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As oil prices climb above $80 for the first time since late last year, energy stocks are roaring back with strength across multiple timeframes. As we review the energy sector, SLB stands out as a stock where value can be unlocked by the current environment. Despite a record year in 2023, SLB (SLB) traded lower this year on the back of geopolitical factors. As we evaluate the business, we know that SLB is the largest services and equipment provider for oil and gas exploration. The trade Despite implied volatility on SLB at the very bottom of its 52-week range, I still believe that the best trade structure for this trade would be buying a call vertical.
Persons: SLB, I'm
Asia Pacific category · November 26, 2023New Zealand’s new right-of-centre government was sworn in on Monday, with parliament expected to sit next week and begin working on new policies including a new central bank mandate and lifting a ban on oil and gas exploration.
Locations: Asia
Here are some of the main players and negotiating blocs involved in the COP28 conference starting Nov. 30 in Dubai. In climate negotiations, Beijing argues that wealthy developed countries like the United States, the biggest historical CO2 emitter, should move first and fastest in climate policy and finance. Despite having the world's second largest economy after the United States, China considers itself as a developing nation in the climate talks. But U.S. delegates will face pressure for climate finance after Washington pledged no new climate cash to the United Nations this year. AFRICAN GROUP OF NEGOTIATORSAfrican countries will be pushing at COP28 for climate finance and financial mechanisms to speed up green energy projects.
Persons: Rula, Kate Abnett, Katy Daigle, Josie Kao Organizations: Abu Dhabi Sustainability, REUTERS, UNITED, Washington, United Nations, EU, GROUP, Marshall, European Union, Thomson Locations: UAE, Abu Dhabi, Dubai . CHINA China, China, Beijing, United States, U.S, Union, United, United Kingdom, London, Brazil, South Africa, India, Saudi Arabia, CHINA, Kenya, Ethiopia, Senegal, Mozambique, Vanuatu, Costa Rica
By Lucy CraymerWELLINGTON (Reuters) - New Zealand’s new right-of-centre government was sworn in on Monday, with parliament expected to sit next week and begin working on new policies including a new central bank mandate and lifting a ban on oil and gas exploration. “We’ve got the team, we’ve got the ideas, we’ve got a clear policy program for the next three years,” he said. The New Zealand Green Party on Monday launched a petition to keep the ban on oil and gas exploration. “We ask everyone to stand with us to tell this government that the oil and gas ban has to stay,” Green Party co-leader James Shaw said in a statement. The Green Party has said they will re-introduce a ban on new sources of fossil fuels when they return to government.
Persons: Lucy Craymer WELLINGTON, Cindy Kiro, King Charles III, Christopher Luxon, Luxon, TVNZ’s 1News, “ We’ve, we’ve, , James Shaw, Lucy Craymer, Lincoln Organizations: Reuters, National, Government House, Wellington ., ACT New Zealand, New Zealand, Zealand Green Party, Monday, ” Green Party, Green Party Locations: British, New, Wellington, New Zealand
Christopher Luxon, Leader of the National Party speaks to supporters at his election party after winning the general election to become New Zealand’s next prime minister in Auckland, New Zealand, October 14, 2023. REUTERS/David Rowland/File Photo Acquire Licensing RightsWELLINGTON, Nov 27 (Reuters) - New Zealand’s new right-of-centre government was sworn in on Monday, with parliament expected to sit next week and begin working on new policies including a new central bank mandate and lifting a ban on oil and gas exploration. The New Zealand Green Party on Monday launched a petition to keep the ban on oil and gas exploration. “We ask everyone to stand with us to tell this government that the oil and gas ban has to stay,” Green Party co-leader James Shaw said in a statement. The Green Party has said they will re-introduce a ban on new sources of fossil fuels when they return to government.
Persons: Christopher Luxon, David Rowland, Cindy Kiro, King Charles III, Luxon, TVNZ’s 1News, “ We’ve, we’ve, , James Shaw, Lucy Craymer, Lincoln Organizations: National Party, New, REUTERS, Rights, National, Government House, Wellington ., ACT New Zealand, New Zealand, Zealand Green Party, Monday, ” Green Party, Green Party, Thomson Locations: Auckland , New Zealand, British, New, Wellington, New Zealand
New Zealand's Foreign Minister Winston Peters arrives at a news conference after he attended an emergency meeting of the Organisation of Islamic Cooperation (OIC) in Istanbul, Turkey, March 22, 2019. The role of deputy prime minister, a key sticking point in the discussions, will be split between the populist NZ First party leader Winston Peters and ACT party leader David Seymour, the group announced in a statement. National Party deputy leader Nicola Willis will be finance minister and Peters will be foreign minister, the parties said. The coalition plans to repeal a ban on offshore oil and gas exploration and a ban on the sale of cigarettes to future generations introduced by the previous Labour government, according to coalition documents. "Foreign affairs does matter to this country.... all relationships do matter to this country," Peters said in a joint news conference in the capital Wellington after the announcement.
Persons: Winston Peters, Murad Sezer, David Seymour, Nicola Willis, Peters, Christopher Luxon, Luxon, ” Luxon, Jacinda, Helen Clark, Lucy Craymer, Praveen Menon, Diane Craft Organizations: Zealand's, of Islamic Cooperation, REUTERS, ACT NZ, National Party, NZ First, ACT, Party, Reserve, New Zealand, Bank of New, Labour, , New Zealanders, Police, Thomson Locations: Istanbul, Turkey, WELLINGTON, Bank of New Zealand, Wellington, Niue
Investors should take a second look at the oil and gas exploration company Ovintiv , according to Citibank. Ovintiv's stock collapsed earlier this year and is down near 12%, underperforming the S & P Oil & Gas Exploration & Production ETF which is up 2% for year. Citi believes Ovintiv's performance in early 2024 will improve with the investment bank putting oil and condensate production 2% above consensus estimates. Ovintiv's production plateau will rise after assessing performance on wells acquired in the Midland acreage earlier this year, according to Citi. Meanwhile, Citi downgraded APA Corp, an oil and gas company with a similar market cap to Ovintiv.
Persons: Scott Gruber Organizations: Citibank, P Oil & Gas Exploration, Citi, APA Corp, APA Locations: Midland, Egypt
The King's Speech - given by the monarch but written by government ministers - opens the new session of parliament. This is likely to be the last one before the election, which must be held by January 2025, and many policies were aimed at appealing to voters. CIGARETTES AND VAPESThe Tobacco and Vapes Bill will deliver on Sunak's promise made last month to phase out all tobacco sales in England. SOCCER REGULATORThe government plans to set up an independent football regulator, who will be responsible for scrutinising club owners and their financial resources. The new legislation will require owners to ensure fans are consulted on changes to club's badges, names and shirt colours.
Persons: Rishi Sunak, Keir Starmer, Hannah McKay, King Charles, Bill, Andrew MacAskill, Alistair Smout, Elizabeth Piper, Alex Richardson, Barbara Lewis Organizations: British, Labour Party, REUTERS, Conservatives, Petroleum, Markets, Competition, Consumers, SOCCER, Super League, Trans, Pacific, Thomson Locations: London, Britain, England, North, Freehold, Wales, Pacific, Australia, Japan
REUTERS/Chris Helgren/File Photo Acquire Licensing RightsSYDNEY, Nov 2 (Reuters) - Santos (STO.AX) said on Thursday an Australian court has granted an interim injunction preventing it from starting work on laying undersea pipelines on its $3.6 billion Barossa gas project off northern Australia. Australia's offshore regulator ordered Santos in January to evaluate the environmental risks to underwater indigenous cultural heritage before starting pipeline work though it did not prohibit the start of work. Santos has said, citing an independent expert, that there were no specific underwater cultural heritage sites along the planned route of the pipeline. A Santos ship was hours away from beginning work on the pipeline, lawyers for Munkara told the court. Santos said the vessel will remain at its current location but no pipeline works will be conducted during the interim injunction.
Persons: Santos, Chris Helgren, Simon Munkara, Munkara, Renju Jose, Ayushman, Mrigank Dhaniwala, Rashmi Aich, Jacqueline Wong Organizations: REUTERS, Rights, Federal, Environmental, Office, EDO, Woodside, Thomson Locations: Vancouver , British Columbia, Canada, Australia, Tiwi, Munkara, Barossa, Scarborough, Sydney, Bengaluru
REUTERS/Chris Helgren/File Photo Acquire Licensing RightsSYDNEY, Oct 24 (Reuters) - The Australian government said on Tuesday it was reviewing an emergency application filed by an indigenous group seeking to block pipeline construction for Santos Ltd's (STO.AX) $3.6 billion Barossa gas project off northern Australia. Santos, which aims to start producing gas from Barossa in the first half of 2025, did not immediately respond to a request seeking comment. In a quarterly update issued last week, Santos said an independent expert concluded that there were no specific underwater cultural heritage places along the planned Barossa pipeline route. But the Tiwi people said the pipeline will cause significant damage to ancient burial grounds, aboriginal art and other sacred ancestral sites. Santos was informed about the concerns of the indigenous elders but the company had plans to begin the pipeline construction soon, the group said.
Persons: Santos, Chris Helgren, Santos Ltd's, Tanya Plibersek, Molly Munkara, Renju Jose, Raju Gopalakrishnan Organizations: REUTERS, Rights, Thomson Locations: Vancouver , British Columbia, Canada, Australia, Barossa, Sydney
The company paid a dividend of $1.74 per share in late September, which included a quarterly base dividend of 50 cents per share and a variable dividend of $1.24. The acquisition, anticipated to close in January 2024, is expected to boost CIVI's free cash flow per share by 5% in 2024. In September, the company announced a quarterly dividend of 57 cents per share, payable on Nov. 1. (See Chesapeake Insider Trading Activity on TipRanks)EOG ResourcesLet's look at another energy company: EOG Resources (EOG). Based on this quarterly dividend, the annual dividend rate comes to $3.30 per share, bringing the dividend yield to 2.5%.
Persons: Paresh Dave, Wall, Civitas, Lloyd Byrne, CIVI, Byrne, TipRanks, Bristol Myers, BMY, Goldman Sachs, Chris Shibutani, Shibutani, Umang Choudhary, Choudhary, EOG, Nitin Kumar, Eagle, Kumar Organizations: Cisco Systems Inc, Civitas, Civitas Resources, Vencer Energy, Jefferies, Midland, Bristol, Bristol Myers Squibb, Mirati Therapeutics, Chesapeake Energy, Management, Chesapeake, EOG, Eagle Ford, TipRanks, Cisco Locations: San Jose , California, Denver, Midland, West Texas
"In the context of intensified Sino-U.S. strategic competition and the Taiwan Strait conflict, we should be wary of the U.S. replicating this financial sanction model against China," wrote Chen Hongxiang, a researcher at a branch of the People's Bank of China (PBOC) in eastern Jiangsu province. Wang and several PBOC researchers wrote in articles that if the U.S. implemented Russia-style sanctions on China, Beijing should freeze U.S. investment and pension funds and seize the assets of U.S. companies. ENERGY AND ALLIANCESBesides financial sanctions, Russia's response to Western pressure on its oil, gas, metals, and chips industry has given food for thought to Chinese researchers. Chinese researchers also suggested Beijing exploit cracks within the European Union and between the U.S. and its allies. "The mutual penetration of the Chinese and American economies will inevitably weaken the willingness to impose financial sanctions," he wrote.
Persons: Thomas Peter, Chen Hongxiang, Xi Jinping, Yu Yongding, Yu, PBOC, Wang Yongli, Wang, Sun, Mou Lingzhi, Xia Fan, Ye Yan, Martin Chorzempa, Chorzempa, Chen, Eduardo Baptista, David Crawshaw Organizations: REUTERS, Rights, U.S, Moscow, China, People's Bank of China, Reuters, Senior U.S, People's Liberation Army, China National Knowledge Infrastructure, China International Futures, U.S ., China Center for International Economic, Shanghai Academy of Social Sciences, China Minmetals Corporation, London Metals Exchange, Oil and Gas Exploration, Development Company, European Union, Peterson Institute for International Economics, EU, Thomson Locations: Fuzhou, Taiwan, Matsu, China, Rights BEIJING, Russia, Ukraine, Jiangsu, Beijing, Russian, U.S, Hainan, Washington, United States
Vessels that are used for towing oil rigs in the North Sea are moored up at William Wright docks in Hull, Britain November 2, 2017. REUTERS/Russell Boyce/File Photo Acquire Licensing RightsLONDON, Oct 19 (Reuters) - Britain's decision to authorise new licences for oil and gas exploration in the North Sea was lawful, London's High Court ruled on Thursday, dismissing a legal challenge by Greenpeace. Judge David Holgate rejected Greenpeace's case on Thursday, saying in a written ruling that the decision not to assess end-use emissions was not irrational. A Department for Energy Security and Net Zero spokesperson welcomed the decision. Britain says domestic oil and gas production is key to its plan to improve energy security and that doing so is consistent with its target of net zero carbon emissions by 2050.
Persons: William, Russell Boyce, David Holgate, Greenpeace's, Philip Evans, Tessa Khan, Sam Tobin, William James, Tomasz Janowski Organizations: REUTERS, Greenpeace, Britain's Department for Energy Security, Department for Energy Security, Thomson Locations: William Wright, Hull, Britain, North, Europe
The Iran-backed group is on a war footing, deploying special forces and priming its rockets in preparation for the possibility of war. Tensions are higher than at any point since it fought a 2006 conflict with Israel, the sources said. Hamas ignited the war on Saturday when its gunmen infiltrated Israel from Gaza, killing 1,200 people and abducting dozens more. Palestinian and Hezbollah flags flutter in Khiam, near the border with Israel, in southern Lebanon October 9, 2023. All-out war would likely derail Lebanon's offshore oil and gas exploration efforts, for which Hezbollah has voiced strong support.
Persons: Israel, Aziz Taher, NASRALLAH, Mohanad Hage Ali, Hezbollah's, Sayyed Hassan Nasrallah, Ibrahim al, Amin, Tom Perry, Angus MacSwan Organizations: Hezbollah, Islamic, Iran's, Guards, United, Embassy, Reuters, State Department, REUTERS, Carnegie Middle East Center, Palestinian, Lebanese, Thomson Locations: Israel, Iran, Lebanon, BEIRUT, Lebanese, Gaza, Syria, Hamas, Tehran, United States, U.S, Palestinian, Beirut
The company's dividend hike of 3.4% last year marked the 40th consecutive year of annual dividend growth. Mizuho analyst Nitin Kumar reiterated a buy rating on Exxon with a price target of $139 after attending the company's Product Solutions Spotlight event. Calling CTRA his top pick, Kumar reiterated a buy rating on the stock with a price target of $42. (See BIP Stock Chart on TipRanks)American Electric PowerAnother RBC Capital analyst, Shelby Tucker, is bullish on utility stock American Electric Power (AEP). Recently, Tucker lowered the price target for AEP to $90 from $103 to reflect a high interest environment but reiterated a buy rating.
Persons: Sergio Moraes, Wall, Mizuho, Nitin Kumar, Kumar, TipRanks, Marcellus Shale, Robert Kwan, Kwan, Shelby Tucker, Charles E, Tucker Organizations: AEP BIP, Exxon Mobil Corp, Oil, Gas Expo, Exxon Mobil First, Exxon Mobil, Exxon, Coterra Energy, CTRA, Brookfield Infrastructure Partners, Brookfield Infrastructure, RBC Capital, Power, American Electric Power, AEP, 453rd, Darden Locations: Rio de Janeiro, Brazil, Baytown, Singapore, Anadarko, TipRanks, Brookfield
It's welcome news for Lula, who has promised to achieve zero deforestation in the Amazon by 2030 and is seeking to repair his country's environmental reputation. The government, however, has received criticism over its plans to open new oil fields near the mouth of the Amazon River. Dave Benett | Getty Images Entertainment | Getty ImagesThe Amazon is critical in absorbing the planet's carbon dioxide — making it a vital bulwark in the fight against climate change. Txai Surui, an indigenous leader and activist from the Brazilian Amazon, welcomed the trend of falling Amazon deforestation but criticized Lula's administration for its willingness to potentially develop offshore oil. "How are you doing agreements about deforestation and all these things and yet you want to explore [for oil]?"
Persons: Michael Dantas, Luiz Inácio Lula da Silva, Lula, Jair Bolsonaro's, Guajajara, Bolsonaro, Sonia Guajajara, Txai Surui, Dave Benett, Buda Mendes, Rui Costa, Costa, Lula's, Surui, Brazil's, Brazil Luiz Inácio Lula da Silva, Andressa Anholete, Guillermo Lasso, Tipping, Brazil's Guajajara Organizations: Afp, Getty, CNBC, IBAMA, FUNAI, Indigenous Peoples, Petrobras, Reuters, Amazon, Nature Sustainability, U.N Locations: Manaquiri, Amazonas, London, Indigenous Peoples of Brazil, Annabel's, England, Brazil, Maracana, Rio de Janeiro, Buda, Planalto, Brasilia, Ecuador
Sept 28 (Reuters) - U.S. oil producers Exxon Mobil (XOM.N) and Hess Corp (HES.N) have withdrawn from exploring the Kaieteur block in Guyana’s deepwaters, Exxon said on Thursday, after disappointing exploration results. The exit comes as the producers focus on their larger and highly productive Stabroek block, where more than 11 billion barrels of oil and gas have been discovered so far. The companies have transferred their stakes in the block to Ratio Guyana Limited and Cataleya Energy Limited, which originally held the exploration licenses, Exxon said. A consortium composed of Exxon, Hess and CNOOC Ltd (0883.HK) control all offshore production in Guyana through the Stabroek block. Exxon and Hess were among oil companies that submitted bids in an auction for 14 other oil and gas exploration blocks.
Persons: Exxon, Hess, Kiana Wilburg, Sabrina Valle, Chris Reese, Leslie Adler Organizations: Exxon Mobil, Hess Corp, Exxon, Guyana, Cataleya Energy, Hess, CNOOC Ltd, Qatar Energy, Thomson Locations: deepwaters, HK, Guyana, Stabroek, Georgetown, Houston
Cain's Sept. 22 order had been celebrated by the oil and gas industry, which had sued in August alongside the state of Louisiana over an earlier decision by the Interior Department to scale back the auction. Representatives for the Interior Department, environmental groups, the Louisiana attorney general's office and the American Petroleum Institute did not immediately respond to requests for comment. The Interior Department finalized plans for a reduced lease sale in August, after last year's Inflation Reduction Act mandated the auction move forward. The sale made about 67 million acres in the Gulf available for bids. Those groups had claimed the whales can be harmed or killed by oil spills, vessel strikes, noise, marine debris and other impacts of oil and gas exploration and development.
Persons: Biden, James Cain's, Joe Biden, Nichola Groom, Clark Mindock, Sandra Maler, Alexia Garamfalvi, Richard Chang Organizations: Chevron Corp, Monday, Circuit, U.S . Interior Department, Interior Department, U.S, District, of Ocean Energy Management, American Petroleum Institute, Democratic, Thomson Locations: Gulf of Mexico, New Orleans, Louisiana, U.S
Philippine Coast Guard/FacebookTarriela said between August 9 and September 11, the coast guard monitored 33 Chinese vessels within the vicinity of Rozul Reef and around 15 Chinese ships near Escoda Shoal. The UP Marine Science Institute found vibrant corals in the Rozul (Iroquios) Reef in the South China Sea in May 2021. At least two foreign ambassadors in Manila have expressed alarm over reports of destruction of marine resources in the South China Sea. The grounded Philippine navy ship Sierra Madre, which Manila uses to stake its territorial claims at Second Thomas Shoal in the Spratly Islands in the disputed South China Sea, as pictured on April 23, 2023. Under current President Ferdinand Marcos Jr., the country’s National Security Team began to publicize its findings about what was actually happening in the West Philippine Sea and the South China Sea more regularly, Powell said.
Persons: Jay Tarriela, ” Tarriela, Facebook Tarriela, Tarriela, Mao Ning, , , Gerry Arances, Arances, Ray Powell, SeaLight, Powell, Philippines MaryKay Carlson, Kazuhiko Koshikawa, Rodrigo Duterte, Shoal, Ted Aljibe, Thomas Shoal, Ferdinand Marcos Jr Organizations: CNN, Philippine Coast Guard, Chinese Maritime Militia, Facebook, Philippine, Spratly Islands, Philippine coastguard, University of, Philippines Marine Science Institute, country’s National Security Council, Scientific, UP Marine Science Institute, Marine Science, CNN Philippines, Center for Energy, coastguard, National Security, Stanford University, The, United, Philippine Department of Foreign Affairs, Asia, Transparency Initiative, BRP, BRP Sierra Madre, National Security Team, West Philippine, South China Locations: South, Philippines, China, Sabina, South China, Palawan, Beijing, Philippine, Rozul, Escoda Shoal, ” Beijing, China’s, Malaysia, Brunei, Taiwan, The Hague, West Philippine, United States, Indonesia, Vietnam, The Philippines, Manila, Sierra, Spratly, AFP, BRP Sierra, Sierra Madre, West
When looking for a stock that pays a higher dividend than Treasury yields, investors don't have too many choices these days. Dividend stocks, on the other hand, are getting harder to find as companies hold on to their cash amid concerns about the economy. To find stocks that pay dividends higher than the 10-year Treasury yield, CNBC used the new CNBC Pro Stock Screener tool to search for names with yields higher than 4.5%. Pioneer Natural Resources has the highest dividend yield at 7.2%, as well as a debt-to-equity ratio of 24.2%. Lastly, Best Buy has a 5.2% dividend yield and 40.9% debt-to-equity ratio.
Persons: Goldman Sachs, Brent, Neil Mehta Organizations: Treasury, CNBC, CNBC Pro Stock, Natural Resources, Brent, West Texas, Coterra, Citizens Financial, Citizens
Volvo to start production of electric trucks at Ghent factory
  + stars: | 2023-09-14 | by ( ) www.reuters.com   time to read: 1 min
Exploration & Production category · September 13, 2023Guyana on Wednesday received bids for eight of 14 offshore oil and gas exploration blocks offered in its first auction, including from groups formed by Exxon Mobil and TotalEnergies , according to the government and documents seen by Reuters.
Organizations: Wednesday, Exxon Mobil, TotalEnergies, Reuters Locations: Guyana
Norway could become the first nation to make deep sea mining happen on a commercial scale if the country's parliament approves a plan to open ocean an area larger than the United Kingdom to the new industry. The mining could provide a source for such metals as copper and rare earth elements for the transition away from fossil fuels. He did not say whether SV would make support for the government's budget conditional on the issue. Still, Haltbrekken said deep sea mining was "high on our agenda" and "an important issue for us". In 2021, SV blocked the government's plans to conduct oil and gas exploration licensing round in frontier areas.
Persons: Lars Haltbrekken, Haltbrekken, SV, Victoria Klesty, Nerijus, Gwladys Fouche, Timothy Gardner Organizations: Reuters, NOAA, of Ocean Exploration, REUTERS, Rights, Labour, Centre Party, Socialist Left, SV, Conservative, Progress Party, Thomson Locations: Rights OSLO, Norway, United Kingdom
In its most aggressive move yet to protect federal land from oil and gas exploration, the Biden administration announced on Wednesday that it would prohibit drilling in 13 million acres of pristine wilderness in the National Petroleum Reserve in Alaska and cancel all drilling leases in the Arctic National Wildlife Refuge. The new regulations would ensure what the administration called “maximum protections” for nearly half of the petroleum reserve but would not stop the enormous $8 billion Willow oil drilling project in the same vicinity, which President Biden approved this year. Climate activists, particularly young environmentalists, were angered by Mr. Biden’s decision in March to allow the Willow project, calling it a “carbon bomb.” Many called the move a betrayal of Mr. Biden’s campaign promise of “no new drilling, period” on federal lands and waters. Since then, the administration has taken pains to emphasize its efforts to reduce the carbon emissions that result from burning oil and gas and that are driving climate change.
Persons: Biden, Mr, Biden’s Organizations: National Petroleum Reserve, Wildlife Locations: Alaska
When Greenpeace activists draped Prime Minister Rishi Sunak’s baronial country house in black fabric last month to protest his energy policies, public reaction focused on the troubling lapse in security. But on another level, the stunt showed that Mr. Sunak’s brand of hard-edge politics was hitting home in Britain. Greenpeace said it was outraged by the government’s decision to issue new licenses for oil and gas exploration in the North Sea — part of a broader retreat on climate policy that is edging Britain away from its ambitious commitments to phase out fossil fuels. Mr. Sunak, who was out of the country at the time, won sympathy from many who said the tactics of the activists had gotten out of control. Climate policy is one of several fronts where Britain’s beleaguered Conservative government is drawing sharp lines on emotive issues, hoping to set itself apart from the opposition Labour Party, which, after years of Tory scandals and economic setbacks, has built a double-digit lead in polls and now increasingly behaves like a government in waiting.
Persons: Rishi, Sunak Organizations: Greenpeace, Conservative, Labour Party Locations: Britain
Sept 4 (Reuters) - Italy's Eni (ENI.MI) signed on Monday an agreement to sell its unit Nigerian Agip Oil Company (NAOC) to Nigerian counterpart Oando (OANDO.LG), the group said in a statement, in the latest move by an energy giant out of the country. Eni's NAOC, which focuses on oil and gas exploration and production, has interests in four onshore blocks and two onshore exploration leases in Nigeria, the group said. Similar approvals have been held back by legal and political issues in Exxon's and Shell's assets sales. After the disposal of NAOC, in line with the firm's 2023-2026 plan, Eni will retain the unit's 5% stake in the Shell Production Development Company (SPDC) joint venture operated by Shell, the group added. Reporting by Alessandro Parodi; additional reporting by MacDonald Dzirutwe and Libby George; editing by Gianluca Semeraro and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.
Persons: Italy's Eni, Eni's, Jefferies, Alessandro Parodi, MacDonald Dzirutwe, Libby George, Gianluca Semeraro, Louise Heavens Organizations: Italy's, Agip Oil Company, Shell, Exxon Mobil Corp, Eni, Shell Production Development, Thomson Locations: Nigeria, Exxon's
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