Tuesday, 5 November 2019

West Africa crude offers continue rise on margins, freight

Lagos — Improved margins and freight rates have boosted price offers for both heavy and sweet West African crude oil as at Friday, November 1, 2019. Lighter Nigerian crude cargoes for November and December were heard to have crept up around 20 cents a barrel, with Bonny Light and Qua Iboe over a premium of […]

The post West Africa crude offers continue rise on margins, freight appeared first on SweetCrudeReports.

More »
Read More »

South Africa’s PetroSA eyes Russia for $359 million farmout deal

Cape Town/Moscow — South Africa’s national oil company PetroSA and Russia’s state geological company Rosgeologia are in talks to finalize a $359 million farmout deal to give Russia its first foothold in a prospective oil and gas field offshore South Africa, three sources said. PetroSA is under pressure to boost dwindling domestic resources that have […]

The post South Africa’s PetroSA eyes Russia for $359 million farmout deal appeared first on SweetCrudeReports.

More »
Read More »

Monday, 4 November 2019

Oil rises more than 1% on U.S.-China hopes and improved outlook

Houston — Oil prices rose more than 1% on Monday, buoyed by an improved outlook for crude demand as better-than-expected U.S. jobs growth added to market hopes a preliminary U.S.-China trade deal would be reached this month. Brent crude futures for January rose 76 cents, or 1.2% to $62.45 a barrel by 11:31 a.m. CST […]

The post Oil rises more than 1% on U.S.-China hopes and improved outlook appeared first on SweetCrudeReports.

More »
Read More »

Med crude-Urals diffs steady during Russian holiday

London — Urals crude oil differentials were steady on Monday amid a Russian public holiday. PLATTS WINDOW * There were no bids or offers in the Platts window for Urals, Azeri, CPC or Saharan, traders said. Urals differentials to dated Brent have firmed over the past week on strong demand and tight supply. RELATED NEWS […]

The post Med crude-Urals diffs steady during Russian holiday appeared first on SweetCrudeReports.

More »
Read More »

Ijaw youths vow to shutdown NDDC over interim committee

Mkpoikana Udoma Port Harcourt — The Ijaw Youth Council, IYC worldwide has threatened to shut down the head office of the Niger Delta Development Commission, NDDC in Port Harcourt, if the interim management committee of the commission announced last week is not dissolved. IYC President, Mr Eric Omare, while briefing newsmen, canvassed the immediate inauguration of the NDDC […]

The post Ijaw youths vow to shutdown NDDC over interim committee appeared first on SweetCrudeReports.

More »
Read More »

Venezuela’s oil exports top 800,000 bpd for a second month, drains surplus -data

Mexico City — Venezuela’s oil exports eased in October, but surpassed 800,000 barrels per day (bpd) for second month in a row, helping to drain an inventory buildup that had forced the OPEC country to cut output, according to documents and data. Since the United States imposed sanctions on Venezuelan state-run oil firm PDVSA in January […]

The post Venezuela’s oil exports top 800,000 bpd for a second month, drains surplus -data appeared first on SweetCrudeReports.

More »
Read More »

Oil & gas book has an eye on the future

*Billions at Play has also been hailed by OPEC Secretary General Mohammad Sanusi Barkindo JOHANNESBURG, South Africa — Talking about energy isn’t easy, especially at a time of widespread anxiety about the link between fossil fuels and climate change. But NJ Ayuk, the experienced oil and gas dealmaker who heads the Pan-African legal conglomerate Centurion […]

The post Oil & gas book has an eye on the future appeared first on SweetCrudeReports.

More »
Read More »

Iran’s Zanganeh sees more output cuts by OPEC at next meeting -report

Dubai — Iranian Oil Minister Bijan Zanganeh was quoted as saying on Monday that he expects further production cuts to be agreed at the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) in December. “We expect the decline in oil production to increase further, which means that we will see a further […]

The post Iran’s Zanganeh sees more output cuts by OPEC at next meeting -report appeared first on SweetCrudeReports.

More »
Read More »

UK shale gas explorers’ shares fall on fracking moratorium

t) London — Shares in British shale gas explorers fell on Monday morning after the government announced at the weekend that it is imposing a moratorium on fracking. On Saturday the government said that the gas extraction technique risked causing too much disruption to local communities through earth tremors. Fracking, which involves extracting gas from […]

The post UK shale gas explorers’ shares fall on fracking moratorium appeared first on SweetCrudeReports.

More »
Read More »

OML11: Abia communities hold prayer summit against SPDC

Mkpoikana Udoma Port Harcourt — Host communities of OML11 in Abia State, on Monday held a prayer summit against the operations of the Shell Petroleum Development Company of Nigeria Limited, SPDC, asking God to intervene in quitting the oil firm from their land. Chairman, Traditional Rulers Council of OML11, HRM Eze Obioma Levi Nworgu, said […]

The post OML11: Abia communities hold prayer summit against SPDC appeared first on SweetCrudeReports.

More »
Read More »

OPEC daily basket oil price closes at $60.19 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $60.19 a barrel on Friday, compared with $60.52 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 […]

The post OPEC daily basket oil price closes at $60.19 per barrel appeared first on SweetCrudeReports.

More »
Read More »

Kosmos Energy finds oil off Equatorial Guinea -oil ministry

Cape Town — U.S. oil company Kosmos Energy has made an oil discovery at its S-5 well offshore of Equatorial Guinea, hitting 39 metres of net oil play, the Ministry of Mines and Hydrocarbons said on Sunday. “We are very excited about the results of the S-5 well, the first well drilled in this ongoing […]

The post Kosmos Energy finds oil off Equatorial Guinea -oil ministry appeared first on SweetCrudeReports.

More »
Read More »

Energean adds 0.9 tcf gas discovery to Israel portfolio

London — Energean booked 0.9 trillion cubic feet of recoverable natural gas to its Israeli off-shore resources after appraising its Karish North discovery, the Mediterranean-focused gas producer said on Monday. Karish North also holds some light oil, which brings the field up to 190 million barrels of oil equivalent, which Energean plans to feed into […]

The post Energean adds 0.9 tcf gas discovery to Israel portfolio appeared first on SweetCrudeReports.

More »
Read More »

Sunday, 3 November 2019

A renewable-as-baseload strategy can fix Nigeria’s power sector

Lagos — Wale Yusuff, Managing Director of Wärtsilä Nigeria, says it is time to question the suitability of a traditional approach to power generation that has clearly shown its limits and is no longer fitted to unleash Nigeria’s clean energy potential. According to this global energy player, flexible power systems will be instrumental in significantly […]

The post A renewable-as-baseload strategy can fix Nigeria’s power sector appeared first on SweetCrudeReports.

More »
Read More »

Saturday, 2 November 2019

Oil trader Vitol pulls out of $1.5 bln deal to buy Nigerian oil fields

Lagos/London — Oil trader Vitol has quit a consortium that was set to buy a stake in two Nigerian oil fields from Brazil’s Petrobras, its former partner said on Friday. Africa Oil said it would conclude the $1.5 billion purchase alone after Vitol and Delonex Energy pulled out of the deal to buy half of […]

The post Oil trader Vitol pulls out of $1.5 bln deal to buy Nigerian oil fields appeared first on SweetCrudeReports.

More »
Read More »

W. Africa Crude – West Africa offers continue rise on margins, freight

London -- Improved margins and freight rates boosted price offers for both heavy and sweet West African crude oil on Friday. NIGERIA * Asian naphtha margins quadrupled in October while spot premiums have hit the highest since 2013 at the same time gasoline margins gained 18.3%. * Saudi Arabia may raise prices of light crude […]

The post W. Africa Crude – West Africa offers continue rise on margins, freight appeared first on SweetCrudeReports.

More »
Read More »

Friday, 1 November 2019

Oil prices stabilise, but set for big weekly loss amid trade gloom, rising output

Tokyo — Oil prices steadied on Friday after a rough week, squeezed about 4% lower by a combination of rising global supply and uncertain future demand. U.S. crude surfaced for air for the first time in four days, gaining 15 cents, or 0.3%, to $54.33 a barrel by 0103 GMT. The contract was heading for […]

The post Oil prices stabilise, but set for big weekly loss amid trade gloom, rising output appeared first on SweetCrudeReports.

More »
Read More »