SSE launches sale of North Sea gas fields in single package – sale document

London — British energy provider SSE has kicked off the process to sell its 140 million cubic feet per day portfolio of North Sea gas fields in a single package, the sale document seen by Reuters showed. SSE said in May it was looking to sell its gas production assets. A banking source estimated the […] More »

France drops plans to build sodium-cooled nuclear reactor

Paris — France’s CEA nuclear agency has dropped plans to build a prototype sodium-cooled nuclear reactor, it said on Friday, after decades of research and hundreds of millions of euros in development costs. Confirming a report in daily newspaper Le Monde, the state agency said it would finalise research in so-called “fourth generation” reactors in […] More »

Contamination compensation for Belarus refinery not yet agreed -Belta

Moscow — Belarusian state energy company Belneftekhim said on Friday that Russia had partially compensated it for losses due to a major contamination of oil, but that the issue had still not been resolved for its Mozyr refinery, the Belta news agency reported. – Reuters More »

NORDIC POWER-Forward prices rise on firmer coal and carbon rates

Newswire — Nordic forward prices gained on Friday, helped by higher coal and carbon rates, with lower water reserves lending further support. * Nordic front-quarter baseload power contract rose 0.55 euro to 37.35 euros per megawatt hour (MWh). * Nordic front-year gained 0.6 euro to 34.65 euros/MWh. * “Both carbon and coal are up and […] More »

Med Crude-Urals diffs ease in Baltic on weaker margins

Moscow — Urals crude differentials eased again to dated Brent in northwest Europe on Friday as sellers struggled to place September cargoes and weak refining margins weighed. Urals refining margins on Mediterranean were at $0.94 per barrel on Friday compared to $3.35 per barrel in the last 365 days on average, according to Refinitiv Eikon […] More »

U.S. oil drillers cut rigs for ninth month to least since Jan 2018 -Baker Hughes

Newswire — U.S. energy firms this week reduced the number of oil rigs operating, with the rig count declining for the ninth straight month to its lowest since January last year as most producers cut spending on new drilling this year. Drillers cut 12 oil rigs in the week to Aug. 30, bringing the total count […] More »

Russian firm battles Mideast for Chinese petroleum gas market

Moscow — An independent Russian producer has made a foray into China’s market for liquefied petroleum gas (LPG), jostling with Middle Eastern countries for what could be a lucrative foothold, market data showed and traders said. China is one of the world’s largest importers and consumers of the fuel. Key suppliers to the country are […] More »

IPMAN: DPR assures Rivers residents of adequate products supply

Mkpoikana Udoma Port Harcourt — The Department of Petroleum Resources, DPR, has assured residents of Rivers State of availability of petroleum products, following threats by the Independent Petroleum Marketers Association of Nigeria, IPMAN, to withdraw their services. This comes as IPMAN, in collaboration with Petroleum Tanker Drivers, PTD, and Independent Marketers Branch of NUPENG, had […] More »

Oil prices fall but set for big weekly gain as trade dispute rhetoric eases

London — Oil gave back some of its recent gains on Friday, but was still headed for the biggest weekly increase since early July, boosted by a decline in U.S stocks, a looming hurricane in Florida and an easing of Sino-U.S. trade rhetoric. Brent crude was down by 15 cents, or 0.25%, at $60.93 a barrel, […] More »

Papua New Guinea opposition leader urges prime minister to back Total gas deal

Melbourne — Papua New Guinea’s opposition leader, Patrick Pruaitch, on Friday pressed the nation’s prime minister to back a gas deal with France’s Total SA rather than seek changes and delay a $13 billion expansion of the country’s gas exports. The government, led by James Marape, earlier this month suddenly called for talks with Total […] More »

Aiteo boss proposes optimal gas utilisation to resolve power shortages

Lagos — Group Managing Director (GMD), Aiteo Eastern E & P Company Ltd, Victor Okoronkwo has reiterated that the nation’s power shortage could be resolved through optimal utilization of the nation’s huge gas deposits. He stated this while speaking at a panel session at the recently concluded 2019 Annual Conference and Awards of the National […] More »

Total to consolidate on investments in Nigeria’s deepwater

Ike Amos Abuja — Total Exploration and Production Nigeria has announced plans to consolidate on its investments in the deepwater segment of the Nigerian petroleum industry. Speaking during a visit to the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, in Abuja, Managing Director/Chief Executive Officer of Total E&P Nigeria, Mr. Mike Sangster, […] More »

Saudi Aramco sets Sept propane price at $350 a tonne

Dubai — Saudi Arabia’s state oil giant Aramco has set its September propane price at $350 a tonne, down from $370 a tonne in August, the company said on Thursday. The price provides a benchmark against which Middle East sales of liquefied petroleum gas (LPG) to Asia are priced. Aramco has set its September butane price […] More »

TICAD7: Ramaphosa lauds Japan’s role in shaping African development

Tokyo — South African President Cyril Ramaphosa has welcomed Japan’s efforts to boost technology on the continent. “South Africa endorses the focus on science, technology, and innovation as a priority theme for TICAD 7, given its great potential to accelerate African development through mutually beneficial partnerships with Japan,” President Ramaphosa told participants. Ramaphosa was speaking […] More »

China’s CNOOC H1 earnings rise 19% on stronger oil, gas sales

Singapore/Beijing — China’s national offshore producer CNOOC Ltd said on Thursday first-half profit rose nearly 19% from a year earlier, as higher sales of oil and gas offset weaker global oil prices. Net profit at the listed arm of state-owned China National Offshore Oil Corp was 30.25 billion yuan ($4.26 billion) in the six month […] More »

Trump administration to relax methane limits at oil and gas operations

Washington — The Trump administration on Thursday will propose rolling back Obama-era limits on emissions of methane at oil and gas operations on Thursday, a government source said, relaxing standards on one of the main pollutants scientists link to climate change. President Donald Trump insists he is an environmentalist, but the move is his administration’s […] More »

OPEC daily basket oil price closes at $60.24 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $60.24 a barrel on Thursday, compared with $60.16 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 »

Sasol says U.S. ethane cracker production steps up

Johannesburg — South Africa’s Sasol said on Wednesday its U.S. ethane cracker plant was now producing enough ethylene for use, bringing it a step closer to completing its Lake Charles Chemicals Project that has been hit by delays and cost hikes. “With the first three units commissioned, plants representing more than 60% of the project’s […] More »

Chinese firm to build renewable power projects in Bangladesh – officia

Dhaka — Bangladesh has set up a $400 million joint venture with a Chinese company to build renewable energy projects to provide a total 500 megawatts of power by 2023, a government official said on Wednesday. The venture (JV) between China National Machinery Import and Export Corporation (CMC) and Bangladesh’s North-West Power Generation Company (NWPGC) […] More »

OPEC daily basket oil price close at $60.16 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $60.16 a barrel on Wednesday, compared with $58.98 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 »

U.S. crude stocks drop 10 mln barrels as imports slow – EIA

New York — U.S. crude oil inventories fell sharply last week to their lowest since October last year as imports slowed, while gasoline and distillate stockpiles also declined, the Energy Information Administration said on Wednesday. Crude inventories fell 10 million barrels in the week to Aug. 23, compared with analysts’ expectations for a decrease of […] More »

W. Africa Crude-Angolan offers pared back

London — Price offerings for Angolan crude were pared back slightly as refiners appear well stocked with heavy sweet crude but remained relatively high on expectations of brisk Asian demand. ANGOLA * State oil company Sonangol continued to offer a cargo of October-loading Dalia crude at a premium of $3 compared to dated Brent but […] More »

Oil prices jump more than 2% on sharp drop in U.S. crude inventories

New York — Oil prices gained more than 2% on Wednesday after data showing a fall in U.S. crude stockpiles helped ease worries about weakening oil demand caused by the China-U.S. trade war. Brent crude futures were up $1.33, or 2.2% to $60.84 a barrel by 10:55 a.m. EDT (1455 GMT). WTI crude futures rose […] More »

Oil Search says loading liquids at Gulf of Papua at reduced rate

 Newswire — Australia-listed Oil Search said on Wednesday it is loading liquids at its facilities in the Gulf of Papua at a reduced rate after temporarily suspending loading last week due to damage to a mooring system. Papua New Guinea’s biggest company said it is working with the PNG LNG operator to ramp up […] More »

Russia’s Lukoil Q2 net income rises 21% q/q on lower tax

Moscow — Russia’s No.2 oil producer Lukoil said on Wednesday its second-quarter net profit increased 21.4% from the previous three months to 181.2 billion roubles ($2.75 billion) thanks to lower income tax. Sales increased by almost 15% from the previous quarter to 2.1 trillion roubles on higher oil and gas prices as well as rising […] More »

Total plans investment to grow gas output by 300mscf

*Visits Sylva, Kyari Lagos — Total Exploration and Production Nigeria, yesterday, disclosed that it has significantly invested in the development of infrastructure in the petroleum industry to enable it boost domestic gas supply by 300 million standard cubic feet. Speaking during a visit to the Group Managing Director of the Nigerian National Petroleum Corporation, Managing […] More »

French oil major Total signs asset transfer deals with Qatar Petroleum

talParis — French oil major Total (TOTF.PA) said it had signed deals to transfer some of its assets in Kenya, Guyana and Namibia to Qatar Petroleum. In Namibia, Total will transfer to Qatar Petroleum a 30% interest in Block 2913B while keeping a 40% interest. Total will also transfer 28.33% in Block 2912 while retaining […] More »

Oil rises as hopes grow for U.S.-China trade

crude oilNews wire — Oil prices rose on Tuesday after U.S. President Donald Trump predicted a trade deal with China after positive comments by Beijing, calming nerves after a round of tit-for-tat tariff hikes had sent markets reeling. Brent crude LCOc1 was up by 26 cents, or 0.4%, at $58.96 a barrel by 0636 GMT, […] More »

ExxonMobil to explore new carbon capture technology

Newswire — ExxonMobil and Mosaic Materials said they have entered into an agreement to explore the advancement of breakthrough technology that can remove carbon dioxide from emissions sources. Mosaic Materials has progressed research on a unique process that uses porous solids, known as metal-organic frameworks, to separate carbon dioxide from air or flue gas. The agreement with ExxonMobil will […] More »

Seven Energy finally forfeits assets to British Savanah Petroleum

*Get govt consents OpeOluwani Akintayo Lagos — Seven Energy will forfeit some of its assets to British Savannah Petroleum PLC. SweetcrudeReports learnt that Savannah has secured ministerial consent to take over some of Seven Energy International Limited, SEIL’s, assets in Nigeria. Seven which operates in Nigeria through its wholly-owned subsidiaries, Septa Energy Nigerian and Accugas, […] More »

Ogoni write Royal Dutch Shell, call for sack of SPDC MD

…Allege breach of business ethics, sabotage of company’s interest in Nigeria Chuks Isiwu & Mkpoikana Udoma Lagos/Port Harcourt — As the crisis over the shutdown of the Oil Mining Lease, OML, 25 flow-station and gas plant operated by the Shell Petroleum Development Company of Nigeria Limited, SPDC, continues, the people of Ogoni have written the […] More »

Kenya’s first crude oil export sparks demands over revenue sharing

Mombasa, Kenya — Kenya exported its first crude oil on Monday, amid pointed speeches by local leaders asking the government to stick to its commitment to share revenues from future shipments equitably. Although commercial production is years away, the discovery of oil has heightened expectations that citizens, especially those living adjacent to the deposits, will […] More »

China passes law allowing regions to set resource taxes

Shangai/Singapore — Chinese legislators approved a new law on Monday that will give local governments authority to tax as many as 164 different resources, including fossil fuels, minerals and eventually water, the Ministry of Finance said on Monday. The National People’s Congress, China’s parliament, approved the new resource tax law on Monday and it will […] More »

Russia’s Rosneft tenders marine fuel cargos in euros

Moscow — Top Russian oil producer Rosneft has put up marine fuel cargos for sale with the euro as the default currency, a tender document showed on Monday, in line with its plan to sell oil products in the single currency instead of the U.S. dollar. Rosneft said it had tendered to sell up to […] More »

BP, Chevron among approved bidders for Brazil October oil auction- ANP

Rio De Janeiro — BP PLC, Chevron Corp and China’s CNOOC are among 12 companies cleared to bid in an October exploration rights auction in Brazil, oil regulator ANP said on Monday. Exxon Mobil Corp, Colombia’s Ecopetrol SA, Norway’s Equinor ASA, Australia’s Karoon, Qatar’s QPI, Spain’s Repsol SA, Royal Dutch Shell PLC , France’s Total […] More »

Oil rises on hopes of easing U.S.-China trade tension

London — Oil prices rose on Monday after the United States and China both suggested they could ease up in a trade war that has undermined the outlook for the global economy and crude demand. Brent was up 40 cents, or 0.67%, at $59.74 a barrel by 1410 GMT, while U.S. oil was up 73 […] More »

President Macron & G7 leaders provide AFAWA initiative with $251m

*AFAWA aims to raise up to $5 billion for African women entrepreneurs and the African Development Bank will provide $1 billion financing BIARRITZ, France — French President Emmanuel Macron and G7 leaders on Sunday approved a package totaling $251 million in support of the African Development Bank’s AFAWA initiative to support women entrepreneurs in Africa. […] More »

Indonesia’s Pertamina considers exporting jet fuel due to high stocks

News wire —  Indonesia state oil and gas company PT Pertamina is looking to possibly export its excess supply of jet fuel, finance director, Pahala Mansury, told reporters on Monday. * “In term of volume it’s not too big,” he said. “We need to lower our inventory by exporting or processing them into other products.” […] More »

Oil spills into U.S.-China trade war, prices slump

New York — China said on Friday it would impose tariffs on U.S. crude oil imports for the first time, sending prices down nearly 4% to two-week lows as the escalating bilateral trade war fed worries over a slowdown in global oil demand. Beijing said crude would be among the U.S. products hit by tariffs […] More »

Mixed reaction trails Abuja Court judgment on OML11 renewal

Mkpoikana Udoma Port Harcourt — Reactions are beginning to trail the Abuja Federal High Court judgement on the renewal of the license of OML11 for the Shell Petroleum Development Company of Nigeria Limited, SPDC/NNPC Joint Venture. This comes as the Federal High Court in Abuja, on Friday 23 August 2019 in a matter with suit No: […] More »

NERC says DisCos suffer N1.15trn tariff shortfall from 2015-2018

OpeOluwani Akintayo with agency report Lagos — The Nigerian Electricity Regulatory Commission, NERC has confirmed that electricity’ distribution companies, DisCos suffered a tariff shortfall of N1.15tn from 2015 to 2018. The loss was suffered by the 11 utility companies in the country. Tariff shortfall is computed from the amount of electricity bill, which consumers could […] More »

NEITI indicts NNPC for N78 billion under-remittance

*N142bn deducted for under-recovery in 2017 Ike Amos Abuja — The Nigeria Extractive Industries Transparency Initiative, NEITI, Thursday, indicted the Nigerian National Petroleum Corporation, NNPC, for the under-remittance of N77.92 billion, being proceeds of the sale of domestic crude oil allocated to the corporation in 2017. In a statement on the release of the report […] More »

NNPC suffers 77% increase in pipeline breaks in one month

Ike Amos Lagos — The Nigerian National Petroleum Corporation, NNPC, Sunday, said it recorded 77 per cent rise in cases of oil pipeline vandalism in its network of pipeline infrastructure across the country in June 2019. In a statement on its June 2019 Monthly Financial and Operations Report, MFOR, the NNPC disclosed that 106 pipeline […] More »

Libya’s state oil firm demands pay rise for workers

Libya’s state oil firm NOC has demanded a pay rise of 67% for its workers which it plans to discuss with the Tripoli government next week More »

AfDB President at G7 summit, women’s entrepreneurship, climate & fragility tops agenda

Biarritz, France – The president of the African Development Bank, Akinwumi Adesina, will head a delegation to the G7 summit, to be held from 24 to 26 August in Biarritz, in south-western France. After attending a session on Sunday devoted to the partnership between the G7 and Africa, Adesina will present the Affirmative Finance Action […] More »

West African oil hits sweet spot as shipping upgrades to cleaner fuel

Lagos — African states like Chad and Cameroon are shaping up to be big winners from new rules to cut sulfur emissions from ships, providing just the right type of oil to produce cleaner fuels. Only around 1% of the world’s crude oil exports are heavy and sweet varieties, ideal for refining into fuel with […] More »

$50 per barrel oil threatens future subsea growth

Houston — 2019 will mark the first time since 2014 the subsea market will have year-on-year growth, but declining oil prices could threaten this growth, according to analysis from energy research firm Rystad Energy. Essentially, oil prices must stay above the $50 per barrel threshold. In its analysis of global subsea segments in coming years, […] More »

Column-Trump must choose between economy and trade war: Kemp

London — The White House is becoming increasingly volatile and erratic in its pronouncements about the economy and trade as the internal contradictions between its policies become obvious. President Donald Trump and his advisers have blamed the Federal Reserve and a range of foreign governments including China and Germany for the evident slowdown in the […] More »

Glencore, Trafigura buy metal in Qingdao court auctions

Beijing — Commodity traders Glencore PLC and Trafigura have picked up a combined 70,479 tonnes of aluminum over the past week by winning online auctions of metal inventory dating back to China’s 2014 Qingdao warehousing scandal, according to the e-commerce platform that hosted the sales. The stock, being auctioned on a JD.com site by the […] More »

Trump administration aims to ease impact of biofuel waivers but won’t rescind them -sources

Washington — The Trump administration is expected to ease the impact of its refinery biofuel blending waivers on farmers without rescinding any of the exemptions it has granted so far, four sources familiar with the matter said following a White House meeting on the issue. The approach would mark a mixed result for the agriculture […] More »

W. Africa Crude – Nigerian October programmes show roughly steady exports

London — The preliminary October export schedules for most grades of Nigerian oil had circulated among traders by Friday, with the top streams providing about the same volumes as the previous month. NIGERIA * Exports of Nigeria’s four key crude oil grades Bonny Light, Bonga, Qua Iboe and Forcados are set to rise in October […] More »

Mexico president says new oil contracts depend on output, investment

Mexico City — Mexico’s president Andres Manuel Lopez Obrador said on Friday that no new oil and gas contracts will be awarded to private firms if companies already awarded contracts do not produce crude or invest. “If there’s no production, if they don’t invest, we can’t hand out contracts,” he told a regular news conference. […] More »

Libya’s state oil firm demands pay rise for workers

Benghazi — Libya’s state oil firm NOC has demanded a pay rise of 67% for its workers which it plans to discuss with the Tripoli government next week, the company said in a statement on Friday. The company’s demand followed a protest at the El Sharara oilfield, the country’s biggest, over pay and working conditions […] More »

Asian refiner profits hammered by free-fall in fuel oil margins

Singapore — Asian refining margins have tumbled more than 50% since mid-July on anticipation of plummeting demand for high sulphur fuel oil (HSFO) ahead of a shift to cleaner marine fuels next year. Complex refining margins for a typical Singapore refinery, an Asian benchmark, had dropped to $4.31 a barrel by the close of markets on […] More »

Norway’s oil industry trims 2019 investment forecast

Oil and gas companies working in Norway have slightly cut their 2019 investment forecasts since May, a survey by the country’s statistics agency More »

Sylva will see to the passage of PIB, says IYC

Port Harcourt -- The Ijaw Youths Council, IYC, has expressed optimism that that newly-appointed Minister of State for Petroleum Resources, Mr Timipre Sylva More »

Russia’s Rosneft says Q2 net profit up 48% q-o-

Moscow — Russia’s largest oil producer Rosneft said on Wednesday its net profit increased in the second quarter by 48.1% quarter-on-quarter to 194 billion roubles ($2.92 billion). Q2 revenue rose 2.8% to 2.135 trillion roubles, the company said in a statement. Rosneft said its financial debt and trading liabilities had fallen by 14%, or by […] More »

India’s ONGC sells 3rd Oct-loading Sokol crude cargo at steady premium -sources

Singapore — Indian oil explorer ONGC Videsh has sold a cargo of Russian Sokol crude at a premium of about $5.75 a barrel to Dubai quotes via a tender, two trade sources told Reuters on Wednesday. Oil major Chevron is believed to be the buyer of the 700,000-barrel cargo, the sources said, declining to be […] More »

UK GAS-Prices strengthen as gas field outage extended

London — British wholesale gas prices rose on Wednesday, despite an oversupplied market, as an unplanned outage at a gas field was extended. * Day-ahead gas price up 0.7 pence at 28.00 p/therm by 0755 GMT. * Month-ahead gas price was 0.59 pence higher at 32.10 p/therm. * Within-day gas price was yet to trade. […] More »

OPEC daily basket oil price closes at $60.66 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $60.66 a barrel on Wednesday, compared with $59.94 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 »

Norway’s Equinor adds acreage offshore Argentina

Oslo — Equinor has taken a 50% stake in Argentina’s largest offshore block, CAN 100, as part of its collaboration with the South American country’s state-controlled oil firm YPF, the Norwegian company said on Wednesday. In April, Equinor won operatorship of five blocks in Argentina’s first offshore oil and gas licensing round, and also got […] More »

W. Africa Crude – Nigerian October programmes trickle out

London — Nigeria’s October loading programmes began to emerge on Wednesday while Angola’s state firm began offering spot cargoes. * At least 20 cargoes remain for loading in Nigeria’s September programme. * Some October loading programmes began to trickle out including key grade Qua Iboe. Exports of the grade are set to fall in October […] More »

OPEC daily basket oil price closes at $59.94 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $59.94 a barrel on Tuesday, compared with $59.46 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 »

U.S. oil firms challenge pipeline surcharge for steel tariff -filing

Two U.S. shale producers have challenged an energy pipeline operator’s proposed surcharge for the Trump administration’s 25% tariff More »

Libya sends mobile petrol stations to conflict-hit west

Libyan state employee Akrm Jlaidi drives for ninety minutes to the suburbs of the capital Tripoli every week to fill his car at a mobile fuel station More »

Exxon sells two Oct-loading Sokol crude cargoes at steady premiums-sources

Singapore — Oil major Exxon Mobil Corp has sold two Sokol crude cargoes for October loading at premiums of about $5.65-$5.70 a barrel to Dubai quotes via a tender, two traders said on Tuesday Exxon did not award a third cargo in the tender, they said Buyers of the cargoes remain unknown Earlier this month, […] More »

Saudi Aramco asks banks to pitch for roles in planned IPO

Riyadh — Saudi Aramco has formally asked major banks to submit proposals for potential roles in its planned initial public offering, two sources with direct knowledge of the matter said. Aramco’s planned IPO, which could potentially raise $100 billion, is the centerpiece of Saudi Arabia’s economic transformation drive to attract foreign investment and diversify away […] More »

OPEC daily basket oil price closes at $59.56 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $59.56 a barrel on Monday, compared with $59.13 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 »

Nigeria considering inter-continent JVs, co-sharing refineries

Nigeria is considering co-sharing refineries likewise operating joint ventures, JVs, with other African countries, according to a top official of the More »

Dangote trucks caught with illegally-refined petroleum products in Rivers

The Nigerian Security and Civil Defence Corps, NSCDC, has paraded 21 suspected oil thieves and two Dangote trucks caught with illegally refined petroleum More »

OPEC daily basket oil price closes at $59.13 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $59.13 a barrel on Friday, compared with $58.87 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 »

Equinor, Gazprom lose European gas market share as LNG surges

London — Europe’s two biggest suppliers of pipeline gas, Norway’s Equinor and Russia’s Gazprom, have lost market share for the first time in at least four years amid a tripling in liquefied natural gas (LNG) imports into the region over the past 10 months. LNG imports into Europe have jumped amid lower than expected spot […] More »

Russia may give Transneft control of all oil intake terminals

Moscow — Russia may transfer the running of oil intake terminals to state-owned pipeline company Transneft, according to a government website, after a privately-owned terminal was blamed earlier this year for contaminating oil supplies. Prime Minister Dmitry Medvedev will ask the government to consider the move, the website said, after Medvedev met Transneft Chief Executive […] More »

Indian oil companies keen to invest in Khaleej Al Bahrain basin

New Delhi — Indian oil companies are keen to invest in Khaleej Al Bahrain basin, T.S. Tirumurti, who deals with economic relations at India’s foreign ministry, said on Monday. – Reuters More »

Oil theft: Presidential Amnesty commends Army for stability in N’Delta

Mkpoikana Udoma Port Harcourt — The Presidential Amnesty Programme, PAP, says the Nigerian Army has contributed significantly to the peace and stability enjoyed in the Niger Delta region, by providing maximum security to the people of the area and also secured critical national assets in the region. Acting Director, Army Public Relations, Colonel Sagir Musa, […] More »

Finland signs contracts for first parts of north-south power line

Oslo — Finland has signed contracts to construct the initial two sections of a 310 kilometre (192.6 miles) power line that will primarily help transport electricity from its north to its south, state-owned Fingrid said on Friday. The planned 100 million euro ($110.82 million) line, called Forest Line, will cross through Finland’s vast forested centre, replacing […] More »

NCDMB to support Notore develop industrial city in Rivers State

Mkpoikana Udoma Port Harcourt — The Nigerian Content Development and Monitoring Board, NCDMB, will support Notore Chemical Industries Plc, to develop its industrial city in order to provide integrated services to oil and gas firms, and also improve the nation’s agricultural and infrastructural sectors. Executive Secretary of NCDMB, Engr. Simbi Wabote announced this during a […] More »

Iran tanker shifts position but still at anchor off Gibraltar

Gibraltar — An Iranian tanker caught in the standoff between Tehran and the West shifted position on Friday but its anchor was still down off Gibraltar and it was unclear if it was ready to set sail, a Reuters reporter said. Gibraltar authorities could not be reached for comment. The Grace 1 was seized by […] More »

UK judge to allow firm to try to seize $9 bln in Nigerian assets in gas dispute

Lagos — A judge in London said on Friday he would grant a firm called Process and Industrial Developments Ltd (P&ID) the right to seek to seize some $9 billion in assets from the Nigerian government over an aborted gas project. The company was awarded $6.6 billion in an arbitration decision over a failed project […] More »

ALSCON: Chartered Economists write Buhari, call for sack of BPE boss

Mkpoikana Udoma Port Harcourt — The controversy surrounding the Aluminium Smelter Company of Nigeria, ALSCON, in Ikot Abasi, Akwa Ibom State, has taken a new turn as the Institute of Chartered Economists of Nigeria, ICEN, has written President Muhammadu Buhari, over alleged refusal of the Bureau of Public Enterprises, BPE, to obey the Supreme Court […] More »

West Africa Crude – Angolan October programmes begin to emerge

London — Preliminary export programmes for Angolan oil for October began to emerge on Friday while price offers for Nigerian crude improved on increased Asian demand. ANGOLAN Angola is set to export 38 cargoes in October, down from 44 initially planned for September but listings for several grades were not filled and are expected in […] More »

China’s Shenzhen Gas to launch new LNG terminal with cargo from ENI

Singapore — Chinese city-gas distributor Shenzhen Gas will launch next week in southern China its first fully-owned terminal to import liquefied natural gas (LNG), a company executive told Reuters on Friday. This will make Shenzhen Gas the second city gas distributor backed by a local government that owns an LNG import facility. The first was Shenergy […] More »

Community decry exploitative bills by Ikeja Electric

OpeOluwani Akintayo Lagos — Landlords and residents of Aboru in Iyana Ipaja area of Lagos State have cried out against the “exploitative bills” being issued to the community by Ikeja Electric, IE. Mr. Oladele Kayode-Ojo, immediate past Chairman, Valley View Estate Community Development Association, Aboru, in a statement on Thursday, said the electricity distribution company […] More »

Continental Resources CEO urges OPEC, shale oil output cuts

OPEC and U.S. shale producers should reduce crude shipments into an oversupplied market, Continental Resources Chief Executive Harold Hamm More »

Oyo discovery is a game-changer for Congo and the African content

*Congo has 2 billion barrels of proven oil reserves from about 20 fields being exploited and about 10 permits granted and waiting to be developed JOHANNESBURG, South Africa — The recent onshore discovery made in the Delta de la Cuvette deposit in the Republic of Congo is a game-changer for Congo and Africa. The discovery […] More »

OPEC daily basket oil price closes at $58.87 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $58.87 a barrel on Thursday, compared with $59.99 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 »

Kenya set for first crude oil exports after striking ChemChina deal

Nairobi — Kenya is set to export its first crude oil after its government and a group led by explorer Tullow Oil picked trading company ChemChina UK Ltd to buy its first shipments, the Petroleum and Mining Ministry said. “ChemChina UK Ltd has been selected as the buyer for Kenya’s first crude oil exports,” Petroleum […] More »

Harris Williams advises Franklin Energy Group on its sale to Abry Partners

Richmond, Virginia – Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised Franklin Energy Group (Franklin Energy), a portfolio company of Kohlberg & Company, LLC (Kohlberg), on its sale to Abry Partners (Abry). Franklin Energy is a leading provider of demand-side management (DSM) solutions to utility clients. The transaction […] More »

Continental Resources CEO urges OPEC, shale oil output cuts

Denver — OPEC and U.S. shale producers should reduce crude shipments into an oversupplied market, Continental Resources Chief Executive Harold Hamm said on Tuesday, as Iran sanctions and the U.S.-China trade dispute has roiled the market. Hamm, who heads one of the largest U.S. shale companies, urged energy producers to curb spending and production, echoing […] More »

India to test using LNG to power fishing boats

Singapore —India is set to test using liquefied natural gas (LNG) to power fishing boats ahead of stricter international rules on marine fuel emissions next year, in a move that could help an under-used LNG terminal in the south of the country. The South Asian country’s Kerala Development and Innovation Strategic Council (K-DISC), which is […] More »

Lithuania, Germany agree must respect Ukraine in Nord Stream 2 construction

Berlin — Lithuanian President Gitanas Nauseda said on Wednesday he had agreed in talks with German Chancellor Angela Merkel that Ukraine’s interests should be respected in the construction of the Nord Stream 2 gas pipeline. Ukraine is worried that it will lose out on transit revenues when the pipeline, which will transport gas from Russia to […] More »

Consider October date for NLNG Train 7 FID as done deal – NNPC boss

Michael James   Lagos — The Nigerian National Petroleum Corporation, NNPC, has assured the management of the Nigeria LNG Limited, NLNG, that the October date for the signing of the much-awaited Final Investment Decision, FID, on Train 7 project of the Nigerian liquid natural gas was a done deal. NNPC’s Group Managing Director, Mallam Mele […] More »

U.S. crude stocks up unexpectedly in most recent week – EIA

News wire — U.S. crude stocks rose last week as refineries cut output, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.6 million barrels in the week to August 9, compared with analysts’ expectations for a decrease of 2.8 million barrels. Crude stocks at […] More »

Indian Oil Corp seeks LNG cargo for late Aug-early Sept -sources

News Wire — Indian Oil Corp is seeking a liquefied natural gas (LNG) cargo for delivery over late August to early September, two industry sources said on Wednesday. The tender closes on Wednesday, one of the sources said. – Reuters More »

Why the Lokoja port project is delayed – NIWA Boss

Vincent Toritseju Lagos — THE Managing Director of the National Inland Waterways, Senator Olorunimbe Mamora, has said that the issue of litigation on the site of the proposed Lokoja port is currently slowing down the project. Senator Mamora said that the crisis currently rocking the port project is much deeper than what people think. He […] More »

OPEC daily basket oil price closes at $59.47 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $59.47 a barrel on Tuesday, compared with $57.96 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 »

WISTA advocates gender-friendly ship designs seek female head for IMO

Vincent Toritseju Lagos — MEMBERS of the Women in International Shipping Trading Association, WISTA, have called on shipbuilders to consider gender-friendly ship designs so as to encourage more women to come into the seafaring profession. The group also said that it is looking forward to having a woman heading the International Maritime Organization, IMO, in […] More »

Poor meteorology, maritime infrastructure undermines economy, security

*NPA, NIMET in MoU Vincent Toritseju Lagos — With growing security concerns across Nigeria, some maritime experts have revealed the malpractices and neglects that are currently undermining government revenue as well as security services in the maritime sector. Apparently against this backdrop, fueled by the incessant and violent damage done to vessels as a result […] More »

Nigerian crude overhang slow to clear

Some prompt-loading Nigerian crude cleared on Tuesday but there was still an overhang of at least 25 cargoes of Nigerian grades due to the plentiful More »

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Iran said on Tuesday that Britain might free its oil tanker Grace 1 soon in a maritime saga that has exacerbated frictions between Tehran and the West. But a source for the government of British Mediterranean territory Gibraltar, where marines seized the tanker on July 4 on suspicion of violating European sanctions by taking oil […] More »

Congo Republic set to become one of Africa’s largest oil producers

OpeOluwani Akintayo Lagos — Congo Republic is set to become one of Africa’s top crude oil producer, as a new oil discovery could produce nearly 1 million barrels of oil per day. Italy’s ENI and France’s Total had raised the country’s output to about 350,000 barrels per day. The new field holds 1 billion cubic […] More »

ONGC sells Sept-Oct Russian Sokol crude at $5.80 premium -sources

Singapore — Indian oil explorer ONGC Videsh has sold one cargo of Russian Sokol crude at a premium of $5.80 a barrel to Dubai quotes, two trade sources told Reuters on Tuesday. Trading house Glencore was the buyer of the 700,000-barrel cargo, the sources said. ONGC offered the cargo to load over Sept. 29 to Oct. […] More »

EU sets countervailing duties on Indonesian biodiesel

Brussels — The European Commission on Tuesday levied countervailing duties on Indonesian biodiesel, saying the move would restore a level playing field for EU biodiesel producers. “The new import duties are imposed on a provisional basis and the investigation will continue with a possibility to impose definitive measures by mid-December 2019,” the EU executive said […] More »

UK Gas – Prices rise as imports from Norway dip

London — British wholesale gas prices rose on Tuesday morning as imports from Norway fell, creating undersupply. * Within-day gas price up 1.30 pence at 31.20 pence per therm by 0809 GMT. * Day-ahead gas price up 0.90 p at 30.50 p/therm. * “Prompt prices are all up a bit on lower supply,” a gas […] More »

Oil prices edge down as traders weigh slowing demand against supply curbs

Singapore — Oil prices edged lower on Tuesday, offsetting narrow gains in the previous session, on the expectation major producers would continue to reduce global supplies due to a slowing economic growth outlook. International benchmark Brent crude futures were down 11 cents or 0.2%, from the previous settlement, to $58.46 a barrel by 0108 GMT. […] More »

Occidental finance chief pledges to quickly pare acquisition debt

Denver — Occidental Petroleum Corp expects to quickly reduce the $40 billion in debt it took on with its purchase of Anadarko Petroleum, the company’s finance chief said on Monday. Cedric Burgher, in his first public remarks since the $38 billion acquisition closed last week, told an EnerCom energy conference audience, the resulting debt burden […] More »

Asia shares tumble as Hong Kong unrest, Argentine peso crash unnerve investors

Tokyo — Asian shares slumped on Tuesday as fears about a drawn out Sino-U.S. trade war, protests in Hong Kong and a crash in Argentina’s peso currency drove investors to safe harbours like bonds, gold, and the Japanese yen. MSCI’s broadest index of Asia-Pacific shares outside Japan skidded 1%. Chinese stocks fell 0.8%, while Hong […] More »

COLUMN-Hedge funds polarised on oil by economy and supply threats: Kemp

London — Hedge fund managers remain deeply divided about what matters more for the future direction of oil – intensifying fears about a global recession or Saudi Arabia’s production cuts and other supply disruptions. Hedge funds and other money managers sold futures and options equivalent to 25 million barrels in the six most important contracts […] More »

W. Africa Crude – Indian tender helps mop up Nigerian overhang

London — Spot activity was slim on Monday but an Indian refiner took a greater than usual volume in its latest buy tender, helping to mop up excess Nigerian crude in the increasingly competitive Atlantic Basin. * Around five cargoes were still said to be available from the September loading programme. * The October programme […] More »

Tullow makes major oil discovery in Guyana

London — Tullow Oil announced on Monday a major oil discovery in the Orinduik block in Guyana, raising expectations it will move to develop a field in the oil-rich South American country. Tullow shares surged more than 12% in early trade in London. The discovery in the closely watched Jethro-1 well follows a number of […] More »

Reliance to sell 20% stake in oil-to-chemicals arm to Saudi Aramco

Mumbai — India’s Reliance Industries is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco, helping the Indian conglomerate to cut debt and giving Aramco better access to a fast growing market. While terms of the deal are yet to be finalised, Reliance will get roughly $15 billion, including […] More »

Prices rise on lower wind power output

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Centrica contracts Survitec for rough gas rigging lofts

Houston — Offshore oil and gas operator Centrica Storage Limited, CSL, has awarded Survitec a contract to supply height safety and rigging equipment to the Rough 47/3 Bravo platform, located 29km (18 miles) off the East coast of Yorkshire in the Southern North Sea. The contract, which adds to an existing agreement relating to the […] More »

CNPC starts to drill first shale oil well in Sichuan

Beijing — China National Petroleum Corp (CNPC) started to drill its first shale oil well in the southwestern province of Sichuan, the company said in a statement on Monday * The well, with a designed hole depth of 3,735 metres (12,250 feet), attracted 10.62 million yuan ($1.50 million) investment, according to a document filed to local […] More »

NNPC GMD, DPR Director, others to speak at NAEC Conference

Lagos — The Group Managing Director, GMD of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari, will lead other teams of discussants to x-ray topical issues in oil and gas industry at the 2019 edition of the Association of Energy Correspondents of Nigeria, NAEC annual conference. The event scheduled to hold at the Jasmine […] More »

Oil rises on European stock draw despite demand slowdown forecast

NEW YORK — Oil prices rose more than $1 a barrel on Friday, supported by a drop in European inventories and OPEC output cuts despite the International Energy Agency reporting demand growth at its lowest since the financial crisis of 2008. Brent crude LCOc1 futures gained $1.15, or 2%, to settle at $58.53 a barrel. […] More »

Seplat advocates for adequate technology adoption in oil sector

Lagos — The Executive Operations Director at Seplat Petroleum Development Company Plc, Mr. Effiong Okon, has said the right adoption of contemporary technologies like Artificial Intelligence, AI, big data and mobile technology will not only drive planning and forecast in the Nigerian oil industry but will help in addressing like risks associated with the business. […] More »

NNPC to publish crude oil contract list next week

OpeOluwani Akintayo Lagos — The Nigerian National Petroleum Corporation, NNPC says it would publish the full list of those holding the nation’s crude oil contracts and the firms who won deals to swap Nigeria’s crude oil for products by end of next week. The list will be published alongside NNPC’s audited accounts. In an interview […] More »

Benefits of Nigeria-Morocco Gas Pipeline project

Michael James Lagos — The Nigeria-Morocco Gas Pipeline (NMGP) project would open new vistas for Nigeria’s gas aspirations, the Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, has said. Mallam Kyari disclosed this at a stakeholders’ engagement involving the corporation, its Moroccan partner on the Gas Project, the Morocco National Office […] More »

Oil slumps 5% to 7-month low on trade tensions, surprise U.S. stock build

HOUSTON — Oil prices tumbled up to 5% on Wednesday to a fresh seven-month low, extending recent heavy losses following an unexpected build in U.S. crude stockpiles and fears of lower crude demand due to deepening U.S.-China trade tensions. Brent crude futures LCOc1 were down $2.38, or 4%, at $56.56 a barrel by 10:36 a.m. […] More »

Conoil Plc lifts energy stocks trading on the NSE

Michael James Lagos — Wednesday trading activities on the floor of Nigerian Stock Exchange, NSE for energy companies saw Conoil Plc gained 1.05% as top gainer. Conoil opened trading with N16.6 and closed with N17.65 in 29 trade deals, 105,670 volumes valued at 1,863,398.15. Eterna trailed behind Conoil in the gainers’ category as it opened […] More »

Weekly SweetcrudeReports August 7, 2019

Weekly SweetcrudeReports August 7, 2019, NCDMB, MAN say oil service firms to benefit from free trade pact More »

Enyo, Bosch strengthen ties for automotive parts, services

Michael James Lagos — Enyo Retail and Supply, and Bosch, a global supplier of technology and services, have deepened their relationship through the signing of a partnership agreement on auto parts and services across Nigerian. The agreement will entail the operation of Bosch standard centers as you have in Germany, South Africa or anywhere in […] More »

Ford launches SHE-MOVES empowerment programme in Lagos

*SHE-MOVES (Strengthen Her: Mobilising Ventures for Social Innovation) is a sustainable mobility programme from Ford Motor Company and Ford Fund, dedicated to empowering women and children *SHE-MOVES supports community ventures in Nigeria, South Africa, and India *SHE-MOVES Shuttlers Project in Lagos will provide specialised shuttles with on-board, technology-based mentorship and learning experiences for 600 women, […] More »

OPEC daily basket oil price closes at $59.71 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $59.71 a barrel on Tuesday, compared with $60.54 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 »

NERC speaks on customer service standards, meter reading, others

OpeOluwani Akintayo Lagos — The Nigerian Electricity Regulatory Commission, NERC has broken silence on a number of issues beguiling the customers-Discos relationship, including customer services and meter reading. In a series of Tweets through its official handle, @NERCNG, the commission said whenever a customer makes a request to a distribution company for a new or […] More »

The Niger Delta: Death in their pocket books

Port Harcourt — The Niger Delta became the boom camp of international oil companies by virtue of the Petroleum Act of 1969, Nigeria’s contribution to socialist ideology. Without any consultation with the people who live in the Niger Delta, the Federal Government of Nigeria mandated the IOCs to explore and exploit the vast terrain of […] More »

NNPC raises a red flag on illegal structure

Michael James Lagos — Nigerian National Petroleum Corporation, NNPC, has raised the red flag on what it termed ‘’flagrant and dangerous’’ violation of its pipeline right-of-way by some individuals and communities along the corridor of the system 2E pipeline network stretching from Port Harcourt-Aba-Enugu-Makurdi. The NNPC in a release by its Group General Manager, Group […] More »

NNPC blames HHK price increase on demand, supply pressure

OpeOluwani Akintayo Lagos — The Nigerian National Petroleum Corporation, NNPC on Sunday, blamed the increase in the price of household Kerosene in the country on the pressure of demand and supply. The NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, explained that the price of the product had been deregulated. “The point remains […] More »

Rivers, NCDMB commission low voltage panels assembly plant

Mkpoikana Udoma Port Harcourt — Rivers State Governor, Nyesom Ezenwo Wike, at the weekend commissioned a Low Voltage Panels Assembly Plant, built by Alcon Nigeria Limited in Port Harcourt, declaring that his administration will work with the private sector to revive the manufacturing sector in the state. Governor Wike said his administration is committed to […] More »

Iran seizes foreign oil tanker smuggling fuel in Gulf

Dubai — Iranian forces seized a foreign oil tanker in the Gulf that was smuggling fuel to Arab states and has detained seven crewmen, Iran’s state media reported on Sunday. The vessel was intercepted near Iran’s Farsi Island in the Gulf, Iran’s semi-official Fars news agency said. Lebanon’s al-Mayadeen TV station reported that it was […] More »

Mexico Set To Tap $6.3B From Oil Fund To Plug Budget Shortfall

News Wire — Mexico may use up nearly half of the money in its rainy-day oil fund to plug a shortfall in budget revenues, after that fund declined in the first half of 2019 on the back of disappointing revenues from oil. Mexico could use as much as US$6.3 billion (121 billion Mexican peso) out of […] More »

Court dismisses appeal to annul Ken Saro-Wiwa’s execution

Mkpoikana Udoma Port Harcourt — The Court of Appeal sitting in Port Harcourt has struck out an appeal seeking to annul the execution of renowned environmentalist and playwright, Ken Saro-Wiwa and eight other Ogoni men, who were sentenced to death by a military tribunal in 1995. Saro-Wiwa and his group, the Movement for the Survival […] More »

GE’s Baker Hughes beats estimates on international demand, LNG drilling

General Electric Co’s oilfield services arm, Baker Hughes, beat quarterly profit estimates on Wednesday, driven by higher LNG More »

Indonesia is unlikely to begin natural gas imports in 2025 – minister

Indonesian Energy Minister Ignasius Jonan told reporters on Wednesday the country is unlikely to begin natural gas More »

Oman signs gas exploration agreement with Italy’s Eni and BP Oman

Oman’s ministry of oil and gas has signed a gas exploration agreement with Italy’s Eni and BP Oman for concession block 77, the ministry said on its Twitter feed on Wednesday More »