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by James Ikenna………… Eni, the Italian giant, one of several European energy major has reported an adjusted net loss of 714 million euros ($839 million) in this quarter, compared with a profit a year earlier, the Rome-based oil company said in a statement. Analysts had estimated a 1.11 billion-euro loss. Eni’s second-quarter loss has led to a reducction of its ...

The National Petroleum Corporation (NNPC) is set for legal battle against a Brazilian Firm over alleged $2 billion worth of stolen crude oil. Lawyers to the Nigerian National Petroleum Corporation (NNPC), Afe Babalola and Co., Thursday said the corporation had concluded arrangements to drag the Mexican oil trading firm, Samano Sa De CV, before the courts for making several unsubstantiated ...

No thanks to the global pandemic that occasioned price fall in the international oil market and the gluts that led to OPEC+ production cuts agreement. The impact is now seen on the financial performance of the oil majors. The results of the International Oil Companies (IOCs) in the second quarter of the year are showing poor outings. From the financial ...

FBN Holdings Plc, the parent company of FirstBank Nigeria Limited said it recorded 56 percent increase in its profit after tax (PAT) to N49.5 billion in the first half of 2020 from N31.6 billion in the corresponding period of 2019 (H1’2019). This growth was driven by 46.8 percent increase in the company’s Non-Interest income which rose to 80.1 billion in ...

The Chief Executive Officer of Seplat Petroleum Development Company Plc, Dr. Austin Avuru has said that OPEC+ planned extention of oil production cuts globally would lead to a decline in its 3rd quarter earnings. Avuru said this on Wednesday during an investor call. He said the company has handled the cuts so far and that its working interest production would ...

by Jenifer Dike…………….. There are strong indication that the OPEC+ expected oil production of about 170 million barrels will flood the market next month causing a second glut this year occasioned by low demand due to the pandemic According to industry analysis the assumption that oil demand will not rebound as quickly as previously thought due to the persistent expansion ...

by James Ikenna……….. First Exploration & Petroleum Development Company Limited, First E&P, has announced the arrival of the Abigail-Joseph Floating Production Storage and Offloading, FPSO, unit to the shores of Nigeria First E&P said prior to her sail-away, the FPSO underwent upgrade, refurbishment and life extension works in Keppel Shipyard, Singapore, to meet specified standards and specifications, noting that “the ...

The oilfield has historically been a place where brawny men, and mighty machines came together to bore holes deeply into the earth to wrest stores of oil and gas from the depths. This model, which developed over many decades of exploration and production activity carried huge costs, particularly as the focus of this activity moved into more and more inaccessible ...

The value of petroleum imports into Nigeria exceeded by 26 percent in value about $58.5 billion within a five-year period, the latest figures from the Organisation of Petroleum Exporting Countries have shown. In its 2020 OPEC Annual Statistical Bulletin released recently, the oil cartel said Nigeria’s petroleum imports from 2015 to 2019 was valued at $264.57bn, while its exports during ...

AVEVA, a global engineering and industrial software firm said that it has agreed to form a digital twin alliance for the upstream oil and gas sector with engineering and project management company DORIS Group and energy management and automation specialist Schneider Electric. Digital twins virtually represent a physical product, process or ecosystem. Such models provide a feasible approach to altering ...