Saturday, 31 August 2019

SSE launches sale of North Sea gas fields in single package – sale document

London — British energy provider SSE has kicked off the process to sell its 140 million cubic feet per day portfolio of North Sea gas fields in a single package, the sale document seen by Reuters showed. SSE said in May it was looking to sell its gas production assets. A banking source estimated the […] More »
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France drops plans to build sodium-cooled nuclear reactor

Paris — France’s CEA nuclear agency has dropped plans to build a prototype sodium-cooled nuclear reactor, it said on Friday, after decades of research and hundreds of millions of euros in development costs. Confirming a report in daily newspaper Le Monde, the state agency said it would finalise research in so-called “fourth generation” reactors in […] More »
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Contamination compensation for Belarus refinery not yet agreed -Belta

Moscow — Belarusian state energy company Belneftekhim said on Friday that Russia had partially compensated it for losses due to a major contamination of oil, but that the issue had still not been resolved for its Mozyr refinery, the Belta news agency reported. – Reuters More »
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NORDIC POWER-Forward prices rise on firmer coal and carbon rates

Newswire — Nordic forward prices gained on Friday, helped by higher coal and carbon rates, with lower water reserves lending further support. * Nordic front-quarter baseload power contract rose 0.55 euro to 37.35 euros per megawatt hour (MWh). * Nordic front-year gained 0.6 euro to 34.65 euros/MWh. * “Both carbon and coal are up and […] More »
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Med Crude-Urals diffs ease in Baltic on weaker margins

Moscow — Urals crude differentials eased again to dated Brent in northwest Europe on Friday as sellers struggled to place September cargoes and weak refining margins weighed. Urals refining margins on Mediterranean were at $0.94 per barrel on Friday compared to $3.35 per barrel in the last 365 days on average, according to Refinitiv Eikon […] More »
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U.S. oil drillers cut rigs for ninth month to least since Jan 2018 -Baker Hughes

Newswire — U.S. energy firms this week reduced the number of oil rigs operating, with the rig count declining for the ninth straight month to its lowest since January last year as most producers cut spending on new drilling this year. Drillers cut 12 oil rigs in the week to Aug. 30, bringing the total count […] More »
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Poland wins EU approval to help energy-intensive companies cut electricity bills

Brussels — Poland secured EU approval on Friday to launch a 417 million euro ($465 million) scheme to compensate energy-intensive companies hurt by higher electricity prices. The European Commission said the project, which will run until the end of next year, complies with EU state aid rules, which seek to ensure that EU governments do […] More »
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Russian firm battles Mideast for Chinese petroleum gas market

Moscow — An independent Russian producer has made a foray into China’s market for liquefied petroleum gas (LPG), jostling with Middle Eastern countries for what could be a lucrative foothold, market data showed and traders said. China is one of the world’s largest importers and consumers of the fuel. Key suppliers to the country are […] More »
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Friday, 30 August 2019

IPMAN: DPR assures Rivers residents of adequate products supply

Mkpoikana Udoma Port Harcourt — The Department of Petroleum Resources, DPR, has assured residents of Rivers State of availability of petroleum products, following threats by the Independent Petroleum Marketers Association of Nigeria, IPMAN, to withdraw their services. This comes as IPMAN, in collaboration with Petroleum Tanker Drivers, PTD, and Independent Marketers Branch of NUPENG, had […] More »
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Oil prices fall but set for big weekly gain as trade dispute rhetoric eases

London — Oil gave back some of its recent gains on Friday, but was still headed for the biggest weekly increase since early July, boosted by a decline in U.S stocks, a looming hurricane in Florida and an easing of Sino-U.S. trade rhetoric. Brent crude was down by 15 cents, or 0.25%, at $60.93 a barrel, […] More »
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Papua New Guinea opposition leader urges prime minister to back Total gas deal

Melbourne — Papua New Guinea’s opposition leader, Patrick Pruaitch, on Friday pressed the nation’s prime minister to back a gas deal with France’s Total SA rather than seek changes and delay a $13 billion expansion of the country’s gas exports. The government, led by James Marape, earlier this month suddenly called for talks with Total […] More »
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Aiteo boss proposes optimal gas utilisation to resolve power shortages

Lagos — Group Managing Director (GMD), Aiteo Eastern E & P Company Ltd, Victor Okoronkwo has reiterated that the nation’s power shortage could be resolved through optimal utilization of the nation’s huge gas deposits. He stated this while speaking at a panel session at the recently concluded 2019 Annual Conference and Awards of the National […] More »
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Total to consolidate on investments in Nigeria’s deepwater

Ike Amos Abuja — Total Exploration and Production Nigeria has announced plans to consolidate on its investments in the deepwater segment of the Nigerian petroleum industry. Speaking during a visit to the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, in Abuja, Managing Director/Chief Executive Officer of Total E&P Nigeria, Mr. Mike Sangster, […] More »
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Saudi Aramco sets Sept propane price at $350 a tonne

Dubai — Saudi Arabia’s state oil giant Aramco has set its September propane price at $350 a tonne, down from $370 a tonne in August, the company said on Thursday. The price provides a benchmark against which Middle East sales of liquefied petroleum gas (LPG) to Asia are priced. Aramco has set its September butane price […] More »
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TICAD7: Ramaphosa lauds Japan’s role in shaping African development

Tokyo — South African President Cyril Ramaphosa has welcomed Japan’s efforts to boost technology on the continent. “South Africa endorses the focus on science, technology, and innovation as a priority theme for TICAD 7, given its great potential to accelerate African development through mutually beneficial partnerships with Japan,” President Ramaphosa told participants. Ramaphosa was speaking […] More »
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China’s CNOOC H1 earnings rise 19% on stronger oil, gas sales

Singapore/Beijing — China’s national offshore producer CNOOC Ltd said on Thursday first-half profit rose nearly 19% from a year earlier, as higher sales of oil and gas offset weaker global oil prices. Net profit at the listed arm of state-owned China National Offshore Oil Corp was 30.25 billion yuan ($4.26 billion) in the six month […] More »
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Trump administration to relax methane limits at oil and gas operations

Washington — The Trump administration on Thursday will propose rolling back Obama-era limits on emissions of methane at oil and gas operations on Thursday, a government source said, relaxing standards on one of the main pollutants scientists link to climate change. President Donald Trump insists he is an environmentalist, but the move is his administration’s […] More »
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OPEC daily basket oil price closes at $60.24 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $60.24 a barrel on Thursday, compared with $60.16 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), Zafiro (Equatorial Guinea), Rabi […] More »
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Thursday, 29 August 2019

Sasol says U.S. ethane cracker production steps up

Johannesburg — South Africa’s Sasol said on Wednesday its U.S. ethane cracker plant was now producing enough ethylene for use, bringing it a step closer to completing its Lake Charles Chemicals Project that has been hit by delays and cost hikes. “With the first three units commissioned, plants representing more than 60% of the project’s […] More »
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Chinese firm to build renewable power projects in Bangladesh – officia

Dhaka — Bangladesh has set up a $400 million joint venture with a Chinese company to build renewable energy projects to provide a total 500 megawatts of power by 2023, a government official said on Wednesday. The venture (JV) between China National Machinery Import and Export Corporation (CMC) and Bangladesh’s North-West Power Generation Company (NWPGC) […] More »
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OPEC daily basket oil price close at $60.16 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $60.16 a barrel on Wednesday, compared with $58.98 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), Zafiro (Equatorial Guinea), Rabi […] More »
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U.S. crude stocks drop 10 mln barrels as imports slow – EIA

New York — U.S. crude oil inventories fell sharply last week to their lowest since October last year as imports slowed, while gasoline and distillate stockpiles also declined, the Energy Information Administration said on Wednesday. Crude inventories fell 10 million barrels in the week to Aug. 23, compared with analysts’ expectations for a decrease of […] More »
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Wednesday, 28 August 2019

Oil Search says loading liquids at Gulf of Papua at reduced rate

 Newswire — Australia-listed Oil Search said on Wednesday it is loading liquids at its facilities in the Gulf of Papua at a reduced rate after temporarily suspending loading last week due to damage to a mooring system. Papua New Guinea’s biggest company said it is working with the PNG LNG operator to ramp up […] More »
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Russia’s Lukoil Q2 net income rises 21% q/q on lower tax

Moscow — Russia’s No.2 oil producer Lukoil said on Wednesday its second-quarter net profit increased 21.4% from the previous three months to 181.2 billion roubles ($2.75 billion) thanks to lower income tax. Sales increased by almost 15% from the previous quarter to 2.1 trillion roubles on higher oil and gas prices as well as rising […] More »
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Tuesday, 27 August 2019

French oil major Total signs asset transfer deals with Qatar Petroleum

talParis — French oil major Total (TOTF.PA) said it had signed deals to transfer some of its assets in Kenya, Guyana and Namibia to Qatar Petroleum. In Namibia, Total will transfer to Qatar Petroleum a 30% interest in Block 2913B while keeping a 40% interest. Total will also transfer 28.33% in Block 2912 while retaining […] More »
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Oil rises as hopes grow for U.S.-China trade

crude oilNews wire — Oil prices rose on Tuesday after U.S. President Donald Trump predicted a trade deal with China after positive comments by Beijing, calming nerves after a round of tit-for-tat tariff hikes had sent markets reeling. Brent crude LCOc1 was up by 26 cents, or 0.4%, at $58.96 a barrel by 0636 GMT, […] More »
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ExxonMobil to explore new carbon capture technology

Newswire — ExxonMobil and Mosaic Materials said they have entered into an agreement to explore the advancement of breakthrough technology that can remove carbon dioxide from emissions sources. Mosaic Materials has progressed research on a unique process that uses porous solids, known as metal-organic frameworks, to separate carbon dioxide from air or flue gas. The agreement with ExxonMobil will […] More »
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Monday, 26 August 2019

Kenya’s first crude oil export sparks demands over revenue sharing

Mombasa, Kenya — Kenya exported its first crude oil on Monday, amid pointed speeches by local leaders asking the government to stick to its commitment to share revenues from future shipments equitably. Although commercial production is years away, the discovery of oil has heightened expectations that citizens, especially those living adjacent to the deposits, will […] More »
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China passes law allowing regions to set resource taxes

Shangai/Singapore — Chinese legislators approved a new law on Monday that will give local governments authority to tax as many as 164 different resources, including fossil fuels, minerals and eventually water, the Ministry of Finance said on Monday. The National People’s Congress, China’s parliament, approved the new resource tax law on Monday and it will […] More »
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Russia’s Rosneft tenders marine fuel cargos in euros

Moscow — Top Russian oil producer Rosneft has put up marine fuel cargos for sale with the euro as the default currency, a tender document showed on Monday, in line with its plan to sell oil products in the single currency instead of the U.S. dollar. Rosneft said it had tendered to sell up to […] More »
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BP, Chevron among approved bidders for Brazil October oil auction- ANP

Rio De Janeiro — BP PLC, Chevron Corp and China’s CNOOC are among 12 companies cleared to bid in an October exploration rights auction in Brazil, oil regulator ANP said on Monday. Exxon Mobil Corp, Colombia’s Ecopetrol SA, Norway’s Equinor ASA, Australia’s Karoon, Qatar’s QPI, Spain’s Repsol SA, Royal Dutch Shell PLC , France’s Total […] More »
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Oil rises on hopes of easing U.S.-China trade tension

London — Oil prices rose on Monday after the United States and China both suggested they could ease up in a trade war that has undermined the outlook for the global economy and crude demand. Brent was up 40 cents, or 0.67%, at $59.74 a barrel by 1410 GMT, while U.S. oil was up 73 […] More »
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President Macron & G7 leaders provide AFAWA initiative with $251m

*AFAWA aims to raise up to $5 billion for African women entrepreneurs and the African Development Bank will provide $1 billion financing BIARRITZ, France — French President Emmanuel Macron and G7 leaders on Sunday approved a package totaling $251 million in support of the African Development Bank’s AFAWA initiative to support women entrepreneurs in Africa. […] More »
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Indonesia’s Pertamina considers exporting jet fuel due to high stocks

News wire —  Indonesia state oil and gas company PT Pertamina is looking to possibly export its excess supply of jet fuel, finance director, Pahala Mansury, told reporters on Monday. * “In term of volume it’s not too big,” he said. “We need to lower our inventory by exporting or processing them into other products.” […] More »
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Saturday, 24 August 2019

Column-Trump must choose between economy and trade war: Kemp

London — The White House is becoming increasingly volatile and erratic in its pronouncements about the economy and trade as the internal contradictions between its policies become obvious. President Donald Trump and his advisers have blamed the Federal Reserve and a range of foreign governments including China and Germany for the evident slowdown in the […] More »
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Glencore, Trafigura buy metal in Qingdao court auctions

Beijing — Commodity traders Glencore PLC and Trafigura have picked up a combined 70,479 tonnes of aluminum over the past week by winning online auctions of metal inventory dating back to China’s 2014 Qingdao warehousing scandal, according to the e-commerce platform that hosted the sales. The stock, being auctioned on a JD.com site by the […] More »
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Trump administration aims to ease impact of biofuel waivers but won’t rescind them -sources

Washington — The Trump administration is expected to ease the impact of its refinery biofuel blending waivers on farmers without rescinding any of the exemptions it has granted so far, four sources familiar with the matter said following a White House meeting on the issue. The approach would mark a mixed result for the agriculture […] More »
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Friday, 23 August 2019

Mexico president says new oil contracts depend on output, investment

Mexico City — Mexico’s president Andres Manuel Lopez Obrador said on Friday that no new oil and gas contracts will be awarded to private firms if companies already awarded contracts do not produce crude or invest. “If there’s no production, if they don’t invest, we can’t hand out contracts,” he told a regular news conference. […] More »
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Libya’s state oil firm demands pay rise for workers

Benghazi — Libya’s state oil firm NOC has demanded a pay rise of 67% for its workers which it plans to discuss with the Tripoli government next week, the company said in a statement on Friday. The company’s demand followed a protest at the El Sharara oilfield, the country’s biggest, over pay and working conditions […] More »
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Asian refiner profits hammered by free-fall in fuel oil margins

Singapore — Asian refining margins have tumbled more than 50% since mid-July on anticipation of plummeting demand for high sulphur fuel oil (HSFO) ahead of a shift to cleaner marine fuels next year. Complex refining margins for a typical Singapore refinery, an Asian benchmark, had dropped to $4.31 a barrel by the close of markets on […] More »
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Norway’s oil industry trims 2019 investment forecast

Oil and gas companies working in Norway have slightly cut their 2019 investment forecasts since May, a survey by the country’s statistics agency More »
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Thursday, 22 August 2019

Russia’s Rosneft says Q2 net profit up 48% q-o-

Moscow — Russia’s largest oil producer Rosneft said on Wednesday its net profit increased in the second quarter by 48.1% quarter-on-quarter to 194 billion roubles ($2.92 billion). Q2 revenue rose 2.8% to 2.135 trillion roubles, the company said in a statement. Rosneft said its financial debt and trading liabilities had fallen by 14%, or by […] More »
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India’s ONGC sells 3rd Oct-loading Sokol crude cargo at steady premium -sources

Singapore — Indian oil explorer ONGC Videsh has sold a cargo of Russian Sokol crude at a premium of about $5.75 a barrel to Dubai quotes via a tender, two trade sources told Reuters on Wednesday. Oil major Chevron is believed to be the buyer of the 700,000-barrel cargo, the sources said, declining to be […] More »
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UK GAS-Prices strengthen as gas field outage extended

London — British wholesale gas prices rose on Wednesday, despite an oversupplied market, as an unplanned outage at a gas field was extended. * Day-ahead gas price up 0.7 pence at 28.00 p/therm by 0755 GMT. * Month-ahead gas price was 0.59 pence higher at 32.10 p/therm. * Within-day gas price was yet to trade. […] More »
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OPEC daily basket oil price closes at $60.66 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $60.66 a barrel on Wednesday, compared with $59.94 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), Zafiro (Equatorial Guinea), Rabi […] More »
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Norway’s Equinor adds acreage offshore Argentina

Oslo — Equinor has taken a 50% stake in Argentina’s largest offshore block, CAN 100, as part of its collaboration with the South American country’s state-controlled oil firm YPF, the Norwegian company said on Wednesday. In April, Equinor won operatorship of five blocks in Argentina’s first offshore oil and gas licensing round, and also got […] More »
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Wednesday, 21 August 2019

U.S. oil firms challenge pipeline surcharge for steel tariff -filing

Two U.S. shale producers have challenged an energy pipeline operator’s proposed surcharge for the Trump administration’s 25% tariff More »
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Libya sends mobile petrol stations to conflict-hit west

Libyan state employee Akrm Jlaidi drives for ninety minutes to the suburbs of the capital Tripoli every week to fill his car at a mobile fuel station More »
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Tuesday, 20 August 2019

Exxon sells two Oct-loading Sokol crude cargoes at steady premiums-sources

Singapore — Oil major Exxon Mobil Corp has sold two Sokol crude cargoes for October loading at premiums of about $5.65-$5.70 a barrel to Dubai quotes via a tender, two traders said on Tuesday Exxon did not award a third cargo in the tender, they said Buyers of the cargoes remain unknown Earlier this month, […] More »
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Saudi Aramco asks banks to pitch for roles in planned IPO

Riyadh — Saudi Aramco has formally asked major banks to submit proposals for potential roles in its planned initial public offering, two sources with direct knowledge of the matter said. Aramco’s planned IPO, which could potentially raise $100 billion, is the centerpiece of Saudi Arabia’s economic transformation drive to attract foreign investment and diversify away […] More »
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OPEC daily basket oil price closes at $59.56 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $59.56 a barrel on Monday, compared with $59.13 the previous Friday, 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), Zafiro (Equatorial Guinea), Rabi […] More »
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Monday, 19 August 2019

Oil up after drone attack on Saudi field, but OPEC report caps gains

London — Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemen’s Houthi forces and as traders looked for signs of progress in U.S.-China trade negotiations. Price gains were, however, capped to some degree by an unusually downbeat OPEC report that stoked concerns about growth in oil demand. […] More »
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Equinor, Gazprom lose European gas market share as LNG surges

London — Europe’s two biggest suppliers of pipeline gas, Norway’s Equinor and Russia’s Gazprom, have lost market share for the first time in at least four years amid a tripling in liquefied natural gas (LNG) imports into the region over the past 10 months. LNG imports into Europe have jumped amid lower than expected spot […] More »
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Russia may give Transneft control of all oil intake terminals

Moscow — Russia may transfer the running of oil intake terminals to state-owned pipeline company Transneft, according to a government website, after a privately-owned terminal was blamed earlier this year for contaminating oil supplies. Prime Minister Dmitry Medvedev will ask the government to consider the move, the website said, after Medvedev met Transneft Chief Executive […] More »
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Saturday, 17 August 2019

Oil theft: Presidential Amnesty commends Army for stability in N’Delta

Mkpoikana Udoma Port Harcourt — The Presidential Amnesty Programme, PAP, says the Nigerian Army has contributed significantly to the peace and stability enjoyed in the Niger Delta region, by providing maximum security to the people of the area and also secured critical national assets in the region. Acting Director, Army Public Relations, Colonel Sagir Musa, […] More »
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Finland signs contracts for first parts of north-south power line

Oslo — Finland has signed contracts to construct the initial two sections of a 310 kilometre (192.6 miles) power line that will primarily help transport electricity from its north to its south, state-owned Fingrid said on Friday. The planned 100 million euro ($110.82 million) line, called Forest Line, will cross through Finland’s vast forested centre, replacing […] More »
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NCDMB to support Notore develop industrial city in Rivers State

Mkpoikana Udoma Port Harcourt — The Nigerian Content Development and Monitoring Board, NCDMB, will support Notore Chemical Industries Plc, to develop its industrial city in order to provide integrated services to oil and gas firms, and also improve the nation’s agricultural and infrastructural sectors. Executive Secretary of NCDMB, Engr. Simbi Wabote announced this during a […] More »
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Iran tanker shifts position but still at anchor off Gibraltar

Gibraltar — An Iranian tanker caught in the standoff between Tehran and the West shifted position on Friday but its anchor was still down off Gibraltar and it was unclear if it was ready to set sail, a Reuters reporter said. Gibraltar authorities could not be reached for comment. The Grace 1 was seized by […] More »
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Friday, 16 August 2019

China’s Shenzhen Gas to launch new LNG terminal with cargo from ENI

Singapore — Chinese city-gas distributor Shenzhen Gas will launch next week in southern China its first fully-owned terminal to import liquefied natural gas (LNG), a company executive told Reuters on Friday. This will make Shenzhen Gas the second city gas distributor backed by a local government that owns an LNG import facility. The first was Shenergy […] More »
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Community decry exploitative bills by Ikeja Electric

OpeOluwani Akintayo Lagos — Landlords and residents of Aboru in Iyana Ipaja area of Lagos State have cried out against the “exploitative bills” being issued to the community by Ikeja Electric, IE. Mr. Oladele Kayode-Ojo, immediate past Chairman, Valley View Estate Community Development Association, Aboru, in a statement on Thursday, said the electricity distribution company […] More »
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Continental Resources CEO urges OPEC, shale oil output cuts

OPEC and U.S. shale producers should reduce crude shipments into an oversupplied market, Continental Resources Chief Executive Harold Hamm More »
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Oyo discovery is a game-changer for Congo and the African content

*Congo has 2 billion barrels of proven oil reserves from about 20 fields being exploited and about 10 permits granted and waiting to be developed JOHANNESBURG, South Africa — The recent onshore discovery made in the Delta de la Cuvette deposit in the Republic of Congo is a game-changer for Congo and Africa. The discovery […] More »
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OPEC daily basket oil price closes at $58.87 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $58.87 a barrel on Thursday, compared with $59.99 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), Zafiro (Equatorial Guinea), Rabi […] More »
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Voice of Nigeria lauds NNPC on reputation turnaround

Abuja — The Voice of Nigeria, the mass communication apparatus dedicated to the dissemination of information from the country to the outside world, has applauded the improved global reputation of the Nigerian National Petroleum Corporation, NNPC, which was accentuated with the appointment of Mallam Mele Kyari as the Group Managing Director. Leading a top-level management […] More »
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Thursday, 15 August 2019

Harris Williams advises Franklin Energy Group on its sale to Abry Partners

Richmond, Virginia – Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised Franklin Energy Group (Franklin Energy), a portfolio company of Kohlberg & Company, LLC (Kohlberg), on its sale to Abry Partners (Abry). Franklin Energy is a leading provider of demand-side management (DSM) solutions to utility clients. The transaction […] More »
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Continental Resources CEO urges OPEC, shale oil output cuts

Denver — OPEC and U.S. shale producers should reduce crude shipments into an oversupplied market, Continental Resources Chief Executive Harold Hamm said on Tuesday, as Iran sanctions and the U.S.-China trade dispute has roiled the market. Hamm, who heads one of the largest U.S. shale companies, urged energy producers to curb spending and production, echoing […] More »
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India to test using LNG to power fishing boats

Singapore —India is set to test using liquefied natural gas (LNG) to power fishing boats ahead of stricter international rules on marine fuel emissions next year, in a move that could help an under-used LNG terminal in the south of the country. The South Asian country’s Kerala Development and Innovation Strategic Council (K-DISC), which is […] More »
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Lithuania, Germany agree must respect Ukraine in Nord Stream 2 construction

Berlin — Lithuanian President Gitanas Nauseda said on Wednesday he had agreed in talks with German Chancellor Angela Merkel that Ukraine’s interests should be respected in the construction of the Nord Stream 2 gas pipeline. Ukraine is worried that it will lose out on transit revenues when the pipeline, which will transport gas from Russia to […] More »
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Wednesday, 14 August 2019

U.S. crude stocks up unexpectedly in most recent week – EIA

News wire — U.S. crude stocks rose last week as refineries cut output, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.6 million barrels in the week to August 9, compared with analysts’ expectations for a decrease of 2.8 million barrels. Crude stocks at […] More »
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Indian Oil Corp seeks LNG cargo for late Aug-early Sept -sources

News Wire — Indian Oil Corp is seeking a liquefied natural gas (LNG) cargo for delivery over late August to early September, two industry sources said on Wednesday. The tender closes on Wednesday, one of the sources said. – Reuters More »
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Why the Lokoja port project is delayed – NIWA Boss

Vincent Toritseju Lagos — THE Managing Director of the National Inland Waterways, Senator Olorunimbe Mamora, has said that the issue of litigation on the site of the proposed Lokoja port is currently slowing down the project. Senator Mamora said that the crisis currently rocking the port project is much deeper than what people think. He […] More »
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OPEC daily basket oil price closes at $59.47 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $59.47 a barrel on Tuesday, compared with $57.96 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), Zafiro (Equatorial Guinea), Rabi […] More »
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WISTA advocates gender-friendly ship designs seek female head for IMO

Vincent Toritseju Lagos — MEMBERS of the Women in International Shipping Trading Association, WISTA, have called on shipbuilders to consider gender-friendly ship designs so as to encourage more women to come into the seafaring profession. The group also said that it is looking forward to having a woman heading the International Maritime Organization, IMO, in […] More »
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Poor meteorology, maritime infrastructure undermines economy, security

*NPA, NIMET in MoU Vincent Toritseju Lagos — With growing security concerns across Nigeria, some maritime experts have revealed the malpractices and neglects that are currently undermining government revenue as well as security services in the maritime sector. Apparently against this backdrop, fueled by the incessant and violent damage done to vessels as a result […] More »
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Tuesday, 13 August 2019

Iran says Britain might free oil tanker soon – IRNA

Dubai — Iran said on Tuesday that Britain might free its oil tanker Grace 1 soon in a maritime saga that has exacerbated frictions between Tehran and the West. But a source for the government of British Mediterranean territory Gibraltar, where marines seized the tanker on July 4 on suspicion of violating European sanctions by taking […] More »
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Congo Republic set to become one of Africa’s largest oil producers

OpeOluwani Akintayo Lagos — Congo Republic is set to become one of Africa’s top crude oil producer, as a new oil discovery could produce nearly 1 million barrels of oil per day. Italy’s ENI and France’s Total had raised the country’s output to about 350,000 barrels per day. The new field holds 1 billion cubic […] More »
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ONGC sells Sept-Oct Russian Sokol crude at $5.80 premium -sources

Singapore — Indian oil explorer ONGC Videsh has sold one cargo of Russian Sokol crude at a premium of $5.80 a barrel to Dubai quotes, two trade sources told Reuters on Tuesday. Trading house Glencore was the buyer of the 700,000-barrel cargo, the sources said. ONGC offered the cargo to load over Sept. 29 to Oct. […] More »
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EU sets countervailing duties on Indonesian biodiesel

Brussels — The European Commission on Tuesday levied countervailing duties on Indonesian biodiesel, saying the move would restore a level playing field for EU biodiesel producers. “The new import duties are imposed on a provisional basis and the investigation will continue with a possibility to impose definitive measures by mid-December 2019,” the EU executive said […] More »
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UK Gas – Prices rise as imports from Norway dip

London — British wholesale gas prices rose on Tuesday morning as imports from Norway fell, creating undersupply. * Within-day gas price up 1.30 pence at 31.20 pence per therm by 0809 GMT. * Day-ahead gas price up 0.90 p at 30.50 p/therm. * “Prompt prices are all up a bit on lower supply,” a gas […] More »
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Oil prices edge down as traders weigh slowing demand against supply curbs

Singapore — Oil prices edged lower on Tuesday, offsetting narrow gains in the previous session, on the expectation major producers would continue to reduce global supplies due to a slowing economic growth outlook. International benchmark Brent crude futures were down 11 cents or 0.2%, from the previous settlement, to $58.46 a barrel by 0108 GMT. […] More »
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Occidental finance chief pledges to quickly pare acquisition debt

Denver — Occidental Petroleum Corp expects to quickly reduce the $40 billion in debt it took on with its purchase of Anadarko Petroleum, the company’s finance chief said on Monday. Cedric Burgher, in his first public remarks since the $38 billion acquisition closed last week, told an EnerCom energy conference audience, the resulting debt burden […] More »
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Monday, 12 August 2019

Reliance to sell 20% stake in oil-to-chemicals arm to Saudi Aramco

Mumbai — India’s Reliance Industries is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco, helping the Indian conglomerate to cut debt and giving Aramco better access to a fast growing market. While terms of the deal are yet to be finalised, Reliance will get roughly $15 billion, including […] More »
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Prices rise on lower wind power output

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Centrica contracts Survitec for rough gas rigging lofts

Houston — Offshore oil and gas operator Centrica Storage Limited, CSL, has awarded Survitec a contract to supply height safety and rigging equipment to the Rough 47/3 Bravo platform, located 29km (18 miles) off the East coast of Yorkshire in the Southern North Sea. The contract, which adds to an existing agreement relating to the […] More »
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CNPC starts to drill first shale oil well in Sichuan

Beijing — China National Petroleum Corp (CNPC) started to drill its first shale oil well in the southwestern province of Sichuan, the company said in a statement on Monday * The well, with a designed hole depth of 3,735 metres (12,250 feet), attracted 10.62 million yuan ($1.50 million) investment, according to a document filed to local […] More »
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NNPC GMD, DPR Director, others to speak at NAEC Conference

Lagos — The Group Managing Director, GMD of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari, will lead other teams of discussants to x-ray topical issues in oil and gas industry at the 2019 edition of the Association of Energy Correspondents of Nigeria, NAEC annual conference. The event scheduled to hold at the Jasmine […] More »
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Wednesday, 7 August 2019

Oil slumps 5% to 7-month low on trade tensions, surprise U.S. stock build

HOUSTON — Oil prices tumbled up to 5% on Wednesday to a fresh seven-month low, extending recent heavy losses following an unexpected build in U.S. crude stockpiles and fears of lower crude demand due to deepening U.S.-China trade tensions. Brent crude futures LCOc1 were down $2.38, or 4%, at $56.56 a barrel by 10:36 a.m. […] More »
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Conoil Plc lifts energy stocks trading on the NSE

Michael James Lagos — Wednesday trading activities on the floor of Nigerian Stock Exchange, NSE for energy companies saw Conoil Plc gained 1.05% as top gainer. Conoil opened trading with N16.6 and closed with N17.65 in 29 trade deals, 105,670 volumes valued at 1,863,398.15. Eterna trailed behind Conoil in the gainers’ category as it opened […] More »
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Weekly SweetcrudeReports August 7, 2019

Weekly SweetcrudeReports August 7, 2019, NCDMB, MAN say oil service firms to benefit from free trade pact More »
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Enyo, Bosch strengthen ties for automotive parts, services

Michael James Lagos — Enyo Retail and Supply, and Bosch, a global supplier of technology and services, have deepened their relationship through the signing of a partnership agreement on auto parts and services across Nigerian. The agreement will entail the operation of Bosch standard centers as you have in Germany, South Africa or anywhere in […] More »
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OPEC daily basket oil price closes at $59.71 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $59.71 a barrel on Tuesday, compared with $60.54 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), Zafiro (Equatorial Guinea), Rabi […] More »
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Tuesday, 6 August 2019

NERC speaks on customer service standards, meter reading, others

OpeOluwani Akintayo Lagos — The Nigerian Electricity Regulatory Commission, NERC has broken silence on a number of issues beguiling the customers-Discos relationship, including customer services and meter reading. In a series of Tweets through its official handle, @NERCNG, the commission said whenever a customer makes a request to a distribution company for a new or […] More »
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Monday, 5 August 2019

NNPC blames HHK price increase on demand, supply pressure

OpeOluwani Akintayo Lagos — The Nigerian National Petroleum Corporation, NNPC on Sunday, blamed the increase in the price of household Kerosene in the country on the pressure of demand and supply. The NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, explained that the price of the product had been deregulated. “The point remains […] More »
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Rivers, NCDMB commission low voltage panels assembly plant

Mkpoikana Udoma Port Harcourt — Rivers State Governor, Nyesom Ezenwo Wike, at the weekend commissioned a Low Voltage Panels Assembly Plant, built by Alcon Nigeria Limited in Port Harcourt, declaring that his administration will work with the private sector to revive the manufacturing sector in the state. Governor Wike said his administration is committed to […] More »
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Sunday, 4 August 2019

Saudi energy minister says he discussed oil markets with Russian counterpart

Cairo — Saudi energy minister Khalid Al-Falih discussed oil markets with his Russian counterpart and stressed that Saudi Arabia would continue to comply with production cuts until the end of Q1 2020, he said in a tweet on Saturday. “We confirm that we will continue to hold such meetings and talks between our two countries […] More »
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Saturday, 3 August 2019

NUPENG suspends industrial action against Chevron Nigeria Limited

OpeOluwani Akintayo Lagos — The National leadership of Nigeria Union of Petroleum and Natural Gas Workers, NUPENG has put on hold industrial action against American oil giant Chevron. In a statement signed by its National President, Comrade Williams Akporeha, on Friday, said its plan to proceed with a strike after the seven-days ultimatum lapses were […] More »
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Friday, 2 August 2019

Mexico Set To Tap $6.3B From Oil Fund To Plug Budget Shortfall

News Wire — Mexico may use up nearly half of the money in its rainy-day oil fund to plug a shortfall in budget revenues, after that fund declined in the first half of 2019 on the back of disappointing revenues from oil. Mexico could use as much as US$6.3 billion (121 billion Mexican peso) out of […] More »
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Court dismisses appeal to annul Ken Saro-Wiwa’s execution

Mkpoikana Udoma Port Harcourt — The Court of Appeal sitting in Port Harcourt has struck out an appeal seeking to annul the execution of renowned environmentalist and playwright, Ken Saro-Wiwa and eight other Ogoni men, who were sentenced to death by a military tribunal in 1995. Saro-Wiwa and his group, the Movement for the Survival […] More »
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Thursday, 1 August 2019

GE’s Baker Hughes beats estimates on international demand, LNG drilling

General Electric Co’s oilfield services arm, Baker Hughes, beat quarterly profit estimates on Wednesday, driven by higher LNG More »
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Indonesia is unlikely to begin natural gas imports in 2025 – minister

Indonesian Energy Minister Ignasius Jonan told reporters on Wednesday the country is unlikely to begin natural gas More »
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Vietnam will face severe power shortages from 2021 -ministry

Vietnam will contend with severe power shortages from 2021 as electricity demand outpaces the construction of new power plants in the Southeast Asian country More »
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Encana beats profit estimates on higher production

Canadian oil and gas producer Encana Corp edged past estimates for quarterly profit on Wednesday, helped by increased production in Anadarko and Permian More »
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Oman signs gas exploration agreement with Italy’s Eni and BP Oman

Oman’s ministry of oil and gas has signed a gas exploration agreement with Italy’s Eni and BP Oman for concession block 77, the ministry said on its Twitter feed on Wednesday More »
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Indonesia’s oil and gas regulator urges quick resolution for Chevron’s IDD project

Indonesia’s oil and gas regulator SKK Migas said the authorities want to speed up talks with Chevron Corp over the Indonesia Deepwater Development More »
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Libya’s biggest oilfield shut, NOC declares force majeure

Libya’s Sharara oilfield, the country’s largest, was forced to shut down after a valve on the pipeline linking it to the Zawiya oil terminal was closed late Tuesday evening More »
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OPEC daily basket oil price closes at $65.53 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $65.53 a barrel on Wednesday, compared with $64.62 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), Zafiro (Equatorial Guinea), Rabi […] More »
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