Company Operations

Nigeria has no plans to renew expired oil block licences

July 25, 2019 | Company Operations, Government & Regulations, Licensing & Concessions, Nigeria

NNPC withholds payments to Eni Abuja, Nigeria | – The Nigerian government has no immediate plan to renew the expired oil block licences, particularly those belonging to international oil companies (IOCs) operating in the country, the Group Managing Director of the Nigerian National Petroleum Corporation, Mr Mele Kyari, has said. Nogtec Abuja bureau gathered that the IOCs operating some oil blocks with expired licences in various locations in the Niger Delta had been making enquiries on when the government would renew the licences. Commenting on …

Tullow reduces oil production outlook again on Ghana faults

July 24, 2019 | Company Operations, Energy Trading & Markets, Ghana

London, UK | – Tullow Oil reduced its 2019 production forecast for the second time in three months as technical glitches in Ghana continued to cast a shadow. Full-year output is now seen at 89,000 to 93,000 bpd, reflecting delays in well completion at the African country’s TEN project, Tullow said Wednesday. It’s a further setback for a company that relies on the continent for more than 90% of its revenue. “The main issue is down to these last couple of wells at Enyenra, which …

Italian Eni announces a new light oil discovery offshore Angola

May 14, 2019 | Angola, Company Operations, Exploration / Discoveries

London, UK | – Italian multinational oil major Eni has made a new light oil discovery in Block 15/06, in Angola’s deep offshore. The well was drilled on the Ndungu exploration prospect. The new discovery is estimated to contain up to 250 million barrels of light oil in place, with further upside. After Kalimba, Afoxé and Agogo, the Ndungu discovery further demonstrates the exploration potential contained in the block’s deeper geological sequences. The Ndungu-1 NFW well is located a few kilometres from Eni’s West Hub …

Schlumberger sells drillpipe and fishing businesses

May 14, 2019 | Asset Acquisitions & Divestitures, Company Operations, Oilfield Services

Houston, US | – Wellbore Integrity Solutions (WIS), and Schlumberger announced that they have entered into an agreement for WIS to acquire the businesses and associated assets of DRILCO, Thomas Tools, and Fishing & Remedial services, along with part of a manufacturing facility located on Rankin Road in Houston, Texas. The transaction is valued at approximately $400 million and is subject to regulatory approvals and other customary closing conditions. The parties expect to close the transaction by year-end 2019. WIS expects to operate the combined …

Shell targets 600 MMcf/day gas output from new Nigerian projects

May 14, 2019 | Company Operations, LNG & LPG, Nigeria

Lagos, Nigeria | — The Shell Petroleum Development Company of Nigeria (SPDC), a subsidiary of Royal Dutch Shell aims to produce 600 MMcf/day of natural gas from fields in south eastern region of to bolster energy supply in the oil-rich West African country, the company said late Monday. Development of the Assa North and Ohaji South gas projects in Imo state will generate energy equivalent of about 2,400 MW, enough to provide uninterrupted electricity to about 2.4 million homes, according to Shell. “The projects would be …

Chinese firms skip Iran oil purchases for May to avoid U.S. sanctions

May 10, 2019 | Company Operations, Energy Trading & Markets, Terminals & Storage

London, UK | – China Petrochemical Corp (Sinopec Group) and China National Petroleum Corp (CNPC), the country’s top state-owned refiners, are skipping Iranian oil purchases for loading in May after Washington ended sanction waivers to turn up pressure on Tehran, three people with knowledge of the matter said. The United States has not renewed any exemptions from sanctions on Iran, taking a tougher line than expected on the expiry of the waivers. The waivers were granted last November to buyers of Iranian oil. China is …

Total and Sonangol sign oil block contract in São Tomé & Príncipe

March 27, 2019 | Company Operations, Licensing & Concessions, West Africa

London, UK | – São Tomé and Príncipe’s National Petroleum Agency on Friday signed a production-sharing agreement with the consortium made up of France’s Total E&P and Angola’s Sonangol, according to a statement released on Monday in São Tomé. The production-sharing agreement, signed after the conclusion of negotiations with the consortium, is focused on oil prospecting in Block 1 of São Tomé and Príncipe’s Exclusive Economic Zone, the agency said. Negotiations, which began on 9 November 2018, came after the National Petroleum Agency made the …

BP announces new $100m Upstream Emission Reduction fund

March 27, 2019 | Company Operations, Renewable Energy, Upstream

London, UK | – British multinational oil and gas company, BP plc today announced that it has established a new $100m fund for supporting projects that can deliver greenhouse gas emissions reductions from its Upstream oil and gas activities. Just days after reported suggested the company had controversially lobbied against US rules to curb upstream methane emissions, the oil giant said it was on track to meet its internal methane intensity targets and is now stepping up investment in pursuit of further emissions savings. The new Upstream …