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Thursday, November 26, 2020

Ghana forces Eni to merge its Sankofa field with a domestic discovery

Ghana’s government is forcing Eni SpA to merge its Sankofa offshore oil field with a neighboring discovery made by a domestic explorer and imposing its own terms on the deal, according to a letter seen by Bloomberg. The West African country’s government is seeking to...

Oil production resumes in Tunisian Sahara after a 4-month shutdown

Tunis, Nov. 8, 2020 (PANA/Naija247news) Oil pumping has resumed from various oil fields of Tunisian Sahara, in the southern region of Tataouine, after an interruption of more than four months due to a blockade by young people in the area demanding the implementation of...

Seplat Plc 9M’20 Earnings – Paddling its way to recovery

Despite the jump in crude output, Seplat’s turnover fell 22% to $388 million (Vetiva estimate: $373 million) in 9M’20, as average realised oil price declined 40% y/y to $39/bbl. Additionally, an asset impairment expense of $158 million dragged the indigenous oil producer to a loss...

OVH Energy launches investigation into tank farm fire

By Solomon Asowata Lagos, Nov. 5, 2020 OVH Energy, operators of the tank farm gutted by fire on Thursday at Marine Beach, Ijora area of Lagos State says investigation is ongoing to unravel the cause of the incident. The company confirmed the development in a statement...

First E&P Kicks Off Production from Anyala West Field

Nigerian oil and gas company First E&P has this week announced it has started oil production from the Anyala West field offshore Nigeria. The field is located in Oil Mining Leases (OMLs) 83 & 85, in the shallow waters offshore Bayelsa State, Nigeria, and the...

Total Nigeria Revenue Dropped by 31.61% amid Increasing Bottom-Line Performance

TOTAL NIGERIA PLC Q3-2020 shows a decline in revenue by 31.61% to N151.71 bn from N221.84  recorded in the third quarter of 2019. Cost of sales also declined by 33.58% reducing the pressure of the low revenue on the gross profit. Notably, gross profit declined...

Saudi Aramco: Oil Demand Too Weak To Ease OPEC+ Output Cuts

Global demand currently is not supportive for OPEC+ easing the oil production cuts on January 2021, Ibrahim Al-Buainain, president and chief executive of Aramco Trading, told Gulf Intelligence on Wednesday. OPEC and its Russia-led partners will likely consider “a lot of demand issues” before tapering...

Exclusive: Chevron to downsize 25% of Noble Energy employees after merger

By Shariq Khan and Jennifer Hiller Chevron Corp will lay off about 25% of Noble Energy's employees who joined the oil major after its $4.1 billion purchase of the smaller rival earlier this month, the company told Reuters on Tuesday. A collapse in crude oil prices...

Seplat driving growth of domestic gas market to boost Nigeria’s energy deficit

SEPLAT Petroleum Development Company Plc, said it is driving the growth of the domestic gas market to power the economy particularly because of the energy short fall in terms of electricity. The Chief Executive Officer of Seplat, Mr. Roger Brown, said this at the 1stEdition...

Exxon Mobil “very close” to completing its workforce appraisals in U.S, Canada says CEO

HOUSTON - Exxon Mobil Corp XOM.N is "very close" to completing its workforce appraisals in the United States and Canada and expects to unveil job cuts, its chief executive told employees in an email on Wednesday. Quoting Reuters report, The second-largest U.S. oil company by...
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