True Dominion Enterprises Ltd: July 2019

True Dominion Enterprises Ltd

Wednesday 31 July 2019

Thailand’s PTT buys Agbami crude cargo for early Oct arrival-sources

Singapore — Thailand’s state oil company PTT has bought one cargo of Nigerian Agbami crude on behalf of Thai refiner IRPC via a tender awarded last week, two trade sources said on Wednesday * The cargo was bought at a premium of around $3 a barrel to dated Brent on a delivered-ex-ship (DES) basis, said […] More »

BP has no plans to take its tankers through Hormuz

London — BP has not taken any of its oil tankers through the Strait of Hormuz since a July 10 attempt by Iran to seize one of its vessels, the British company’s Chief Financial Officer Brian Gilvary said on Tuesday. The oil and gas company has no current plans to take any of its own […] More »

Chinese demand for Angolan oil rebounds ahead of IMO 2020

London — Angolan oil sales are bouncing back from a dismal summer as Asian refining margins have recovered and demand is rising ahead of a major change in marine fuel standards in 2020, traders say. Crude from Africa’s second-largest exporter after Nigeria flowed to its top customer China in the lowest volumes in nearly five years […] More »

Yemen urges oil companies to restart production – oil ministry document

Yemen’s internationally-recognised government has called on oil companies to restart production and exploration in the country More »

Russia’s Ust-Luga port loads oil with 2.8 ppm of chloride – ministry

Organic chloride content in oil loaded from the Baltic Sea port of Ust-Luga had declined to 2.8 parts per million (ppm) by July 29, within a More »

OPEC daily basket oil price closes at $63.79 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $63.79 a barrel on Monday, compared with $64.02 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […] More »

NNPC exonerates ExxonMobil over $600m oil licences renewal debt

Ike Amos Abuja — The Nigerian National Petroleum Corporation, NNPC, Monday, exonerated ExxonMobil from any indebtedness to the federation over the renewal of licenses for Oil Mining Leases, OML, 67, 68 and 70. In a statement in Abuja, Group Managing Director of the NNPC, Mallam Mele Kyari, disclosed that the indebtedness was on the part […] More »

Japan’s Osaka Gas to buy Sabine Oil for $610 mln

Osaka Gas Co Ltd said on Monday it will buy U.S. shale gas developer Sabine Oil & Gas Corp for $610 million, as the Japanese company aims to expand its overseas business to seek future growth More »

Hedge funds dump oil as fragile calm settles on Mideast: Kemp

Hedge funds sold oil last week, reversing most of the purchases made the week before, as tensions in the Middle East reached a More »

Anadarko Petroleum beats profit estimates on higher output

Anadarko Petroleum Corp, in its last earnings report before shareholders vote on its sale to Occidental Petroleum, on Friday reported More »

OML 25 crisis: Ogoni urges Buhari to probe Gov. Wike’s ‘meddlesomeness’

Mkpoikana Udoma Port Harcourt — The people of Ogoni in Rivers State have faulted the intervention of Governor Nyesom Wike, in the crisis rocking the Belema flow station and gas plant in OML 25, operated by the SPDC/NNPC JV in Akuku Toru Local Government Area of the state, calling on President Muhammadu Buhari to probe […] More »

Russia wants short-term gas deal with Ukraine before bypass routes done – sources

Russia wants to strike a short-term deal with Kiev on gas transit to Europe when the current ten-year deal expires in order to More »

Mexico’s Pemex narrows loss amid threat of downgrade

Mexican state oil company Pemex reported a narrower loss of 52.7 billion pesos ($2.7 billion) in the second quarter on Friday More »

NNPC seeks partnership with Chevron for condensate refinery

Ike Amos Abuja — The Nigerian National Petroleum Corporation, NNPC, Thursday, called for collaboration with Chevron Nigeria Limited to establish a condensate splinter refinery. The appeal was made by the Group Managing Director of NNPC, Mallam Mele Kyari, when the management of Chevron Nigeria Limited, CNL, was led by its Managing Director, Jeff Ewing, on […] More »

Wall St rebounds, dollar gains on solid GDP data, upbeat earnings

New York — U.S. stocks bounced back and the dollar hit a two-month peak on Friday as solid economic data and a spate of positive earnings reports brought buyers back to the market. A host of upbeat quarterly reports from a broad range of U.S. companies, including Google parent Alphabet Inc, Intel Corp, Starbucks Corp […] More »

Oil steadies as Gulf tensions offset U.S. economic data

London — Oil prices steadied on Friday and were on track for a weekly increase as geopolitical tensions in the Middle East and concerns over the safety of oil transport in the Gulf countered slowing U.S. economic growth amid a U.S.-China trade war. Brent crude futures were up 9 cents at $63.48 per barrel at […] More »

Neste shares drop after Q2 profits rise less than expected

Finnish biofuel producer and oil refiner Neste reported a smaller than expected rise in quarterly profit on Thursday More »

China solar production surges in H1 as exports rise – assn

China’s production of solar equipment rose rapidly in the first half of the year despite a decline in new project installations More »

CNOOC halts field work at western Uganda project over Ebola fears

Oil producer China National Offshore Oil Corp said on Thursday it had halted field work at its western Uganda project over an Ebola scare More »

Total plans $5 bln in asset sales as second-quarter profit falls

Paris — French energy giant Total will sell around $5 billion worth of assets, mostly from its upstream exploration and production business, as it seeks to focus on low breakeven projects that can weather weak oil prices, it said on Thursday. The company reported a 19% year-on-year drop in adjusted net profit to $2.9 billion in […] More »

EFCC seeks DPR’s support on disposal of forfeited petroleum products

Mkpoikana Udoma Port Harcourt — The Economic and Financial Crimes Commission, has sought the technical expertise of the Department of Petroleum Resources, in the disposal of petroleum products and trucks forfeited to the Federal Government by individuals and companies convicted of illegal dealing in petroleum products. This request was made in Port Harcourt, the Rivers […] More »

EU plans to impose import duties on Indonesia biodiesel

Brussels — The European Commission has proposed duties ranging from 8% to 18% on imports of biodiesel from Indonesia to counter what it says are unfair subsidies, the latest twist in a case that has lasted seven years. The subsidies would be a double blow for Indonesian biodiesel after the European Union decided in March that […] More »

NNPC to resume cash call arrears repayment to Eni/Agip

Ike Amos Abuja — The Nigerian National Petroleum Corporation, NNPC, Wednesday, disclosed that it would resume the repayment of cash call arrears to its Joint Venture (JV) partners, Eni/Agip before the end of the week. In a statement in Abuja, Group Managing Director of the NNPC, Mallam Mele Kyari, explained that the failure to pay […] More »

Nigeria to have first solar-powered mall, install 600KW solar plant

*Reduce CO2 emissions by over 13,000 tonnes OpeOluwani Akintayo Lagos — A one-stop leisure, restaurant and retail destination in Abuja, Jabi Lake mall will be the first in the history of Nigeria to be powered solar. Brought to the market by Actis, on Monday, announced an agreement with CrossBoundary Energy, CBE. Actis previously collaborated with […] More »

U.S. crude stocks drop by nearly 11 mln bbls -EIA

News Wire — U.S. crude stocks fell by nearly 11 million barrels last week even as refineries cut output, following a similar report from a key industry group, the Energy Information Administration said on Wednesday. Crude inventories fell by 10.8 million barrels in the week to July 19, compared with analysts’ expectations for a decrease […] More »

Repsol received 45% owed in H1 under Venezuela oil-for-debt deal-CEO

Madrid — Spanish oil and gas firm Repsol received 45% of the amount it was owed by Venezuela in the first half of 2019 under an oil-for-debt deal, its chief executive said on Wednesday. Repsol received four cargoes relating to its Cardon joint venture with Italy’s Eni in the first six months of the year […] More »

NNPC, Morocco pledge to deliver gas pipeline pact

*To partner Indonesia State oil company, Pertamina on crude oil sales OpeOluwani Akintayo Lagos — The Nigerian National Petroleum Corporation, NNPC, and the Kingdom of Morocco have pledged to deliver on the gas pipeline bilateral agreement between Nigeria and the North African nation in record time. This was made known by the Group Managing Director […] More »

Nigerians paid an average N145 per litre for petrol in June

OpeOluwani Akintayo Lagos — Data obtained from the Nigerian Bureau of Statistics indicate that Nigerians paid an average N145 per litre for Premium Motor Spirit, PMS, in the month of June. The NBS revealed that the average price paid by consumers for premium motor spirit (petrol) decreased by -1.8% year-on-year. However, the average price increased […] More »

N’Delta should have a say in oil sector development – Expert

Mkpoikana Udoma Port Harcourt — The people of Niger Delta region, as custodian of oil and gas resources in the country, should be backed constitutionally to have a say in every organization and agencies saddled with petroleum resources, says an industry expert and stakeholder in the region. A former Group General Manager, Upstream Investment Division […] More »

Siemens bags contract for UK-Denmark subsea power cable

National Grid and Energinet have awarded contracts to Germany’s Siemens and others, as they take a decisive step towards building More »

Saudi Arabia urges global community to deter maritime trade disruptions

Saudi Arabia said on Tuesday that Iran’s interception of commercial vessels, including its seizure of a British tanker, in Gulf waters More »

Global oil consumption stagnates leaving prices under pressure: Kemp

Global oil consumption has stalled since the middle of 2018, making lower oil prices inevitable despite More »

Kenya court frees finance minister on cash bail after graft charges

A Kenyan court freed Finance Minister Henry Rotich and his number two at the ministry, Principal Secretary Kamau Thugge More »

FIRS tasks technical committee on harmonisation of tax reforms

Abuja — The Federal Inland Revenue Service (FIRS), has directed the newly inaugurated Technical Tax Policy Drafting Committee to harmonise the various tax and excise law reforms in the proposed Finance Bill. The FIRS Chairman, Mr Babatunde Fowler gave the directive at the inaugural meeting of Reconstituted National Tax Policy Implementation Committee (NTPIC) in Abuja on […] More »

Russia’s Novatek completes sales of stakes in Arctic LNG-2

Moscow — Russian natural gas producer Novatek said on Monday it had completed the sale of stakes in its Arctic LNG-2 project to China’s National Petroleum Corporation, CNOOC and the Japan Arctic LNG consortium. Novatek has now reached its target for participation in the project, meaning it can make a final investment decision and use cash […] More »

BP says biofuel to add to rather than replace gasoline in Brazil

London — BP does not expect supply from additional biofuel capacity in Brazil – where it is combining its unit with U.S. grain trader Bunge’s – to replace diesel and gasoline demand, BP’s head of Alternative Energy, Dev Sanyal, told Reuters. Through the deal BP will increase its biofuel production to 22 million tonnes from 10 […] More »

Energy firms commence week’s trading negatively

Lagos — Monday’s trading activities on the floor of the Nigerian Stock Exchange for energy company saw Oando and Japaul Oil recording losses. Oando opened proceedings with N4.05 and closed with N4 in 57 trade deals valued at 18,746,070.50. Japaul, on the other hand, opened with N0.22, but, closed with N0.21 in 45 trade deals valued at 2,336,685.40. […] More »

UK tells Iran to release seized oil tanker and crew immediately

News Wires — The United Kingdom has called on Iran to release a British-flagged tanker and its crew immediately, describing the seizure of the Stena Impero oil tanker by the Iranian forces as illegal. The Islamic Revolutionary Guard Corps (IRGC) commandos rappelled from helicopters and seized the tanker in the Strait of Hormuz on Friday in apparent retaliation for the British […] More »

U.N. nuclear watchdog chief Amano has died, IAEA tell member states

Vienna — U.N. nuclear watchdog chief Yukiya Amano has died, the International Atomic Energy Agency (IAEA) said on Monday in a note to member states obtained by Reuters. “The Secretariat of the International Atomic Energy Agency regrets to inform with deepest sadness of the passing away of Director General Yukiya Amano,” the IAEA secretariat said in […] More »

Russia’s Novatek completes sales of stakes in Arctic LNG-2

Libya’s Sharara oilfield resumes output after brief outage

Benghazi, Libya/London — Libya’s National Oil Corporation (NOC) has restarted the Sharara oilfield and lifted force majeure on loadings of its crude oil from the Zawiya terminal, it said on Monday. The oilfield, the OPEC member’s largest, was shut on Friday evening after an unidentified group shut a valve on the pipeline linking it to Zawiya, […] More »

China/Abu Dhabi oil firms sign exploration, refining agreement

Beijing/Singapore/Dubai — China National Offshore Oil Co (CNOOC) has signed an agreement with Abu Dhabi National Oil Co (ADNOC) on upstream exploration and development, oil refining and liquefied natural gas trade, ADNOC said on Monday. The agreement was signed during a three-day state visit to China by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed. Under […] More »

ALSCON: High Court to rule on BFIG lawsuit October 14

Mkpoikana Udoma Port Harcourt — The Federal High Court sitting in Abuja will on Monday, October 14th, 2019, ruled whether the Bureau of Public Enterprise, BPE has committed contempt, for not implementing the June 6th, 2012 judgment of the Supreme Court on the Aluminium Smelter Company of Nigeria, ALSCON. ALSCON a $3.2billion aluminium plant located […] More »

Presidential Amnesty profiles 308 beneficiaries for employment

Mkpoikana Udoma Port Harcourt — A total of 308 beneficiaries of the Presidential Amnesty Programme who had graduated from educational and vocational institutions within and outside the country have been profiled for employment in the public and private sector. Some of the profiled beneficiaries, according to the Coordinator of PAP, Prof. Charles Dokubo, have almost completed […] More »

OFID launches new strategy, focuses on sustainable growth, maximum impact

*The OPEC Fund for International Development, OFID, will embark on a journey to diversify its financial resources and to implement a coherent and consistent set of actions VIENNA, Austria — OFID’s highest policy-making body, the Ministerial Council, held its 40th Annual Session in Vienna, Austria, and approved the general principles of OFID’s new Strategic Framework. […] More »

DPR to sanction oil producers who fail to upload data on platform

OpeOluwani Akintayo Lagos — The Department of Petroleum Resources, DPR on Thursday said that it would not hesitates to sanction oil producing companies who failed to unload its oil production data into the official platform. Ahmad Shakur, the acting Director sounded the warning at the sensitization workshop organised by DPR on National Production Monitoring System, […] More »

DPR shuts 33 filling stations in Port Harcourt

Port Harcourt -– The Department of Petroleum Resources (DPR) on Friday shut down businesses in 33 filling stations in Port Harcourt over alleged sharp practices. Mr Bassey Nkanga, Operations Controller, DPR, Port Harcourt Zone, disclosed this to the News Agency of Nigeria (NAN) during a routine inspection of filling stations in the Rivers State capital. […] More »

Honeywell Brazil oil unit’s Petrobras ties targeted by FCPA probe: filing

Sao Paulo — U.S. and Brazilian authorities are investigating whether Honeywell International Inc’s use of third parties in Brazil violated the U.S. Foreign Corrupt Practices Act, Honeywell said in a regulatory filing on Thursday. The probes by the U.S. Department of Justice, Securities and Exchange Commission and Brazilian authorities involve third parties hired by Honeywell’s UOP oil […] More »

Oil service firms eye new survival tactics amid weak U.S. market

News Wire — Packers Plus Energy Services, a company built on the North American shale oil boom, is turning to the Middle East to weather a new round of spending cuts by producers amid warnings of a looming oil glut. Oil production has outpaced demand by 900,000 barrels per day (bpd) this year, according to […] More »

CSR: Eko Disco commences free feeding programme for school pupils

*Reteraites company’s commitment to youth empowerment OpeOluwani Akintayo Lagos — The Eko Electricity Distribution Company, EKEDC, on Wednesday commenced a free feeding program initiative for pupils within its network as part of their Corporate Social Responsibility, CSR. Mr. Adeoye Fadeyibi, the Chief Executive Officer of EKEDC said the company bis partnering with an NGO called […] More »

Total to drill four wells in South Africa’s gas field by 2020

OpeOluwani Akintayo Lagos — French oil major, Total will drill up to four gas wells in South Africa starting from the first quarter of 2020. The gas discovery located in 11B/12B in the Outeniqua Basin, located 175 kilometers off the southern coast, will lead to further exploration and appraisal in the coming year. Already, a […] More »

Russian gas transit via Ukraine jumps on Nord Stream maintenance

Kiev — Russian gas giant Gazprom has increased its gas transit via Ukraine to Europe by about a quarter, to 300 million cubic metres per day, gas transport firm Ukrtransgaz said on Wednesday. Ukrtransgaz said a repair of both two lines of the Nord Stream pipeline between Russia and Germany was the reason for the jump […] More »

Long-delayed Finland nuclear reactor to start July 2020 – TVO

Paris — Finnish Teollisuuden Voima Oyj (TVO) said in a statement on Wednesday that the long-delayed Olkiluoto 3 nuclear plant would start generating electricity in July 2020. TVO said that the Areva-Siemens Consortium that is building the reactor had informed it that nuclear fuel will be loaded into the reactor in Jan. 2020, the first […] More »

U.S. crude stockpiles fall in latest week: EIA

New York — U.S. crude stockpiles fell more than expected last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.1 million barrels in the last week, compared with analysts’ expectations for a decrease of 2.7 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub […] More »

Mexico unveils Pemex business plan, but banks underwhelmed

Mexico City — Mexico on Tuesday unveiled parts of a keenly awaited business plan meant to bring the world’s most indebted oil company back from the abyss, but its vow of $7.2 billion in government support failed to dispel worries of a ratings downgrade. Octavio Romero, CEO of Petroleos Mexicanos, or Pemex, presented the broad outlines […] More »

Iraq’s southern oil exports average 3.42 mln bpd so far in July – officials

Basra — Iraq’s oil exports from its southern ports have reached 3.42 million barrels per day (bpd) so far in July, two oil officials told Reuters on Monday. Exports from its southern Basra terminals fell to 3.39 million bpd in June from 3.441 million bpd in the previous month. Officials said repair works at a […] More »

China June crude oil throughput rises to record on new plants

Singapore/Beijing — China’s crude oil throughput rose to a record in June, up 7.7% from a year earlier, following the start-up of two new, large refineries, official data showed on Monday. Crude processing volumes last month reached 53.7 million tonnes, or about 13.07 million barrels per day (bpd), beating the previous record in April of 12.68 […] More »

Russia detains ex-refinery owner over suspected $29 mln fraud

Moscow — A court in Moscow ruled on Monday that Dmitry Mazurov, the former owner of Russia’s largest independent oil-processing plant, would be held in custody until September 12 pending trial on suspicion of embezzling 1.8 billion roubles ($28.75 million). Mazurov, who used to own the debt-ridden Antipinsky refinery in western Siberia, was arrested on […] More »

Petrobras says potential exit from Brazil bourse’s good governance program would not weaken co

Sao Paulo — Brazilian state-run oil firm Petroleo Brasileiro SA said a potential end to its participation in a program certifying good governance set up by the Sao Paulo stock exchange would not weaken its corporate governance, according to a securities filing on Monday. Reuters reported on Friday that Petrobras, as the company is known, is […] More »

Two groups bid in Israel’s offshore energy tender

Jerusalem — Israel said on Monday it had received bids from two groups of companies to explore for oil and gas off its Mediterranean coast, falling short of expectations for more robust interest from major energy firms in its latest auction. Israel’s energy ministry said the new activity will help position the country as a regional […] More »

Nigerian consumer inflation falls to 11.22% in June –stats office

Lagos — Annual inflation in Nigeria stood at 11.22% in June, compared with 11.40% in May, the National Bureau of Statistics said on Monday. A separate food price index showed inflation at 13.56% in June, compared with 13.79% the previous month. Reuters More »

Hedge funds stick to the sidelines in oil: Kemp

London — Hedge funds and other money managers left their petroleum positions essentially unchanged last week as the poor outlook for consumption offset production concerns stemming from tensions in the Middle East. The net long position in petroleum futures and options remained at 563 million barrels in the week to July 9, according to records […] More »

Nordic power: Gains in fuel, German market push forward prices to multi-month peak

News Wires — Nordic forward prices rose to a multi-month peak on Monday driven by higher fuel and German power rates. * Nordic front-quarter baseload power contract rose 0.8 euro or 1.9% to 43.00 euros per megawatt hour (MWh) as of 1124 GMT, after touching its highest since May 16 at 43.15 euros. * Nordic front-year […] More »

Germany, Austria say sanctions among options for Turkey’s Cyprus drilling

Brussels — The European Union will decide on Monday to symbolically punish Turkey over what it calls “illegal” drilling for oil and gas off Cyprus and threaten harsher sanctions in the future unless Ankara changes tack, German and Austrian ministers said. Foreign affairs ministers of the 28-nation bloc meeting in Brussels on Monday are due […] More »

No impact from Broome earthquake on Australia oil, gas, port operations

Melbourne — Oil and gas operations onshore and offshore Western Australia were unaffected by a magnitude 6.6 earthquake that struck off the northern coast of the state on Sunday, the country’s offshore petroleum safety regulator and companies said. “NOPSEMA has not received any reports of impacts to offshore oil and gas facilities following the earthquake,” a […] More »

Russia’s Novatek says natural gas output up 15% y/y in Q2

Russia’s largest non-state natural gas producer Novatek said on Friday its second-quarter gas output rose by 15.2% to 18.91 billion cubic metres (bcm) from the year-earlier period More »

Samsung Heavy clinches two new deals worth $124 million

OpeOluwani Akintayo Lagos — Samsung Heavy Industries Co. said it has won new deals worth $124 million to build two crude carriers. The deal with a Panamanian shipping firm, the South Korean shipbuilder will deliver two Suezmax tankers by March 2021. It did not name the shipping firm it intends to deliver the tankers to. […] More »

NDDC spends N2bn on foreign scholarship programme

Mkpoikana Udoma Port Harcourt — The Niger Delta Development Commission, NDDC, says it has paid over N2billion to settle outstanding stipends and fees for students under its Foreign Post-Graduate Scholarship Programme. Acting Managing Director of NDDC, Prof Nelson Brambaifa, when he visited the candidates writing the Commission’s computer-based tests at the Rivers State University, as […] More »

Norway’s June oil and gas output lags forecast-NPD

Norway’s oil production fell 28.2% year-on-year in June to 1.067 million barrels per day More »

Stable energy policy and regulatory framework must be created – Mantashe

*Announcing a budget of R7.44 billion for energy, the Minister noted that the sector had contributed negatively to overall economic growth in the first quarter of 2019 JOHANNESBURG, South Africa — A stable, predictable policy and regulatory framework must be created that will lead to investment and growth in South Africa’s energy sector, says the […] More »

Tragedy as generator fume kills parents, five children in Rivers

Mkpoikana Udoma Port Harcourt — A couple with their five children have been found dead in Big Elele, Ikwerre Local Government Area of Rivers State, following prolonged inhalation of generator fumes. Our correspondent gathered that the family of seven were found dead in their one-bedroom apartment in Too-Much-Money Estate, inside Big Elele, yesterday by neighbours, while […] More »

Nigeria to force lending by capping deposits at central bank

Lagos — Nigeria plans to encourage lending by capping banks’ interest-bearing deposits at the central bank, the latest in a series of measures aimed at reviving an economy stuck with low growth. The central bank said in a circular dated July 10 that daily placements with it by lenders above 2 billion naira ($6.5 million) would […] More »

Oil prices firm on tropical storm and geopolitical tensions

London — Oil prices edged higher on Friday and were on track for a weekly gain as U.S. oil producers in the Gulf of Mexico cut more than half their output because of a tropical storm and as tensions continued to simmer in the Middle East. However, an International Energy Agency (IEA) forecast for a global […] More »

IEA sees oil market oversupplied in 2019 on U.S. production

London — Surging U.S. oil output will outpace sluggish global demand and lead to a large stocks build around the world in the next nine months, the International Energy Agency (IEA) said on Friday. The forecasts appear to predict the need for producer club OPEC and its allies to reduce production to balance the market despite […] More »

Europe gas trade volume on track for another record in 2019

Frankfurt — European gas trading volumes this year may beat the record 52,604 terawatt hours (TWh) recorded in 2018 due to growth at the Dutch, German and Italian gas trading hubs, research firm Prospex said on Friday. Last year’s volume rose 5% and trading across 11 markets monitored by Prospex increased by at least 10% […] More »

OPEC daily basket price closes at $67.57 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $67.57 a barrel on Thursday, compared with $66.10 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […] More »

Mele Kyari says NNPC will collaborate with EFCC to check graft

Lagos — The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari, on Thursday, committed to a robust relationship between the Corporation and the Economic and Financial Crime Commission, EFCC to assist the anti-graft agency in its quest to rid the country of corrupt practices. Delivering a goodwill message at the […] More »

China’s CNOOC, Sinopec to jointly study, explore mostly offshore blocks

China’s offshore oil and gas specialist CNOOC Ltd said on Wednesday it entered a framework deal More »

Indonesia unblended biodiesel consumption seen at 2.89 mln kl in H1

Indonesia consumed an estimated 2.89 million kilolitres (kl) unblended biodiesel in the first half of this year More »

Indonesia’s Pertamina sees 109,000 bpd crude purchase from oil contractors in H2

Indonesian state energy company PT Pertamina may purchase around 109,000 barrels per day (bpd) crude from contractors of domestic oil fields More »

HitecVision, Oman’s Petrogas to buy UK oilfields from Total

Private equity fund HitecVision and Omani oil group Petrogas have teamed up to buy a portfolio of Total’s British North Sea oilfields More »

OPEC daily basket oil price closes at $66.10 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $66.10 a barrel on Wednesday, compared with $64.35 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […] More »

HitecVision, Oman’s Petrogas to buy UK oilfields from Total

London — Private equity fund HitecVision and Omani oil group Petrogas have teamed up to buy a portfolio of Total’s British North Sea oilfields for $635 million, the companies said on Wednesday. The fields, which are set to produce 25,000 barrels of oil equivalent per day (boed) this year, will be owned by a subsidiary […] More »

Oil gains on U.S. inventory drawdown, Gulf of Mexico storm

London — Oil prices rose 2.5% on Wednesday after industry data showed U.S. inventories fell more than expected and as major U.S. producers evacuated rigs in the Gulf of Mexico before a storm. U.S. West Texas Intermediate (WTI) crude futures climbed $1.58 to $59.41 by 1326 GMT, after hitting a session high of $59.53. Brent […] More »

Oil majors evacuate U.S. Gulf platform staff before storm

Houston — Major U.S. oil producers on Tuesday began evacuating and shutting in production at their deepwater Gulf of Mexico platforms in advance of a tropical disturbance expected to become a storm this week. A tropical depression is expected to form late on Wednesday or Thursday, according to the National Hurricane Center, and move westward […] More »

National Energy Services Reunited Corp. announces multiple contract awards in Bahrain

*NESR is steadfast in its commitment to be a partner and key enabler in the Kingdom of Bahrain’s extensive upstream growth plans HOUSTON, United States of America — National Energy Services Reunited Corp. (NASDAQ: NESR), a national, industry-leading provider of integrated energy services in the Middle East and North Africa (“MENA”) and Asia Pacific regions, […] More »

NNPC’s Kyari vows to “reverse” petrol importation trend in Nigeria

*Transforms Nigeria into a net exporter of petroleum products by 2023 *To raise production to 3million barrels per day and 40 billion barrels reserves *To work with EFCC to rid Corporation of corruption OpeOluwani Akintayo Lagos — The new Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kolo Kyari, has vowed […] More »

Oil edges up as supply concerns offset trade disputes

London — Oil edged further above $64 a barrel on Tuesday as OPEC supply cuts and Middle East tensions countered the U.S.-China trade dispute that has been dragging down the global economy and oil demand. OPEC and its allies led by Russia agreed last week to extend their supply-cutting deal until March 2020. Brent has […] More »

Russia’s Novatek offers LNG cargo for August delivery – sources

Singapore — Russia’s Novatek has offered a liquefied natural gas (LNG) cargo for loading in July or delivery in August, three industry sources said on Monday. The Russian gas producer has offered buyers the option of having the cargo delivered into Europe or Northeast Asia from the Yamal LNG plant, they added. If it is delivered […] More »

EU says Turkey’s drilling off Cyprus coast of “grave concern”

Brussels — The European Union on Monday said Turkey’s plan to drill for oil and gas off Cyprus was of grave concern and an unacceptable escalation of tensions surrounding the Mediterranean island. “Turkey’s declared intention to illegally conduct a new drilling operation northeast of Cyprus is of grave concern,” the EU foreign policy branch said in […] More »

Column – Hedge funds sell crude as economy fears trump OPEC cuts: Kemp

London — Hedge funds sold more Brent futures and options last week as concerns about the global economy trumped the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to extend output cuts. Hedge funds and other money managers sold another 7 million barrels of Brent derivatives in the week to July […] More »

Baru charges new NNPC GMD to surpass his achievements

*As Borno Gov congratulates Kyari OpeOluwani Akintayo Lagos — The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, has charged his successor-designate, Mallam Mele Kolo Kyari, to exceed the milestones recorded so far by the corporation’s current management. A press release by the corporation’s Group General Manager, Group Public Affairs […] More »

NNPC’s public affairs division opens multi-media studio

*Baru lauds the project OpeOluwani Akintayo Lagos — The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, has applauded the leadership of the corporation’s Group Public Affairs Division, GPAD for efficiently managing resources to build an ultra-modern multi-media studio. Dr. Baru who gave the commendation over the weekend while commissioning […] More »

NIMASA explains delay in disbursement of CVFF

The Nigerian Maritime Administration and Safety Agency, NIMASA, has explained the current delay More »

Lekoil explains the reason for 2018 financial loss

*To add 20,000bopd to national oil output with strategic investments OpeOluwani AKintayo Lagos — Indigenous oil and gas firm, Lekoil has explained the reason behind its 2018 financial loss. In a statement on Wednesday, the firm said Profitability in 2018 was not possible because of the “immense investment that was undertaken within the year, as […] More »

HYPREP opens 36 fresh bids for Ogoni cleanup contracts

Mkpoikana Udoma Port Harcourt — The Hydrocarbon Pollution Remediation Project, HYPREP, has opened fresh bid in order to engage 36 more contractors for the cleanup of oil-impacted sites in Ogoniland. HYPREP said the aim of the additional 36 firms to the already mobilized 21 companies was to effectively carry out the project in line with […] More »

NLNG to deliver cooking gas directly to Rivers

The Nigeria LNG Limited, NLNG, is to supply liquefied petroleum gas More »

Seplat Petroleum makes case for ANOH gas project at LSE

Lagos — Seplat Petroleum Development Company Plc has identified the Assa North-Ohaji South, ANOH gas processing project as very bankable and capable of boosting Nigeria’s domestically gas supply significantly. A Seplat team led by the company’s chief executive officer, Mr. Austin Avuru, gave an in-depth presentation on the company’s gas business to investors, sector and […] More »

Adopt Solid Minerals Act for PIB, ex-NNPC chief tasks lawmakers

Mkpoikana Udoma Port Harcourt — As the Ninth National Assembly takes form, lawmakers from the Niger Delta region have been charged to push for the Solid Minerals Act to be adopted as the same legal framework work for liquid minerals, as the collective position of the region on the Petroleum Industry Bill, PIB. A former […] More »

Clearing agents decry new duty exchange rate

Clearing agents operating at the ports have expressed displeasure with the new import duty rate imposed by the Nigeria Customs Service More »

OPEC daily oil basket price closes at $62.69 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $62.69 a barrel on Wednesday, compared with $63.95 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […] More »

Bonga SW/Aparo to achieve 80% Nigerian content – SNEPCO

The Shell Nigeria Exploration and Production Company, SNEPCO, has assured that its Bonga South West Aparo, BSWA, FPSO project More »

Oil & gas account for 95% of UK’s import from Nigeria – Envoy

Mkpoikana Udoma Abuja — Oil and gas account for 95 percent of the United Kingdom’s import from Nigeria, the British High Commissioner to Nigeria, Ms. Catriona Laing has said. Laing speaking at the ongoing Nigerian Oil and Gas Conference in Abuja, also disclosed that the UK has over £5.5million investment in Nigeria and was looking […] More »

U.S. oil production growth slows but OPEC+ should be wary: Kemp

London — The once booming expansion rate of U.S. oil production has begun to slow in response to the downturn in prices since the end of the third quarter of 2018, government production figures show. U.S. crude and condensates production rose to a record 12.16 million barrels per day (bpd) in April, an increase of […] More »

Novatek offers to supply LNG to Gazprom to cover any Ukraine transit issues – Ifax

Moscow — Russian gas producer Novatek is prepared to supply Gazprom with liquefied natural gas to honour its contracts this winter in the event of Ukraine transit issues, Interfax news agency cited Novatek’s CEO as saying on Tuesday. Gazprom, the main supplier of natural gas to Europe, halted gas transit via Ukraine twice since 2006 […] More »

Adopt Solid Minerals Act for PIB, ex-NNPC chief tasks lawmakers

OPEC daily basket oil price closes at $65.71 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $65.71 a barrel on Monday, compared with $65.60 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […] More »

Clearing agents decry new duty exchange rate

Lagos — Clearing agents operating at the ports have expressed displeasure with the new import duty rate imposed by the Nigeria Customs Service, which rose from N306 to N326 per dollar. According to the clearing agents, the development will add to the cost of clearing cargoes at the ports and increase prices of goods in […] More »

Total restates commitment to preservation of environment

Total Nigeria has reiterated its commitment to preservation of the environment More »

NLNG to deliver cooking gas directly to Rivers

The Nigeria LNG Limited, NLNG, is to supply liquefied petroleum gas More »

Oil steadies on OPEC cuts, but oversupply fears persist

New York — Oil prices steadied on Monday as OPEC extended supply cuts until March 2020 during a meeting in Vienna, but prices pared gains as oversupply worries continued to overshadow the market. The Organization of the Petroleum Exporting Countries agreed on Monday to extend oil supply cuts until March 2020, three OPEC sources said, […] More »

OPEC extends oil cut to prop up prices as economy weakens

VIenna — OPEC agreed on Monday to extend oil supply cuts until March 2020, three OPEC sources said, as the group’s members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring U.S. production. The move will likely anger U.S. President Donald Trump, who has demanded […] More »

NIMASA explains delay in disbursement of CVFF

Vincent Toritseju Lagos — The Nigerian Maritime Administration and Safety Agency, NIMASA, has explained the current delay in the disbursement of the Cabotage Vessels Finance Fund, CVFF, saying this was due to ongoing amendment in the Cabotage Act. Director General of NIMASA, Dr. Dakuku Peterside, who disclosed this at the maiden edition of the Nigeria […] More »

Price of 5kg cylinder of gas down 2.13 percent in May

Lagos — The average price for the refilling of a 5 kilogramme, kg, cylinder of the Liquefied Petroleum Gas, LPG, or cooking gas decreased by 0.90 percent month-on-month and 2.13 percent year-on-year to N2,028.04 in May from N2,046.53 in April 2019. This is according to latest figures released by the National Bureau of Statistics, NBS. […] More »

Exxon expects weak gas prices to offset gains from higher crude prices

News Wires — Exxon Mobil Corp said on Monday that in the second quarter it expects higher oil prices and refining margins compared to the prior quarter, but the gains will be offset by lower natural gas and weaker margins in its chemicals business. The U.S. oil major said in a filing it expected change […] More »

National electricity grid collapses, as Nigerian groan in darkness

OpeOluwani Akintayo Lagos — Electricity customers in some parts of Nigeria are currently living without power supply, despite torrents of rain which should have boosted electricity generation across the country. The latest system collapse reported on Sunday may have worsened the poor electricity supply situation in the country. The Transmission Company of Nigeria, TCN said […] More »

Subscribe to: Posts ( Atom )

Brent Crude	WTI Crude

Wednesday 31 July 2019

Tuesday 30 July 2019

Monday 29 July 2019

Sunday 28 July 2019

Saturday 27 July 2019

Friday 26 July 2019

Thursday 25 July 2019

Wednesday 24 July 2019

Tuesday 23 July 2019

Monday 22 July 2019

Sunday 21 July 2019

Friday 19 July 2019

Thursday 18 July 2019

Wednesday 17 July 2019

Tuesday 16 July 2019

Monday 15 July 2019

Saturday 13 July 2019

Friday 12 July 2019

Thursday 11 July 2019

Wednesday 10 July 2019

Tuesday 9 July 2019

Monday 8 July 2019

Sunday 7 July 2019

Saturday 6 July 2019

Thursday 4 July 2019

Wednesday 3 July 2019

Tuesday 2 July 2019

Monday 1 July 2019

World Energy Consumption