ConocoPhillips exits UK oil and gas production in huge $2.7 billion North Sea sale
Chris Ikosa
April 18, 2019
ConocoPhillips agrees to sell UK subsidiaries for $2.675 billion to Chrysaor E&P, a company focused on producing oil and gas from the North Sea. The deal is largest sale in the exploration and production space outside the U.S. this year. The sale continues ConocoPhillips’ asset divestments and makes Chrysaor one of the biggest UK North […]
Aramco plans to buy Shell’s stake in Saudi refining JV: sources
Businessam StaffApril 17, 2019
Saudi Aramco plans to buy Royal Dutch Shell’s 50 percent stake in Saudi refining complex SASREF, a joint venture between the firms, two sources said on Wednesday. One of the sources said an agreement has been reached between Aramco and Shell. Aramco and Shell declined to comment. Saudi Aramco Shell Refinery Co (SASREF), based in […]
OPEC may raise oil output if prices increase, shortages mount: sources
Businessam StaffApril 11, 2019
OPEC may raise oil output from July if Venezuelan and Iranian supply drops further and prices keep rallying, because extending production cuts with Russia and other allies could overtighten the market, sources familiar with the matter said. Venezuelan crude production has dropped below 1 million barrels per day (bpd) due to U.S. sanctions. Iranian supply […]
Prepare for $80 oil this summer as ‘wounded bulls’ rise, RBC warns
Chris IkosaApril 11, 2019
International oil prices will average $75 a barrel in 2019, and consumers may find themselves contending with bouts of $80 crude this summer, RBC Capital Markets says. The global investment bank revised its oil price forecast higher Thursday, pointing to a cocktail of market conditions. Those include steep OPEC supply cuts, robust demand, geopolitical risk […]
OPEC struggles to keep Russia on board with oil cut, may offer shorter extension
Chris IkosaMarch 28, 2019
Saudi Arabia is having a hard time convincing Russia to stay much longer in an OPEC-led pact cutting oil supply, and Moscow may agree only to a three-month extension, three sources familiar with the matter said. Russian Energy Minister Alexander Novak told his Saudi counterpart Khalid al-Falih when the two met in Baku this month […]
Global CO2 emission hits 33.1 gigatons in 2018-EIA
Bukola OdufadeMarch 28, 2019
By Bukola Odufade, with agency report Global carbon emissions reached 33.1 gigatons last year, breaking their previous record, despite the push for a shift from fossil fuels to renewables, the International Energy Agency said in its new Global Energy & CO2 Status Report. Though the annual increase was relatively modest, at 1.7 percent, the increase came […]
Oil prices rise on potential lengthy OPEC-led oil supply curbs
Adesola AfolabiMarch 19, 2019
Oil prices Monday rose to four-month highs, aided by the prospect of prolonged OPEC-led oil supply curbs and signs of inventory declines in U.S. crude stockpiles. Brent crude settled at $67.54 a barrel, while U.S. West Texas Intermediate crude settled at $59.09 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) and its allies […]
Price of cooking gas increased in February – NBS
Businessam StaffMarch 15, 2019
The National Bureau of Statistics (NBS), said the average cost of refilling a five kilogramme (kg) cylinder of liquefied petroleum gas (cooking gas) increased from N2,039.82 in January to N2,067.68 in February. The bureau disclosed this on its “Liquefied Petroleum Gas (Cooking Gas) Price Watch’’ for February released on its website. It said the price […]
OPEC stresses need for 2019 oil supply cuts as rivals pump more
Businessam StaffMarch 14, 2019
OPEC on Thursday cut the forecast of global demand for its crude this year as rivals boost production, building a case to extend a supply-cutting deal with Russia and other allies beyond the first half of 2019. In a monthly report, the Organization of the Petroleum Exporting Countries said 2019 demand for its crude would […]
China expands switch from polluting coal heating in 2018 -environment minister
Chris IkosaMarch 11, 2019
China expanded its coal-to-gas and coal-to-electricity projects to 35 cities in 2018 from 12 cities the previous year, China’s environment minister, Li Ganjie, said on Monday, as the world’s second-largest economy stepped up its fight against smog. China’s winter heating program used to burn an estimated 400 million tonnes of coal a year, and switching […]