Category: Oil & Gas

By Tsvetana Paraskova In a tight oil market reacting with price gains to concerns about supply shortages, the leaders of the OPEC and non-OPEC nations part of the production cut deal—Saudi Arabia and Russia—hinted last week that easing the cuts was an option that they had discussed and that would be up for talks at…

By Oke Peter   Nine months after the Senate resolved to investigate alleged $25b contract scam in the Nigerian National Petroleum Corporation (NNPC), no positive step has so far been taken to provide details to anxious Nigerians. After its inaugural meeting in October 2017, the committee soon buckled under pressure, allegedly mounted on it by…

By Tsvetana Paraskova Shell said on Thursday that it had started early production at a deepwater subsea development in the U.S. Gulf of Mexico a year ahead of schedule and at a forward-looking, break-even price of less than $30 per barrel of oil. Shell began early production at the Kaikias development that has an estimated…

By Energy Worth The management of Total Nigeria Plc. says it has opened 100 new outlets nationwide in the last couple of years to serve customers better in line with its mission to give its clients the very best of service delivery. The Managing Director, Mr. Phillipe Torres, who spoke at the weekend to round…

ExxonMobil plans to more than double earnings potential by 2025 while addressing the risks of climate change through continued research into breakthrough lower-carbon technologies, Chairman and Chief Executive Officer Darren Woods told shareholders during the company’s annual meeting today. Meeting the world’s growing energy needs will require trillions of dollars in new investment across industry,…

By Julianne Geiger  With Brent Crude falling from its $80 height of last week, the American Petroleum Institute (API) reported a build of 1.001 million barrels of United States crude oil inventories for the week ending May 25, compared to analyst expectations that this week would see a build in crude oil inventories of 2.214…

By Irina Slav A natural harbor to the northwest of Cape Town keeps a secret that oil tracking professionals are still trying to uncover. The secret is exactly how much oil is in storage at any given moment at the Saldanha Bay array of tanks that can hold up to 45 million barrels. The reason…

By Energy Worth The international oil benchmark, Brent crude, on Tuesday continued its biggest losing streak since February, falling below $75 per barrel. The downturn in oil prices came on the heels of worries that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall, with hedge funds reducing bullish…

By Tsvetana Paraskova Following disruptions of the oil flows on the pipeline feeding the Forcados terminal in Nigeria, the facility faces more than two weeks of delays of oil cargo loadings, and no official June or July loading schedules have been released yet, trading sources told Platts on Tuesday. The flow of crude oil to…

By Energy Worth The Nigerian National Petroleum Corporation (NNPC) has said that it is working on the right strategies to remain in business for a long time. The Group Managing Director of the corporation, Maikanti Baru, who spoke at the NNPC first quarter 2018 top management steering committee meeting in Abuja at the weekend, said…