Regional News

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Nigeria unveils $48 billion upcoming oil & gas projects at IP conference in London

March 27, 2019 | Africa, Nigeria

London, UK | — The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, yesterday said $48billion oil and gas investment opportunities have been identified in the Nigerian oil and gas industry. Speaking on ‘Insights on Future Exploration Hotspots: Opportunities for Africa’s Oil & Gas Industry, at the 2019 International Petroleum Week conference in London, Baru urged investors to invest in Nigeria through the identified investment opportunities. The projects are specifically in the areas of exploration and production, particularly the frontier oil basins, …

China’s ShFE launches crude oil futures index; plans more products

March 27, 2019 | Asia, Economics & Markets

Shanghai, China |  — China on Tuesday marked the 1st anniversary of the trading of crude oil futures at the Shanghai Futures Exchange with the index launch, in the country’s pursuit of higher-level opening-up. The index is based on the price movements and on the rate of return for the most actively traded contract for the crude futures at the Shanghai Futures Exchange, aiming to provide a clearer market reflection of the futures’ continuous trading to investors at home and abroad. The Shanghai Futures Exchange …

Saudi Aramco inks $10 billion China refinery deal

February 22, 2019 | Asia, Downstream, Refining & Processing

London, UK | – Saudi Arabian state-owned oil company Saudi Aramco signed a $10 billion deal to build a refining and petrochemical complex in China on Friday, as Saudi Crown Prince Mohammed bin Salman wrapped up a two-day trip to Beijing. The Saudi delegation, including top executives from Aramco, arrived on Thursday on an Asia tour that has already seen the kingdom pledge investment of $20 billion in Pakistan and seek to make additional investments in India’s refining industry. Aramco agreed to form a joint …

Shell plans to enter UK offshore wind sector

February 22, 2019 | North Sea & Western Europe, Offshore, Wind

Shell New Energies VP says oil major may bid for leases or buy into projects London, UK | – Oil multinational giant Shell confirmed it plans to enter the UK offshore wind sector. Royal-Dutch Shell’s New Energies executive vice president Mark Gainsborough told Reuters the group “absolutely would like to get a position” in the UK market, either by bidding for a lease or buying a stake in an existing project. He told the financial news agency Shell would take an “active role” in a new …

UK’s Cuadrilla to begin shale gas fracking in NW England next week

October 05, 2018 | Company Operations, Fracking, North Sea & Western Europe, Shale oil & gas

London, UK | — UK shale gas pioneer Cuadrilla Resources is to begin hydraulic fracturing at the first of its two horizontal shale gas wells at its Preston New Road site in Northwest England “in the next week,” the company said Friday. Once the fracking starts, it will represent the first such activity in the UK since 2011. The UK is increasingly dependent on gas imports, with Cuadrilla and its peers saying shale gas can go some way to reducing that dependence. “The start of hydraulic …

Exxon Mobil considers divesting oil assets in Gulf of Mexico

October 05, 2018 | Asset Acquisitions & Divestitures, Company Operations, Gulf of Mexico

London. UK | – American multinational oil and gas giant ExxonMobil is reportedly considering divesting a number of its US Gulf of Mexico oil assets. Sources familiar with the matter were quoted by Reuters as saying that the sale plan is the result of the US-based ExxonMobil’s review into its portfolio. Expected to take place in 2019, the sale would enable the company to concentrate on offshore areas such as Guyana and Brazil and onshore in the Permian basin of Texas. According to Reuters, a …

Marathon Oil begins divestment of UK North Sea oil and gas fields

October 05, 2018 | Asset Acquisitions & Divestitures, Company Operations, North Sea & Western Europe

London, UK | –  American independent petroleum and natural gas exploration and production company Marathon Oil has started the sale process of its UK North Sea oil and gas fields. By offloading these North Sea oil and gas fields, Marathon Oil aims to focus on onshore shale production in the US, reported Reuters, which had seen the sale document. With the latest move, Marathon Oil would join a number of other firms such as Chevron, ConocoPhillips and EOG Resources that have decided to exit the …

BP to roll-out electric chargers widely over next 12 months in UK

October 05, 2018 | Company Operations, North Sea & Western Europe, Renewable Energy

London, UK | – Multinational energy giant BP Plc has said its customers in the UK can expect to access BP Chargemaster chargers rolling out at scale on forecourts over the next 12 months, on both company owned and dealer channels. David Newton, chief operating officer at BP Chargemaster, told delegates at this week’s Forecourt Trader Electric Track Day that the company’s aim was to manage the energy transition and changing customer demand by supporting opportunities for customers to reduce their emissions. “BP Chargemaster and …