Exxon posts first annual loss in 21 years

Exxon posts first annual loss in 21 years

ExxonMobil recorded its first yearly loss since 1999 after losing $22.4 billion in 2020, the oil supermajor said at an earnings call on Tuesday. The energy industry has been taking a battering from a record oil price crash as stay-at-home directives around the world triggered the steepest fall in oil use in history, and crude…

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Notore intensifies TAM programme in Q1 2021

Notore intensifies TAM programme in Q1 2021

Notore Chemical Industries Plc has intensified efforts on its turnaround maintenance (TAM) programme to achieve the capacity of 500,000mtpa and boost profitability from 2021. The company has fixed March 8, 2021 as the completion date for the exercise, which is expected to significantly increase its production volumes, revenue, and operating cash flows. Group Managing Director,…

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New petrol regulations seek forex parity between NNPC, marketers

New petrol regulations seek forex parity between NNPC, marketers

Nigeria Labour Congress (NLC) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) have said they are studying new regulations adopted by the Federal Government yesterday to guide importation, pricing and distribution of petrol. The unions promised to make their positions known soon. Under the new rules, which was submitted by the Technical…

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Oil majors leverage $5 cost per barrel as indigenous firms struggle to keep margin

Oil majors leverage $5 cost per barrel as indigenous firms struggle to keep margin

A comparative analysis of key global upstream operations by Rystad Energy has shown that oil majors, led by Total, last year, kept their operating cost per barrel of oil equivalent (boe) consistently below $5 to survive the impact of the pandemic, just as Nigerian oil firms struggle to achieve $10 per barrel production cost. According…

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Heirs plans to triple output from Shell oil block – CFO

Heirs plans to triple output from Shell oil block – CFO

Nigerian independent producer Heirs Oil & Gas Ltd. plans to restore an oil block acquired from Royal Dutch Shell Plc to its former output levels to make it one of the country’s biggest local operators. Heirs finalized last month its purchase of an operating stake in a permit known as Oil Mining Lease 17 in…

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Savannah Energy slashes capex expenditure in Nigeria to $100m over 3 year period

Savannah Energy slashes capex expenditure in Nigeria to $100m over 3 year period

Savannah has announced an amendment of its planned four-year capital expenditure programme in Nigeria, as originally set out in the Nigeria Competent Person’s Report, CPR, ) published December 2019. The Company now expects to reduce its Nigerian capital expenditures by 15 per cent over the 2020-23 period from approximately $118m to $100m. This has resulted…

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Minister launches Atlantic Energy Infrastructure Park in Bayelsa

Minister launches Atlantic Energy Infrastructure Park in Bayelsa

The Minister of State for Petroleum Resources, Chief Timipre Sylva at the weekend performed the groundbreaking ceremony of an Energy Infrastructure Park being developed by Atlantic International Refinery and Petrochemical Limited in partnership with the Nigerian Content Development and Monitoring Board (NCDMB) at Okpoama, Brass Local Government Area, Bayelsa State. The Minister also commissioned three…

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Nigeria’s crude exports hit 3 year low

Nigeria’s crude exports hit 3 year low

West Africa’s oil exports slumped to the lowest level in at least three years last month as infrastructure woes for some of Nigeria’s biggest streams combined with gradually waning output in Angola. Combined flows from the region fell to 3.41 million barrels a day in January from 3.8 million barrels a day in December, according…

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San Leon Energy expects to tie up Oza funding soon

San Leon Energy expects to tie up Oza funding soon

Further to its previous announcements, San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, is pleased to provide an update on the funding arrangements by Decklar Petroleum Limited (“Decklar”) to develop the Oza Oil Field in Nigeria. When fully disbursed, the funding is expected to be sufficient to re-establish…

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