Shell Completes $1.7B Sale of Nigerian Assets

The Shell Petroleum Development Company of Nigeria Limited (SPDC), a subsidiary of Royal Dutch Shell plc (Shell), has completed the assignment of its interest in oil mining lease (OML) 29 and the Nembe Creek Trunk Line (OML29 and NCTL) and related facilities in the Eastern Niger Delta. Its interests in OML29 and the Nembe Creek Trunk Line were assigned to Aiteo Eastern E&P Company Limited. Total cash proceeds for Shell amount to some $1.7 billion. This divestment is part of the strategic review of SPDC’s onshore portfolio and is in line with the Federal Government of Nigeria’s aim of developing Nigerian companies in the country’s upstream oil and gas business. 

Here's How $20 Oil Could Become a Reality If Storage Runs Out

Though I find this piece kind of shabby I decided to post it because its a well written angle.

(source: bloomberg.com)

There's the makings of a crisis swirling in America's oil-storage tanks, and the next few months will determine whether it's a minor annoyance, or a major blow, to U.S. oil.

The basic problem is that too much oil is being pumped, and not enough is being used up. America is running out of places to store all of the excess crude. That’s a problem, and it could send prices plummeting -- some say to $20 a barrel or even lower. (For context: Last summer it was more than $100, and today it's less than $50.)

Nigeria could plunge into a fuel crisis soon

Yes we all look forward to the weekend presidential elections in Nigeria and our hopes stand in it's achievable credibility (yes, it's possible). Most times the common man on the street is the least involved and most affected as per effects by governmental policies but hopefully that will change soon. 

One major populace dependent commodity is petrol. We need it in our cars, bikes, generators, etc. It moves a large part of the small-medium scale enterprises and in a country such as Nigeria it can bring productivity to a stand still if not readily available.

What I'm about to share is a perspective to a possible (serious) fuel crisis in Nigeria come the second quarter of this year.

Talisman Sinopec Energy UK Appointment Bill Dunnett as it's new Managing Director

News out today is that effective from April 7, the Board of Directors of Talisman Sinopec Energy UK will formally recognize by appointment Bill Dunnett as Managing Director. Mr. Dunnett will succeed Paul Warwick who will return to his role as Executive Vice President Talisman Energy Inc. following completion of Bill's transition by mid-May.

Bill is a chartered engineer with more than 30 years’ experience in the international oil and gas industry. He graduated in 1984 with a First in Engineering before joining Mobil North Sea as a petroleum engineer. The majority of his career has been focused on the North Sea, particularly major projects and the operation of mature-asset portfolios. While working offshore in the Beryl Field, he implemented the findings of the Cullen Report which has driven his career-long passion for safe and high-integrity operations.

U.S. Refiners Turn to Tanker Trucks to Avoid 'Dumbbell' Crudes

In a pressing quest to secure the best possible crude, U.S. refiners are increasingly going straight to the source.

Firms such as Marathon Petroleum Corp and Delek U.S. Holdings are buying up tanker trucks and extending local pipeline networks in order to get more oil directly from the wellhead, seeking to cut back on blended crude cocktails they say can leave a foul aftertaste.

While the business of hauling crude from individual oil wells to bulk storage depots or pipeline hubs has become a lucrative niche in recent years thanks to the shale oil revolution, refiners are getting into the "first mile" game for a different reason: taking control of their supply chains to secure a more predictable, consistent stream of crude.

Angola's Saturno oil output restarted over the weekend

Angola's Saturno oil output restarted over the weekend, one week after a power loss at an offshore facility forced it to shut down, traders said on Monday. 

Field operator BP had no immediate comment, but traders said the force majeure on exports of Saturno grade crude oil is still in place. The FPSO PSVM operated by BP consists of the Plutao, Saturno, Venus and Marte fields. 

BP itself said last week that it expected the force majeure to last roughly eight days from when it was declared on March 16. No loading programme for Saturno crude in May had been issued yet because of the force majeure.

Saudi’s Naimi Optimistic on Oil With Output Close to Record High

Saudi Arabia’s Oil Minister Ali al-Naimi is “optimistic” about the oil market and the world’s biggest exporter is pumping about 10 million barrels of crude a day, close to the record amount produced in 2013.

Saudi Arabia is able to meet demand from any customer, al-Naimi said at a conference in Riyadh, Saudi Arabia, on Sunday. While global demand for oil is improving, there isn’t enough need to raise the nation’s production capacity beyond its current level of 12.5 million barrels a day, he said.