oil and gas industry

Eni reveals drop in second-quarter profit but exceeds market expectations

Oil & Gas‚ Oil and Gas Industry | intent | July 29, 2024 | Comment off

Italian energy conglomerate Eni announced on Friday that its adjusted net profit for the second quarter had decreased by 21 percent compared to the previous year. Despite this decline, the company exceeded market expectations due to a stronger-than-anticipated performance in its gas, exploration, and liquefied natural gas (LNG) divisions. For the April-June quarter, Eni reported an adjusted net profit of 1.52 billion euros (USD1.65 billion), down from 1.94 billion euros the previous year. However, this figure was above analysts’ projections of 1.42 billion euros.

Nigeria’s Daily Crude Oil Production Hits 1.6 Million Barrels, Says NUPRC CEO

Oil and Gas Industry | intent | July 29, 2024 | Comment off

Nigeria’s average daily crude oil production stood at 1.6 million barrels per day (mbpd) as of July 23, 2024, according to Gbenga Komolafe, chief executive officer (CEO) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Sentuo Group to invest $980m in its oil refinery after acquiring full operational license

Oil & Gas‚ Oil and Gas Industry | intent | July 29, 2024 | Comment off

The Sentuo Group is investing $980 million in a two million metric ton per annum capacity at its oil refinery in Tema.

Venezuela awards two Chinese companies oil production JV contracts

Oil & Gas‚ Oil and Gas Industry | intent | July 26, 2024 | Comment off

Venezuela has granted two Chinese companies, Anhui Erhuan Petroleum Group and Kerui Petroleum, oil production contracts in the Acema, Oritupano-Leona and Mata fields and in the Ayacucho 2 block in the Orinoco Belt, sources related to the negotiations said July 25.

Subsea7 construction vessels active in multiple sectors

Oil & Gas | intent | July 26, 2024 | Comment off

Subsea7 has issued updates on its offshore oil and gas and wind projects in its latest results statement.

Europa Oil Raises Prospective Resource Estimate for Equatoguinean Block

Oil & Gas‚ Oil and Gas Industry | intent | July 26, 2024 | Comment off

Europa Oil & Gas (Holdings) PLC has revised up the estimate for unrisked prospective resources in the EG08 block offshore Equatorial Guinea to 2.1 trillion cubic feet equivalent (Tcfe).

Nigerian regulator approves $500 million sale of Eni’s onshore oil and gas E&P assets

Oil & Gas‚ Oil and Gas Industry | intent | July 26, 2024 | Comment off

Eni has received formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of NAOC Ltd to Oando Plc.Having already obtained all other relevant local and regulatory authorities’ authorizations, this achievement will allow Eni to proceed to with the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), Eni’s wholly owned subsidiary […]

Benefits and challenges of Malaysia’s oil industry

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | July 25, 2024 | Comment off

OIL and gas (O&G) remains a cornerstone of the nation’s economy, generating up to RM300 billion in annual revenue.

Study: Oil and gas exploration booming despite global pact to ‘transition away’ from fossil fuels

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | July 25, 2024 | Comment off

UK is among a group of five richer nations which have together issued two-thirds of oil and gas licenses since 2020, according to the IISD
Oil and gas exploration worldwide has surged to the highest level in five years, despite hundreds of nations agreeing to “transition away” from fossil fuels in energy systems at last year’s UN Climate Summit.

Venezuela Grants License to BP, NGC for Offshore Gas Project

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | July 25, 2024 | Comment off

Venezuela on Wednesday granted a 20-year license to British energy producer BP and state-owned National Gas Company of Trinidad and Tobago (NGC) to develop the Venezuelan side of a natural gas field that extends into the Caribbean country’s waters.

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