International

Nigerian court sets hearing date for Malabu Oilfield case

A Nigerian court has set a hearing over a disputed 2011 oilfield deal for June 18, the country’s financial crimes watchdog said Feb. 15, part of a string of international corruption probes into the purchase.
 
The case relates to a purchase of the offshore OPL 245 oil field in Nigeria by oil majors Royal Dutch Shell and Eni in 2011. At the core of the case is a $1.3 billion payment from Shell and Eni to secure the block from Malabu Oil and Gas, allegedly controlled by former Nigerian oil minister Dan Etete.
 

OVH Energy appoints Huub Stokman as CEO

OVH Energy, leading downstream company, has announced the appointment of Huub Stokman as the new Chief Executive Officer (CEO).
 
Prior to his appointment, Huub Stokman was the Head of Puma Energy International in Angola, responsible for the overall business, which included managing retail forecourt, terminal/logistics operations, as well as B2B business for fuels, lubricants, aviation fuels and bitumen.
 

IMO sulfur cap: Port States to inspect bunker tanks

More than a year after announcing its global 0.5% sulfur cap on marine fuels to be introduced in 2020, the International Maritime Organization has taken a first step towards helping member states deliver it.
 
The sulfur cap is due to be cut from 3.5% to 0.5% at the start of 2020, forcing most shipowners either to switch from burning fuel oil to cleaner, more expensive alternatives, or to invest in emissions-cleaning scrubber equipment to be installed on each vessel.
 

India ups demand for Nigerian crude

More cargoes of Nigerian crude oil are now heading for India on a daily basis after loadings to China witnessed decline in recent times.

Reuters reported citing a survey of vessel fixtures and traders that Indian refineries booked the largest amount of West African oil per day in February since April 2015.

The purchases helped to offset a steep drop in bpd-loadings of Nigeria, including Angolan crude for China, which fell to 1.22 million bpd from a record of 1.59 million bpd the previous month.

ISPS compliance: USCG expresses satisfaction with Nigeria

The United States Coast Guard (USCG) has expressed satisfaction at the compliance level of Nigeria with the International Ships and Ports Security (ISPS) facility Code at the nation’s ports.
 
A delegation from the USCG led by Lt. Commander Jacob Hopper of the International Port Security (IPS) Liaison for USCG in West and Central Africa and Europe who were on a two-day visit to some of the ports in Lagos stated that there has been a lot of improvements in the nation’s port as a result of the security architecture put in place.
 

Oil soars to $71/barrel for first time since 2014

Brent oil prices hit $71 per barrel on Thursday, January 25, for the first time since 2014 as the dollar continued to weaken and crude inventories in the United States fell for a 10th straight week amid ongoing supply cutbacks by OPEC and top producer Russia.
 
Brent crude futures, the international benchmark for oil prices, hit a session high of $71.05 per barrel – the highest since early December 2014 – before dipping back to $70.99 by 0440 GMT. That was still up 46 cents, or 0.7 percent from the last close.
 

ExxonMobil named 2017 Explorer of the Year

ExxonMobil has been named 2017 Explorer of the Year by the World Oil and Gas Council in recognition of excellence and innovation in the global energy industry.
 
“This award is recognition of ExxonMobil’s successful efforts to strengthen our portfolio by accessing and discovering the highest quality resources,” said Steve Greenlee, president of ExxonMobil Exploration Company. “This recognition would not be possible without the dedication of our employees and their daily commitment to safety and operational excellence at every stage of exploration.”

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