Heavy crude to be in high demand in 2019 – IEA
Bukola Odufade
February 20, 2019
Heavy, sour crude oil might be in high demand in the coming months as the global market struggles to adjust to the recent US sanctions on Venezuelan state oil company PDVSA. The major focus would be on crude quality rather than quantity, the International Energy Agency has said, as sanctions against Iran and Venezuela, along […]
Oil cut: Saudi Arabia’s Falih says compliance by OPEC members unquestionable
Businessam StaffFebruary 20, 2019
OPEC kingpin Saudi Arabia said it has received pledges of commitment from OPEC members and its allies to cut production levels in line with their current output agreement. According to Khalid al-Falih, Saudi Arabia’s energy minister, compliance by some key producers to the cut commitment, agreed to run between January and June, has been “unquestionable.” […]
AEDC commissions €2m automated equipment to improve customer service, cut losses
Nse Anthony-UkoFebruary 12, 2019
Abuja Electricity Distribution Company (AEDC) has commissioned a €2.4 million (about N982m) integrated commercial management systems (InCMS) automated platform to improve customer service experience and reduce its losses. James Momoh, chairman of the Nigerian Electricity Regulatory Commission (NERC), who commissioned the automated system tasked the other 10 distribution companies (DisCos), to adopt such automated process. […]
Blackouts cripple South Africa again as Eskom stumbles
Businessam StaffFebruary 12, 2019
South Africa grappled with traffic gridlock and shuttered businesses after the struggling state power utility cut supply for a third day to prevent a total collapse of the grid. The return to blackouts compounds worries about Eskom Holdings SOC Ltd.’s precarious position and the threat it poses to the economy. It’s also an embarrassment for […]
With Iran squeezed out, U.S. oil takes on new rivals in Europe
Chris IkosaFebruary 11, 2019
When the global oil trading industry gathered for its biggest annual meeting in Asia in September last year, U.S. oil producing companies came well prepared. U.S. giant Exxon Mobil and European rival Royal Dutch/Shell prepared brochures for oil buyers detailing various U.S. crude grades and why they were suitable to replace part of Asia’s long-standing […]
Chevron ties executive pay to methane and flaring reduction targets
Businessam StaffFebruary 7, 2019
Chevron Corp plans to set greenhouse gas emissions targets and tie executive compensation and rank-and-file bonuses to the reductions, the oil major said in its latest climate report released on Thursday. The move is a first for a U.S. oil major and focuses on the company’s oil fields. More investors have been pressuring San Ramon, […]
Oil falls on U.S. factory data, but supply lifts price outlook
Businessam StaffFebruary 5, 2019
Oil prices fell on Tuesday, a day after data showing a decline in U.S. factory orders dragged both benchmarks down from 2019 highs. Despite the slide, investors expect U.S. sanctions on Venezuela and production cuts led by OPEC to head off a glut this year, buoying prices. U.S. crude futures were down 50 cents, or […]
ZPT’s Oil, Gas summit in Tanzania to encourage transfer of skills and expertise within the region- Ayoola
Bukola OdufadeFebruary 5, 2019
The 2019 Sub Saharan Africa Upstream Oil and Gas Summit will be focusing on exploiting the opportunities present in the East African oil and gas industry with a special focus on Tanzania. In a statement by the conference organizer, Zenith Professional Training, made available to business a.m., the annually held conference will provide opportunities for […]
Oil prices extend rise as OPEC cuts tighten supply
Businessam StaffJanuary 31, 2019
Oil prices rose for a third straight day on Thursday, as production cuts curbed supply from OPEC and its allies, and U.S. monetary policy appeared to be more favorable. OPEC oil supply has fallen in January by the largest amount in two years, a Reuters survey found Thursday, as Saudi Arabia and its Gulf allies […]
OPEC oil output drops on Saudi cut, outages and sanctions
Businessam StaffJanuary 31, 2019
OPEC oil supply has fallen in January by the largest amount in two years, a Reuters survey found, as Saudi Arabia and its Gulf allies over-delivered on the group’s supply-cutting pact while Iran, Libya and Venezuela registered involuntary declines. The 14-member Organization of the Petroleum Exporting Countries has pumped 30.98 million barrels per day (bpd) […]