Category: Oil & Gas
Is Deepwater Drilling more profitable than Shale?
By Nick Cunningham Just as the U.S. shale patch is starting to look a little crowded, deepwater drilling could see a comeback. Royal Dutch Shell says that offshore drilling is now more competitive than onshore shale drilling, upending what has become conventional wisdom since the 2014 oil market meltdown. The downturn was thought to place…
NNPC, BP to relocate refinery from Turkey to Nigeria
By Energy Worth The Nigerian National Petroleum Corporation (NNPC) on Tuesday, announced plans to establish a 100,000-barrels-per-day brownfield refinery each in Port Harcourt, Rivers State and in Warri, Delta State. It said the plan was part of its refinery collocation initiative designed to boost local refining capacity to end the era of petroleum products importation,…
NNPC, Seplat sign MoU to deliver 3.4bscfd of Gas by 2020
As part of efforts to bridge the projected medium-term gas supply gap expected by 2020, the Nigerian National Petroleum Corporation (NNPC) and Seplat Petroleum Development Company (SPDC) have signed five agreements to expedite the development of a project aimed at delivering about 3.4 billion standard cubic feet of gas per day by 2020. The project,…
Real reason behind the next oil squeeze
By David Messler The last quarter has seen increased volatility in oil prices, an increase that I attribute to the growing tensions in international markets as fears of a global trade war intensify. The headlines seem to get starker by the day, and markets loathe this type of uncertainty. The intent of this article is…
Nigeria, two others push OPEC oil output higher
Energy Worth with Agency Report Crude production from the Organisation of Petroleum Exporting Countries (OPEC) rose in July on the back of increased output recorded by Nigeria, Kuwait and the United Arab Emirates, the latest report obtained on Monday showed OPEC’s output averaged 32.32 million barrels per day in July, up 41,000bpd from June, the…
Iran offers discount on oil, gas to Asian market
Energy Worth with Agency Report Iran is selling oil and gas at a discount to Asian customers as it prepares for the return of US sanctions, state news agency IRNA reported on Monday. The “informed source” in Iran’s oil ministry did not give details of the discount, but sought to downplay the move as common…
Anxiety as global oil supply becomes difficult
By Nick Cunningham The oil market has experienced a “cooling down” this summer as global supply disruptions have eased at a time when demand has also slowed a bit, according to a new report from the International Energy Agency (IEA). But that pause may only be temporary, with the road getting much rockier towards the…
Canadian Oil crisis continues as prices drop
By Nick Cunningham Canadian oil producers are once again suffering from a steep discount for their oil, causing the largest spread between Canadian oil and WTI in years. Western Canada Select (WCS) recently fell below $40 per barrel, dropping to as low as $38 per barrel on Tuesday. That put it roughly $31 per barrel…
Kachikwu wants NLNG to raise capacity by 60%
By Energy Worth The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has challenged the Nigeria LNG Limited to expand its Liquefied Natural Gas production capacity to 40 million tonnes per annum over the next 30 years. He said this would enable the country to secure a significant share in the global LNG market,…
Will the US sanction Venezuela’s oil?
By Tsvetana Paraskova Over the past year, the U.S. has imposed increasingly restrictive sanctions on Venezuela’s finances and debt issuance as Nicolas Maduro continues to tighten his grip over the collapsing Venezuelan state. Yet, despite expectations that the U.S. would slap direct sanctions on Venezuela’s oil industry, Washington appears reluctant to go any further. The…