Oilfield Services Giant SLB Beats Second-Quarter Profit Estimates SLB beat analysts’ estimates for quarterly profit on Friday as a rebound in offshore and international drilling activity boosted demand for its equipment, wrapping up upbeat earnings from the world’s top oilfield services providers. The company, formerly called Schlumberger, reported a net income, excluding items, of 72…
ADNOC Signs LNG Deal with Indian Oil Major Worth Up to $9 Billion ADNOC Gas has signed a long-term agreement to supply liquefied natural gas to Indian Oil Corporation, in a deal worth between $7 billion and $9 billion. Under the terms of the agreement, ADNOC Gas, the integrated gas unit of Abu Dhabi National…
Nigeria, E/Guinea Mull New Opportunities in International Oil Sector The Governments of Nigeria and the Republic of Equatorial Guinea have opened discussions regarding new partnership opportunities such as the establishment of a joint logistics base, deployment of indigenous capacities across countries, and lowering the costs of major oil and gas operations. These possibilities were discussed…
Nigeria’s Fuel Import Dips 20% To N1.5trn in First Quarter With the dust yet to settle over the discontinuation of subsidy on Premium Motor Spirit (PMS), also known as petrol, the National Bureau of Statistics (NBS) has revealed that the country spent N1.492 trillion on the importation of petrol in the first quarter of 2023….
SUV, other prizes won at NCDMB sponsored NOG Golf Tourney The 2023 NOG Energy Week Conference and Exhibition Golf Tournament sponsored by the Nigerian Content Development and Monitoring Board (NCDMB) took place on Sunday at the IBB Golf Course, Abuja, with one of the players, winning a brand-new 2022 GS3 SUV car, which was the star…
Host Communities, Landowners Tackle NLNG over N18bn ROW Compensation Landowners under the aegis of The United Pipeline Host Families and Communities Association of Rivers State have called on President Bola Tinubu, to compel the Nigeria LNG Limited, to pay them the compensation sum of N18.3billion, as ordered by the 9th Senate, over alleged forceful acquisition…
Oil Giants Drill Deep as Profits Trump Climate Concerns Oil and gas companies have intensified the hunt for new deposits in a long-term bet on demand, as they reinvest some of the record profits from the fossil fuel price surge driven by the Ukraine war, according to data and industry executives. The exploration revival –…
US Drillers Cut Oil and Gas Rigs for Ninth Week in A Row – Baker Hughes U.S. energy firms this week cut the number of oil and natural gas rigs operating for a ninth week in a row for the first time since July 2020, energy services firm Baker Hughes Co said in its closely…
Alberta Ends Natural Resources Partnership with Chinese Fund The oil-rich Canadian province of Alberta has ended a partnership with a Chinese private equity fund, which was ready to invest $10 billion in natural resources in the province, a spokesperson for Alberta’s government has told Reuters. Canada and China have seen their bilateral relations worsen since…
Biden Rejects Call to End Oil and Gas Drilling on Federal Lands The Biden Administration has rejected a petition from hundreds of environmental organizations to consider rulemaking with which to end oil and gas production on public lands by 2035. The Center for Biological Diversity and more than 360 other U.S. climate and conservation groups…
