Monday, 18 February 2019

Oil rises as investors grow optimistic over OPEC output deal

Oil rises as investors grow optimistic over OPEC output deal
18 February 2019, News Wires — Oil rose for a fifth day on Monday, on track for its strongest first quarter in eight years, thanks to a growing belief among investors that OPEC’s supply cuts will prevent a build-up in unused fuel, though concern over China’s economy tempered gains. Brent futures were last up 22 … More »
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Brent steadies, set for biggest first-quarter rise since 2011

Brent steadies, set for biggest first-quarter rise since 2011
18 February 2019, News Wires — Brent crude oil steadied on Monday, on track for its strongest first quarter in eight years, thanks to a growing belief among investors that OPEC’s supply cuts will prevent a build-up in unused fuel, though concern over China’s economy offset gains. Brent futures were last down 6 cents at $66.19 … More »
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Total moves into offshore wind with joint bid for Dunkirk project

Total plans biggest exploration focusing on commercial oil & gas
18 February 2019, News Wires — French energy major Total is partnering with Denmark’s Orsted and renewable energy producer Elicio to submit a joint bid for the 600 megawatt capacity Dunkirk offshore wind project in France, the company said on Monday. The bid is the oil and gas major’s first serious foray into offshore wind in … More »
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Iran self-sufficient in gasoline, oil minister tells state TV

Iran self-sufficient in gasoline, oil minister tells state TV
18 February 2019, News Wires — Iran has become self-sufficient in gasoline production, Iranian Oil Minister Bijan Zanganeh said on Monday after inauguration of the third phase of the Persian Gulf Star Refinery in the southern port city of Bandar Abbas. “Fortunately, we do not need to import gasoline anymore. We have reached self-sufficiency. We can … More »
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Gazprom Neft’s reserves-to production ratio at 163 pct in 2018

Gazprom Neft’s reserves-to production ratio at 163 pct in 2018
18 February 2019, News Wires — Gazprom Neft, the oil arm of Russian gas group Gazprom, said on Monday its hydrocarbon reserves replacement ratio stood at 163 percent in 2018. The company also said that its proved and probable hydrocarbon reserves under Petroleum Resources Management System standards rose by 2.2 percent last year to 2.84 billion … More »
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China unveils guidelines for developing Greater Bay Area – Xinhua

China unveils guidelines for developing Greater Bay Area – Xinhua
18 February 2019, News Wires — China’s cabinet on Monday issued guidelines for developing a “Greater Bay Area” around the Pearl River Delta, in a bid to spur growth and transformation in Guangdong province and the cities of Hong Kong and Macau. The area is home to some 68 million people with a combined GDP of … More »
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Reserves at Equinor’s Snoehvit gas field cut -regulator

Reserves at Equinor’s Snoehvit gas field cut -regulator
18 February 2019, News Wires — Reserves at Equinor’s Snoehvit field, the only producing natural gas field in the Barents Sea, were revised down by 8.5 percent, the Norwegian Petroleum Directorate said on Monday. Estimates for gross reserves were reduced by 17 million cubic metres (mcm) of oil equivalent (107 million barrels of oil equivalent), the … More »
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Indian Oil buys commissioning cargo of LNG for new Ennore terminal -sources

Indian Oil buys commissioning cargo of LNG for new Ennore terminal -sources
18 February 2019, Singapore — Indian Oil Corp (IOC) bought a commissioning cargo of liquefied natural gas (LNG) for its new Ennore terminal in south India, in a sign that India’s first terminal in the east coast is readying for start-up, three industry sources said on Monday. State-owned IOC bought a partial LNG cargo for delivery … More »
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Indonesia signs new contracts for three oil and gas blocks

Indonesia signs new contracts for three oil and gas blocks
18 February 2019, News Wires — The Indonesian government on Monday signed contracts with three oil and gas companies to operate South Andaman, South Sakakemang and Maratua oil and gas blocks * Mubadala Petroleum Holding RSC Ltd will operate South Andaman block off the shores of Indonesian Aceh Province * A consortium led by Spain’s Repsol … More »
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OPEC daily basket oil price closes at $64.87 per barrel

OPEC daily basket oil price closes at $64.87 per barrel
18 February 2019, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $64.87 a barrel on Friday, compared with $64.28 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), … More »
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Election postponement threatens delay on Nigerian crude schedule, price

Election postponement threatens delay on Nigerian crude schedule, price
OpeOluwani Akintayo 18 February 2019, Sweetcrude, Lagos — Loading schedules for Nigerian crude oil and prices could be further threatened this week following the postponement of the country’s presidential and other elections earlier planned to hold on Saturday. The Independent National Electoral Commission, INEC had postponed its presidential election to Saturday 23 February. But traders … More »
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Oyo, Benue, Taraba pay highest price for fuel in January

Oyo, Benue, Taraba pay highest price for fuel in January
18 February 2019, Sweetcrude, Lagos — Newly-released figures by the National Bureau of Statistics, NBS, have listed Oyo, Benue and Taraba states as seeing the highest price of the premium motor spirit, also known as petrol, in January, this year. The figures showed that while consumers of the product paid an average N150.50 per litre … More »
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Sunday, 17 February 2019

U.S. drillers add oil rigs for second week in a row

U.S. drillers add oil rigs for second week in a row
17 February 2019, Houston — U.S. energy firms this week increased the number of oil rigs operating for a second week in a row amid concerns that crude supplies will swamp global demand as U.S. output keeps growing from record levels. Companies added three oil rigs in the week to Feb. 15, bringing the total … More »
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Why Shell is buying German solar battery maker, Sonnen

Why Shell is buying German solar battery maker, Sonnen
*Deal to be sealed Q1 2019 Opeoluwani Akintayo 17 February 2019, Sweetcrude, Lagos — Royal Dutch Shell will be buying over German residential solar battery maker, Sonnen. This move, the firm explains is in line with its planned expansion in its electricity business, especially electric vehicles. The company also said its serious about its pledge … More »
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India signals going against U.S warning in oil trade with Venezuela

India signals going against U.S warning in oil trade with Venezuela
OpeOluwani Akintayo 17 February 2019, Sweetcrude, Lagos — India has signaled an attempt to run against the newly issued threat by the United States, warning countries to stay away from oil trade with Venezuela. The U.S. National Security Advisor John Bolton, last week, had warned countries and companies not to buy crude oil from Venezuela. … More »
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Price of PMS sees marginal -0.1% decrease in January

Price of PMS sees marginal -0.1% decrease in January
*Diesel increases averagely by 1.59% *5kg cooking gas decreases averagely by -0.63% OpeOluwani Akintayo 17 February 2019, Sweetcrude, Lagos — The average price paid by consumers for premium motor spirit, petrol decreased by -23.7% year-on-year and -0.1% month-on-month to N145.70 in January 2019 from N145.80 in December 2018. Newly released data by the National Bureau … More »
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NSC fees: Terminal operators, others impose new Illegal levies

NSC fees: Terminal operators, others impose new Illegal levies
Vincent Toritseju 17 February 2019, Sweetcrude, Lagos — Following the introduction of registration fees by the Nigerian Shippers’ Council, NSC, shipping firms and terminal operators have introduced some frivolous with a view to maximizing profit and to the detriment of the economy. Some of these questionable charges collected by terminal operators include Terminal delivery charges, … More »
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Mexico to inject $3.9 billion in Pemex, seeks to prevent credit downgrade

Mexico to inject $3.9 billion in Pemex, seeks to prevent credit downgrade
17 February 2019, Mexico City/New York — Mexico will inject $3.9 billion into ailing state oil company Pemex, officials said on Friday, promising to strengthen its finances and prevent a further credit downgrade, although investors saw the plan as only a short-term fix. Falling oil output, corruption and high labor costs have contributed to the … More »
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Oil rises over 2 percent to 2019 highs on tightening supplies

Oil rises over 2 percent to 2019 highs on tightening supplies
17 February 2019, New York/London/Singapore/Sidney — Oil prices rose more than 2 percent to their highest this year on Friday after an outage at Saudi Arabia’s offshore oilfield boosted expectations for tightening supply while progressing U.S.-Sino trade talks strengthened demand sentiment. The international Brent crude benchmark rose $1.68, or 2.6 percent, to settle at $66.25 … More »
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Shell’s Bonga Southwest/Aparo is a major boost for Nigeria’s deepwater

17 February 2019, Sweetcrude, Vienna, Austria — An oil and gas analyst has described the decision by Royal Dutch Shell and its partners to commence the tendering process for the development of Bonga South West/Aparo, BSWA, deepwater oil project offshore Nigeria as a major boost for the country’s deepwater development. Cao Chai, Upstream Oil & … More »
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Eight miners rescued from collapsed Zimbabwe shafts

Eight miners rescued from collapsed Zimbabwe shafts
17 February 2019, Harare, Zimbabwe — Eight informal Zimbabwean miners were pulled out alive four days after they were trapped underground when tunnels linking two gold mines collapsed. “We are yet to assess and find out if there are any more people down there who are still alive,” the government’s deputy chief mining engineer, Tapererwa … More »
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Oil will continue to play significant role in 2040

Oil will continue to play significant role in 2040
17 February 2019, Houston, Texas — Although the precise outlook is uncertain, the world looks set to consume significant amounts of oil for several decades. That’s according to BP’s latest Energy Outlook, launched in London on Thursday, which considers a range of scenarios. All the scenarios in BP’s 2019 outlook suggest that oil will continue … More »
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Saturday, 16 February 2019

Iraq’s Oil Minister reshuffles upstream, gas posts in ministry

Iraq’s Oil Minister reshuffles upstream, gas posts in ministry
16 February 2019, Oslo — Several months after promising reform at his ministry, Iraq Oil Minister Thamer al-Ghadhban reshuffled several key deputies. Fayadh Nema was named deputy minister for upstream affairs. He had previously been deputy minister for refining operations. That position will now be occupied by Hamed Younis Saleh, formerly the deputy minister of gas … More »
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Saudi Arabia shuts part of Safaniyah oilfield after power cable cut – source

Saudi Arabia shuts part of Safaniyah oilfield after power cable cut – source
16 February 2019, Dubai — Saudi Aramco has shut part of its Safaniyah offshore oilfield after a main power cable was cut by a vessel’s anchor, a source familiar with the matter said on Friday. The shutdown occurred about two weeks ago, the source said, adding there had been progress in repairs. The source said … More »
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Eni’s Gulf expansion has just started: CEO

Eni’s Gulf expansion has just started: CEO
16 February 2019, Milan — Italian major Eni said it intends to expand in the Middle East after a spree of deals in the Gulf last year, pressing ahead with plans to reduce its reliance on Africa and oil and gas exploration. Since last March Eni has secured nine deals in the United Arab Emirates, gained … More »
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Germany plans to change laws governing Russian gas pipeline – minister

Germany plans to change laws governing Russian gas pipeline – minister
16 February 2019, News Wires — Germany is considering changes to the legal framework governing the Nord Stream 2 gas pipeline to make sure that it complies with new European Union regulations, Economy Minister Peter Altmaier told Reuters on Friday. “My assumption is that it can be built under the new conditions,” he said. “But there … More »
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U.S. shale executives predict oil production constraints to remain

U.S. shale executives predict oil production constraints to remain
16 February 2019, Houston — Drilling curbs by oil producers in the largest U.S. shale field will continue until transport bottlenecks ease and investors stop punishing companies for increasing capital spending, executives at an energy conference said on Thursday. The price of crude in the Permian Basin of West Texas and New Mexico fell sharply … More »
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Equinor, 3 JVs vie for offshore wind power park in New York

Equinor, 3 JVs vie for offshore wind power park in New York
16 February 2019, Oslo — New York State said it had received proposals from Norway’s Equinor and three joint ventures to build its first offshore wind power park of at least 800-megawatt capacity. The three joint ventures are Bay State Wind, between Danish Orsted and Eversource Energy; Atlantic Shores Offshore Wind, consisting of France’s EDF and … More »
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GLOBAL LNG-Asian prices drop to 17-mth low on tepid demand

GLOBAL LNG-Asian prices drop to 17-mth low on tepid demand
16 February 2019, News Wires — Asian spot prices for liquefied natural gas (LNG) continued their downward spiral this week, hitting a 17-month low as the market moved further away from the peak winter-demand period and inventories remained high in the region. Spot prices for March delivery to Asia LNG-AS fell to $6.50 per million British … More »
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Climate crisis could speed demise of Norwegian oil: central bank chief

Climate crisis could speed demise of Norwegian oil: central bank chief
16 February 2019, Oslo — Global efforts to fight a “crisis” of man-made climate change could spell a faster than expected end to Norway’s oil and gas industry, the nation’s central bank governor said on Thursday. Norges Bank Governor Oeystein Olsen also said that western Europe’s largest oil and gas producer will still derive significant income … More »
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Morocco’s competition council advises against fuel price cap

Morocco’s competition council advises against fuel price cap
16 February 2019, Rabat — Capping fuel prices would not be in the best interests of consumers or the economy, the head of Morocco’s competition regulator said on Friday, opposing a government plan to restore price controls. Calls to limit the profit margins of fuel distribution companies were triggered during a consumer boycott campaign last year, … More »
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U.S. issues Venezuela-related sanctions, targets five individuals

U.S. issues Venezuela-related sanctions, targets five individuals
16 February 2019, Washington — The United States on Friday issued Venezuela-related sanctions as it ratchets up pressure on the country over an election it says was illegal. According to the U.S. Treasury, the sanctions target five individuals: Rafael Enrique Bastardo Mendoza, Manuel Ricardo Cristopher Figuera, Ivan Rafael Hernandez Dala, Manuel Salvador Quevedo Fernandez and Hildemaro … More »
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Anadarko closes in on final Mozambique LNG decision with another supply deal

Anadarko closes in on final Mozambique LNG decision with another supply deal
16 February 2019, London — U.S. independent energy producer Anadarko has notched up another long-term commitment to buy liquefied natural gas (LNG) from its proposed Mozambique terminal, moving closer to approving the multi-billion dollar project. Anadarko and Exxon Mobil are expected to sanction two separate but neighbouring LNG projects in Mozambique this year after finding giant … More »
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Friday, 15 February 2019

Brent crude hits 2019 high above $65, buoyed by output cuts

Brent crude hits 2019 high above $65, buoyed by output cuts
15 February 2019, News Wires — Brent crude oil climbed above $65 a barrel to its highest this year as OPEC-led supply cuts and this week’s announcement of a higher than expected cut by Saudi Arabia encouraged investors. The international oil benchmark reached $65.52 by 1500 GMT on Friday, the 95 cent gain equating to a … More »
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France urged to assume responsibility for Sahara desert nuclear tests

France urged to assume responsibility for Sahara desert nuclear tests
15 February 2019, Sweetcrude, Algiers — Participants in a conference organized Wednesday in Algiers called upon the French authorities to assume their responsibility in the “gathering of waste resulted from the nuclear tests they conducted in the Algerian Sahara desert during the 1960s”. The conference was organized by the El-Moudjahid daily forum, in coordination with … More »
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Oil workers caution youths against involvement in electoral violence

Oil workers caution youths against involvement in electoral violence
Mkpoikana Udoma 14 February 2019, Sweetcrude, Port Harcourt — As Nigeria goes to the polls in less than 48hours’ time, the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has cautioned youths in the country against being used by politicians for selfish gains. The senior oil workers union also cautioned the security agencies … More »
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Stakeholders kick as NIMASA, others shun summit on budget financing

Stakeholders kick as NIMASA, others shun summit on budget financing
Vincent Toritseju 15 February 2019, Sweetcrude, Lagos — Stakeholders have expressed disappointment as three key maritime agencies, the Nigerian Ports Authority, NPA, Nigerian Maritime Administration, and Safety Agency, NIMASA, and the Nigerian Shippers Council, NSC, were conspicuously absent at the grand maritime summit for national budget financing. The summit was organised by the National Economic Growth … More »
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OPEC daily basket oil price closes at $64.28 per barrel

OPEC daily basket oil price closes at $64.28 per barrel
15 February 2019, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $64.28 a barrel on Thursday, compared with $62.94 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), … More »
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Money transfers from Venezuela did not breach regulations-Bulgarian bank

Money transfers from Venezuela did not breach regulations-Bulgarian bank
15 February 2019, News Wires — Money transfers from Venezuela to accounts at Bulgarian bank Investbank did not breach any regulations or international sanctions, the small local lender said on Thursday. Bulgaria blocked transfers out of the accounts on Wednesday as part of a probe into suspected money laundering, after law enforcement officials said millions of … More »
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Eskom split to minimise risks to South Africa, Ramaphosa says

Eskom split to minimise risks to South Africa, Ramaphosa says
15 February 2019, News Wires — South African President Cyril Ramaphosa said his plan to divide struggling state power firm Eskom into three units would minimise risks to the economy, as a fifth day of power cuts hurt businesses and drove the rand to a six-week low on Thursday. Eskom, which supplies more than 90 percent … More »
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Mexico’s Pemex, after downgrade, will make all debt payments -Lopez Obrador

Mexico’s Pemex, after downgrade, will make all debt payments -Lopez Obrador
15 February 2019, News Wires — Mexican state oil firm Pemex will make all its debt payments, President Andres Manuel Lopez Obrador said on Thursday, promising to shore up its finances after Moody’s and Fitch downgraded the firm’s credit rating to one notch above junk. Lopez Obrador, a veteran leftist who took office in December, said … More »
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As renewables soar, BP sees China hitting brakes on energy growth

As renewables soar, BP sees China hitting brakes on energy growth
15 February 2019, News Wires — Global demand for renewable power will soar at an unprecedented pace over the coming decades, BP said in a benchmark report on Thursday, while China’s energy growth is seen sharply decelerating as its economic expansion slows. Still, China is set to remain the largest energy consumer by a long stretch … More »
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Venezuela opens investigation into opposition-appointed PDVSA directors -prosecutor

Venezuela opens investigation into opposition-appointed PDVSA directors -prosecutor
15 February 2019, News Wires — Venezuela’s chief state prosecutor said on Thursday an investigation had been opened into directors of state-run oil firm PDVSA, and its U.S. refiner Citgo, that the opposition-controlled congress appointed on Wednesday. Prosecutor Tarek Saab, in comments broadcast on state television, announced “the opening of an investigation against people designated illegally … More »
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Masters mariners move to rid industry of quacks

Masters mariners move to rid industry of quacks
15 February 2019, Sweetcrude, Lagos — The Masters Mariners Association, MMA, is making plans to sanitise the industry and rid it of quacks masquerading as captains and mariners, president of association, Captain Tajudeen Aloa, has revealed. Aloa disclosed this in a statement, in which he also lamented that the nation’s upcoming general elections have slowed down … More »
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Thursday, 14 February 2019

South African rand tumbles as Eskom sours outlook, stocks flat

South African rand tumbles as Eskom sours outlook, stocks flat
15 February 2019, News Wires — South Africa’s rand weakened past 14 per dollar on Thursday as state-owned power utility Eskom imposed a fifth day of electricity blackouts that have discouraged investors over the economy, days before the annual budget. At 1510 GMT, the rand was 1.07 percent weaker at 14.2200 per dollar, as it breached … More »
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NSE trading: Oando, Eterna lose

NSE trading: Oando, Eterna lose
14 February 2018, Sweetcrude, Lagos — Oando and Eterna Oil were losers at Thursday’s trading on the floor of Nigerian Stock Exchange for Energy companies. Oando lost 0.3k and Eterna 0.15k.   More »
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Presidential Amnesty Program empowers 3,540 persons in N’Delta

Presidential Amnesty Program empowers 3,540 persons in N’Delta
Mkpoikana Udoma 14 February 2019, Sweetcrude, Port Harcourt — No fewer than 3,540 persons from impacted communities during the Niger Delta militancy crises have been empowered by the Presidential Amnesty Programme, with various starter packs such as welding equipment, sewing machines, freezers, among others. Special Adviser to the President on Niger Delta and Coordinator, Amnesty … More »
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OPEC daily basket oil price closes at $62.94 per barrel

OPEC daily basket oil price closes at $62.94 per barrel
14 February 2019, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $62.94 a barrel on Wednesday, compared with $61.88 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), … More »
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Shell invites bid for new FPSO in Bonga South West Aparo

Shell invites bid for new FPSO in Bonga South West Aparo
14 February 2019, Sweetcrude, Lagos — Shell Nigeria Exploration and Production Company, SNEPCo, has announced the release of Invitation to Tender, ITT, to contractors for the development of the Bonga South West Aparo, BSWA, oil field. The project’s initial phase includes a new Floating, Production, Storage and Offloading, FPSO, vessel, more than 20 deep-water wells, and … More »
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Oil gains on U.S.-China trade hopes, OPEC cuts

Oil gains on U.S.-China trade hopes, OPEC cuts
14 February 2019, News Wires — Oil rose for a third day on Thursday to reach its highest so far this year as financial markets drew support from investor optimism that the United States and China could resolve their trade dispute. The price of crude has gained about 20 percent this year, driven primarily by the … More »
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Venezuela oil firm transferred millions of euros to Bulgarian bank accounts – security officials

Venezuela oil firm transferred millions of euros to Bulgarian bank accounts – security officials
14 February 2019, Sofia — Bulgaria has blocked transfers out of several bank accounts which have received millions of euros from Venezuela’s state-run oil company PDVSA (Petroleos de Venezuela), security officials said on Wednesday. Venezuelan opposition leader Juan Guaido assumed presidency of the country three weeks ago, arguing that Nicolas Maduro’s re-election last year was a … More »
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