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 […]

Global LNG export to reach 650bcm by 2022, IEA

Phillip IsakpaJuly 13, 2017

The International Energy Agency (IEA) said in its annual report released Thursday that global export capacity for liquefied natural gas (LNG) would rise and reach 650 billion cubic meters (bcm) a year by 2022, compared to less than 452 bcm a year in 2016. Nigeria, a leading LNG exporter in Africa, would be expected to […]

Shell selling stake in Ireland’s Corrib gas field for $1.23 billion

Businessam StaffJuly 12, 2017

Royal Dutch Shell Plc said it would sell its 45 percent stake in the Corrib gas venture to a unit of Canada Pension Plan Investment Board (CPPIB) for up to $1.23 billion, marking the oil company’s exit from the upstream business in Ireland, according to a monitored Reuters report. The deal includes an initial consideration […]

Numbers show huge challenges facing OPEC members

Businessam StaffJuly 12, 2017

The price of a barrel of Brent crude has more than halved over the past five years, triggering an existential crisis for the world’s biggest oil producers. It’s also forced the withdrawal of billions of petrodollars that have been circulating throughout the global economy while providing a windfall to consumers in the form of lower […]

AfDB set to fund construction of 32 megawatts solar power plant in Chad

Businessam StaffJuly 12, 2017

The African Development Bank (AfDB)is set to fund the construction of a 32 megawatts solar plant to be constructed in N’Djamena, the Chadian capital. In addition to financing the 32 MW solar power plant, AfDB plans to support other projects such as the electrical interconnection project between Chad and Cameroon, and the rehabilitation of the […]

Goldman sees risk of oil below $40 without OPEC ‘shock and awe’

Businessam StaffJuly 11, 2017

OPEC needs to “shock and awe” the oil market for prices to gain, according to Goldman Sachs Group Inc. The Organization of Petroleum Exporting Countries must increase output cuts aimed at shrinking a global glut with little public announcement in order to jolt investors, the bank said in a July 10 report. Without such action […]

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

Businessam StaffJuly 11, 2017

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

Businessam StaffJuly 6, 2017

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. […]