SHELL LOWERS NIGERIA
May 11 Nigeria's oil production is set to fall to its lowest in more than two decades after Royal Dutch Shell's local operation said it had shut a major pipeline.
Nigeria's oil output fell close to a 22-year low this month due to attacks on oil pipelines in the southern Niger Delta, home to much of the country's oil and gas wealth, compounding the impact of low oil prices on Africa's largest economy.
On Wednesday, Shell Petroleum Development Co (SPDC) said it declared force majeure on Bonny Light crude exports on Tuesday after closing the Nembe Creek Trunk line (NCTL) for repairs after a leak. NCTL carries all the country's Bonny Light.
A Shell spokesman blamed technical issues, without giving further details. However, a community leader in the Delta said an explosion had shut down the pipeline.
The outage pushed oil futures higher, with benchmark Brent crude trading up 5 cents at $45.57 per barrel by 1321 GMT, after being slightly lower before the announcement.
Nigeria was due to export around 217,000 barrels per day of Bonny Light crude in June, out of a total of 1.7 million bpd.
If all Bonny Light production is cut, it would bring output to below 1.5 million bpd for the first time since September 1994, according to Energy Information Administration data. Nigeria exports almost all its production.
Nigerian oil production was above 2 million bpd as recently as 2013, the EIA data shows.
Shell and Chevron have evacuated oil workers in the past few days due to a surge in attacks on oil facilities, according to Nigerian labour unions.
Recent violence has raised concern that militants might resume an insurgency that has been quiet for the past several years. A labour union on Tuesday called for the evacuation of oil workers from the region.
Last week, a group known as Niger Delta Avengers attacked a Chevron facility in the Delta after claiming a strike in February against a Shell pipeline, which shut down the 250,000 bpd Forcados export terminal.
|December, 15, 13:20:00|
|December, 15, 13:15:00|
|December, 15, 13:10:00|
|December, 15, 13:05:00|
|December, 15, 13:00:00|
|December, 15, 12:55:00|
LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.