Category: Oil & Gas
US sells 11m barrels of oil from reserve
Six companies, including ExxonMobil Corp, bought a total of 11 million barrels of oil from the U.S. Strategic Petroleum Reserve, in a sale timed to take place ahead of U.S. sanctions on Iran that are expected to remove oil from the global market. The oil sold in a range of $67.66-$69.05/bbl, according to the Department…
NNPC mulls setting up bunkering company
In a bid to consolidate its foothold on the shipping business in Nigeria and boost profitability, the Nigerian National Petroleum Corporation (NNPC), has unveiled plans to set up a subsidiary to provide refueling services to ships and other ocean-going vessels. A statement by the corporation’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu,…
Saudi oil income could reach $161bn this year
By Irina Slav Saudi Arabia could earn US$161 billion (605 billion riyals) this year from crude oil sales, versus a budgeted US$131 billion (492 billion riyals), local financial services provider Al Rajhi Capital said in a report published this weekend. The company noted improvements in the economic growth of the Kingdom on the back of…
Oil prices higher as U.S. sanctions limit Iran exports
Oil prices rose on Monday, supported by concerns that falling Iranian output will tighten markets once U.S. sanctions bite from November. The News Agency of Nigeria (NAN) has reported. Brent crude oil was up at 78.09 dollars a barrel. U.S. crude was 10 cents higher at 69.90 dollars. The two benchmarks have risen strongly over…
US sanctions on Iran affect European firms
By Scott Belinksi As Iran is turning to the UN’s International Court of Justice to have the US-imposed sanctions against its oil suspended, the EU is preparing for the hit its economies will have to absorb once the full weight of Washington’s punitive measures comes into effect in the fourth quarter of this year. With…
NNPC reporting template ready next month
By Energy Worth The Nigeria National Petroleum Corporation (NNPC) reporting template ordered by President Muhammadu Buhari to resolve remittance to the Federation Account will be ready next month, Minister of Finance Kemi Adeosun said on Thursday. She told reporters at the end of the Federation Account Allocation Committee (FAAC) meeting yesterday that “what the President…
No plans to sell NLNG —FG
By Energy Worth Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Tuesday, refuted insinuations of plans by the Federal Government to sell the Nigerian Liquefied Natural Gas Limited, NLNG. He said that there was no such plan at the moment. The minister made this known at the opening of a 3-day investigative hearing…
NNPC set to establish 200,000bpd condensate refineries
The Nigerian National Petroleum Corporation (NNPC) will establish two condensate refineries with a total refining capacity of 200,000 barrels per day at Western Forcados Area and Assah North Ohaji South (ANOH) Areas of Delta and Imo State respectively. Natural-gas condensate is a low-density mixture of hydrocarbon liquids that are present as gaseous components in the…
Saudi King stepped in to call off Aramco IPO
By Irina Slav Saudi Arabia’s King Salman has demanded that the initial public offering of Saudi Aramco be called off, stepping in to shelve the plans of his heir apparent, Crown Prince Mohammed bin Salman, for what was tipped to be the world’s biggest IPO ever, Reuters reports, citing three sources with ties to Saudi…
OPEC, allies further eased oil production cuts in July
By Tsvetana Paraskova OPEC and its Russia-led non-OPEC partners in the production cut deal reduced their total oil production in July by 9 percent more than what they had agreed upon, Reuters reported on Monday, citing two sources familiar with the findings of an OPEC/non-OPEC monitoring committee on compliance. The committee—consisting of representatives from the…