BP vs Vitol: Class of oil trading giants lands on West African turf

Vitol

Oil major BP has clashed with rival Vitol in the once-languid West African crude market, buying up cargoes and taking a big derivative position that may have raised costs for European refiners. The West African crude market typically sees cargoes of Nigerian and Angolan change hands in back-to-back deals outside the Platts window, a system […]

BP to invest $2bn in Egypt come 2019, says regional head

BP

British Petroleum’s North Africa Regional President,  Hesham Mekawi said on Wednesday, that BP is looking to invest $2 billion in developing its gas fields in Egypt within 2019. “The company invested $4 billion (in Egypt) during 2017 and around $2.5 billion for 2018, and are planning to pump $2 billion next year,” local newspaper Al-Shorouk […]

Qatar eyes Germany’s energy, finance sectors with €10bn investment

OPEC, Oil, Qatar

The Gulf state of Qatar said Friday it would invest €10 billion (8.9 billion pounds) to strengthen its ties with Germany over the next five years, including the possible creation of a liquefied natural gas (LNG) terminal. Qatar’s Emir Tamim bin Hamad al-Thani announced the funding boost for its long-term trading partner and Europe’s largest […]

CNOOC revenues hit $3.71 bn in H1 despite stagnant crude output

China National Offshore Oil Corporation (CNOOC) said on Thursday its profits hit $3.71 billion (25.48 billion yuan), climbing 57 percent year-on-year in the first half of 2018, having been boosted by higher crude prices and robust gas sales. However, total crude oil and gas output was stagnant in H1, the company said. Crude oil output […]

Africa seen as future of oil and gas industry despite challenges

Oil Prices, gas industry

Africa has never really had a strong voice in shaping global oil and gas industry despite being home to 8 percent of the world’s proven crude reserves, after Middle East, Latin America, and North America. This is because the continent is seen as a depot for natural resources; it has no any real control of […]

ExxonMobil expands in Africa, acquires stake in block offshore Namibia

ExxonMobil

ExxonMobil Namibia, an affiliate of Exxon Mobil Corp., has entered an agreement with Namibian explorer Azinam Ltd. to acquire a 30 percent interest in petroleum exploration license (PEL) 44 offshore Namibia, according to a news release. Azinam, which is backed by the Seacrest Capital Group, will retain a 12.5 percent interest with Maurel and Prom, […]

Importation problem not going away soon

Importation

Domestic petrol Nigeria’s quest to stop the importation of refined petroleum products by 2020 appears to need a reconfiguration in the minds of the population as this quest may not be realized anytime soon. The major reason for this is that sources familiar with the matter have said that the messianic saviour on which the […]

Iran accuses OPEC, allies of improper distribution of crude production quotas

OPEC

Iran is accusing the organization of petroleum exporting countries (OPEC) and its allies of improperly redistributing crude oil production quotas, as United States’ sanctions against the crude oil producer takes effect. Bijan Zanganeh, Iranian oil minister in a letter to Suhail al-Mazrouei, UAE energy minister and OPEC president said that the OPEC and non-OPEC committee […]