Canada regulator suspends Imperial's application to extend Norman Wells oil permits
The Canada Energy Regulator announced on Tuesday that Imperial Oil has put its application to extend life of the remote Norman Wells oil-and-gas facility in Canada's Northwest Territories on hold until a report on environmental assessment is completed. The Norman Wells site is located on nine islands, both natural and artificial in the Mackenzie River (Canada's longest river) and near the town of Norman Wells. Imperial, owned by Exxon Mobil Corp., requested last year that its Norman Wells Operating Permit, due to expire Dec. 31, 2024, be extended by an additional 10 years.
Exxon-Seplat $1.28 billion deal approval imminent, Nigeria president says
Bola Tinubu, the President of Nigeria, said that Exxon Mobil Corp.'s sale of its Nigerian assets to Seplat Energy would be approved within days once it received approval from the regulator. Analysts say that the $1.28 billion transaction has been closely monitored since it was announced in 2022. It will also signal to investors similar deals such as Shell's sale of assets to Renaissance in January. In a television broadcast marking the 64th anniversary of Nigeria's independence, Tinubu said that his government is committed to making it easier for investors to come to and leave while maintaining the country's regulatory process.
Trafigura Merging China Oil Operations in New Shanghai Trading Desk
Swiss commodities merchant Trafigura plans to merge its three-year-old crude oil marketing office in Qingdao, in east China's Shandong province, with an oil desk being set up in Shanghai, according to three sources with knowledge of the matter.Trafigura earlier this year created a head oil trader position in its Shanghai office, which has long focused on metals, said the sources. Huang Shufu, from the company's Singapore-based oil team, was made the team leader, they said.Trafigura declined to comment on the merging of the offices or on the appointment of Huang to head the Shanghai oil team.
Genel Energy Names Higgs CEO
Genel Energy Plc named oil veteran and Chief Operating Officer Bill Higgs as its top executive, the oil and gas exploration and production company said on Monday.Higgs' appointment as chief executive officer comes as the company, the largest holder of reserves and resources in Iraq's Kurdistan region, negotiates with the regional government to develop Bina Bawi field after it wrote down $424 million on neighboring Miran oil and gas field in March.The company swung to an operating loss of $254.6 million in the year ended Dec. 31, including the non-cash charge…
China Willing to Invest $3 Bln in Nigerian Oil Operations
China National Offshore Oil Corp (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.During a visit to Nigeria's state-owned NNPC, CNOOC Chief Executive Yuan Guangyu said the Beijing-based oil company had invested more than $14 billion in its Nigerian operations and expressed readiness to invest more.Guangyu said Nigeria was their largest investment destination and also asked the NNPC to seek common grounds…
Occidental Q1 Profit Spikes above Estimates on Oil Price Rise
U.S. oil producer Occidental Petroleum Corp posted better-than-expected quarterly results on Tuesday, with profit jumping more than six-fold on rising crude prices, cost cuts and improving chemical sales.Oxy, the largest oil producer in the Permian Basin of West Texas and New Mexico, posted net income of $708 million, or 92 cents per share, compared to $117 million, or 15 cents per share, in the year-ago quarter.Analysts expected earnings of 70 cents per share, according to Thomson Reuters I/B/E/S.Oxy's U.S. oil operations swung to a profit in the quarter, largely due to rising crude prices.
Houthis Attack Saudi Oil Tanker
An attack on a Saudi tanker by Yemen's Houthis will not hit oil supplies, Saudi Arabia's energy minister said on Wednesday, after the Iran-allied group said it had targeted a warship in response to an air strike that killed civilians. The Western-backed, Saudi-led coalition which includes other Sunni Muslim states says the Houthis attacked the oil tanker off Yemen's main port of Hodeidah on Tuesday. The Houthis, however, say they targeted a coalition warship in response to an air strike on Hodeidah on Monday that killed at least a dozen civilians, including seven children. "The terrorist attack ...
Noble Group to Exit Oil Trading: Sources
Trader exodus in London, Singapore; Vitol bought core of oil business based in Americas in Oct. Noble Group is closing down its London oil desk and winding down its Asia oil operations, sources familiar with the matter said, as heavy losses and high debt force what was once Asia's biggest commodities trader to restructure. The closures follow the sale of its larger U.S. oil trading business to Vitol, announced in October, and a nine-month loss of some $3 billion reported in November. Since then, Noble has been winding down its remaining oil trading operations in London and Singapore, with many key traders leaving to join competitors. "That (U.S.
Cenovus Energy to Shed Pelican Lake Assets
Canada's Cenovus Energy Inc said on Tuesday it would sell its Pelican Lake heavy oil operations in Alberta for C$975 million ($786.92 million) and the oil company is also considering sale of other assets to reduce debt. Cenovus said the proceeds from the sale would be used to fund the acquisition of ConocoPhillips' assets, which it purchased for $13.3 billion in March. Reuters reported in August that Canadian Natural Resources Ltd was among potential bidders for the Pelican Lake assets and was in advanced talks to buy them earlier this month. Cenovus also said on Tuesday it was close to selling its Suffield oil and natural gas assets in Alberta…
Unpaid Wages, Sackings Stir New Tension in Nigeria's Oil Hub
The moment a group of Nigerian contractors met executives from Italian oil major ENI to discuss unpaid wages they started shouting, calling them fraudsters and liars until a police commander restored calm. Wenenda Mpi, local manager of ENI unit Agip, blamed the payment delays on debts owed by the Nigerian National Petroleum Corporation (NNPC) and said the government had promised to sort the problem out. The heated meeting, called after hundreds of ENI contractors threatened a protest that police feared could turn violent, highlights the challenge of stabilising the Niger Delta oil region, even though attacks on oil facilities have halted.
Libyan NOC Official Warns of Force Majeure at Oil Ports as Rivals Mobilize
A senior official at Libya's National Oil Corporation (NOC) warned on Monday of a possible declaration of force majeure at the Es Sider and Ras Lanuf oil terminals, as air strikes continued and rival forces mobilized fighters in the area. NOC board member Jadalla Alaokali said force majeure, a legal waiver for contractual obligations, would "likely" be declared if violence continued, though he gave no timeframe. Libya's eastern-based Libyan National Army (LNA) lost control of Es Sider and Ras Lanuf to a rival faction, the Benghazi Defence Brigades (BDB), 10 days ago. Both sides have since been mobilizing, and the LNA has been conducting daily air strikes in the area.
Albania State Oil Firm Takes over Fields from Partner
Albania's state-owned Albpetrol said on Thursday it had reclaimed two oil zones from its output-sharing partner GBC Oil after it failed to pay Albpetrol more than $20 million. Complying with a mid-December order by the government, Albpetrol had already initiated procedures to retake control of the Gorisht-Kocul oilfield and over the next few days was going to repossess the Cakran-Mollaj oilfield, Albpetrol said. Since Albania ditched communism 2-1/2 decades ago and invited foreign bids for oil and gas, GBC Oil is the first company which has its operation taken over by Albpetrol, which represents Albania in the lucrative output-sharing contracts.
Ghana Appoints New Head to National Oil Company
Ghana's new government on Tuesday replaced the head of the national oil company after an election in which it promised greater transparency in the sector and a fairer use of oil revenues. It appointed Kofi Konadu Sarpong, former head of Ghana's only refinery, the Tema Oil Refinery (TOR), to replace Alex Mould as head of Ghana National Petroleum Corporation (GNPC), a senior aide at the presidency told Reuters. Ghana produces around 100,000 barrels per day and has made $3 billion in revenue since it began producing crude in 2010 from an offshore field operated by British company Tullow . A second Tullow field opened last August.
Libya Government, Oil Guards Reach Deal to Reopen Ports
Libya's U.N.-backed government has signed a deal with an armed brigade controlling the major Ras Lanuf and Es Sider oil ports to end a blockade and restart exports from the terminals shut down since December 2014. Reopening the ports would be a huge step for the North African state, which since the 2011 fall of Muammar Gaddafi has slipped into chaos that has cut its oil output to less than a quarter of pre-2011 levels of 1.6 million barrels per day. No specific date was set for restarting exports, but swift resumption would be hampered by technical damage from militant attacks and by opposition from the state-run National Oil Corporation…
Libya's PFG to Lift Terminal Blockades
Petroleum Facilities Guard has blocked terminals for months. Ras Lanuf, Es Sider terminals damaged by fighting. Libya's Petroleum Facilities Guard (PFG) will start lifting a blockade on eastern oil terminals over the next three days, though a resumption of exports will depend on the state of the ports, a spokesman said on Friday. The PFG, which protects Libya's oil terminals and fields, has blockaded the major eastern terminals of Ras Lanuf, Es Sider and Zueitina for months, and promises earlier this year to reopen them have so far come to nothing. Labour disputes, political conflict and security threats have crippled Libya's oil output over the past three years.
Husky Energy Rushes to Clean up Canada Oil Spill
Crews rushed to clean up on Friday an oil leak by Husky Energy into a major Canadian river, as officials focused on concerns about contaminating drinking water of communities downstream. The company said late on Thursday it shut and isolated a pipeline on its Saskatchewan Gathering System, after roughly 200,000 to 250,000 liters of heavy oil and diluent spilled from the line, running into the North Saskatchewan River. "My understanding is that the leak is stopped, the site is contained, and they are fully into clean-up phase," said Karen Hill, spokeswoman for Saskatchewan's environment ministry, in an email.
PDVSA near Deals to Boost Schlumberger Presence
Venezuela's state oil company, PDVSA, is close to reaching deals to boost Schlumberger's presence after the oilfield services provider said in April it would reduce operations because of payment problems, PDVSA's president told Reuters. PDVSA, the exclusive operator of the OPEC country's vast oilfields, has run up billions of dollars in unpaid bills to service providers as a result of cash-flow problems. U.S. oil services company Halliburton Co in April also said it would begin curtailing activity in Venezuela. Eulogio Del Pino, president of PDVSA, on Friday night said some of Schlumberger's operations had been reduced but added others were being reinforced.
Canada: Oil Facilities Largely Okay, Restart a Challenge
The mass evacuation of residents from the wildfire-devastated Canadian oil town of Fort McMurray is likely to significantly delay the restart of production, even though energy facilities themselves have escaped major damage from the flames. The huge wildfire that entered its second week on Sunday has destroyed entire neighborhoods in the town, forcing nearly 100,000 people to flee. Even though Canadian officials on Sunday showed some optimism that they were beginning to get on top of the wildfire, oil prices jumped in early Asian trading on concerns over the loss of production capacity caused by the fire -- equivalent to around half of the country's oil sands production.
Foreign Oil Firms to Settle Iran's Debt in Euros
Iran's oil minister said foreign oil companies that owe his country billions of dollars are likely to settle their debts in euros. Greece's Hellenic Petroleum, Italy's Saras and Royal Dutch Shell owe Iran about $4 billion which will be paid back in euros, Iranian Oil Minister Bijan Zanganeh was cited by the ministry's news agency Shana as saying on Tuesday. Shell has said it was ready to settle its debts to Iran, but Greece's Hellenic Petroleum is having trouble to pay Iran back and "alternative methods are being worked out", Zanganeh said, according to Shana. He did not elaborate.
Sub-$30 Oil Fans Fears of U.S. Shale Endgame
Across oil fields from Texas to North Dakota fears are growing that crude's plunge below $30 a barrel is more than just another market milestone and marks a countdown to an endgame for many shale producers that so far have braved the 18-month downturn. Oil prices tumbled by more than a fifth this month to 12-year lows 70 percent below mid-2014 levels and traders brace for more declines as world production keeps outpacing demand. Yet many of around 50 listed U.S. independent oil producers and scores of smaller ones need $40-$60 a barrel to break even, according to several analyst.
