A destroyed refinery By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks. Also, the company said 63 illegal pipeline connections were uncovered during the the weeks . The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge. According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation. It further said that two large boats, which involve
Global energy firms, Shell and Total Energies recorded combined revenues of $21.3bilion, as well as having share buybacks of $8billion in the third quarter of the year.
While shell posted $11.5 profits and also planning to buybacks of $6 billion, Total Energies' quaterly profits rose to $9.8billion, with shares back of $2billion on its neck.
By this feat, both International Oil Companies (IOCs) have through considerable investments in countries, where they operate, beat record- breaking previous quarter results on the back of soaring crude, gas and oil product prices.
Interestingly, the two firms respectively are recording highest quarterly profits, while at the same time, keeping their dividends steady, in order not to disappoint some investors across the world.
Industry watchers have continued to link impressive results, which are being recorded by Shell and Total Energies to developments in the global oil market.
They said that the surge in oil prices and ultimately the profits of some energy companies are driven by Russian invasion of Kuwait, a development which has both negative and positive effects on economies of countries in the world.
Recall that oil prices slumped for two years, leaving an aftermath effects on both on fourteen member countries of Organisation of Petroleum Exporting Countries ( OPEC) and those states under OPEC+.
Brent crude prices resumed increase months ago, a situation, which has delighted companies and countries of having access to huge revenues, as well as growth in economies.
Brent crude prices have risen more than 140 per cent in the last twelve months, with the market reaching
averaging around $114 a barrel in the quarter.
Eni, Exxon Mobil and Chevron are yet to announce results. Though the firm are planning to declare their results this July ending, the industry is waiting to see whether they also would achieve high profit margins.
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