Nigeria LNG, partners sign Train 7 gas supply agreements

December 13, 2019

The Nigeria LNG Limited (NLNG) and its joint venture partners, including the Nigerian National Petroleum Corporation (NNPC), on Friday moved a step closer to constructing Train 7 of the multi-billion gas project. The company signed the first basic 20-year term Gas Supply Agreements (GSAs) with joint ventures (JVs) for the supply of feedstock-gas to Train […]

Concerns as NEITI unveils oil blocks’ owners

December 13, 2019

The Nigeria Extractive Industries Transparency Initiative (NEITI) has unveiled a beneficial ownership register, which holds the details of real owners of oil blocks and solid minerals acreages in Nigeria. NEITI said Thursday that the register had become a requirement in Nigeria’s compliance to the principles of the global Extractive Industries Transparency Initiative (EITI), adding that […]

Who will fund Rosneft’s $157bn mega oil project?

December 11, 2019

Who will fund Rosneft's $157bn mega oil project?

The head of Russia’s largest oil firm, Rosneft, has pitched a massive Arctic oil project to Japanese companies in Tokyo, looking for foreign investment into the project estimated to cost as much as $157 billion. Rosneft’s chief executive Igor Sechin has met with representatives from Mitsubishi Corporation, Mitsui & Co, Itochu Corporation, Inpex Corporation, Japan […]

Surprise crude oil build threatens oil rally

December 11, 2019

The American Petroleum Institute (API) has estimated a crude oil inventory build of 1.41 million barrels for the week ending December 4, compared to analyst expectations of a 2.763-million-barrel draw in inventory. Last week saw a draw in crude oil inventories of 3.72 million barrels, according to API data. The EIA’s estimates reported a larger draw of 4.9-million barrels for that […]

Russian oil major returns to Libya after 5 year break

December 10, 2019

Russian oil major returns to Libya after 5 year break

The National Oil Corporation of Libya has announced that Russia’s Tatneft has returned to its exploration project in the North African country, in the Northwest. “We are very pleased with Tatneft’s resumption of its activities at Ghadames Basin. This enhances confidence in Libya’s oil and gas sector and serves the Libyan economy,” NOC’s chairman Mustafa […]

Oil set for big weekly gains as OPEC+ agrees on deeper output cuts

December 6, 2019

Oil set for big weekly gains as OPEC+ agrees on deeper output cuts

Oil prices rose on Friday and were on track for weekly gains as a meeting of OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020. The additional cuts by the Organization of the Petroleum Exporting Countries and allies including Russia – a grouping known as OPEC+ – […]

US becomes net crude oil exporter, first time ever

December 5, 2019

US becomes net crude oil exporter, first time ever

The United States exported more crude oil and petroleum products than it imported in September 2019 — the first month in which America was a net petroleum exporter since monthly records began in 1973, the U.S. Energy Information Administration (EIA) said on Thursday, writes Tsvetana Paraskova of Oilprice.com In September 2019, the U.S. exported 89,000 barrels per […]