|Bid||30.01 x 800|
|Ask||30.03 x 1100|
|Day's range||30.00 - 30.07|
|52-week range||28.54 - 36.34|
|Beta (5Y monthly)||0.83|
|PE ratio (TTM)||8.09|
|Forward dividend & yield||1.88 (6.05%)|
|Ex-dividend date||21 Sep 2019|
|1y target est||40.00|
Schlumberger (SLB) reported upbeat Q4 earnings on strength in its international operations. Meanwhile, Eni (E) announced the flow of first oil from the Agogo field, offshore Angola.
Nigeria's financial crimes watchdog charged a former attorney general suspected of taking bribes to facilitate a $1.3 billion oil block sale, the agency said on Tuesday, in the latest twist in one of the industry's biggest alleged corruption scandals. An international investigation into the 2011 sale of the offshore oilfield known as OPL 245 by Malabu Oil and Gas has entangled two of the industry's biggest players, Shell and Eni, as well as an array of powerful figures from the previous Nigerian government. Mohammed Adoke, Nigeria's ex-attorney general, was charged with receiving the U.S. dollar equivalent of 300 million naira in 2013 to facilitate the OPL 245 deal and help waive taxes for Shell and Eni, according to a charge sheet filed in an Abuja high court last week.
Eni (E) starts production from the Agogo oilfield only nine months following its discovery, supported by operational synergies from FPSO Ngoma.
(Bloomberg) -- Oil declined for the second week as signs that supplies remain plentiful offset optimism over the signing of the U.S.-China trade agreement.Futures in New York were little changed Friday but ended the week 0.9% lower. Refiners have turned a crude surplus into a product surplus with U.S. gasoline and distillate stocks expanding by over 40 million barrels during the last three weeks. The build overshadowed Beijing’s commitment to spending $52.4 billion in additional purchases of American energy in the next two years as part the phase-one trade deal between the world’s biggest economies.“There is a positive vibe after the trade deal, but the fact is we are so oversupplied it’s going to be difficult to get the market up past $60,” said Bob Yawger, futures director at Mizuho Securities USA LLC in New York.Before the landmark U.S.-China accord was signed, prices reached a six-week low Wednesday after U.S. government data showed petroleum inventories in the country expanded to the highest levels since September. Supplies at the critical Cushing, Oklahoma, commercial storage hub rose for the first time in 10 weeks. American crude production continues to set new records, reaching 13 million barrels a day earlier this month.Oil drilling rose for the first time in four weeks, led by the Permian Basin, indicating that oil supplies are poised for more gains in the near term.West Texas Intermediate futures for February delivery settled up 2 cents at $58.54 a barrel on the New York Mercantile Exchange.Brent for March settlement rose 23 cents to $64.85 on the ICE Futures Europe exchange in London after climbing 1% on Thursday. That put its premium over WTI for the same month at $6.27 a barrel.The market may have to contend with another week of inventory builds as fog on the U.S. Gulf Coast has intermittently suspended marine traffic and slowed exports, according to Andy Lipow, president of Lipow Oil Associates LLC in Houston.The International Energy Agency noted on Thursday that global markets have a “solid base” of inventories and climbing supplies from outside the OPEC cartel, even as elevated tensions in the Middle East endanger production from Iraq and elsewhere.(A previous version corrected the timeframe of the stock build in the second paragraph.)\--With assistance from James Thornhill, Elizabeth Low, Grant Smith and Jackie Davalos.To contact the reporter on this story: Sheela Tobben in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: James Herron at email@example.com, Catherine Traywick, Mike JeffersFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Italian oil major Eni and France's Total were among the successful bidders for rights to develop three offshore blocks in Angola out of 10 auctioned late last year, the country's petroleum regulator said on Thursday. Eni and Total won operator rights to blocks 28 and 29 respectively in the offshore Namibe basin, while Angola's state oil company Sonangol and majors Equinor and BP won smaller stakes, regulator ANPG said in a statement. Sonangol won a 35% interest in block 27, but the remaining 65% interest is still on offer.
Angola has awarded rights to three offshore blocks, out of a total of 10 auctioned late last year, the country's petroleum regulator said on Thursday. Italian oil major Eni and France's Total won operator rights to blocks 28 and 29, respectively, in the offshore Namibe basin, while Angola's state oil company Sonangol and majors Equinor and BP won smaller stakes, regulator ANGP said in a statement.
By devising new plans and extensions, Equinor (EQNR) is creating a new ''late life'' wherein it will find innovative methods to enhance operations with low carbon footprints from late-life fields.
(Bloomberg Opinion) -- Broad new horizons in key markets are opening for the world’s energy companies. Don’t expect to see a land rush any time soon. China will allow all large domestic and foreign companies to apply for oil and gas exploration licenses that were previously only open to state-owned enterprises, the country’s resources ministry said at a briefing Thursday. In India, regulators will also let private and international companies bid for a group of coal blocks it’s putting up for auction starting this month, the country’s coal and mines minister Pralhad Joshi said this week, chipping away at a near-monopoly enjoyed by state-controlled Coal India Ltd.A decade or so ago, such announcements might have caused international energy companies to salivate with excitement. All the fear back then was that state-owned giants like Saudi Arabian Oil Co. and Petroleos de Venezuela SA controlled all the viable assets to fuel a coming era of ever-increasing fossil fuel demand, leaving listed businesses running out of reserves. How things have changed.For one thing, it’s national governments rather than independent companies that are now worried about supply shortages. China’s domestic oil production has fallen about 10% since peaking five years ago. India’s coal output is still edging up, but not fast enough to meet demand: Net imports have accounted for about a quarter of consumption in recent years, up from 10% a decade ago.Meanwhile, energy companies are awash with supply. The revolution in fracking means that America’s shale patch would count as one of the world’s top three oil producers if considered on its own. It briefly overtook Saudi Arabia for the number two spot behind Russia after an attack on the Gulf country’s oil facilities in September.Conventional oil and gas discoveries are booming, too, hitting a four-year high of 12.2 billion barrels of oil equivalent last year, according to consultancy Rystad Energy AS. Storied oil majors Exxon Mobil Corp., Total SA, BP Plc and Eni SpA chalked up some of the year’s best discoveries. On the demand side, consumption of petroleum may peak as soon as a decade from now, well within the lifetime of most conventional oilfields.As a result, the interests of fossil fuel producers and the energy-hungry governments seeking to attract them are fundamentally opposed. Beijing and New Delhi ultimately want to boost domestic output at all costs, and hope that foreign businesses can sprinkle some innovative magic that local giants can’t muster. International oil companies, on the other hand, are ruing a decade when they chased barrels to the exclusion of all else. They’re now much more focused on developing only the most profitable fields, wherever they’re to be found.It’s probably unfair to characterize the state-owned Chinese and Indian companies as lazy behemoths, too. PetroChina Co.’s capital spending is bigger than that of Exxon Mobil and BP put together, and about half the wells it drills each year are in the Changqing field, where most new development is in difficult formations similar to those in the U.S. shale patch. Coal India, likewise, is hampered by the fact that most of the country’s coal is high in ash and low in energy, and dependent on a creaky rail network to make it to power stations.The problem, instead, is that the remorseless facts of poor geology make it nearly impossible to develop domestic reserves profitably, especially when government targets are driving state-owned companies to increase output with little regard for cost.Take the Qingcheng field, a corner of the Changqing deposit that counts as PetroChina’s largest single shale find. Even after recent efforts to drive down costs, the internal rate of return for Qingcheng wells is now only 8% to 9%, Cathy Chan, an analyst at CCB International Holdings Ltd., wrote in an October note.It’s fanciful to think this would tempt foreign investors. Such returns barely cover PetroChina’s own cost of capital. In Texas’s Permian basin, comparably low returns were last seen in early 2016, when the local fracking industry was on the brink of collapse. IRRs of 20% to 40% are typical for unconventional petroleum in the U.S. Given the substantial political risks that come from operating in China these days, it’s very hard to see the attraction here for international energy businesses.The best path to energy security for China and India is to encourage their own renewable energy and electrified transport industries — an approach that will improve the health of their populations, reduce climate risks, and leave them far less dependent on imported fuels. That’s a much better idea than wasting money trying to get blood from a stone, or hoping that clever foreigners will be able to find hidden deposits where local talent has failed.To contact the author of this story: David Fickling at firstname.lastname@example.orgTo contact the editor responsible for this story: Rachel Rosenthal at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Supermajor ExxonMobil (XOM) issued an update on its upcoming fourth-quarter earnings. Meanwhile, Core Labs (CLB) slashed its dividend by 55% and lowered fourth-quarter guidance.
The exploration concession results tally with Shell's (RDS.A) growth commitment to expand its position offshore Egypt, mainly in the marine concession and deep-water areas.
The US embassy in Baghdad has urged all US citizens to leave Iraq immediately, after the US killed Iranian military general and hardliner Qassem Soleimani
This article is written for those who want to get better at using price to earnings ratios (P/E ratios). We'll apply a...
Norwegian pipeline firm Solveig Gas has agreed to buy oil firm Capricorn Norge from Cairn Energy for $100 million, completing its transformation into a North Sea field operator, Solveig's owner HitecVision said on Wednesday. The private equity fund told Reuters earlier this year it aimed to turn Solveig into an integrated exploration and production company, using the cash flow from its gas pipelines to fund expansion. Cairn separately confirmed the deal, adding it will use the proceeds to fund its ongoing oil business in British waters.
Oil and gas condensate output from Kazakhstan's giant Kashagan project has more than halved from early November levels due to unplanned maintenance that started last week, two industry sources told Reuters on Tuesday. The Kazakh energy ministry said last week that Kashagan was undergoing maintenance at a gas compressor unit, which was expected to last for seven days. The energy ministry said on Tuesday that Kazakhstan's total daily oil and gas condensate output had fallen to 240,700 tonnes from 264,000-270,000 tonnes at the start of the month, equivalent to around 1.9 mln bpd and 2.09-2.13 mln bpd respectively.