LOW CRUDE OIL PRICES: THE TOLL CONTINUES ON OIL MAJORS

Oil majors are tackling the oil price rout by reducing capital expenditure, cutting jobs and deferring big projects but the toll on them continues. ConocoPhillips tables asset for sales ConocoPhillips is pulling some of its assets off the market as a prolonged industry downturn makes it harder to get the desired prices.

Read more @ BusinessDay

AGIP BEGINS $5BN ONSHORE ASSETS SALE IN NIGERIA

 
Italy’s largest oil company, Eni SpA, has joined Shell and Chevron in the sale spree of its onshore assets in Nigeria. It was gathered that the company’s subsidiary in Nigeria, Nigerian Agip Oil Company (NAOC) has already set a target of $5 billion that it would realise from the sale of the onshore assets it operates in Nigeria.

“Nigerian Agip Oil Company, which operates under a joint-venture agreement with Nigerian National Petroleum Corporation (NNPC) and ConocoPhillips, is already at the second critical stage of the sale,” a source disclosed.

Read more @ New Telegraph

OIL COMPANIES’ EARNINGS DROP ON PRICE VOLATILITY

The plummeting crude oil prices are hitting hard on the profits of big International Oil Companies (IOCs). For example, Chevron, ConocoPhilips, Shell and Exxon Mobil posted disappointing earnings in their fourth quarter report for 2014 as a result of the declining crude oil prices. The price of Organisation of Petroleum Exporting Countries (OPEC) basket of twelve crudes stood at $44.83 a barrel on Friday, compared with $43.88 the previous day,

Read more @ Guardian