Total Nigeria targets 200,000 barrels-per-day in 2018 from multi-billion dollar Egina Field

Aderemi OjekunleAugust 2, 2017

Total Nigeria, Wednesday, said it would boost the country’s daily oil production by 200,000 barrels from 2018. Nicolas Terraz, managing director/chief executive officer, Total upstream companies in the country, stated this in Lagos at the 2017 Nigerian Annual International Conference and Exhibition of the Society of Petroleum Engineers. The three-day conference which started on Monday […]

Shell, Europe’s largest oil refinery, to resume production in two weeks

Aderemi OjekunleAugust 2, 2017

Royal Dutch Shell, Europe’s largest oil refinery will resume production in the second half of August. The company said in a statement on Wednesday after it shut most units at the 404,000-barrels-per-day (bpd) Pernis refinery in the Netherlands, following a power outage caused by a fire last Saturday. “We expect to restart our operations at […]

European oil giants seek to harness U.S. offshore wind

Businessam StaffAugust 1, 2017

Some European oil majors have made inroads into the emerging U.S. offshore wind energy market, aiming to leverage their experience of deepwater development and the crowded offshore wind arena at home. Late entrants to the offshore wind game in Europe, which began with a project off Denmark 25 years ago and is now approaching maturity, […]

OPEC oil output jumps to 2017 high on further Libya recovery

Businessam StaffJuly 31, 2017

OPEC oil output has risen this month by 90,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal. A dip in supply from Saudi Arabia and lower Angolan exports helped to boost OPEC’s adherence […]

Oil prices hover near eight-week highs on lower U.S. inventories

Businessam StaffJuly 27, 2017

Oil prices held just below eight-week highs on Thursday, supported by a steeper-than-expected decline in U.S. crude inventories that boosted expectations of a shift to a more balanced market. According to Reuters’ report, Brent crude futures LCOc1 dipped 9 cents at $50.88 a barrel at 0950 GMT, after rising about 1.5 percent in the previous […]

Falling oil price pushes Tullow Oil to £400m loss

Businessam StaffJuly 26, 2017

Lower oil prices pushed Tullow Oil into a pre-tax loss of almost £400m in the first half of the year. The slump in oil prices meant that Tullow was forced to stomach an impairment of property, plant and equipment of $642m (£493m) in the first half of 2017. After posting pre-tax profits of $24m in […]

China urges halt to oil drilling in disputed South China Sea

Businessam StaffJuly 25, 2017

China urges halt to oil drilling in disputed South China Sea #Businessamlive

China’s Foreign Ministry has urged a halt to oil drilling in a disputed part of the South China Sea, where Spanish oil company Repsol had been operating in cooperation with Vietnam. Drilling began in mid-June in Vietnam’s Block 136/3, which is licensed to Vietnam’s state oil firm, Spain’s Repsol and Mubadala Development Co of the […]