|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||14.44 - 14.45|
|52-week range||12.70 - 16.17|
|Beta (3Y monthly)||0.86|
|PE ratio (TTM)||21.30|
|Forward dividend & yield||0.86 (6.06%)|
|1y target est||N/A|
Norwegian oil and gas investments will probably hit a five-year high next year, extending a recovery that has boosted the economy, a survey by Statistics Norway (SSB) showed on Thursday. The closely watched forecasts, based on data from oil and gas companies working in Norway, showed 2019 and 2020 investment plans had been raised since August. Norway's central bank raised interest rates four times since September 2018, as oil investment rebounded from a 2015-2017 slump, but it has since put monetary policy on hold.
Nigeria's former attorney general Mohammed Adoke has been arrested in Dubai, his lawyer said, seven months after Nigeria's anti-graft agency issued a warrant for his arrest as part of an investigation into one of the oil industry's biggest suspected corruption scandals. Adoke's lawyer, Mike Ozekhome, said Adoke was arrested by Interpol on Monday 11 Nov., after travelling to Dubai for a medical appointment. The investigation by Nigeria's anti-graft agency relates to the $1.3 billion sale of a Nigerian offshore oilfield known as OPL 245 by Malabu Oil and Gas in 2011.
* Western Desert sale process to launch end of Nov. LONDON, Nov 15 (Reuters) - Royal Dutch Shell has appointed investment bank Citi to run the sale of its onshore Egyptian oil and gas assets which could fetch around $1 billion, sources close to the process said. The sale process is expected to be officially launched at the end of November, the sources said.
Norway approved the plans of ConocoPhillips for a 6.1 billion crowns ($667.10 million) development of the Tor II field, which is expected to start production in the final quarter of 2020, the oil and energy ministry said on Thursday. ConocoPhillips has a 30.66% stake in the license, Total 48.2%, Eni's subsidiary Vaar Energi 10.82%, Equinor 6.64% and Petoro 3.69%.
The Nigerian government has fast-tracked a law that would render billions in planned offshore oil investments unprofitable and cut nearly 30% from potential offshore output, an industry group said. The measure, which aims to add some $1.5 billion to government coffers in just two years, is the latest to target additional cash from offshore oil and comes as the government pursues a record $34 billion 2020 budget. The measure passed through the legislature in a matter of weeks, an unusually quick pace for a country that has had a petroleum industry bill pending for more than a decade.
BP's profits fell sharply in the third quarter, hurt by lower oil prices, but strong refining operations helped the company beat expectations even after taking a one-off $2.6 billion charge linked to asset sales. BP, like other big energy companies, has been hit by a sharp drop in oil prices as trade tensions between the United States and China have impacted global oil demand. The British oil company made its first net loss in more than three years in the quarter due to the one-off charge, but Chief Executive Bob Dudley, who will step down next year after a decade at the helm, said underlying earnings and cash flow were strong.
Oil and gas explorer Kosmos Energy said on Monday it had made one of the largest discoveries of natural gas in recent years in waters offshore Mauritania, where it sees the potential to extract 50 trillion cubic feet of gas. In view of the discovery at the Orca-1 well, Kosmos said it had decided to extend the timeline to sell down its interest in the area to next year. "Orca-1, which we believe is the largest deepwater hydrocarbon discovery in the world so far this year, further demonstrates the world-scale quality of the Mauritania gas basin," Kosmos Chief Executive Andrew Inglis said in a statement.
(Bloomberg) -- Eni SpA’s third-quarter profit almost matched estimates as higher oil and natural gas production helped counter a drop in prices.Adjusted net income was 776 million euros ($862 million), compared with an average analyst estimate of 778.6 million euros in a Bloomberg survey.Key InsightsThe Italian giant opens what should be a broadly weaker third quarter for Europe’s integrated oil majors, according to Bloomberg Intelligence. Prices for both gas and oil were lower in the period as a slowing economy affected demand growth.At Eni, total oil and gas production averaged 1.89 million barrels a day, just exceeding the average analyst estimate of 1.875 million and beating year-earlier output of 1.8 million.That reflects start-ups and ramp-ups in Egypt, Libya, Ghana, Angola, Mexico and Algeria.The company remains on track to achieve its forecast of 2%-2.5% annual growth, or 1.88 million barrels a day.That growth, together with better cash flow, will allow Eni to finance its planned dividend, forecast at 3.4 billion euros, according to a company statement.Market ReactionEni slipped 0.3% to 14.10 euros at 9:25 a.m. in Milan trading. Brent crude was down by the same amount.The results show “good growth” in production volumes, Jason Kenney, an analyst at Banco Santander SA, said in a note. There’s “good reason for confidence in Eni,” Kenney said, reiterating his buy rating.Know MoreAdjusted net income in the third quarter was lower than the 1.39 billion euros posted a year earlier, but higher than the second quarter’s 562 million euros.While the production outlook was maintained, Eni tweaked guidance in downstream, forecasting a refinery break-even margin at around $5.20 a barrel this year amid an “unfavorable trading environment.”At the budgeted scenario and at full capacity, the margin would be $3.50 at the end of 2019, it said.To see a more detailed rundown of Eni’s earnings, click here.(Updates with analyst comment, share price)To contact the reporter on this story: Chiara Albanese in Rome at email@example.comTo contact the editors responsible for this story: Chad Thomas at firstname.lastname@example.org, Amanda Jordan, Christopher SellFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- The U.S. has forfeited some $18 billion tied to oil and gas production in the Gulf of Mexico since 2000 because of a decades-old law that gave energy companies a break on paying royalties when drilling in deep waters, federal investigators concluded Thursday.The foregone revenue will keep climbing, as energy companies continue to harvest oil and gas royalty-free from dozens of affected tracts in the Gulf, long after lawmakers realized sloppy legislative writing prevented the government from making the price breaks temporary.The dynamic is providing “corporate welfare at taxpayer expense,” said Democratic Representative Raul Grijalva, the head of the House Natural Resources Committee who requested the Government Accountability Office report.At issue is a 1995 law Congress passed to spur deep-water drilling by waiving royalty payments that energy companies must make to the federal government for oil and gas extracted from federal waters. Some lawmakers said they aimed to make that royalty relief temporary if oil and gas prices or production jumped above certain levels.But specific price thresholds didn’t make it into the statute or the lease contracts issued by the Clinton administration in 1998 and 1999. And in 2007, a federal court ruled the Interior Department couldn’t force companies to pay royalties on production from even more deep-water leases inked between 1996 and 2000, saying they were barred by that federal law. If Congress intended to impose price thresholds on royalty relief, an appeals court later said, “it certainly knew how to do so.”The misstep is benefiting a slew of oil and gas companies, including Exxon Mobil Corp., Equinor Gulf of Mexico LLC, Chevron USA Inc. and Eni Petroleum US LLC, according to lease data reviewed by Bloomberg.The Interior Department took issue with some of the GAO’s analysis but said it would consider the agency’s recommendations for changes to offshore leasing and royalty programs.Oil industry advocates leaned on the 2007 court ruling affirming the royalty relief program.“The courts have ruled there was nothing ambiguous about the 1995 act,” said Ben Marter, a spokesman for the American Petroleum Institute. “Those who would require the companies that took Congress at its word to now pay royalties retroactively are engaging in a dangerous game of bait-and-switch.”Offshore oil and gas production in U.S. coastal waters is a significant source of revenue for federal coffers, bringing in almost $90 billion from 2006 through 2018, according to the GAO.The lure of royalty relief sometimes spurred lucrative bidding on drilling rights in the Gulf. According to the GAO, the U.S. collected nearly $2 billion in additional bids from more aggressive bidding for deep-water tracts sold with the promise of royalty-free production from 1996 through 2000. However that initial jackpot was dwarfed by the foregone revenues ever since, the GAO said.To contact the reporter on this story: Jennifer A. Dlouhy in Washington at email@example.comTo contact the editors responsible for this story: Jon Morgan at firstname.lastname@example.org, Elizabeth WassermanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
NUR-SULTAN, Oct 21 (Reuters) - Royal Dutch Shell has pulled out of the Khazar offshore project next to the giant Kashagan field in Kazakhstan and a multinational consortium including Shell is also dropping plans for the adjoining Kalamkas block, officials said on Monday. "The (Khazar) project was not competitive enough versus other opportunities in Shell’s global portfolio," the company said. Shell had invested about $900 million in Khazar, a unit of Kazakh state energy firm KazMunayGaz said in a statement.
Royal Dutch Shell is aiming to start operating in its concession areas in Egypt in the second half of 2020, a senior executive said. Shell won three oil and two gas concessions in Egypt in February. Eni, BP and Exxon Mobil also won some of a total of 12 tenders as Egypt looks to sustain an investment upswing spurred by major discoveries.
Oil minister Timipre Sylva said Nigeria knows it cannot recover $62 billion from oil majors despite ongoing cases against the companies for money the government believes it is owed. "Nobody can bring out that kind of money," Sylva told reporters after a weekly cabinet meeting in Abuja. Nigeria has been fighting for the cash under a 1990s law that states it can revisit production-sharing contracts on oil output if crude prices exceed $20 a barrel.
Production of oil and gas condensate at Kazakhstan's giant Kashagan project has decreased since Oct. 6 due to unplanned maintenance, the energy ministry told Reuters, adding that the repairs were completed on Tuesday. Two industry sources said on Wednesday that daily production at Kashagan had fallen to 40,300 tonnes (294,000 barrels) on average from 50,000 tonnes (365,000 barrels) in early October. The sources said the drop in production followed a loss of pressure at one compressor and subsequent maintenance.
Nigeria is seeking $62 billion from oil companies under regulations that allow the government to revisit revenue-sharing deals on petroleum sales if crude prices exceed $20 a barrel, the attorney general told Reuters on Thursday. The government in Africa's largest oil exporter relies on oil for some 90% of foreign exchange. Oil prices rose to more than $100 a barrel in 2014 before a sharp drop that triggered a 2016 recession in Nigeria, leaving the government struggling to fund its budgets.
JOHANNESBURG/MILAN (Reuters) - A Congolese presidential advisor played a key role in awarding oil licenses now at the heart of a corruption probe by Italian authorities that has engulfed energy giant Eni SpA and the family of its chief executive. The advisor, Denis Gokana, headed a committee that awarded licenses to Italy’s Eni and a Congolese partner company he founded, according to government records and confirmed by Gokana via email. The Congolese president appointed Gokana in 2013 to head a committee responsible for boosting the role of the country’s private sector in the economy, a role that was disclosed at the time in the official government gazette, a copy of which was reviewed by Reuters.
Angola wants to cash in on the roughly 3 billion cubic feet per day of associated natural gas it produces, most of which is now flared, the petroleum minister said on Wednesday. The announcement of efforts to generate more revenues by reducing gas flaring comes as Africa's second largest crude producer faces a fall in output from its mature oil fields. "Over the years, Angola has somewhat neglected to capitalise on the natural resources that it has to offer," Mineral Resources and Petroleum Minister Diamantino Azevedo said in a brochure released at an African energy conference in Cape Town.
An $875 million Nigerian government lawsuit against U.S. bank JPMorgan is clear to move forward after a London-based appeals court on Tuesday rejected the bank's bid to have the case dismissed. The bank had asked the court to quash the Nigerian government's case, arguing that it had no prospect of success. All three justices at the Court of Appeal in London rejected JPMorgan's argument in a ruling.
Royal Dutch Shell said on Wednesday that it had been informed by the U.S. Department of Justice that it had closed its inquiry into Shell over the 2011 $1.3 billion acquisition of a Nigerian offshore oilfield. Shell and Italy's Eni are both currently on trial in Milan on graft allegations revolving around the acquisition of the OPL 245 oilfield. "The U.S. Department of Justice (DoJ) has notified us that it has closed its inquiry into Shell in relation to OPL 245.
The U.S. Justice Department has closed its investigations into alleged corruption by oil major Eni in Nigeria and Algeria without taking any action, the Italian energy group said on Tuesday. Eni, the biggest foreign oil and gas producer in Africa, is currently on trial in Milan on graft allegations revolving round the acquisition of a giant Nigerian oilfield in 2011. In that case Eni and peer Royal Dutch Shell are accused of buying the OPL 245 offshore field for about $1.3 billion in a deal that spawned one of the industry’s largest graft scandals.
Bangladesh has shortlisted 17 companies for its spot tender process as it plans to buy around 1 million tonnes of liquefied natural gas (LNG) next year to capitalise on lower prices for the super-chilled fuel, two company officials said. Petrobangla, in charge of LNG imports into the South Asian country, plans to sign sales and purchase agreements with the shortlisted companies after it receives cabinet approval, the officials with direct knowledge of the matter said. “We are moving ahead with plans to import LNG through the spot market by shortlisting 17 companies out of a total of 43,” one of the Petrobangla officials said.
Reach them on Messenger to share your thoughts on market moves: email@example.com and firstname.lastname@example.org THROW AWAY YOUR WALLET: DIGITAL CURRENCY BY CEN BANKS SOON? "The central banks are probably going to have to make some move within the next two to three years, after all Facebook has put pressure by suggesting they could launch in the coming year. Earlier today, the Swiss National Bank's Governing Board Member Thomas Moser said he wouldn't be surprised to see a first central bank issue its own digital currency within the next year.