Company Operations

Shell Nigeria rules out force majeure on oil export after Nembe fire

March 05, 2019 | Company Operations, Nigeria, Terminals & Storage

Lagos, Nigeria | – Shell Petroleum Development Company (SPDC) , a subsidiary of Royal Dutch Shell has disclosed that it does not have plans to declare force majeure on Bonny Light exports after a fire in an area around a key pipeline. A force majeure is usually declared to protect an oil exporter against any liability with buyers because of its inability to meet obligation. Shell stated that the Nember Creek Trunk Line (NCTL) had not been impacted by a fire, having been shut since …

ExxonMobil, Microsoft strike cloud computing agreement for U.S. shale

February 22, 2019 | Company Operations, Products, Services & Techniques

London, UK | – Exxon Mobil Corp and Microsoft Corp have agreed to use cloud technology in the U.S. oil producer’s shale operations, they said on Friday, helping to boost profitability in the nation’s largest shale field. The companies will collect data from Exxon’s wells and other production assets in the Permian Basin of West Texas and New Mexico, where the world’s largest publicly traded oil and gas company holds 1.6 million acres, and make it immediately accessible to Exxon workers. The value of the …

Baker Hughes predicts oil market growth, misses on profit

October 30, 2018 | Company Operations, Oilfield Services, Rigs & Vessels

London, UK | – Baker Hughes, one of the world’s largest oil field services companies and   General Electric Company’s oilfield services arm, said on Tuesday it expected higher rig count in North American and international markets in 2019. The company, which fell just short of estimates for third-quarter profit largely due to weakness in its turbomachinery and process solutions business, also indicated a strengthening offshore drilling market. The results follow those from bigger rivals Schlumberger and Halliburton Corporation, which barely beat quarterly profit estimates and …

NNPC, oil firms yet to remit $22bn oil revenue to government account since 2010

October 30, 2018 | Company Operations, Government & Regulations, Nigeria

Abuja, Nigeria | – A total of $22.06 billion and N481.75 billion oil and gas revenues are yet to be remitted to the Nigerian federation account by the state-owned Nigeria National Petroleum Corporation (NNPC), the Nigeria Petroleum Development Company (NPDC) and some companies in the oil and gas sector. This revelation was contained in a report by the Nigeria Extractives Industries Transparency Initiative (NEITI) made available to our bureau reporter on Monday at a conference on remedial issues in the oil sector held in Abuja. …

BP doubles quarterly profits in more than 5 years as crude prices and production rise

October 30, 2018 | Company Operations, Earnings Reports

London, UK  | – UK multinational oil and gas super major BP saw its profit more than double during the third quarter of 2018, making it the highest quarterly result in more than 5 years. For the Q3 2018, BP’s underlying RC profit was $3.8 billion, which is more than a double from a year earlier and the highest quarterly result in more than 5 years, including significant earnings growth from the Upstream and Rosneft. This compares to a $1.87 billion profit in the Q3 2017. Underlying …

Afren former executives sentenced for fraud and money-laundering

October 30, 2018 | Company Operations, Legal, Management

London, UK |  – The former CEO and COO of collapsed upstream company Afren were sentenced to up to six years in prison on Monday after they were convicted of fraud and money laundering over a $300 million business deal, Britain’s Serious Fraud Office (SFO) said. Former Afren Chief Executive Osman Shahenshah and former Chief Operating Officer Shahid Ullah laundered more than $45 million, some of which was used to buy luxury properties in Mustique and the British Virgin Islands, the SFO said. “The significant sentences …

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 …

Shell announces Senior Appointment

October 05, 2018 | Company Operations, Management

London, UK | – Royal Dutch Shell has announced that Tahir Faruqui, previously General Manager, Origination North & Central America Shell LNG Marketing & Trading, has been appointed as General Manager, Shell Global Downstream LNG. Faruqui will be based in The Hague and takes over from Lauran Wetemans who is moving on to a new position. Faruqui originally joined Shell in 1997 as a Senior Analyst with Shell Services in the US. Shortly after that, he pursued commercial deal making in Shell Capital, focusing on …