ENI BEGINS WORK ON NIGERIA’S DEEPWATER OIL PROJECT

Nigerian Agip Oil Company, a subsidiary of Italian oil major, Eni, said it had embarked on the development of the Zabazaba deepwater project offshore Nigeria despite the low oil price environment.

 

The Vice Chairman, NAOC, Mr. Massimo Insulla, was quoted to have disclosed this in a statement from the Nigerian Content Development and Monitoring Board.

 

Read more @ Punch Online

OIL FIRMS COUNT LOSSES AS MILITANTS WORSEN WOES

Chevron and Eni, two of the global oil majors operating in Nigeria, and their local counterparts such as Seplat and Oando may have been worst hit by the production disruptions occasioned by militant attacks in the Niger Delta, their financial results have shown.

 

Chevron Corporation, the second largest United States-based oil producer, lost $1.47bn in the second quarter of this year, its largest since 2001, compared with a net profit of $571m in the same period of 2015.

 

Read more @ Punch Online

SHELL PROBED IN ITALY OVER $1.1BN NIGERIAN SCANDAL

Italian prosecutors are investigating Royal Dutch Shell as part of a probe into the acquisition of an offshore oil field in Nigeria, the Anglo-Dutch company said on Wednesday.

 

Oil Prospecting Licence 245 was said to have been purchased in 2011 by Shell and Eni for $1.3bn. But corruption scandal has continued to trail the transaction.

 

Read more @ Punch Online

NIGERIA GAVE AWAY $3.3BN THROUGH TAX BREAKS TO SHELL, TOTAL, ENI

A new report has revealed that Nigeria gave away an estimated $3.3 billion to Shell, Total and Eni through generous tax breaks over a seven-year period to compensate for their investments in the Nigeria Liquefied Natural Gas (NLNG) Company Limited.

This was contained in a new report prepared by British-based ActionAid, titled: “Leaking Revenue, How a Big Tax Break to European Gas Companies Has Cost Nigeria Billions,” which was made available to THISDAY yesterday by ActionAid’s country director, Ms. Ojobo Atuluku.

 

Read more @ Thisdaylive

FG EXPECTS N368BN FROM NLNG

The Federal Government is expecting over N368 billion ($1.6 billion) from taxes and dividends increase from the Nigeria Liquefied Natural Gas Limited (NLNG) by 2017.

The company is owned by four shareholders, namely the Federal Government of Nigeria, represented by the Nigerian National Petroleum Corporation (NNPC), (49per cent), Shell Gas BV (SGBV), (25.6 per cent), Total LNG Nigeria Limited (15 per cent) and Eni International (10.4 per cent).

Read more @ New Telegraph

ENI CONTEMPLATING ASSETS SALES ONSHORE AMID OIL PRICE DROP

Another  gale of oil block divestment may hit Nigeria  very soon, as Eni SpA, Italy’s largest oil company, is considering selling part or all of its onshore Nigerian operations as it seeks to divest peripheral businesses amid a drop in oil prices, people familiar with the matter say.

If  this happens, analysts say it would  boost local capacities of Nigeria in the  upstream sector  of the oil and gas industry

Read more @ Businessday online

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 FIRMS BEGIN JOB CUTS

Oil companies have begun downsizing in a process that will see them sacrificing many of their non-technical staff.

The International Oil Companies (IOCs) such as Shell, Chevron, ExxonMobil, Total and EniSPA and their local counterparts have over 10, 000 non-technical staff in their services that may be affected in the restructuring of their operations.

Read more @ New Telegraph

ENI TO CUT SPENDING AS CRUDE PRICES FALL

Eni, the Italian oil and gas group, is to cut capital spending this year in response to the collapse in crude prices, reporting on Wednesday a one-third slide in operating profits in the fourth quarter of last year.

 

Adding to the list of big energy companies hit by a near 50 per cent slide in the price of oil since last summer, the company said adjusted operating profit fell 33.8 per cent to €2.3bn in the last three months of 2014 from the same period the previous year, although that was better than analysts’ estimates it would be down to €1.9bn.

 

Read more @ Punch Online

BRASS LNG SHAREHOLDERS CONSTITUTE PRE-FEED TEAM

Shareholders and partners of Brass Liquefied Natural Gas, LNG, project have constituted a new pre-Front End Engineering Design, FEED, team and adopted a new technology, APCL, to ensure the sustainability of the project.

 

Speaking in Lagos at a dinner in honour of the team from Italy’s Eni, after the visitors and other shareholders had undertaken a tour of the project site at Brass Island in Bayelsa State, Chairman of Brass LNG, Dr. Jackson Gaius-Obaseki, said that the commitment demonstrated by the shareholders was very unusual for any project of the kind anywhere in the world.

Read more @ Sweet Crude

NNPC, OTHERS PLAN TO SIGN FID ON BRASS LNG

Strong indication has emerged that the Nigerian National Petroleum Corporation (NNPC), Eni and Total would soon sign the Final Investment Decision (FID) on the two-train $20 billion Brass Liquefied Natural Gas (Brass LNG) project. 

Read More @ Newswatch Times

SHELL, CHEVRON, OTHERS FLARE 800M GAS SCUF DAILY –FG

Companies operating in Nigeria’s oil and gas industry now flare a cumulative 800 million cubic feet of gas on daily basis, the Nigerian National Petroleum Corporation (NNPC) said at the weekend. Group Executive Director, Gas and Power, Dr. David Ige, disclosed this, quoting a new data from the Department of Petroleum Resources (DPR), on the side-line of the Nigeria Gas Association (NGA) in Abuja. Shell, Chevron, Total, Eni and other firms whose daily operations led to the new volume of gas flaring, control the oil exploration and production in Nigeria.

Read more @ New Telegraph