Category: Oil & Gas
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…
NNPC set to inaugurate 614km AKK Gas Pipeline project
The Nigerian National Petroleum Corporation (NNPC) has concluded arrangement for the historic groundbreaking of the 40inch x 614km Ajaokuta – Kaduna – Kano (AKK), gas pipeline and stations in the weeks ahead. The corporation said following last week’s successful execution of contract agreements for the engineering, procurement, construction, commissioning and financing for Lots 1 and…
Nigeria loses $10b income to gas flaring annually
Energy Worth with Agency Report The Programme Manager, National Gas Flare Commercialisation Programme (NGFCP), Federal Ministry of Petroleum Resources, Justice Derefaka, has disclosed that Nigeria loses approximately $10 billion of revenue through gas flaring, due to its inability to capture and commercialise flared gas in the country. He further stated that if flared gas is…
5% fuel levy: ‘Nigerians won’t accept another price hike’
Any increase in the price of Premium Motor Spirt as a result of the five per cent levy on the product as stipulated in the Petroleum Industry Governance Bill that was recently passed by the National Assembly will not be welcomed by Nigerians, oil marketers have said. The Punch newspaper has reported. According to the…
OPEC Oil output drops to lowest in 11 months
Organization of Petroleum Exporting Countries (OPEC) crude oil production fell in March to the lowest since April 2017 as a result of declining Angolan exports, Libyan outages and a further slide in Venezuelan output, thus increasing compliance with a supply-cutting deal by the oil producers to another record. OPEC pumped 32.19 million barrels per day…