After one year, SPDC’s Trans Forcados still loses 35, 000b/d crude oil

OpeOluwani Akintayo Lagos — The Forcados terminal operated by Shell Petroleum and Development Company, SPDC, has been losing 35, 000 barrels per day of crude oil export for over one year now. According to the Nigerian National Petroleum Corporation, NNPC’s monthly report for January 2019 report- the latest, the terminal which also gets fed with […] More »

Gazprom says 50% dividend payout ratio seen in 2-3 years

Gazprom says 50% dividend payout ratio seen in 2-3 years. Russian state gas producer Gazprom said on Thursday its dividend More »

Hedge funds bang defensive drum on oil: Kemp

Hedge funds bang defensive drum on oil: Kemp. Hedge funds liquidated more of their bullish petroleum positions as concerns about the health More »

Tanzania, Zambia plan $1.5 bln oil products pipeline – Tanzania minister

Tanzania, Zambia plan $1.5 bln oil products pipeline - Tanzania minister. Tanzania and Zambia plan to build a refined products pipeline More »

General Electric to cut cost, jobs in Nigeria, Africa

OpeOluwani Akintayo Lagos — General Electric, GE, is preparing to cut some jobs in Nigeria, and in Africa as a way of trimming down its costs, SweetcrudeReports has learned. According to a source close to the matter, the exercise would see about 500 hundred staff losing their employment soon. In April, GE released its first-quarter […] More »

Med crude-Urals diffs unchanged, supply set to decline in June

Med crude-Urals diffs unchanged, supply set to decline in June.Urals differentials were unchanged on Friday due to low trading activity More »

Shell sees significant oil discovery in Albania

Shell sees significant oil discovery in Albania. Shell Upstream Albania B.V. said on Friday initial tests showed “a flow potential of several More »

Russia, Belarus agree plan to pump out tainted oil – document

Russia, Belarus agree plan to pump out tainted oil - document. Russia and Belarus agreed a plan on Friday to pump tainted oil out of Belarus More »

NORDIC POWER-Front-quarter prices rise on drier, warmer weather view

NORDIC POWER-Front-quarter prices rise on drier, warmer weather view. Nordic front-quarter prices gained on Friday, supported by forecasts for More »

Russia has not yet decided size of compensation for tainted oil – minister

Russia has not yet decided size of compensation for tainted oil - minister. Russia has not yet determined the amount of compensation it will pay More »

Nigeria: Trans Forcados oil pipeline resumes operations – source

Nigeria: Trans Forcados oil pipeline resumes operations - source. Nigeria’s Trans Forcados oil pipeline resumed flows on Friday, a source familiar with More »

Start-up of Bahrain LNG import terminal delayed to Q3

Start-up of Bahrain LNG import terminal delayed to Q3. The start-up of the Bahrain liquefied natural gas (LNG) import terminal has been delayed to the third More »

EnergyAustralia agrees to buy gas from LNG import terminal

Melbourne — EnergyAustralia, Australia’s third-largest energy retailer, on Wednesday reached a preliminary agreement to buy gas from a liquefied natural gas import terminal planned by Australian Industrial Energy, the companies said. Australian Industrial Energy has agreed to supply 15 petajoules a year of gas to EnergyAustralia over five years starting from January 2021 at an […] More »

Stevedores set for show-down with IOCs over dockworkers recruitment

Vincent Toritseju Lagos — Stevedoring operators have commenced moves to checkmate the recruitment of dockworkers by International Oil Companies, IOCs, in their crude oil terminals. President of the National Association Stevedoring Companies, NASC, Mr. Bolaji Sunmola, disclosed that the stevedoring companies appointed by the Nigerian Ports Authority, NPA, were denied entrance in these IOCs’ terminals. […] More »

BP shareholders overwhelmingly adopt climate resolution

BP shareholders overwhelmingly adopt climate resolution. BP shareholders overwhelmingly approved a climate resolution on Tuesday backed by investors More »

W. Africa Crude-Sonangol said to finalise July term allocations

W. Africa Crude-Sonangol said to finalise July term allocations. Angolan state oil company Sonangol has finalised its allocations More »

China’s CNPC breaks into Myanmar fuel retailing with Singapore brand

Singapore/Yangon — China National Petroleum Corp is planning to open dozens of petrol stations in Myanmar, the first major foreign investor to enter the fast-growing Southeast Asian fuel market, as the state giant expands its retail oil business, company officials said. The investment, which could eventually reach tens of millions of dollars, follows a new […] More »

Kazakhstan’s Kashagan oilfield resumes output after maintenance

Nur-Sultan — Kazakhstan’s biggest oilfield, Kashagan, has resumed output after maintenance, 10 days earlier than initially planned, the Central Asian nation’s energy ministry said on Monday. Output at the field is expected to reach 370,000-400,000 barrels per day in early June, it said in a statement. Reuters More »

Wanted: A mental revolution in the Niger Delta

…a conversation with the Governor of Niger Delta State Markson Ibibo Port Harcourt — Imagine for a moment that there is an entity in Nigeria called Niger Delta State, and the Governor is His Excellency Tiko K. Tiko. The name may sound Japanese or Korean, but this man has nothing to do with either. He […] More »

NDDC commences study on 7,000MW power grid for Niger Delta

Mkpoikana Udoma Port Harcourt — The Niger Delta Development Commission, NDDC, says it has initiated a study to kick-start work on a 7,000MW regional power pool and industrialisation project, in order to drive the development of the Niger Delta region using electricity as a catalyst. The commission said it would create three industrial parks in each of […] More »

Saudi to supply an extra 2 mln barrels/month to Indian Oil Corp from July

Saudi to supply an extra 2 mln barrels/month to Indian Oil Corp from July. Saudi Aramco will supply state-run Indian Oil Corp Ltd (IOC) an extra 2 million More »

Defiant Iran says it can ‘easily’ hit U.S. ships, works to counter sanctions

Defiant Iran says it can 'easily' hit U.S. ships, works to counter sanctions. Iran said on Friday it could “easily” hit U.S. warships in the Gulf More »

Russia’s Gazprom discovers new Yamal offshore fields

Russia's Gazprom discovers new Yamal offshore fields. Russian state gas producer Gazprom has discovered two new offshore fields More »

London marine insurers widen Middle East threat zone after ship attacks

London marine insurers widen Middle East threat zone after ship attacks. London’s marine insurance market has extended the list of waters deemed More »

Iraq has contingency plans in case Iran gas imports halted – minister

Iraq has contingency plans in case Iran gas imports halted - minister. Iraq has contingency plans for any stoppage of Iranian gas imports for its power More »

Venezuela’s crude upgraders scale back output as exports dwindle-sources

Venezuela's crude upgraders scale back output as exports dwindle-sources.Venezuela’s crucial oil upgraders have stopped processing heavy crude More »

U.S. crude stockpiles rise unexpectedly to highest since 2017 – EIA

U.S. crude stockpiles rise unexpectedly to highest since 2017 - EIA. U.S. crude oil stockpiles rose unexpectedly last week, climbing to their highest More »

NERC targets robust tariff review process

NERC targets robust tariff review process. Power sector regulator, the Nigerian Electricity Regulatory Commission, NERC, has said it is implementing More »

GE’s total plant solutions help Azito’s Power Plant boost efficiency

…output & reliability in Ivory Coast Abidjan, Ivory Coast — GE’s MXL2 Turbine Upgrade Will Help Increase Power Output by 30 megawatts (MW) at Azito’s plant in the Yopougon district of the Ivory Coast; GE’s Upgrade and Predix Asset Performance Management (APM) Software will Help Improve Plant Competitiveness; The Project Marks GE’s First Digital Solutions […] More »

Russia’s Gazprom considers Linde, Shell technologies for Baltic LNG

Russia's Gazprom considers Linde, Shell technologies for Baltic LNG. Russian gas producer Gazprom is considering using technology made by industrial More »

25 Nigerian June cargoes remain unsold – Report

25 Nigerian June cargoes remain unsold - Report. About 25 or more of Nigeria's June crude oil loading cargoes remained unsold as at the More »

Mexico’s government budgets $5.9 bln for new refinery – Energy Secretary

Mexico's government budgets $5.9 bln for new refinery - Energy Secretary. Mexico’s energy secretary Rocio Nahle said on Thursday that More »

Dutch envoy inspects Ogoni clean-up, pledges support

Dutch envoy inspects Ogoni clean-up, pledges support. Netherlands' ambassador to Nigeria, Ms Marion Kappeyne, has pledged to support More »

Nigeria needs $200 billion investment to address the energy gap

Ike Amos Abuja — Managing Director of Shell Nigeria Exploration and Production Company, SNEPCO, Mr. Bayo Ojulari, has bemoaned the widening energy gap in Nigeria, while he disclosed that Nigeria needs between $40 billion to $200 billion worth of investments to bridge the gap. In a presentation titled, ‘Nigeria’s Energy Security: Opportunities, Present Threats and […] More »

Funding remains a major challenge to indigenous oil firms — Baru

Ike Amos Abuja — Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, has lamented the difficulties experienced by indigenous oil and gas firms in securing funds to finance their operations, stating that this has negatively affected their growth trajectory. In a presentation titled, ‘Energy Security and Sustainable Development in Nigeria: The Way […] More »

Gambia signs oil exploration deal with BP for A1 block

Gambia signs oil exploration deal with BP for A1 block. Gambia’s government said on Tuesday it had signed a contract with BP to explore oil and More »

Nigeria: Monthlong power shortage takes toll on homes, businesses

Nigeria: Monthlong power shortage takes toll on homes, businesses. Nigeria has been experiencing acute power shortage since the beginning of April More »

TransCanada profit beats as U.S. pipelines phased in

TransCanada profit beats as U.S. pipelines phased in. TransCanada Corp beat analysts’ estimates for quarterly profit on Friday More »

Germany’s RWE to review climate lobbying as investor pressure rises

Germany's RWE to review climate lobbying as investor pressure rises. German utility RWE, under investor pressure as one of Europe’s More »

UK Gas-Prices mixed on oversupplied system, low temperatures

UK Gas-Prices mixed on oversupplied system, low temperatures. British wholesale gas prices were mixed on Friday with an increase in Norwegian More »

Cameroon’s GDP growth to rise to 4.2 pct in 2019 – IMF

Cameroon's GDP growth to rise to 4.2 pct in 2019 - IMF. Cameroon’s economic growth is expected to rise to 4.2 percent this year More »

Chevron sells remaining South Africa’s downstream assets for $1 billion

OpeOluwani Akintayo Lagos — U.S oil major, Chevron has finally sold its remaining assets in South Africa for $1 billion, exiting the country’s downstream sector. After a one-year drag, the company’s board has approved the sale of its downstream assets for a total of $1 Billion to a firm controlled by oil trader, Glencore. Chevron […] More »

Former BP, Equinor executive to lead African Energy Chamber in Angola

*Mr. Pugliese will lead the chamber’s activities in Angola and support the Chambers’ partners in unlocking value in Angola’s multi-billion-dollar oil and gas market Johannesburg, South Africa — The African Energy Chamber is pleased to announce that it has appointed Mr. Sergio Pugliese as President for Angola, effective May 1st, 2019. In this role, Mr. […] More »

Italy court rejects appeals against oil-gas permits granted Global Petroleum

Rome — An Italian regional court has thrown out an appeal by local municipalities against oil and gas exploration permits granted to Australia’s Global Petroleum Limited, according to a ruling seen by Reuters. The ruling said the municipalities had claimed Global Petroleum had made four different requests to carry out seismic exploration in the Adriatic […] More »

Trump administration to relax offshore safety rules sparked by 2010 Gulf oil spill

Trump administration to relax offshore safety rules sparked by 2010 Gulf oil. The Trump administration will unveil on Thursday its final More »

Elumelu’s Transcorp Power Consortium wins bid for Afam Power

OpeOluwani Akintayo Lagos — Transcorp Power Consortium promoted by the Nigerian businessman, Tony Elumelu, has won the bid for Afam Power Plc. The National Council on Privatisation, NCP on Tuesday, declared the firm winner after it emerged the most preferred financial bidder. Chairman of the technical committee of the NCP, M.K. Ahmed, said Transcorp Consortium […] More »

W. Africa Crude-Awards for Indian tenders awaited, Nigerian offered high

W. Africa Crude-Awards for Indian tenders awaited, Nigerian offered high. Spot trading was muted on Tuesday as market participants awaited More »

Poll pushes average oil price forecast 2% higher in 2019

Poll pushes average oil price forecast 2% higher in 2019. A monthly survey of 31 economists and analysts forecast Brent crude would average $68.57 More »