Russia’s Energy Minister, Alexander Novak, expects OPEC and its allies to reach a decision on Thursday to extend their pact to curb oil output as signs of a growing consensus emerged with the cartel’s biggest producer Saudi Arabia. “We have reached in general a mutual understanding” on the future of the deal, Novak said in…
Russia’s Energy Minister, Alexander Novak, expects OPEC and its allies to reach a decision on Thursday to extend their pact to curb oil output as signs of a growing consensus emerged with the cartel’s biggest producer Saudi Arabia. “We have reached in general a mutual understanding” on the future of the deal, Novak said in…
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru has added a major laurel to his growing list of honours since assumption of office following his recent nomination as the Forbes Best of Africa Oil and Gas Man of the Year 2017 Award by the New York based Internationally reputable…
At a time that international crude oil market is getting more competitive, the Hungarian Government has indicated interest to purchase crude oil and Liquefied Natural Gas (LNG) from Nigeria. The Hungarian Ambassador to Nigeria, Professor Gabor Ternak, who disclosed this during a courtesy call on the Group Managing Director of the Nigerian National Petroleum Corporation…
With tensions between Saudi Arabia and Iran ratcheting up and OPEC about to announce its plans for global crude supply, investors would be forgiven for anticipating a few gyrations in oil prices. The opposite has happened: the market is the calmest it’s been for almost nine months. Implied volatility, a gauge of expected price moves,…
Royal Dutch Shell Plc will pay its entire dividend in cash for the first time in more than two years as Europe’s biggest oil company seeks to demonstrate it has left the worst of the crude slump behind. From this quarter, Shell will no longer offer shareholders the option to take the payout in stock, it…
An international oil giant, Total has announced its first oil from the Libra mega-field, located in ultra-deep waters 180 kilometers offshore Rio de Janeiro, in the pre-salt Santos Basin in Brazil. The floating production, storage and offloading (FPSO) unit Pioneiro de Libra has a capacity of 50,000 barrels of oil. This start-up of the early…
An international oil giant, Total has announced its first oil from the Libra mega-field, located in ultra-deep waters 180 kilometers offshore Rio de Janeiro, in the pre-salt Santos Basin in Brazil. The floating production, storage and offloading (FPSO) unit Pioneiro de Libra has a capacity of 50,000 barrels of oil. This start-up of the early…
CNOOC Limited has announced the Weizhou 12-2 oil field phase II project has already commenced production. The Weizhou 12-2 oil field phase II project is located in Beibu Gulf in the South China Sea with an average water depth of approximately 35.7 meters. In addition to fully utilizing the existing facilities of Weizhou 12-2 oil…
ExxonMobil has announced that the Hebron project started production safely and ahead of schedule. At its peak, the project will produce up to 150,000 barrels of oil per day. Discovered in 1980, the Hebron field is estimated to contain more than 700 million barrels of recoverable resources. The Hebron platform consists of a stand-alone gravity-based…
