Nigeria Sues JP Morgan for $1.7 Billion over Oil Deal
A London court will on Feb. 23 begin to hear a lawsuit launched by Nigeria against...
A London court will on Feb. 23 begin to hear a lawsuit launched by Nigeria against U.S. bank JP Morgan Chase, claiming more than $1.7 billion for its role in a disputed 2011 oilfield deal.
The civil suit filed in the English courts in 2017 relates to the purchase by energy majors Shell Plc and Eni SpA of the offshore OPL 245 oil field in Nigeria, which is also at the center of ongoing legal action in Milan.
In the court documents seen by Reuters, Nigeria alleges JP Morgan was “grossly negligent” in its decision to transfer funds paid by the energy majors into an escrow account to a company controlled by the country’s former oil minister Dan Etete instead of into government coffers.
Diamondback Energy Posts Higher Profit, Boosts Dividend by 20%
U.S. shale oil producer Diamondback Energy Inc. on Feb. 22 reported higher-than-expected...
U.S. shale oil producer Diamondback Energy Inc. on Feb. 22 reported higher-than-expected fourth-quarter profit and boosted its dividend to shareholders as fuel prices hit multi-year highs on stronger energy demand.
Global crude prices jumped more than 50% last year, rebounding from a pandemic-driven slump in demand. They averaged $80/bbl in the last three months of 2021, nearly double that of a year earlier.
Diamondback Energy said it would increase its annual dividend by 20% to $2.40 per share, mirroring rivals’ moves to increase shareholder returns as oil profits soar.
London-based oil and gas company Pantheon Resources has reached a total depth of 8,450...
London-based oil and gas company Pantheon Resources has reached a total depth of 8,450 feet at the Theta West #1 well on the Alaska North Slope - encountering 1,160 gross feet of a hydrocarbon-bearing reservoir.
The company informed in its update that the reservoir quality is superior to Talitha #A, with high-quality light oil encountered across the entire section.
Pantheon focuses on several large projects on the North Slope of Alaska where it has a 100 percent working interest in 153,000 highly prospective acres with potential for multi-billion barrels of oil recoverable.
Oil settles near 2014 high on Russia-Ukraine escalation
Oil edged close to $100 a barrel on Tuesday after Moscow ordered troops into two breakaway...
Oil edged close to $100 a barrel on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, but pared gains to end near 2014 highs following Western efforts to stop what they fear is the beginning of a full-scale Russian invasion.
Global benchmark Brent crude traded as high as $99.50 a barrel, its highest since September 2014, before settling at $96.84 with a $1.52, or 1.5%, gain.
U.S. West Texas Intermediate (WTI) crude also hit a seven-year high as it peaked at $96 a barrel, before ending at $92.35, $1.28, or 1.4%, higher from Friday. The U.S. market was closed on Monday for a public holiday. (Reuters)
Dow ends down over 480 points as Russia-Ukraine conflict escalates
The Dow industrials tumbled 500 points and the S&P 500 index on...
The Dow industrials tumbled 500 points and the S&P 500 index on Tuesday joined the Nasdaq Composite in correction territory, marking its first such decline since 2020, amid intensifying military tensions between Russia and Ukraine.
The S&P 500 indexSPX, -1.01% closed down 1% to finish at about 4,305, on a preliminary basis, landing the broad-market benchmark in correction for the first time since Feb. 27, 2020, according to Dow Jones Market Data.
The Dow Jones Industrial AverageDJIA, -1.42% fell 1.4% to around 33,597.
The Nasdaq Composite Index COMP, -1.23% closed down 1.2% to roughly 13,382.
