Nigeria’s state-owned oil company has warned against the panic buying of petrol, saying the prices of fuel are not changing.
The Competition Tribunal has approved the proposed acquisition of petrol station brand Engen by independent energy marketing and trading company Vitol Emerald, subject to a set of competition and public interest conditions.
In response to an audit conducted by KPMG regarding the transactions between the Ghana Revenue Authority (GRA) and Strategic Mobilization Ghana Ltd (SML), President Nana Addo Dankwa Akufo-Addo has directed that the upstream petroleum audit and minerals audit services by the latter may be terminated.
Revenue of $8.71 billion increased 13% year on year
GAAP EPS of $0.74 increased 14% year on year
EPS, excluding charges and credits, of $0.75 increased 19% year on year
Net income attributable to SLB of $1.07 billion increased 14% year on year
Adjusted EBITDA of $2.06 billion increased 15% year on year
Cash flow from operations was $327 million
Board approved quarterly cash dividend of $0.275 per share
Crude oil prices began the week with a loss as fears of an escalation between Iran and Israel dissipated.
Crude oil prices moved lower today after the Energy Information Administration reported an inventory increase of 2.7 million barrels for the week to April 12.
The oil price rally has lately lost some steam, with WTI for May delivery and June Brent futures slipping more than 5% since Friday after the Energy Information Administration (EIA) released bearish weekly data that triggered demand concerns. According to the EIA, crude inventories rose 5.84 mb w/w and oil product inventories rose 6.57 mb; however, the builds relative to the five-year average were modest, at just 0.11mb for crude oil and 1.24mb for products. U.S. commercial inventories now stand 16.47mb below the five-year average, with crude inventories at Cushing 7.35 mb below the five-year average.
Guido Brusco, Chief Operating Officer Natural Resources, Eni will speak at the 2024 edition of the Angola Oil&Gas (AOG) Conference&Exhibition – taking place October 2-4 in Luanda under the theme Driving Exploration and Development Towards Increased Production in Angola. Through Azule Energy – a joint venture with energy major bp – the company has an extensive footprint across the Angolan oil and gas market and is looking at accelerating investments across the value chain.
Nigeria’s crude oil reserves have increased by 1 billion barrels while natural gas reserves have jumped by 2.573 trillion cubic feet (TCF), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said.
Private legal practitioner and energy analyst Nana Kwame Juantuah has pushed against the privatisation of the Electricity Company of Ghana (ECG), emphasising that the energy sector is very crucial to be handed over to private persons to manage.