Upstream

Shell profits double to record $40 billion as war drives up energy costs

February 02, 2023 | Company Operations, Earnings Reports

London, UK | Global energy giant Shell made a record profit of almost $40 billion in 2022, more than double what it raked the previous year after oil and gas prices soared following Russia’s invasion of Ukraine. Europe’s largest oil company by revenue reported adjusted full-year earnings of $39.9 billion on Thursday — more than double the $19.3 billion it posted in 2021 — driven by a strong performance in its gas trading business. The company’s stock was up 2.6% in London at midday. Just over 40% of Shell’s …

Shell CEO defends strategy against activist investor’s bid to split company

October 28, 2021 | Company Operations

London, UK | Royal Dutch Shell Plc mounted a robust defence against activist investor Dan Loeb’s bid to split the company, and pension funds that are dumping its shares, saying the company’s integration of oil, gas and renewables is key to delivering the energy transition. The energy giant’s CEO is fighting to keep his strategy alive after suffering two major blows in a matter of days.  On Wednesday, Loeb’s Third Point Capital LLC said it had amassed a sizable stake in Shell and would push …

Nigeria loses $750m to oil theft in 2019 — NNPC

February 19, 2020 | Company Operations, Government & Regulations, Nigeria

Abuja, Nigeria | – The Nigerian National Petroleum Corporation (NNPC) says the nation lost about 750 million dollars to oil theft in 2019. The NNPC Group Managing Director, Malam Mele Kyari, disclosed this in Abuja on Tuesday according to Nigerian local newspaper, The Vanguard. Kyari said this when members of the Executive Intelligence Management Course 13 of the National Institute for Security Studies (NISS) visited the NNPC Towers. He decried the growing activities of oil thieves and pirates which he described as a threat to …

Nigeria’s state oil company and partners spent $360 million on Delta cleanup: NNPC

February 19, 2020 | Health, Safety & Environment, Nigeria, Politics & Social Unrest

Yenagoa, Nigeria | –  Nigeria’s state oil company and its joint venture partners have spent $360 million on cleaning up the Niger Delta oil heartland in the past two years, the Nigerian National Petroleum Corporation (NNPC) said on Monday, but locals said little work had been done. Nigeria is Africa’s biggest crude oil exporter. Oil sales account for around 90% of its foreign currency earnings but oil spills in the southern Niger Delta region have caused pollution and angered locals. Royal Dutch Shell Plc was …

US Slaps Sanctions On Russian Oil Major Rosneft

February 19, 2020 | Company Operations, Energy Trading & Markets, South America

London, UK | – The United States on Feb. 18 ramped up pressure on Venezuela by blacklisting a subsidiary of Russian state oil major Rosneft that President Donald Trump’s administration said provides a financial lifeline to President Nicolas Maduro’s government. The U.S. Treasury Department imposed sanctions on Rosneft Trading SA, the Geneva-based trading unit of Rosneft, as Washington targeted Moscow over its backing of Maduro’s government. The move further complicates already-fraught U.S.-Russian relations. Russia condemned the sanctions, saying they amounted to unfair competition and would …

TGS partnership acquiring more seismic offshore Senegal

February 19, 2020 | Offshore, Rigs & Vessels, Seismic, Senegal

TGS has completed its latest 3D survey offshore Senegal Asker, Norway | – TGS-NOPEC Geophysical Company ASA, referred to as TGS and listed on the Oslo Stock Exchange, has completed its latest 3D survey offshore Senegal. SN-UDO-19, off the country’s northern shore, follows the earlier SS-UDO-19 in the southern offshore. TGS will make available fasttrack data this spring with the full data-set released later in the year. The acquisition vessel BGP Prospector has sailed 200 km (124 mi) north to acquire a further 2,024 sq km (781 sq …

BP halts output at North Sea ETAP platform after power failure

February 19, 2020 | Company Operations, North Sea & Western Europe, Upstream

London, UK – British multinational oil and gas company, BP  halted production at its ETAP platform, which connects seven oil and gas fields in the British North Sea with the Forties Pipeline System and the CATS gas terminal, after a problem with its power generation system, the company said on Wednesday. It also evacuated 66 of the 134 people working on the platform “We are working to resolve the power generation issue,” BP said in a statement. ETAP’s production is between 30,000 and 35,000 barrels …

Uganda set to miss 2022 oil production deadline

October 01, 2019 | Company Operations, Development / Production, Uganda

London, UK | – French multinational oil giant Total E&P’s decision to suspend all oil activities in Uganda after Tullow Oil’s failure to sell a stake of its interests will delay Uganda’s plans of producing first oil, hurting the country’s position of meeting some of its debt obligations, reports the Observer. Uganda has racked up a pile of debts – such as the construction of roads and power plants – in the hope that oil money would flow quickly so that the country can service …