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 […]
The post West Africa crude offers continue rise on margins, freight appeared first on SweetCrudeReports.
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 […]
The post South Africa’s PetroSA eyes Russia for $359 million farmout deal appeared first on SweetCrudeReports.
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 […]
The post Iran’s Zanganeh sees more output cuts by OPEC at next meeting -report appeared first on SweetCrudeReports.
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 […]
The post UK shale gas explorers’ shares fall on fracking moratorium appeared first on SweetCrudeReports.
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 […]
The post OML11: Abia communities hold prayer summit against SPDC appeared first on SweetCrudeReports.
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 […]
The post OPEC daily basket oil price closes at $60.19 per barrel appeared first on SweetCrudeReports.
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 […]
The post Kosmos Energy finds oil off Equatorial Guinea -oil ministry appeared first on SweetCrudeReports.
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 […]
The post Oil trader Vitol pulls out of $1.5 bln deal to buy Nigerian oil fields appeared first on SweetCrudeReports.
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 […]
The post Oil prices stabilise, but set for big weekly loss amid trade gloom, rising output appeared first on SweetCrudeReports.
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 […]
The post Exxon Mobil profit halves on weak oil prices, chemicals margins appeared first on SweetCrudeReports.
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 […]
The post Oil exploration: Economist seeks more funding for N/Delta development appeared first on SweetCrudeReports.
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 […]
The post Oil prices drag down Repsol Q3 net profit, downstream unit beats expectations appeared first on SweetCrudeReports.
More »London — Oil prices came under pressure on Thursday from rising U.S. crude oil stocks and weak factory activity in China, with few bullish factors on the horizon. Brent crude futures were down 13 cents at $60.48 a barrel by 1338 GMT, erasing earlier gains. They had dropped by 1.6% on Wednesday and the contract […]
The post Oil prices dip as U.S. crude stocks and weak Chinese data weigh appeared first on SweetCrudeReports.
More »LONDON — Oil prices came under pressure on Thursday from rising U.S. crude oil stocks and weak factory activity in China, with few bullish factors on the horizon. Brent crude futures were down 13 cents at $60.48 a barrel by 1338 GMT, erasing earlier gains. They had dropped by 1.6% on Wednesday and the contract […]
The post Oil prices dip as U.S. crude stocks and weak Chinese data weigh appeared first on SweetCrudeReports.
More »Mkpoikana Udoma Port Harcourt — The Ijaw Youth Council, IYC worldwide has called for the immediate sack of the Minister of Niger Delta Affairs, Sen, Godswill Akpabio, over what they described as undue interference in the affairs of the Niger Delta Development Commission,NDDC. This is in reaction to the newly inaugurated three-man NDDC interim management […]
The post Ijaw youths reject NDDC management, demand Akpabio’s sack over interference appeared first on SweetCrudeReports.
More »*The Angolan government is implementing reforms to diversify its oil-dependent economy ABIDJAN, Ivory Coast — The Board of Directors of the African Development Bank Group on Tuesday approved a $165 million loan to finance part of Angola’s three-year economic diversification support program intended to restore the country’s macroeconomic stability. The Angolan government is implementing reforms […]
The post AfDB approves $165 million for Angola’s economic diversification appeared first on SweetCrudeReports.
More »Mkpoikana Udoma Port Harcourt — The Niger Delta Development Commission, NDDC, says it has stepped up work on the N6billion 132KV transmission line and 132/33KV sub station, which it is constructing at Okitipupa in Ondo State, to cover about 2,000 communities. Speaking during an inspection of the project, NDDC Acting Managing Director, Dr Akwagaga Enyia, […]
The post NDDC steps up work on N6 billion 132KV power project in Ondo appeared first on SweetCrudeReports.
More »London — Turkish state energy company Botas is looking to buy 70 cargoes of liquefied natural gas (LNG) for delivery over 2020-2023, two trade sources said on Tuesday. The tender was issued on Friday, one source said, two days after the United States lifted sanctions against Turkish ministries, including the energy ministry, and senior government […]
The post Turkey’s Botas seeks 70 LNG cargoes for 2020-2023 delivery – sources appeared first on SweetCrudeReports.
More »Juba — South Sudan plans to offer 14 oil blocks to exploration companies in a licensing round by the first quarter 2020, its oil minister said on Tuesday, switching from its previous method of direct negotiations with explorers. The country gets almost all its revenue from oil and has boosted output, now at 180,000 barrels […]
The post South Sudan to offer oil blocks for licensing by Q1 2020 appeared first on SweetCrudeReports.
More »Dubai/Riyadh — Saudi Aramco aims to announce the start of its initial public offering (IPO) on Nov. 3, three people with direct knowledge of the matter told Reuters, after delaying the deal earlier this month to give advisers time to secure cornerstone investors. The people also said Aramco’s chief executive officer, Amin Nasser, was not […]
The post Saudi Aramco aims to begin planned IPO on Nov. 3 -sources appeared first on SweetCrudeReports.
More »