Major multinational oil companies have reported over $19 billion in oil and gas write-downs in a single week as producers confront investors with stark reality of the oil price situation in the international market.
Royal Dutch Shell Plc leads the pack in recognizing that drilling prospects are worth a lot less than they used to. The producer announced its worst loss in 16 years on weekend, including $8.2 billion in impairments.
Read more @ The Union
Oil prices rallied on Monday, with U.S crude up as much as 3 percent, amid a jump in gasoline prices and on concerns that U.S. oil output may slow as drilling steadily declines.
Gasoline futures on the New York Mercantile Exchange surged more than 3 percent after a fire was reported Saturday at a unit of Husky Energy’s 155,000 barrel-per-day refinery in Lima, Ohio.
Read more @ Businessday Online
Oil prices inched up on Monday following a strong session on Friday, as financial traders increased their bets on higher prices amid a slowdown in US drilling, but analysts warned fundamentals remained weak.
Front-month Brent crude futures were trading at$57.89 a barrel in early trade, up 2 cents since their last settlement, while US crude was up 14 cents at $51.78.
Read more @ SweetCrude
Nigeria’s oil and gas sector is facing low exploration and drilling activities as only two companies are currently engaged in activities in the industry, according to the Nigerian National Petroleum Corporation (NNPC).
This may be as a result of the non-passage of the Petroleum Industry Bill (PIB) and the uncertainty in the crude oil market. Specifically, as at November and December last year, only Shell Petroleum Development Company (SPDC) and Addax carried out exploration/drilling activities during the months under review.
Read more @ The Guardian
Major multinational oil companies have reported over $19 billion in oil and gas write-downs in a single week as producers confront investors with stark reality of the oil price situation in the international market.
