BLACK GOLD BULLETIN

Shell and ExxonMobil have agreed to sell their North Sea assets to UK-based oil and gas company, Neo Energy, in a deal worth $180 million. Source: NAM The sale marks a significant exit for the oil majors from the region, as they continue to shift their focus towards more profitable ventures. The assets, which include interests in the Sean and Bacton fields, have been deemed "non-core" by Shell and ExxonMobil. The deal is expected to close in the third quarter of 2024, subject to regulatory approval. Neo Energy, backed by private equity firm, HitecVision, aims to revitalize the assets and increase production. The acquisition expands Neo's portfolio, cementing its position as a prominent player in the North Sea. This sale marks the latest in a series of divestments by oil majors in the North Sea, as they prioritize investments in low-carbon energy and high-return projects. Source: Upstreamonline BLACK GOLD BULLETIN… …where oil minds unite  

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has expressed concerns over the quality of petroleum products produced by the Dangote Refinery.  Aliko Dangote  According to the regulator, the refinery's output has a higher sulphur content compared to imported products, which could potentially harm the environment and public health. The NMDPRA also noted that Dangote Refinery has not yet received an operational license, despite being in the pre-commissioning stage with approximately 45% completion. This has raised concerns about the refinery's readiness to supply high-quality products. Furthermore, the regulator is worried that relying heavily on a single refinery could lead to a monopoly, compromising the country's energy security. In response, Dangote has denied the allegations, claiming that their refined diesel meets international standards and is superior to imported products. The company has also accused international oil companies of atte...