Halliburton helping Nigeria locate exact position of oil in inland basins

Phillip IsakpaJuly 21, 2017

Halliburton Corporation, the American oil services company, is helping NNPC, the Nigerian national oil company, to provide exact location of crude deposits as the country continues its search for oil and gas in its inland sedimentary basins. Halliburton’s involvement is believed to offer a fast-track route in NNPC’s quest and it would involve the use […]

Oil rises on weak dollar, Gulf tensions as producers set to meet

Businessam StaffJuly 21, 2017

Oil prices edged higher on a weaker dollar and diplomatic tensions in the Gulf, but Brent held below the $50 per barrel level that was breached for the first time in six weeks on Thursday, Reuters reports. Investors were also taking positions ahead of a meeting between OPEC and non-OPEC members in Russia on Monday […]

UAE energy minister hopes global oil markets begin to tighten in H2

Businessam StaffJuly 21, 2017

Suhail bin Mohammed al-Mazroui, the United Arab Emirates Energy Minister, Friday said he hopes global oil supplies will start tightening in the second half of the year when demand picks up. “We have seen healthy demand and a flattening of rig counts in the United States,” Mazroui told reporters. “This is the beginning of the […]

Taleveras says international standards guide third party oil trading contracts

Businessam StaffJuly 19, 2017

Taleveras, the Nigerian based international oil trading company, Tuesday night said its involvement in third party oil trading contracts are legitimate trades that are guided by international standards common with such contracts around the world. In a statement signed by Alex School, its legal counsel, the company said it was making a once-and-for-all clarification in […]

Exxon, Chevron downgraded at Wolfe on weak outlook for crude

Businessam StaffJuly 18, 2017

Exxon Mobil Corp. and Chevron Corp. had their recommendations cut at Wolfe Research as the outlook for oil prices deteriorates. According to Bloomberg, Exxon was lowered to the underperform from peer perform, while Chevron was downgraded to peer perform from outperform, Wolfe analysts led by Paul Sankey said in separate reports Monday. Apache Corp., Hess […]

Oil skeptics let a little sunshine in

Businessam StaffJuly 17, 2017

Oil skeptics are letting a little sunshine in. After the worst June for oil in six years, hedge-fund bets on declining West Texas Intermediate retreated. That made room for futures to rebound more than 5 percent last week on optimism that the summer will finally boost demand for crude and gasoline. “The market is starting […]

U.S. drilling costs rise as active rig count climbs

Businessam StaffJuly 14, 2017

U.S. oil and gas exploration and production companies are paying more to hire drilling rigs as the number of idle rigs declines after a recent slump, writes John Kemp, a Reuters market analyst. According to preliminary data from the U.S. Bureau of Labor Statistics published Thursday, drilling costs were up by eight percent in June […]

Tide turns for sulphur-rich oil in a sea of light crude

Businessam StaffJuly 13, 2017

The world is awash with oil, but in pockets of the market lower-quality, sulphur-rich crude is limited and buyers are competing for cargoes, according to Reuters. Lacklustre gasoline demand growth, particularly in the United States, and fears of a repeat of last year’s poor summer gasoline profits, led refineries in the Atlantic Basin to skew […]