Africa Oil announced that the Etom-2 well in Block 13T in northern Kenya has discovered 102 metres of net oil pay. The company in a press statement indicated that Oil samples, sidewall cores and wire line logging all indicate the presence of high API oil in the best quality reservoir encountered in the South Lokichar
OPEC says Oil prices will recover by 2020
By agencies… Oil producers’ group Opec has said it expects oil prices to recover to $70 a barrel by 2020. Prices have fallen from more than $110 a barrel in the summer of 2014 to less than $37 a barrel now due to oversupply and slowing demand. But Opec said oil prices would begin to
Here is why market analyst Goldman Sachs says Oil prices may fall to $20 per barrel in 2016
Agencies… American market analyst Goldman Sachs sees further weakness for oil due to the worsening of already weak fundamentals after OPEC held back from cutting production at its recent meeting. The investment bank is standing by its prediction of $20 a barrel bottom—the breakeven cash cost for highly levered high-cost US shale producers. If oil
Pan Africa Energy Tanzania draws $20 Million from International Finance Corporation to finance gas Field
Orca Exploration Group announced that its subsidiary, Pan African Energy Tanzania Limited (PAET) has made an initial draw-down of US$20 million from the available US$60 million International Finance Corporation (IFC) loan facility which was signed on 29 October 2015 PAET intends to make additional drawdowns of the Loan which will be subject to meeting all
Video: Ugandan Civil society rally the world to demand Transparency in Oil sector in New Campaign
The first time Ugandans heard about their government receiving any monies from the oil sector, was about the tax-gains dispute between Uganda Revenue Authority and Tullow Oil plc and Heritage Oil Plc. The question of what goes on behind the curtain has not send civil society Organisations to rest especially at a time International Oil
Crude Oil price shocks the world, trades below $35 per barrel in New York
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