En+ Considers Move to Russia's New Offshore Zone
En+ Group, hit by U.S. sanctions against Russia in April, said on Thursday it was investigating the possibility of re-domiciling from Britain's Jersey to one of Russia's new offshore zones.London-listed En+ Group, which manages the energy and aluminium businesses of Oleg Deripaska, was one of eight companies with ties to the Russian tycoon to be placed on a U.S. Treasury blacklist in April. The sanctions were related to Moscow's alleged meddling in the 2016 U.S. election.En+ also said on Thursday that its board had already approved a move from Cyprus…
Norway's $975 bln Wealth Fund Should Improve Ethical Stance
Norway's $975-billion sovereign wealth fund, the world's largest, should be more forceful in promoting its ethical agenda and influencing the thousands of companies it invests in, a report commissioned by non-governmental organisations said on Monday. The fund, which invests the proceeds of Norway's oil and gas production for future generations, already has rules that stipulate, for example, that it cannot invest in firms that produce landmines or nuclear weapons, or derive more than 30 percent of their turnover from coal. But the study by the Re-Define thinktank said it could do much more.
Anger in the Delta Keeps Nigerian Crude Offline
Splinter militant groups a hurdle to ceasefire talks. Oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation's oil output, casting doubt on a production recovery in what is typically Africa's largest oil exporter. In the six months since the first major attack on Nigeria's oil - a sophisticated bombing of the subsea Forcados pipeline - dozens of attacks have pushed outages to more than 700,000 barrels per day (bpd), the highest in seven years. Talk in the country has shifted from ceasefire optimism…
Anger in the Delta Keeps Oil Majors Quiet
Oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation's oil output, casting doubt on a production recovery in what is typically Africa's largest oil exporter. In the six months since the first major attack on Nigeria's oil - a sophisticated bombing of the subsea Forcados pipeline - dozens of attacks have pushed outages to more than 700,000 barrels per day (bpd), the highest in seven years. Talk in the country has shifted from ceasefire optimism, and oil companies' assurances that repairs were underway, to hedged comments from the government and radio silence from oil majors.
Is It Time for the US to Dump Saudi Arabia?
After the recent execution of Shi'ite cleric Nimr al-Nimr by Saudi Arabia, the Middle East once again risks devolving into sectarian chaos. A mob torched the Saudi Embassy in Tehran, prompting Saudi Arabia and a number of its Sunni allies to break diplomatic relations with Iran. In response to the unfolding chaos, the Wall Street Journal responded by asking "Who Lost the Saudis?" - fretting that the lack of support from the United States could lead to the overthrow of the Saudi regime. This is a provocative query, reminiscent of the "Who Lost China?" attacks against President Harry Truman after the Communist takeover of mainland China in 1949. But it's the wrong question.
Nigeria's NNPC Shuts Refineries After Pipeline Attacks
Nigeria's state oil company said on Wednesday it had shut down two of its four refineries due to crude supply problems after recent pipeline attacks. The Nigerian National Petroleum Corporation carried out an "operational shutdown" of the refineries in the northern city of Kaduna and Port Harcourt, in the southern Niger Delta, on Sunday, it said in a statement. It was unclear how long the refineries would be shut. A spokesman declined to give details. The shutdown follows a weekend of attacks on pipelines in the Niger Delta, the oil hub in Africa's top crude producer.
Nigeria Ramps up Push to Eradicate Oil Theft
Nigerian authorities hope to put an end to rampant oil theft in eight months by increasing drone and naval monitoring of territorial waters and working with local communities, the state oil company chief said on Tuesday. The Niger delta has been plagued by oil theft for years that has left the region heavily polluted and prompted foreign oil companies, particularly Shell, to sell onshore assets. "We must eradicate oil theft in eight months ... Most of our product pipelines are ruptured and attacked frequently," Emmauel Ibe Kachikwu, head of the National Nigerian Petroleum Corp, said in an emailed statement. The reason for the deadline was not immediately clear.
Pirates Launch Renewed Attacks in Nigeria's Oil Delta
Pirates have launched a spate of attacks in the creeks of Nigeria's oil-producing Niger Delta region since last Thursday, killing three policemen and abducting at least nine people, security officials said. Most of those kidnapped were local workers in Africa's biggest oil industry, where piracy in the surrounding waterways and seas is on the rise again after a brief lull, bucking a global trend that has seen pirate attacks fall elsewhere. In the most recent attack, gunmen on a boat opened fire on police escorting a barge operated by Italian oil company ENI along the Santa Barbara River, killing three policeman. "Sea pirates attacked and killed three of our men.
Multiple Pirate Attacks in Nigeria's Oil Delta
Pirates have launched a spate of attacks in the creeks of Nigeria's oil-producing Niger Delta region since last Thursday, killing three policemen and abducting at least nine people, security officials said. Most of those kidnapped were local workers in Africa's biggest oil industry, where piracy in the surrounding waterways and seas is on the rise again after a brief lull, bucking a global trend that has seen pirate attacks fall elsewhere. In the most recent attack, gunmen on a boat opened fire on police escorting a barge operated by Italian oil company ENI along the Santa Barbara River, killing three policeman. "Sea pirates attacked and killed three of our men.
New sanctions threats as Ukraine stalemate goes on
A day after an international deal in Geneva to defuse the East-West crisis in Ukraine, pro-Russian separatists vowed not to end their occupation of public buildings and Washington threatened further sanctions on Moscow if the stalemate continued. Leaders of gunmen who have taken over city halls and other sites in and around Donetsk this month in pursuit of demands for a Crimea-style referendum on union with Russia rejected the agreement struck in Geneva by Ukraine, Russia, theUnited States and European Union and demanded on Friday that the leaders of the Kiev uprising must first quit their own government offices.
Russia Ships First Oil From Offshore Arctic Platform
President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share. Gazprom Neft, the oil arm of Russia's top gas producer Gazprom, shipped the first 70,000 tonnes of oil by tanker from the Prirazlomnoye platform, the site of a protest by 30 Greenpeace activists who were arrested last year. The launch of oil production in the Arctic, seen by Russia as one of the key sources in the gradual replacement of output from its depleted West Siberian fields, has long been delayed due to cost overruns and technical difficulties.
Energy Takes Centerstage in U.S., Russia Dispute
President Vladimir Putin warned on Thursday that Russian gas supplies to Europe could be disrupted if Moscow cuts the flow to Ukraine over unpaid bills, drawing a U.S. accusation that it is using energy "as a tool of coercion". In a letter to the leaders of 18 European countries, Putin made clear that his patience would run out over Kiev's $2.2 billion gas debt to Russia unless a solution could be brokered urgently. Russia has nearly doubled the gas price it charges Ukraine, whose economy is in crisis, since pro-Moscow President Viktor Yanukovich was overthrown two months ago.
