News » Nogtec

Nigeria’s Q1 refinery output boosted by Niger Delta peace -NNPC

May 19, 2017 | Company Operations, Nigeria, Refining & Processing

Port Harcourt, Nigeria | – Nigeria’s refineries processed 10 million barrels of crude oil in the first quarter, more than they did for the whole of 2015, after talks with militants reduced attacks on facilities, the head of the Nigerian National Petroleum Corporation (NNPC) said. OPEC member Nigeria has a refining capacity of 445,000 barrels per day (bpd) but imports most of its fuel as its three refinery plants have been shut or are running at reduced capacity due to years of neglect, vandalism and …

Tullow Oil strikes more oil deposits in northern Kenya

May 19, 2017 | Company Operations, Exploration / Discoveries, Kenya

London, UK | – UK exploration company Tullow Oil has encountered around 75m of net oil deposits at an exploration well in Northern Kenya. The company found the new deposits at the Emekuya-1 well in Block 13T after drilling a depth of 1,356m and penetrated reservoir quality Miocene sandstones, which correlate to those seen at another Etom-2 well, where oil deposits were discovered earlier. Objective of the Emekuya-1 was to drill a fault block on the flank of the Greater Etom structure. Tullow Oil operates Blocks 13T and …

Angola’s Sonangol cancels auction for eight oil blocks

May 19, 2017 | Angola, Commodities & Oilprice, Licensing & Concessions

London, UK | –  Angola’s state oil company Sonangol has cancelled an auction of oil exploration licences for eight blocks, blaming the drop in oil prices since the bidding opened. “The remarkable drop in the price of the oil barrel and the economic and financial situation of the country and the world, have negatively influenced the viability of the oil concessions,” Sonangol said in a statement. The round includes five blocks in the Kwanza basin and three on the Lower Congo. Sonangol said the new …

Nigeria’s NNPC ‘finalising $6 billion in oil swaps’

May 19, 2017 | Downstream, Energy Trading & Markets, Nigeria

Abuja, Nigeria | – Nigeria’s state oil company is in the final stage of signing $6 billion worth of deals to exchange more than 300,000 barrels per day of crude oil for imported gasoline and diesel, sources with direct knowledge of the process told Reuters. The contracts, which come three months later than expected, include three more pairs of companies than last year, reflecting Nigeria’s increased reliance on NNPC for fuel imports. A lack of local refining capacity means Nigeria is reliant on imported gasoline, …

South Africa open to Iranian investment if new refinery goes ahead

May 19, 2017 | Budget & Investment, Refining & Processing, South Africa

Cape Town, South Africa | – South Africa, a net importer of refined oil products, is looking to West Africa and the Middle East, including Iran, for potential partners on a new refinery project, energy ministry officials said on Friday. Energy minister Mmamoloko Kubayi told parliament that the cabinet expects to decide by December whether to build the refinery that has been under consideration for almost a decade. National oil company PetroSA has promoted the idea of building a refinery with a capacity of up …

Nigerian oil labour union calls for Exxon Mobil shutdown over sacking of colleagues

May 19, 2017 | Employment, Nigeria

Lagos, Nigeria | – A Nigerian labour union on Friday called for the shutdown of all Exxon Mobil Corporation facilities in the Niger Delta, a union representative said. Reuters was unable to independently verify whether union members had shut down the company’s facilities. Oil industry sources said there had been no impact on production. Madubuezi Azubuike, who chairs the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Rivers state, said the call followed the breakdown of talks with the company over sackings …

Shell seeks to sell Tunisian gas fields for $500 million

May 19, 2017 | Asset Acquisitions & Divestitures, Company Operations, Tunisia

London, UK | – Royal Dutch Shell Plc is seeking to sell its gas fields in Tunisia for about $500 million, sources said, as the Anglo-Dutch company pushes forward with its vast disposal program. The Tunisian assets, accounting for about 65% of the North African country’s gas production, were acquired as part of Shell’s $54 billion take over of BG Group in 2016. The assets include two offshore gas fields — Miskar, fully owned by Shell; and Hasdrubal, 50% owned by Shell — as well as an onshore production facility. In 2015, …

OPEC Versus U.S. Shale: What’s Next for Oil Prices?

May 19, 2017 | Latest Featured Articles

By  Erik Norland | – Saudi Arabia, the top exporter among oil producers grouped under the Organization of Petroleum Exporting Countries (OPEC), and Russia announced on May 15 that they favoured extending production cuts for an additional nine months into 2018, rallying oil prices. The celebrations, however, might be short-lived. As we have pointed out on several occasions, fracking technology has made the United States a major swing producer in energy markets, diminishing the influence of Saudi Arabia and other OPEC members. OPEC members will …