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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