OPEC caps for Libya, Nigeria crude output not enough to fix oil glut

A proposal that Libya and Nigeria could have to accept limits on their crude production probably would not be enough to put OPEC’s faltering efforts to eliminate a global supply glut back on track, Bloomberg reports. The two African nations — which were exempt from the supply curbs agreed last year due to internal strife […]

Erin Energy announces farm-out deal approval with FAR in The Gambia

Erin Energy Corporation has announced that the Government of the Republic of The Gambia has approved the farm-out agreement with FAR Ltd., an Australian Securities Exchange listed oil and gas company, whereby FAR will acquire an 80% interest and operatorship of Erin Energy’s offshore A2 and A5 blocks in The Gambia, African Business Community reports. […]

NLNG CEO sees price of Nigeria cooking gas falling 20% in weeks

Tony Attah, the chief executive officer of Nigerian Liquefied Natural Gas (NLNG) Limited has given signs yet of a likely drop in the price of domestic cooking gas in the country, according to multiple sources following him on a facility tour of liquefied petroleum plants in Lagos. The fall in price is expected in the […]

NLNG says amendment Act amounts to double taxation, threat to FDI into Nigeria

Liquefied natural gas (LNG)-producing company, NLNG has stated that making amendments to the NLNG Act would amount to double taxation since gas suppliers to NLNG already pay the Niger Delta Development Commission (NDDC) a 3% levy. Tayo Oginni, NLNG production general manager, told a group of international journalists during a visit to the NLNG facility […]

Libya oil output at 4-year high loosens OPEC grip on supply

Libya’s oil production has climbed to more than 1 million barrels a day for the first time in four years, further complicating OPEC’s struggle to regain control of the oil market. The North African country is pumping 1.005 million barrels a day, according to a person with direct knowledge of the situation, who asked not […]

US oil-rig count falls for the first time in 5 months

The count of working oil rigs in the US fell this week for the first time in 24, breaking the record streak of increases. The oil-rig count according to Business Insider, fell by two to 756, oilfields-services giant Baker Hughes said in its weekly report on Friday. The gas-rig count rose by one to 184. […]

Oil set for longest winning streak in two months on U.S. output

Oil headed for its longest winning streak in two months after declines in U.S. crude production and gasoline inventories allayed some concerns that world markets remain oversupplied. Futures rose as much as 1.1 percent in New York to the highest in two weeks after advancing 5.2 percent in the previous five sessions. U.S. production tumbled […]

Egypt hikes fuel prices, second time since currency float

Egypt’s government on Thursday increased gasoline and diesel prices in the second fuel hike since a currency floatation and the latest cut in state subsidies to ease the budget deficit. Fuel price increases had been widely expected as part of Egypt’s $12 billion International Monetary Fund loan agreement, but the hikes were bigger than anticipated […]