Tuesday, December 10, 2019

Nigeria News

Nigeria Commits to OPEC Agreements

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Nigeria is committed to full implementation of agreements among OPEC and non-OPEC members, its minister of state for petroleum said on Sunday, ahead of an OPEC meeting in Vienna.Timipre Sylva said he had told Saudi Energy Minister bin Salman that Nigeria's compliance had improved substantially since August. Prince Abdulaziz serves as chairman of the OPEC and non-OPEC joint ministerial monitoring committee.OPEC ministers meet among themselves in Vienna on December 5…

Oil Majors to Raise $27Bln in Selling Spree

Pic: Rystad Energy

Global giants of the oil and gas industry – the so-called supermajors – are looking to sell assets that could fetch a total of $27.5 billion, according to Rystad Energy’s latest assessment.These companies are actively shedding mature assets on a massive scale in a bid to finance higher-yielding investments elsewhere, with the added benefit of pleasing shareholders who are calling for stricter capital discipline.“The expected transactions mean some of the majors are poised to exit certain regions…

Chevron Seeks to Shrink Nigerian Presence

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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.

Eni Starts Production at Obiafu 41

Italian oil major Eni said it has started gas and condensate production from the Obiafu 41 discovery, Niger Delta, three weeks after well completion. The discovery contains approximately 28 billion cubic meters of gas and 60 million barrels of condensate, and the gas from this discovery will largely be channeled to the domestic market in order to feed the power sector.This record time-to-market was made possible thanks to an integrated model…

India's Oil Imports at 3-year Low

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India's oil imports fell to their lowest in more than three years in September to 3.82 million barrels per day (bpd), data obtained from industry and shipping sources showed, as some refiners cut purchases due to shutdowns for maintenance and fuel upgrades.Last month, Saudi Arabia replaced Iraq as top oil supplier to India after a gap of about 13 months, the data showed.September oil imports, which dropped below 4 million bpd for the first time since June 2016…

Damen Patrol Vessels for Offshore Nigeria

Damen recently delivered a pair of FCS 3307 high-spec patrol vessels to be operated by Homeland Integrated Offshore Services (Homeland IOS Ltd) in Nigeria. Photo: Damen

Damen recently delivered a pair of FCS 3307 high-spec patrol vessels to be operated by Homeland Integrated Offshore Services (Homeland IOS Ltd) in Nigeria, and now the boats are being prepared for their assignments. The boats will be deployed in the Gulf of Guinea to protect and support the offshore assets of Homeland’s clients which include many international oil companies.Features of the 33-m vessels include Damen’s trademark…

W. Africa Crude-Freight costs ease, especially for VLCCs

File Image (CREDIT: K LIne)

Freight rates eased further on Friday, especially for the largest oil tankers, promising some recovery for West African oil prices which had touched multi-year lows. VLCC freight costs eased more rapidly than smaller Suezmaxes, making it less advantageous to ship on the latter. Prices for Suezmaxes were estimated around world scale 190-200, with one European buyer estimating further relief to around 150 by the end of next week.Nigeria's…

US DOJ Closes Eni Investigations

Eni CEO Claudio Descalzi (Photo: Eni)

The U.S. Justice Department has closed its investigations into alleged corruption by oil major Eni in Nigeria and Algeria without taking any action, the Italian energy group said on Tuesday.Eni, the biggest foreign oil and gas producer in Africa, is currently on trial in Milan on graft allegations revolving round the acquisition of a giant Nigerian oilfield in 2011.In that case Eni and peer Royal Dutch Shell are accused of buying…

Swiss Prosecutors Aid Italian Oil Corruption Probe

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Switzerland's top court has allowed Geneva prosecutors to share with Italy material they seized more than three years ago that could shed light on a case involving oil majors Eni and Royal Dutch Shell and corrupt payments in Nigeria.In a ruling announced on Monday, the Federal Tribunal rejected Nigerian defendant Emeka Obi's appeal to prevent photocopies of items and computer files from his confiscated suitcase from being sent…

SCD JV Win $10bln NLNG Train7

Image: Nigerian LNG

The Nigerian Liquefied Natural Gas Company (NLNG) signed a “letter of intent” with SCD JV as preferred bidder to construct the $10bn NLNG Train 7 project.SCD JV  is a joint venture consortium comprising Saipem, Chiyoda and Daewoo."SCD JV is the preferred bidder for  the contract for the Engineering, Procurement & Construction of the Nigeria LNG Train 7 Project after a competitive FEED contract," said NLNG.The intended award of…

Saudi Minister Commits to Output Cuts

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Oil prices rose more than 2% on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country's policy of limiting crude output to support prices.Prince Abdulaziz, son of Saudi King Salman and a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), replaced Khalid al-Falih on Sunday."The move is bullish for oil prices," Phil Flynn, an analyst at Price Futures Group in Chicago, said in a note.

Industry Showcases Positive Changes at OE 2019

Photo: SPE Offshore Europe

Commitment to accelerating the energy transition is gathering pace, as operators and technology developers at SPE Offshore Europe 2019 said they will invest to secure a more sustainable energy mix.In another encouraging sign that the energy industry is steadily continuing to emerge from the downturn, there were more than 38,000 visitors to the show.The industry’s entire exploration and production supply chain was showcased at OE19…

US Judge Rejects Exxon, Shell Nigeria Case

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A U.S. judge on Wednesday rejected Exxon Mobil Corp's and Royal Dutch Shell Plc's effort to revive a $1.8 billion arbitration award against Nigeria's state-run oil company, which stemmed from a dispute over a 1993 contract to extract oil near the African country's coastline.U.S. District Judge William Pauley in Manhattan cited public policy and due process considerations in deciding not to enforce the October 2011 award against Nigerian National Petroleum Corp (NNPC)…

Harvey Gulf Continues Global Expansion

Harvey Gulf CEO Shane Guidry

The Company announced today that its two PSV 3250’s arrived without incident in Nigeria on August 12, 2019 and immediately began one-year contracts.CEO Shane Guidry commented, “We want to thank our local partner and our Nigeria employees for working 100 percent within our policies, procedures and most importantly our safety culture. We look forward to growing our business in the region.” The Company continues to expand globally…

Lekoil Acquires Interest in Niger Delta Basin

Image: Lekoil

Nigeria and West Africa-focused oil and gas exploration and development company Lekoil has agreed to acquire, subject to the receipt of the required consents, a 45% participating interest in the production sharing contract (PSC) in relation to the oil prospecting licence (OPL) 276.The PSC is acquired by Lekoil 276 Limited, which is a 100 per cent. owned subsidiary of Lekoil Nigeria, covers a territory located onshore in the eastern Niger Delta basin.The agreed acquisition…

Brazil Leads FPSO Crude Production Capacity

Image: Petrobras

Brazil will also lead globally on crude production capacity through upcoming floating production storage and offloading (FPSO) vessels with 2,430 thousand barrels per day (mbd) between 2019 and 2025.A total of 20 planned and announced floating FPSOs are expected to be deployed offshore Brazil during the outlook period, the highest among countries globally, revealed a report by ResearchAndMarkets.Among the 20 upcoming FPSOs to be deployed in Brazil by 2025…

African LNG to Attract $103Bln in 2019

Pic: GECF

With greenfield investments in Nigeria, Egypt, Mozambique and elsewhere reaching nearly $103 billion this year, it is clear that liquefaction is viewed as the most profitable strategy for realizing Africa’s gas potential, said Gas Exporting Countries Forum (GECF).Africa is an exciting frontier in the global natural gas sector. The continent holds 7.1 percent of proven global gas reserves and is expected to contribute nearly 10…

MDL Wins Equatorial Guinea Pipelay Work

Pic: Maritime Developments

Maritime Developments (MDL), a provider of back-deck equipment for the subsea sector of oil and gas industry, has been awarded a contract to supply a complete pipelay spread and personnel for a flexible installation offshore Equatorial Guinea.The award comes from a new client, whose work scope covers the launch of a number of new wells in an existing network of drill centres in the West African basin, MDL said.The MDL spread will consist of the MDL Horizontal Lay System (HLS)…

Nigerians Pursue Shell Spill Case in the UK

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The Supreme Court in London will hear an appeal by Nigerian farmers and fishermen to pursue claims in England against oil major Shell over oil spills in the Niger Delta, lawyers for the two affected communities said on Wednesday.The decision to hear the appeal re-opens the possibility for British multinationals to be held liable at home for their subsidiaries' actions abroad.

Eni CEO Sues Lawyer for Defamation

Eni Chief Executive Claudio Descalzi (Photo: Eni)

The head of Italian oil group Eni has sued a former legal adviser to the company for defamation after excerpts of the lawyer's written testimony relating to a Nigerian corruption case were published in several newspapers on Wednesday.Eni said Chief Executive Claudio Descalzi had taken the legal action after newspapers quoted from the testimony, which was given by Piero Amara in an investigation into allegations of obstruction…