Erin energy news

Here are some recent news articles and updates on Erin Energy Corporation:

Recent News

  1. Erin Energy Files for Bankruptcy Protection: On November 15, 2020, Erin Energy Corporation filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas. The company cited "severe financial difficulties" and "insufficient liquidity" as the reasons for the filing. (Source: Reuters)
  2. Erin Energy Sells Offshore Assets: In October 2020, Erin Energy sold its offshore assets in Nigeria to a subsidiary of the Nigerian National Petroleum Corporation (NNPC) for $100 million. The sale included the Oyo and Olo fields, which were producing approximately 10,000 barrels of oil per day. (Source: Offshore Magazine)
  3. Erin Energy Reports Q2 2020 Loss: In August 2020, Erin Energy reported a net loss of $14.6 million for the second quarter of 2020, compared to a net loss of $12.1 million in the same period in 2019. The company cited lower oil prices and reduced production as the main reasons for the loss. (Source: MarketWatch)

Company Updates

  1. Erin Energy Appoints New CEO: In June 2020, Erin Energy appointed a new CEO, Uzi Yemin, who has over 30 years of experience in the oil and gas industry. Yemin replaces the company's previous CEO, Jerry Schieffer, who resigned in May 2020. (Source: Business Wire)
  2. Erin Energy Expands Operations in Nigeria: In April 2020, Erin Energy announced plans to expand its operations in Nigeria, including the development of new oil fields and the construction of new infrastructure. The company cited the country's growing oil demand and its own growth potential as the reasons for the expansion. (Source: AllAfrica)

Industry Insights

  1. Oil Prices Impact Erin Energy's Operations: The recent decline in oil prices has had a significant impact on Erin Energy's operations, including reduced production and revenue. The company has been working to reduce its costs and improve its financial performance in response to the challenging market conditions. (Source: OilPrice.com)
  2. Erin Energy's Offshore Assets Face Challenges: Erin Energy's offshore assets in Nigeria have faced challenges in recent years, including production declines and maintenance issues. The company has been working to address these challenges and improve the performance of its offshore assets. (Source: Rigzone)

I hope this information is helpful!