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Nigeria’s Q1 refinery output boosted by Niger Delta peace -NNPC

May 19, 2017 | Company Operations, Nigeria, Refining & Processing

Port Harcourt, Nigeria | – Nigeria’s refineries processed 10 million barrels of crude oil in the first quarter, more than they did for the whole of 2015, after talks with militants reduced attacks on facilities, the head of the Nigerian National Petroleum Corporation (NNPC) said. OPEC member Nigeria has a refining capacity of 445,000 barrels per day (bpd) but imports most of its fuel as its three refinery plants have been shut or are running at reduced capacity due to years of neglect, vandalism and …

Tullow Oil strikes more oil deposits in northern Kenya

May 19, 2017 | Company Operations, Exploration / Discoveries, Kenya

London, UK | – UK exploration company Tullow Oil has encountered around 75m of net oil deposits at an exploration well in Northern Kenya. The company found the new deposits at the Emekuya-1 well in Block 13T after drilling a depth of 1,356m and penetrated reservoir quality Miocene sandstones, which correlate to those seen at another Etom-2 well, where oil deposits were discovered earlier. Objective of the Emekuya-1 was to drill a fault block on the flank of the Greater Etom structure. Tullow Oil operates Blocks 13T and …

Shell seeks to sell Tunisian gas fields for $500 million

May 19, 2017 | Asset Acquisitions & Divestitures, Company Operations, Tunisia

London, UK | – Royal Dutch Shell Plc is seeking to sell its gas fields in Tunisia for about $500 million, sources said, as the Anglo-Dutch company pushes forward with its vast disposal program. The Tunisian assets, accounting for about 65% of the North African country’s gas production, were acquired as part of Shell’s $54 billion take over of BG Group in 2016. The assets include two offshore gas fields — Miskar, fully owned by Shell; and Hasdrubal, 50% owned by Shell — as well as an onshore production facility. In 2015, …

Shell testing Nigeria’s Forcados oil pipeline for restart

May 11, 2017 | Company Operations, Nigeria, Pipelines

Lagos, Nigeria | – Royal Dutch Shell is testing Nigeria’s Trans Forcados crude export pipeline for a potential restart with the Astro Perseus tanker expected to load the first cargo by the weekend, sources told Reuters on Tuesday. The pipeline has been mostly shut since it was bombed by militants in February 2016. After repairs, exports briefly resumed in October until a new attack forced another shutdown in early November. A spokeswoman for Shell declined to comment. Before the attacks, the Forcados stream accounted for …

ExxonMobil to acquire one of world’s largest aromatics plants

May 11, 2017 | Asia, Asset Acquisitions & Divestitures, Company Operations

London, UK | – ExxonMobil Chemical Company announced today that its Singapore affiliate has reached an agreement with Jurong Aromatics Corporation Pte Ltd to acquire its plant located on Jurong Island in Singapore. The plant, one of the largest in the world with an annual production capacity of 1.4 million tonnes, presents operational and logistical synergies for ExxonMobil’s integrated refining and petrochemical complex nearby. The company expects to complete the transaction in the second half of 2017. “As a leading global manufacturer of aromatics, the …

Statoil shares surge after quarterly profit jumps almost tenfold

May 04, 2017 | Company Operations, Earnings Reports

London, UK | – Statoil ASA, Norway’s  international energy company and the world’s largest offshore operator, rose the most in five months after first-quarter profit climbed on higher output amid recovering crude prices and as it deepened cost cuts to emerge from a downturn that has battered the industry for more than two years. The shares rose as much as 3.7 percent, the most since Dec. 12, and were up 2.9 percent as of 9:29 a.m. in Oslo, making it the biggest gainer on the Stoxx …

Anglo-Dutch Shell profit soars as oil sector bounces back

May 04, 2017 | Company Operations, Earnings Reports

Royal Dutch Shell’s profits surged in the first three months of the year on the back of rising oil prices. London, UK | – The Anglo-Dutch multinational oil and gas supermajor  said profits on a current cost of supply measure (CCS) – which strips out price fluctuations – jumped to $3.4billion (£2.6billion) from $1billion last year. A 55% rise in oil prices in the first quarter of 2017 compared with a year earlier was the main driver of profits. Excluding one-off items, profits on the …

ConocoPhillips sells San Juan basin assets for $3 billion

April 13, 2017 | Asset Acquisitions & Divestitures, Company Operations, Gulf of Mexico

Houston, Texas US | – The world’s largest independent exploration and production company, based on proved reserves and production of liquids and natural gas, ConocoPhillips announced it has entered into a definitive agreement to sell its interests in the San Juan basin to an affiliate of Hilcorp Energy Co for up to $3.0 billion of total proceeds, comprised of $2.7 billion in cash and a contingent payment of up to $300 million. The cash portion of the proceeds is subject to customary closing adjustments. The …