Underperform rating maintained In Q1 2017, Mobil Oil Nigeria (Mobil) delivered a PBT decline of -15% y/y and the PBT missed our PBT estimate by around 10%. Similar to Total Nigeria (Total), gross margin compression completely offset benefits coming through from strong topline growth. PAT
Libya is pumping the most oil in more than two years as the OPEC member restores output amid progress in mending the nation’s political divisions. The increase adds pressure on the world’s biggest producers who just signaled they may extend production cuts amid a slump
Global conventional oil discoveries fell to a record low in 2016 as companies continued to cut spending. Also, the number of conventional resources sanctioned for development last year reached their lowest level in more than 70 years, the International Energy Agency, IEA said. It warned
Trade of Nigerian crude oil has slowed with offers not meeting buying interest and uncertainty remains over the nation’s direct sale of crude oil and direct purchase of products’ programme for 2017. A short-list of winners emerged for the swaps but final contracts have yet
The Nigerian National Petroleum Corporation (NNPC) has awarded the construction of Ajaokuta- Kaduna-Kano Gas pipeline to a Chinese company-China Petroleum Group Engineering Co., Ltd (CPGE). The company disclosed this yesterday in its project bid announcement to the Chinese authorities where it said that its subsidiary-
EPS forecast up 4% over the 2017-19E period; PT cut by 10% Total’s Q1 2017 PBT of N4.3bn was up 11% y/y and beat our estimate by 14%. Sales were ahead by much more but partially offset by higher costs for imported petroleum products which
The Nigerian subsidiary of Royal Dutch Shell Plc said it had shut down the Nembe Creek Trunk Line, which exports Bonny Light crude oil, in order to remove theft points. Managing director of Shell Petroleum Development Company (SPDC) said the company was working to remove
Crude retreated for the first time in seven sessions after a government report showed U.S. production climbed to the highest level in more than a year, offsetting data on declining stockpiles. Futures ended the longest stretch of gains this year in New York. Crude output climbed for an eighth week, the
The rate of pipeline vandalism in the country increased by 233 percent in January this year compared to December 2016, the Nigerian National Petroleum Corporation has said. In its latest financial and operations report for January 2017, the national oil firm stated that pipeline vandalism
2016 was a tough year for most players in the industry, though the Oil market continues to face growing challenges, 2017 would be the year of recovery. With OPEC finally agreeing to cut oil production, oil prices have increased however would demand levels be sufficient