Category: Oil & Gas
Will China stop buying Iranian crude oil despite US request?
By Irina Slav Beijing has declined a request by U.S. envoys to stop importing crude oil from Iran, Bloomberg reports, citing unnamed sources in the know. While this is a major setback in President Trump’s quest of cutting Iranian oil exports to zero by November 4, Beijing, according to the sources, agreed to not increase…
NNPC tasks RMAFC to help in recovery of excess revenues
By Energy Worth Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has urged the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), as an independent arbiter, to ensure recovery of revenues borne by the corporation on behalf of the Federal Government. Baru, who spoke on Wednesday, during a courtesy visit by…
Mexico’s president-elect, AMLO promises $9.4bn investment into oil
By Nick Cunningham Mexico’s President-elect Andres Manuel Lopez Obrador, or AMLO, has promised to invest around 175 billion pesos ($9.4 billion) into the state-owned energy companies. One of the goals is to reverse the decade and a half of declining oil production. “Fourteen years ago, oil production was 3.4 million barrels a day. Now it’s…
OPEC oil production increases as Saudi Arabia pumps more
Crude oil production from the Organisation of Petroleum Exporting Countries (OPEC) increased last month as Saudi Arabia pumped near-record volumes to make good on a pledge to consumers that demand would be met. The kingdom’s oil production grew by 230,000 barrels a day in July to 10.65 million barrels per day. This is just shy…
Is supply crunch in oil markets inevitable?
By Nick Cunningham The oil industry is more profitable than at any time in years, yet the industry could fail to supply enough oil to meet global demand in just a few years’ time. A series of second quarter earnings reports over the past two weeks has revealed surging profits across the oil industry, with…
Shell to conclude plans on Bonga oilfield 2019
By Energy Worth The decision to go ahead or withhold action the development of Nigeria’s Bonga Southwest offshore oilfield by Royal Dutch Shell and its partners has been put off till 2019, a senior company official said. It is not clear if the delay is connected to the political trend in the country. The project…
Niger Delta: IOC applauds FG, NNPC on improved security …As Baru assures of conducive business environment
By Energy Worth The Federal Government and the management of the Nigerian National Petroleum Corporation (NNPC) have been commended for the improved security situation in the Niger Delta which has rubbed off positively on the operations of international oil companies. This commendation was given by the Chief Operating Officer, Upstream, Eni, Mr. Antonio Vella, when…
India cuts June oil purchases from Iran on US sanctions
By Tsvetana Paraskova As United States sanctions on Iran are about to kick in later this year, Indian oil refiners reduced their orders for Iranian crude oil in June by 12 percent compared to May, India’s Oil Minister Dharmendra Pradhan said in Parliament on Monday. Some big Indian refiners worry that their access to the…
Why the experts disagree on oil prices
By Nick Cunningham Oil price projections are infamously all over the map, but the current chasm between various pricing forecasts is striking, offering wildly different views. On the low end we have Citibank, which recently stated that Brent oil prices could fall to as low as $45 per barrel within the next year. Citi’s Ed…
Shell in talks to sell $2bn Nigeria oil assets
Energy Worth with Agency Report Royal Dutch Shell Plc is in talks to sell two Nigerian oil licenses in an area that’s at the heart of environmental and human rights controversies for $2 billion, according to people familiar with the plan. The Anglo-Dutch oil major is discussing selling oil mining licenses 11 and 17 to…