By agencies… Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply. Futures fell as much as 2.7 percent to $34.67 a barrel in New York, the lowest since Feb. 19, 2009.
Crude Oil Prices are likely to fall below $40 in 2016 says Market analysts
Agencies… As crude oil prices continue their dramatic decline after a refusal by the Organization of Petroleum Exporting Countries (OPEC) to cut production, the key question now is, how much lower can oil go? U.S. WTI crude oil futures traded under $40 a barrel on Monday, while Brent oil future are hovered around $42 a
All Not well in Norway’s Oil Town as the ‘low price effect’ hits harder
By AFP… Sparkling wine instead of champagne, companies cancelling their Christmas celebrations, unemployment soaring and real estate prices flagging: with crude prices plunging from record highs, Norway’s oil capital Stavanger is hungover after the party. “There you go, another rejection.” Roger Schurmeyer holds up the umpteenth job rejection letter he has received on his smartphone.
Oil Majors rash as Iran announce 70 Oil and Natural gas projects Valued at $30 billion
Agencies… Total SA, Royal Dutch Shell Plc and Lukoil PJSC are among the leading international companies in the rash as Iran, the holder of the world’s fourth-largest crude reserves presents $30 billion worth of projects to investors. Total is one of the companies that have been in the forefront of discussions and Eni SpA is also
Hope as Indian refineries Clear African Crude Oil off the shelf
By agencies… Indian refineries continued to moped cargoes of West African crude oil, underpinning what was otherwise a saturated market. Refineries HPCL and BPCL together booked at least four million barrels of West African oil, adding to the six million booked earlier by IOC in a tender. IOC has another tender pending this week to
Africa’s Oil and gas Industry Must create more Direct and Indirect jobs to drive prosperity says UN
Statement by UNCTAD… Conference participants from all over the world analysed the potential for exploration and production of oil and gas, and investment opportunities, in Sudan and other African countries at UNCTAD’s 17th African OILGASMINE Conference and Exhibition in Khartoum. The oil, gas and mining industries – currently employing around 1 per cent of Africa’s workforce –
Shell and Eni Paid $1.1bn ‘behind closed door’ to acquire Oil exploration rights in Nigeria, says Global Witness
Oil majors Shell and Eni paid US$1.1bn to an Illegal company and secured exploration and production rights for one of West Africa’s largest oil fields, situated off the coast of Nigeria, Global witness has said. The company called Malabu Oil and Gas, was by the time of payment in 2011 secretly owned by the former
Tanzania to start Advanced Oil search in Lake Tanganyika
Tanzania Petroleum Development Corporation (TPDC) will start an advanced search for oil in Lake Tanganyika, Uganda Oil has learnt. From its first stages of surveys across Lake Tanganyika waters, TPDC believes that a greater part of the the lake contains abundant oil resources. The authority harbored interests in making advanced search in the second largest freshwater
Tullow announce Farm-down in Kenya, expects to make Final Investment Decision in Uganda in 2017
British-African Giant Tullow Oil Plc has expressed optimism about the status of its development projects in East Africa saying it’s nearing Final Investment Decision (FID) The revelations are contained in the Company’s November Trading update, which details the current project status and the business projection of the last quarter of the company’s Financial year. Tullow
Oil and gas Activity Glossary: Definition of Major Terms Used
2C: Best estimate 2D: Two dimensional 2P: Proven and probable ACQ: Annual Contract Quarterly Appraisal Well: Well drilled after the discovery of oil or gas to establish the limits of the reservoir, the productivity of wells in it and the properties of the oil or gas. See also development well Barrel: (bbl: barrel; mmbbls: million barrels) a unit