Chevron Corp. sold North Sea Forties crude at less than half the last traded differential in the window, after offering the cargo for a fourth time. Total SA and Eni SpA bought Russian Urals blend at lower prices.
The Nigerian government’s military crackdown against the theft of crude in the Niger River delta has left more than a 1,000 makeshift refineries in flames, worsening pollution in the area, authorities said.
BP Plc, ConocoPhillips and Statoil ASA are among oil explorers investing at least $3 billion in wells off Angola next year in the country’s biggest deepwater drilling campaign, Wood Mackenzie Ltd. said.
Eni SpA failed to sell North Sea Forties crude even after lowering its offer. No bids or offers were made for Russian Urals for a third day. BP Plc didn’t manage to buy Azeri Light blend for a second day.
Etablissements Maurel & Prom SA is moving into riskier exploration and unconventional projects in Canada and Myanmar in a bid to boost reserves, according to Chief Executive Officer Jean-Francois Henin.
Eni SpA, the Italian oil company that reported a slump in quarterly profit today, rose the most in seven months in Milan trading after forecasting a “significant improvement” in its second-half results.
Trafigura Beheer BV bought North Sea Forties crude at the highest differential in almost seven months. No bids or offers were made for Russian Urals. BP Plc sought without success to buy Azeri Light blend at the biggest premium to Dated Brent in at least three years.
At Royal Dutch Shell Plc’s compound in the Nigerian city of Warri, the gate is locked, the grounds are empty and grass has overgrown since Europe’s biggest oil company closed its operations in March after more than 40 years.
Royal Dutch Shell Plc missed earnings estimates by the most since 2008 after oil theft in Nigeria and writedowns in North America led to a 20 percent slump in results. The shares fell the most in two years.