Oil and Gas – Page 11 – City Business News

February 4, 2022 No Responses

2021:Shell Declares $20.1b Net Profit

Shell surged back into profit last year as oil prices rocketed on recovering demand with economies reopening from pandemic lockdowns. Net profit stood at US$20.1 billion following a loss after tax of US$21.7 billion in 2020, Shell said in a...

January 27, 2022 No Responses

Oil Falls On Profit-Taking

Oil prices fell on Thursday as investors cashed in profits from the 2per cent gains in the previous session after the U.S. Federal Reserve indicated an interest rate hike in March, leading to a technical correction in surging energy markets....

January 20, 2022 No Responses

Dangote Refinery To Reduce Africa’s Petroleum Importation by 36%, Says APPO

African Petroleum Producers Organisation (APPO) has said that the establishment of Dangote Oil Refinery will bring about a 36 per cent reduction in the importation of petroleum productions into the continent. Besides, the organisation expressed a belief that t...

January 10, 2022 No Responses

Oil Prices Edge Up Over Supply Worries

Oil prices edged up on Monday as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections. Brent crude gained 16 cents, or 0.2%, at $81.91 a barrel at 0406 GMT, while U.S....

January 7, 2022 No Responses

OPEC Oil Output Undershoots Target

Increase in the Organization of Petroleum Exporting Countries (OPEC) oil output in December has again undershot the rise planned under a deal with allies, a Reuters survey found on Thursday, highlighting capacity constraints that are limiting supply as gl...

January 4, 2022 No Responses

Barkindo Hails New OPEC Sec. Gen

Secretary General, Organisation of the Petroleum Exporting Countries (OPEC), Mr Mohammad Barkindo, says the organisation will be in capable hands with his successor, Mr Haitham Al Ghais. Barkindo made this known in a congratulatory messa...

December 31, 2021 No Responses

Oil Heads For Biggest Yearly Gains In 12 Years

Prices of oil fell one per cent on Friday but were set to post their biggest annual gains in 12 years, spurred by the global economic recovery from the COVID-19 slump and producer restraint, even as infections surged to record...

December 29, 2021 No Responses

Court Blocks Shell’s Oil Exploration

A South African court has halted oil giant Shell’s seismic testing for oil and gas along the country’s eastern coastline, pending a final ruling. The decision has been hailed by environmentalists who fear that the sound blasting will harm mar...

December 10, 2021 No Responses

Sylva At Global Energy Forum, Insists PIA Will Enhance Energy Growth In Nigeria

Minister of State, Petroleum, Chief Timipre Sylva has declared that the Petroleum Industry Act (PIA} will enhance energy growth and sustainability in Nigeria. Speaking as a participant at a ministerial roundtable, at the World Petroleum Congress (WPC), i...

December 6, 2021 No Responses

OPEC To Sustain Supply Adjustments For Oil Market

The Organization of the Petroleum Exporting Countries (OPEC) will continue with its supply adjustments for the oil market, Secretary-General, Mohammad Barkindo, declared at the weekend.“We will continue to do what we know best to ensure we attain stab...

December 4, 2021 No Responses

Shell Closes Prelude Floating LNG

Shell has shut down its Prelude Floating Liquefied Natural Gas (FLNG) facility offshore Western Australia due to a fire incident. Shell operates the Prelude FLNG, located at Browse Basin, 475 kilometres from Broome in Western Australia. S...

November 29, 2021 No Responses

Shell Implores Nigeria On Two-Pronged Energy Transition Strategy

The Country Chair of Shell Companies in Nigeria, Mr. Osagie Okunbor, has advised that Nigeria should adopt a two-pronged strategy for its energy transition programme in response to global call to reduce exploitation of fossil fuels and production of ...

November 16, 2021 No Responses

Shell Moves HQ To UK, To Change Name, Revamp Share Structure

Royal Dutch Shell plans to move its headquarters to Britain, simplify its share structure and change its name as part of an overhaul that executives say will better position the oil and gas giant’s transition to a cleaner energy business. ...

November 15, 2021 No Responses

OPEC To Sustain Cautious Oil Production

The Organization of the Petroleum Exporting Countries (OPEC) and allied oil-producing countries rebuffed pressure from U.S. President Joe Biden to pump significantly more oil and lower gasoline prices for American drivers, deciding to stick with...