Lagos — Improved margins and freight rates have boosted price offers for both heavy and sweet West African crude oil as at Friday, November 1, 2019. Lighter Nigerian crude cargoes for November and December were heard to have crept up around 20 cents a barrel, with Bonny Light and Qua Iboe over a premium of […]
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More »Cape Town/Moscow — South Africa’s national oil company PetroSA and Russia’s state geological company Rosgeologia are in talks to finalize a $359 million farmout deal to give Russia its first foothold in a prospective oil and gas field offshore South Africa, three sources said. PetroSA is under pressure to boost dwindling domestic resources that have […]
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More »Dubai — Iranian Oil Minister Bijan Zanganeh was quoted as saying on Monday that he expects further production cuts to be agreed at the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) in December. “We expect the decline in oil production to increase further, which means that we will see a further […]
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More »t) London — Shares in British shale gas explorers fell on Monday morning after the government announced at the weekend that it is imposing a moratorium on fracking. On Saturday the government said that the gas extraction technique risked causing too much disruption to local communities through earth tremors. Fracking, which involves extracting gas from […]
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More »Mkpoikana Udoma Port Harcourt — Host communities of OML11 in Abia State, on Monday held a prayer summit against the operations of the Shell Petroleum Development Company of Nigeria Limited, SPDC, asking God to intervene in quitting the oil firm from their land. Chairman, Traditional Rulers Council of OML11, HRM Eze Obioma Levi Nworgu, said […]
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More »Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $60.19 a barrel on Friday, compared with $60.52 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 […]
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More »Cape Town — U.S. oil company Kosmos Energy has made an oil discovery at its S-5 well offshore of Equatorial Guinea, hitting 39 metres of net oil play, the Ministry of Mines and Hydrocarbons said on Sunday. “We are very excited about the results of the S-5 well, the first well drilled in this ongoing […]
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More »Lagos/London — Oil trader Vitol has quit a consortium that was set to buy a stake in two Nigerian oil fields from Brazil’s Petrobras, its former partner said on Friday. Africa Oil said it would conclude the $1.5 billion purchase alone after Vitol and Delonex Energy pulled out of the deal to buy half of […]
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More »Tokyo — Oil prices steadied on Friday after a rough week, squeezed about 4% lower by a combination of rising global supply and uncertain future demand. U.S. crude surfaced for air for the first time in four days, gaining 15 cents, or 0.3%, to $54.33 a barrel by 0103 GMT. The contract was heading for […]
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More »News wire — Exxon Mobil Corp’s third-quarter profit nearly halved, hit by lower oil prices and weaker margins in refining and chemicals, with its three major business reporting lower year-over-year profit. Earnings fell to $3.17 billion, or 75 cents per share, in the quarter, from $6.24 billion, or $1.46 per share, a year earlier, the […]
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More »Mkpoikana Udoma Port Harcourt — The Institute of Chartered Economists of Nigeria, ICEN, has appealed to the Federal Government to appropriate significant funds to the Niger Delta, to compensate for its long neglect and ecological risks from oil-companies’ activities in the region. The South-South Coordinator of ICEN, Mr. Friday Udoh, made the appeal while briefing […]
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More »Madrid — Weak energy prices dragged down Spain’s Repsol third quarter adjusted net profit, although it still beat market expectations thanks to its resilient downstream unit. Repsol produced more oil during the period, but prices have been under pressure this year by rising supply from the United States and expectations that slowing economic growth and […]
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