Shell Buys TotalEnergies' Interest Offshore Nigeria for $510MM
TotalEnergies has agreed to sell its 12.5% interest in two fields offshore...
TotalEnergies has agreed to sell its 12.5% interest in two fields offshore Nigeria to Shell for $510 million, the companies announced.
Shell Nigeria Exploration and Production Co., the operator of the OML 118 Production Sharing Contract, will increase its interest to 67.5% from 55% when the sale is complete.
The other partners are Esso Exploration and Production Nigeria (20%) and Nigerian Agip Exploration (12.5%).
The development 120 km south of the Niger Delta contains the Bonga and Bonga North fields. Production from Bonga began in 2005, with a capacity of 225,000 bbl/d of oil. The Bonga field produced its one-billionth barrel of crude oil in 2023.
According to Press Secretary Karoline Leavitt, the president ...
According to Press Secretary Karoline Leavitt, the president pushed Powell to lower interest rates at the in-person meeting, their first since the inauguration. A Federal Reserve spokesperson said Powell “did not discuss his expectations for monetary policy” apart from the fact that decisions will be based on “careful, objective, and non-political analysis.” Trump has pressured Powell to lower rates for months, going as far as threatening to fire him, though the Supreme Court recently signaled the president can’t do that. Powell and the Fed have so far held rates steady this year amid the ongoing tariff turmoil.
United and JetBlue are forming an alliance. This is...
United and JetBlue are forming an alliance. This is just like when Arya Stark and The Hound teamed up, but with planes. United Airlines and JetBlue Airways announced an elaborate partnership yesterday that will allow flyers to book and use perks across both websites. And, starting in 2027, the pact will give United its long-sought return to New York’s JFK Airport, which it left in 2015 (and instantly regretted) because it wasn’t profitable at the time. JetBlue, meanwhile, gets the expanded reach it’s coveted after its planned merger with Spirit Airlines was blocked by a federal judge. Though not technically a merger, the United–JetBlue entente is still subject to regulatory review.
DeepSeek said its new AI model is hallucinating less and is close to matching the performance of the latest models from OpenAI and Google.
A bird flu vaccine will no longer be developed by Moderna after the Trump administration canceled its $766 million contract.
Major League Baseball is investing in a new women’s softball league, marking its first partnership with a pro women’s sports league.
Victoria’s Secret’s website was down yesterday as the lingerie brand addressed an unspecified “security incident.”
Best Buy said it hiked some prices and cut its profit outlook in response to tariffs raising the costs of consumer electronics.
Disney+ is expanding the perks it offers subscribers to include chances to win cruises or attend movie premieres.
US crude and fuel inventories fall, Nigerian crude imports jump, EIA says
(Reuters) - U.S. crude and fuel inventories all fell last week, while...
(Reuters) - U.S. crude and fuel inventories all fell last week, while crude imports from Nigeria hit their highest level in nearly six years, the Energy Information Administration said on Thursday.
The EIA said that crude inventories fell by 2.8 million barrels to 440.4 million barrels in the week ending May 23 compared with analysts' expectations in a Reuters poll for a 118,000-barrel rise.
U.S. crude exports rose during the week by 794,000 barrels per day (bpd) to 4.3 million bpd, helping push inventories lower.
"I found it a supportive report, with higher U.S. crude exports resulting in a crude draw," said Giovanni Staunovo, an analyst at UBS.
"Pumping stations demanding more gasoline and diesel last week ahead of the Memorial Day resulted in higher implied demand and draws for gasoline and distillates," he added, referring to a U.S. holiday this week.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 75,000 barrels, the EIA said.
U.S. gasoline stocksfell by 2.4 million barrels in the week to 223.1 million barrels, the EIA said, compared with analysts' expectations for a 527,000-barrel draw.
The EIA data showed that distillate stockpiles, which include diesel and heating oil, fell by 724,000 barrels in the week to 103.4 million barrels, versus expectations for a 481,000-barrel rise.
Oil prices fall as investors assess US court ruling on Trump tariffs
(Reuters) - Oil prices fell over 1% on Thursday, retreating from earlier...
(Reuters) - Oil prices fell over 1% on Thursday, retreating from earlier gains, as investors weighed the potential effects of a U.S. court ruling blocking President Donald Trump's most sweeping tariffs.
The market also watched for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July.
Brent crude futures settled down 75 cents, or 1.2%, to $64.15 a barrel.U.S. West Texas Intermediate crude fell 90 cents, or 1.5%, to $60.94 a barrel.
