U.S. back out of oil & gas anti-corruption treaty
Businessam Staff
November 3, 2017
The United States will not be part of a recent international treaty to fight corruption in revenues management, according to a new decision from the White House, reported by Reuters. The Extractive Industries Transparency Initiative (EITI) was designed to aid in the effort to regulate oil, gas, and mineral profits around the world, and the […]
Quarter of oil refineries risk closure under climate goals by 2035, report reveals
Businessam StaffNovember 2, 2017
A quarter of the world’s oil refineries risk closure by 2035 if governments of countries meet targets to limit fossil fuel burning in the fight against global warming, a report released on Thursday said. This fact according to the report co-authoured by environment think-tank, Carbon Tracker, Swedish investment fund AP7 and Danish pension fund, PKA […]
OPEC oil output drops in October as Kurdistan tensions weigh on Iraq
Businessam StaffNovember 2, 2017
Tensions in Iraq between the semi-autonomous northern region of Kurdistan and the central government in Baghdad weighed on OPEC’s production last month. The Organization of Petroleum Exporting Countries pumped 180,000 barrels a day less in October than September, with overall output dipping to 32.59 million barrels a day, according to a Bloomberg News survey of […]
Iraq oil stops flowing from Kurd, Kirkuk fields to Turkish port
Businessam StaffOctober 30, 2017
Crude from northern Iraq, including the semi-autonomous Kurdish region, stopped flowing through an export pipeline, a port agent said, days after Iraqi government troops captured oil fields in an area disputed with the Kurds. Oil from the Kurdish enclave stopped arriving at Turkey’s Mediterranean port of Ceyhan at 4 a.m. local time on Monday, the […]
Shell, Exxon win blocks in Brazil’s pre-salt oil auction
Businessam StaffOctober 27, 2017
Oil majors Royal Dutch Shell and Exxon Mobil won blocks in Brazil’s coveted pre-salt oil region in an auction on Friday. Shell was part of consortia that won two of the four blocks on offer in the first part of an eight block auction. Exxon, in a consortium with Norway’s Statoil and Portugal’s Petrogal, a […]
Ghana’s downstream sector regulator seeks collaboration with Nigeria’s Techno Oil
Businessam StaffOctober 27, 2017
A delegation from Ghana’s National Petroleum Authority (NPA) visited the management of Techno Oil Ltd. in Lagos Friday, to seek collaboration on Liquefied Natural Gas (LPG) and cylinder marketing in Ghana. The leader of the delegation, Sheila Abiemo, told reporters that the Ghanaian government was sourcing ideas from some countries, including Nigeria, to help Ghana formulate […]
Brent oil holds near 2-year high as Russia, Saudi Arabia set to discuss possible extension next week
Businessam StaffOctober 27, 2017
Brent oil held gains near the highest level in more than two years as Saudi Arabia’s Crown Prince Mohammed bin Salman backed the extension of OPEC-led output cuts. Futures were little changed near $60 a barrel in London, up 2.6 percent for the week. The prince said Thursday that “of course” he wanted to prolong […]
Uganda eyes $15-20bn in oil investments after deals with Nigeria’s Oranto Petroleum
Businessam StaffOctober 25, 2017
Uganda, a newcomer on the international oil stage, expects investments to the tune of US$15-20 billion over the next three to four years, Ernest Rubondo, the executive director of the country’s petroleum Authority said at a conference in South Africa. Earlier this month, Nigerian Oranto Petroleum sealed two production sharing deals in Uganda, to explore for […]
OPEC’s newest member sets to stem oil-output slide after Hess Corp. deal
Businessam StaffOctober 24, 2017
Equatorial Guinea, OPEC’s newest member, is taking steps to stem the decline in its oil production following the acquisition by Kosmos Energy Ltd. of fields currently operated by Hess Corp. For two to three years there has been a trend of U.S. companies operating in Africa, but not re-investing there, said Gabriel Obiang, the nation’s Minister of Mines, […]
Nigeria’s state oil company says it will stimulate economic growth through aggressive gas development
Businessam StaffOctober 19, 2017
Maikanti Kacalla Baru, group managing director of the Nigerian National Petroleum Corporation (NNPC), has stated that the Federal Government has mandated the NNPC to pursue an aggressive gas development programme to stimulate economic growth in the country. Baru made this disclosure on Tuesday in Lagos during a Gas Roundtable meeting for chief executives and directors […]