Category: Oil & Gas
Excess oil revenue rises to $58m per day as price hits $76 per barrel
By Energy Worth Nigeria’s excess oil revenue has increased from $48.3 million to $58 million per day as international oil price leaps to $76 per barrel Monday from $72. The Federal Government had benchmarked its 2018 budget earnings at $51 and 2.3 million barrels oil output. But the oil price which had hovered at between…
South Sudan restarts oil production at major oil field
By Irina Slav South Sudan has resumed production from the Toma South oilfield, Reuters reports, quoting the Oil Minister of neighbor Sudan, Azhari Abdulqader. Production at the field was suspended in 2013 amid Sudan’s bloody civil war. The field is producing at a rate of 20,000 bpd, adding to South Sudan’s overall daily average of…
Anxiety as Mexico’s president-elect, AMLO plans to suspend oil auctions for two years
By Nick Cunningham Mexico will likely halt oil auctions for at least two years, dealing a blow to its oil industry. Mexico’s president-elect Andres Manuel Lopez Obrador (AMLO) will reportedly suspend oil auctions for at least two years, according to the Wall Street Journal, with some experts believing that his administration won’t hold any new…
Lower gas prices imminent
By Robert Rapier There are indications that lower gas prices is around the corner. Fall arrives next month. Along with it comes relief from the heat, and usually at the gasoline pump as well. It isn’t simply that demand for gasoline drops after summer driving season. Gasoline is also cheaper to produce after summer, for reasons…
United States cuts Nigerian oil imports by 62%
By Energy Worth The United States’ monthly crude oil import from Nigeria has fallen below 3.0 million barrels for the first time in more than two years, dropping by 62%. The decline in the country’s appetite for Nigerian crude followed the upsurge in its production of the commodity. The latest data from the US Energy…
Tanak, Syria’s second-biggest oil field begins operation again
By Tsvetana Paraskova The second-largest oil field in Syria, the Tanak field in the oil-rich Deir Ezzor region, is operational again, nearly a year after U.S.-backed predominantly Kurdish forces recaptured the field from ISIS, Syrian news outlet Zaman Al Wasl reported on Friday, showing satellite images of the field. The Tanak field, which hosts around…
Gulf Coast oil cargoes diverted to Brazil after Petrobras refinery fire
By Tsvetana Paraskova At least four tankers loaded with ultra-low-sulfur diesel (ULSD) en route from the U.S Gulf Coast to Europe abruptly changed course this week to Brazil, following a fire at a 415,000-bpd refinery of state oil firm Petrobras on Monday, S&P Global Platts trade flow data showed on Friday. On Monday, a fire…
Glencore, Sinopec battle for Chevron’s South African assets
South Africa’s competition watchdog has approved Glencore’s roughly $900 million bid for Chevron’s local and Botswana assets, bolstering its chances of scuppering a rival bid from China’s Sinopec. The News Agency of Nigeria (NAN) has reported. Chevron agreed last year to sell its stake to state-owned Sinopec before miner and commodities trader Glencore swooped in…
Panama vies to become oil producing country
By Tsvetana Paraskova Panama is carrying out studies for potential oil exploration, hoping that recently discovered oil fields in neighboring Colombia close to Panama’s border could extend into Panama. Panama is 100-percent dependent on crude oil and refined oil products imports, although it is home to one of the most crucial shipping lanes in the…
Oil price leaps to $74 per barrel as US inventory drops
By Energy Worth Crude oil price has risen from $72.50 to $74.17per barrel in the international market as a result of limited inventories in the United States and Iran sanctions. In its report obtained by Vanguard, yesterday, the American Petroleum Institute stated that US crude stocks fell last week by 5.2 million barrels. The development,…