Saudi Arabia to quietly pump extra oil to offset drop in Iranian production
Businessam Staff
September 27, 2018
Saudi Arabia will quietly add extra oil to the market over the next couple of months to offset a drop in Iranian production but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude. The kingdom, OPEC’s top producer, came under renewed […]
BP vs Vitol: Class of oil trading giants lands on West African turf
Agency ReportSeptember 17, 2018
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
Businessam StaffSeptember 12, 2018
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
Businessam StaffSeptember 10, 2018
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 […]
Total agrees sale of interest in Joslyn oil sands project to Canadian firm for C$225 mn
Businessam StaffAugust 31, 2018
Total and its partners have agreed to sell the Joslyn oil sands project in northern Alberta, Canada to Canadian Natural Resources (CNR) for C$225 million, due to low oil prices. Following the oil price fall in 2014, the project partners decided to put further development on hold as activities have since been limited to fulfilling […]
CNOOC revenues hit $3.71 bn in H1 despite stagnant crude output
Bukola OdufadeAugust 23, 2018
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
Bukola OdufadeAugust 20, 2018
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
Businessam StaffAugust 16, 2018
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
Bukola OdufadeAugust 13, 2018
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
Bukola OdufadeAugust 8, 2018
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 […]