Category: Oil & Gas
ExxonMobil announces 84% rise in P’nyang Resource
Exxon Mobil Corporation has announced that the size of the natural gas resource at the P’nyang field in Papua New Guinea has increased to 4.36 trillion cubic feet of gas, an 84 percent increase from a previous assessment completed in 2012. The increase supports a potential significant expansion of operations in the country. The independent…
Nigeria’s oil, gas investment target $40bn in 5 years
Nigeria, a member of Organization of the Petroleum Exporting Countries (OPEC), expects oil and gas investment to hit $40 billion in the next five years. OPEC, which made this known its upstream investment plans that was released recently, said that regardless of all the challenges and uncertainties, OPEC members continue to invest in additional upstream…
Manufacturers seek re-categorisation on gas usage as price rises
The Manufacturers Association of Nigeria (MAN) has sought government’s intervention in re-categorising gas users under the new gas policy, in a bid to manage the rising cost of production being borne by local producers. According to the manufacturers, while the articulation of the National Gas Policy, which has already been gazetted, is highly commendable, certain…
OPEC upstream oil, gas investment hits $156bn
By Energy Worth About 160 projects, with an overall estimated cost of some $156 billion, are being undertaken by members of the Organisation of the Petroleum Exporting Countries (OPEC) in the oil and gas upstream sector. Besides, Nigeria, a member of OPEC, expects oil and gas investment to hit $40 billion in the next five…
Total increases footprint in Gulf of Mexico
The oil giant, Total, has acquired several assets located in the Gulf of Mexico as part of the Cobalt International Energy company’s bankruptcy auction sale. Total submitted offers on several assets for a consideration of approximately 300 million dollars and acquires from Cobalt: A 20% interest in the North Platte discovery. As a result, Total…
Oil surges after President Xi’s speech on optimism
Oil advanced above $64 a barrel after Chinese President Xi Jinping’s speech raised hopes that U.S.-China trade tensions may ease, lifting risk assets around the world. Futures in New York erased earlier losses to rise as much as 1.5 percent as Xi vowed to open sectors from banking to auto manufacturing, increase imports and lower…
FG declares Anambra as oil producing state
By Energy Worth The Federal Government has finally acknowledged Anambra as one of the oil producing states in the federation. National Chairman of Host Communities Producing Oil and Gas (HOSCON), Prince Mike Emuh, who disclosed this on Tuesday at the Anambra State Traditional Rulers’ House, Government House, Awka, while addressing traditional rulers in the…
China’s ENN to cautiously consider Harbour’s $10.3-billion Santos offer
A Chinese company holding the largest stake in Santos has disclosed that it will “cautiously consider” a $10.3-billion takeover approach from U.S. suitor Harbour Energy for the Australian liquefied natural gas exporter. A unit of gas distributor ENN Group, which owns 10.1% of Santos, will hold initial talks with Harbour with the aim of maximizing…
‘Energy lenders may loosen credit spigots after oil’s rally’
No question, oil above $60/bbl is a big help to North American energy companies. But even with prices up about 20% from a year ago, not everyone will get big boosts in their credit lines during the appraisal season that’s now kicking into high gear. Analysts expect oil and gas companies in the Permian Basin…
IEA Executive Director visits OPEC Secretary General at Vienna headquarters
The Executive Director of the International Energy Agency, Dr Fatih Birol, accompanied by a delegation of senior IEA officials, visited the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna today, and met with its Secretary General, Mohammad Sanusi Barkindo. Dr Birol and Mr Barkindo underscored the growing working relationship between both organizations…