companies in Nigeria and Managing Director, SPDC, said the funds were invested in alleviating certain environmental issues in the…

Read More

Eni sees profits drop during first half of the year

Aug 2, 2013

Italian company Eni saw profits drop during the first half of the year as lower oil prices and production hit revenue. Eni posted a net profit of €1.8 billion ($2.4 billion) for the first half of the year, down 52.7% on the €3.8 billion booked during the first six months of 2012. The fall in…

Read More

OPEC daily basket price closes at $104.97/b

Aug 1, 2013

The price of OPEC basket of twelve crudes stood at 104.97 dollars a barrel on Wednesday, compared with $104.92 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra…

Read More

Shell profits eroded by rising costs, oil theft in Nigeria

Aug 1, 2013

Rising costs and a surge in oil thefts in Nigeria, among other factors, hit Royal Dutch Shell’s second quarter profits, a result that outgoing chief executive Peter Voser called “disappointing”. Shell said it took a $700 million hit for Nigeria thefts – which it said cost Nigeria itself $12 billion a year – and for…

Read More

Our role in the $1.09bn Malabu oil deal – Shell

Jul 31, 2013

Shell Nigeria Ultra Deep Limited, SNUD, is in the centre of the Malabu Oil deal, for which it is being investigated by the British police. The Nation has obtained documents filed at the International Centre for Settlement of Investment Disputes. The controversy over the $1.092, 040,000 Malabu Oil deal continues with one of the parties,…

Read More

Power supply may worsen as Agip workers’ go on strike

Jul 31, 2013

Nigeria’s epileptic power supply may get worse as some protesting oil workers at the Nigeria Agip Oil Company, NAOC\, at Okpai, in Ndokwa East Local Council of Delta State, have laid down tools. NAOC operates Okpai gas plant, which supplies gas to the 480 megawatts power plant located in the community. Their spokesman, Mr. John…

Read More

Senate summons Halliburton, Shell, others over violation of expatriate laws

Jul 31, 2013

Some major multinational oil exploration and construction companies, including Halliburton and Shell, would be appearing before the Senate over violation of expatriate regulations. The erring companies, which are accused of flagrant abuse of expatriate laws, are expected to give details of their compliance to expatriate and labour laws when they appear before the Senate Committee,…

Read More

OPEC daily basket price closes at $104.92/b

Jul 31, 2013

The price of OPEC basket of twelve crudes stood at 104.92 dollars a barrel on Tuesday, compared with $105.21 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra…

Read More

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...