To profitably acquire, develop and produce oil and gas assets within and outside Nigeria.
To continuously develop the technical and personal competencies of our people within a challenging and rewarding corporate environment.
To generate social value and economic returns to our shareholders, employees, partners and the community.
To achieve measurable and sustainable corporate growth.
“To be recognized as one of the leading indigenous E & P Companies in Africa, adhering to world class standards in all our activities”
The International Monetary Fund expects Saudi Arabia’s oil gross domestic product (GDP) to fall by 1.9 percent this year as the OPEC leader commits to implementing the bloc’s production cuts. The oil production cuts are affecting overall real GDP growth as well, which the IMP expects to be “close to zero”. Non-oil GDP growth will hover around 1.7 percent and accelerate in the medium term as structural reforms promised in the Vision 2030 agenda began to take shape. “Fiscal consolidation efforts are beginning to bear fruit, progress with reforms to improve the business environment are gaining momentum, and a framework to increase the transparency and accountability of government is largely in place,” the IMF report read. “Effective prioritization, sequencing, and coordination of the reforms is essential, and they need to be well-communicated and equitable to gain social buy-in and ensure their success.”
Helped by production growth and lower costs, Canada’s oil and gas producer Encana Corp returned to a net profit in the second quarter and revised upward its production guidance for its four core assets in North America. Encana reported on Friday net earnings of US$331 million compared to a loss of US$601 million in the second quarter last year, easily beating analyst forecasts. Production from the core assets-the Permian and the Eagle Ford in the U.S. and the Montney and Duvernay shale plays in Canada-increased by 9,200 boe/d compared to the first quarter to stand at 246,500 boe/d in the second quarter.
Exxon is suing the U.S. Treasury Department to challenge the Treasury’s US$2-million fine imposed for breaching Ukraine-related sanctions on Russia.