San Leon Energy Share Discussion Threads

[linksdean2] 03/5/2017 16:08

Local, foreign oil firms gain N3.6trn in oil price recovery
May 2, 2017

Five local and International Oil Companies (IOCs) operating in Nigeria witnessed a record-breaking profit of over $10 billion (N3.6 trillion) during the first quarter of 2017, The Guardian reports.

This significant performance has been attributed to the improvement in the prices of crude oil, which decreased to less than $30 in 2014 and 2016. Brent crude oil stood at $51.73 yesterday while West Texas Intermediate (WTI) was $49.33. Chevron Corporation reported earnings of $2.7 billion for first quarter of this year, compared to a loss of $725 million in same quarter in 2016. Also, Exxon Mobil Corporation announced an estimated first quarter 2017 earnings of $4 billion, compared to $1.8 billion a year earlier, resulting from improvement in commodity prices, cost management and refining operations.

Chairman and Chief Executive Officer, Patrick Pouyanne, said that Total’s adjusted net income increased by 56 per cent to $2.6 billion in the first quarter 2017, in line with the strong recent quarterly results of 2016, due to good operational performance and a steadily decreasing breakeven. Another operator, Seplat Petroleum Development Company, said that in its first quarter 2017 result, it made a gross profit of $19.1 million, during the period under review. Also, Chairman and Chief Executive Officer of Chevron, Darren Woods, attributed the company’s outstanding performance to increase in commodity prices and the company’s continued focus on controlling costs and operating efficiently.

[linksdean2] 03/5/2017 16:01

hey fick fock!!..if NNPC are starting to pay IOC's do you not think they will pay their own indigenous Nigerian brothers!!..don't call you a fick fock "figa" for nowt!!

hxxp://thenationonlineng.net/nnpcs-cash-call-debts-hit-7b/

Cash calls is the counterpart funding the NNPC pays yearly for the 60 per cent equity shareholding it owns in various oil and gas fields operated by International Oil Companies (IOCs) and indigenous oil firms (independents).


NNPC owed the IOCs cash call arrears of $5.5 billion, while their indigenous counterparts are being owed $1.1 billion, and an estimated $400 million that would have accrued between January and now.

.......

only a matter of time eh!! fick fock!! fig he hee..


FG pays $400m in first tranche settlement of cash call debts to IOCs

May 2, 2017

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed that the federal government has begun to redeem its pledge to settle outstanding joint venture cash call debts it owes International Oil Companies (IOCs) with $400 million paid last week to them, ThisDay reports.

Kachikwu told reporters on Tuesday on the sidelines of the ongoing 2017 Offshore Technology Conference (OTC) in Houston, Texas, United States, that the $400 million payment was part of a $1.2 billion cash call debt owed the IOCs in 2016. This, he stated, was different from the discounted $5.1 billion cash call arrears it negotiated in December 2016 with the IOCs.

The IOCs involved in this are ExxonMobil, Shell, Nigeria Agip Oil Company (NAOC), Chevron, and Total. The minister noted that a monthly repayment plan of $70 million has also been worked out with the Central Bank of Nigeria (CBN) to offset the $1.2 billion debt in one year. The negotiated $5.1 billion debt, he emphasised, would be repaid from incremental oil production by the IOCs.

[triple seven] 03/5/2017 15:01

Multiple ids from our troll.talking to himself. Get a life.How dear how dear

[goodgrief] 03/5/2017 07:41

Tosca's strategic review implies the takeover offer has fizzled out and Tosca has now been left with a massive holding to dispose off.

[linksdean2] 02/5/2017 21:46

only a matter of time eh!! fick fock!! he hee..


FG pays $400m in first tranche settlement of cash call debts to IOCs

May 2, 2017

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed that the federal government has begun to redeem its pledge to settle outstanding joint venture cash call debts it owes International Oil Companies (IOCs) with $400 million paid last week to them, ThisDay reports.

Kachikwu told reporters on Tuesday on the sidelines of the ongoing 2017 Offshore Technology Conference (OTC) in Houston, Texas, United States, that the $400 million payment was part of a $1.2 billion cash call debt owed the IOCs in 2016. This, he stated, was different from the discounted $5.1 billion cash call arrears it negotiated in December 2016 with the IOCs.

The IOCs involved in this are ExxonMobil, Shell, Nigeria Agip Oil Company (NAOC), Chevron, and Total. The minister noted that a monthly repayment plan of $70 million has also been worked out with the Central Bank of Nigeria (CBN) to offset the $1.2 billion debt in one year. The negotiated $5.1 billion debt, he emphasised, would be repaid from incremental oil production by the IOCs.