OPEC oil output falls by 160,000 bpd in November – Reuters survey

01 December 2018, News Wires — Crude oil output by the Organization of the Petroleum Exporting Countries fell by 160,000 barrels per day (bpd) in November, according to a Reuters survey published on Friday. OPEC and its partners meet on Dec. 6-7 in Vienna to discuss cutting output for 2019, just months after agreeing to pump more oil. … More »

After Trump calls, Gulf OPEC members cover most of Iran oil loss – Reuters survey

01 December 2018, News Wires — OPEC oil supply has fallen in November from a two-year high due to U.S. sanctions on Iran, a Reuters survey found, although most of the output gap left by Iran was plugged by Saudi Arabia and the UAE in response to calls from U.S. President Donald Trump. The 15-member Organisation … More »

Oil toils after worst month in a decade

01 December 2018, News Wires — Oil toiled at a more than one-year low after its worst month in a decade on Friday, while most major markets were keeping moves tight ahead of a weekend meeting between U.S. and Chinese presidents Donald Trump and Xi Jinping. Europe’s main share indexes in London, Frankfurt and Paris all … More »

OPEC daily basket oil price closes at $59.29 per barrel

27 November 2018, Sweetcrude, Vienna, Austria — The price of OPEC basket of fifteen crudes stood at $59.29 a barrel on Monday, compared with $60.27 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), … More »

African Oil Producers must support OPEC to restore market stability

30 November 2018, Johannesburg, South Africa — The African Energy Chamber urges the Organization of the Petroleum Exporting Countries and other key global oil producers, including Russia, to continue with the historic production cuts at the December 6, 2018, OPEC meeting to stabilize the oil price. Oil prices have dropped by about 20 percent in … More »

Delta State won’t support plot to disrupt Oil surveillance contract – Okowa

Vincent Toritseju 30 November 2018, Sweetcrude, Lagos — FOLLOWING plans by some yet to be identified individuals to disrupt oil surveillance contract, Delta State Governor, Dr. Ifeanyi Okowa has called on those who are plotting to such devilish plans to desist from it in order not to cause crises in the state. Okowa made the … More »

Kuwait Petroleum Corp renews contract to supply Lebanon with gas oil -KUNA

30 November 2018, News Wires — Kuwait Petroleum Corporation has renewed its contract with Lebanon’s energy ministry to supply Lebanon’s state electricity company with gas oil for a year at international market prices, Kuwait News Agency (KUNA) reported on Thursday. KPC has supplied Lebanon’s power stations with gas oil since 2005 under an official deal, … More »

Bulgarian miners march to protect coal production

30 November 2018, News Wires — Miners and workers at Bulgaria’s largest coal-fired power plant Maritsa East 2 marched in Sofia on Thursday to protect their jobs and to urge the government to support coal-fired energy production in the Balkan country. More than 1,000 people urged the government to guarantee it would not shut mines and … More »

Brazil’s incoming minister says transfer of rights deal difficult to close this year

30 November 2018, News Wires — Brazil’s future finance minister, Paulo Guedes, says it was unlikely the state-run oil firm Petroleo Brasileiro and the government would reach a new transfer of rights deal this year because of sharp disagreements over how to split up the revenue of a future offshore oil auction that could raise an … More »

Iraq’s Basra Gas Co output to increase 17 percent by end-2018: ministry

30 November 2018, News Wires — Output from Iraq’s Basra Gas Company (BGC) is expected to reach 1,050 million standard cubic feet per day (mcf/d) by the end of 2018, an increase of 150 million mcf/d from current levels, the oil ministry said in a statement on Thursday. Iraq’s gas development plans have long focused on … More »

Britain’s support for Arctic oil and gas incompatible with climate goals -lawmakers

30 November 2018, News Wires — Britain’s support for oil and gas exploration in the Arctic is incompatible with its international climate change commitments, a report from a cross-party group of lawmakers said on Thursday. The international Paris Agreement set a goal of ending the fossil fuel era in the second half of this century in … More »

South Africa agrees to process some gas, oil exploration licences – minister

30 November 2018, News Wires — South Africa will relax a moratorium on gas and oil exploration licences implemented earlier this year to allow exploration and production applications already in the system to be granted, a government minister said on Thursday. “This amendment will ensure that applications currently in our system are processed and granted,” Mineral … More »

Saudi energy minister goes to OPEC with a weak hand

30 November 2018, News Wires — Saudi Arabia’s energy minister, Khalid al-Falih, must play a bad hand of cards as well as he can at next week’s meeting of OPEC and non-OPEC oil producers in Vienna. Falih’s challenge is to get other countries on board with output cuts to avert another crash in oil prices next … More »

Nigeria’s oil production down 70,000b/d in October

OpeOluwani Akintayo  30 November 2018, Sweetcrude, Lagos — Nigeria’s crude oil and condensate production was down by about 70,000 barrels per day, b/d, in October, statistics from the Ministry of Petroleum Resources have shown. Production stood at 2.09 million barrels per day, down by that figure due to constant attacks on pipelines by oil thieves, … More »

NNPC debunks report on 70,000 staff capacity

OpeOluwani Akintayo  30 November 2018, Sweetcrude, Lagos — The management of the Nigerian National Petroleum Corporation, NNPC, has clarified that the corporation has neither 70,000 staff members in its employ nor is it embarking on a staff performance probe. The clarification is sequel to reports in a section of the media to the effect that … More »

Nigeria imports over 4bltrs of petrol Q3 2018

OpeOluwani Akintayo  30 November 2018, Sweetcrude, Lagos — The petroleum products importation statistics for third quarter, Q3, 2018 reflected that Nigeria imported a little over 4 billion litres of premium motor spirits, PMS, popularly known as petrol, within the quarter. According to the newly-released data by the National Bureau of Statistics, NBS, a total of 4.37 litres … More »

Kaduna Electric takes energy efficiency campaign to secondary schools

30 November 2018, Sweetcrude, Lagos — Kaduna Electricity Distribution Company has commenced knowledge sharing campaigns through formation of Energy Conservation Clubs in secondary schools within its franchise. The exercise is aimed at inculcating energy efficiency values and safety culture among young minds. A statement by the Head, Corporate Communication of the Company, Abdulazeez Abdullahi, stated that the … More »

NSE trading: Forte Oil leads as Oando equity price drops

29 November 2018, Sweetcrude, Lagos — Thursday’s trading for energy companies at the Nigerian Stock Exchange, NSE, ended with Forte Oil topping the gainers’ chart as Oando shares dropped. Forte Oil gained 0.3k valued at 9,217,189.20 while Oando dropped by 0.05k valued at 3,675,718.10. Top Gainer Forte: 0.3k Top Loser  Oando: -0.05k More »

Oil rises after Russia leans towards output cut

29 November 2018, News Wires — Oil reversed course and rose on Thursday, after industry sources said Russia had accepted the need to cut production together with OPEC. The price is still set for its biggest monthly fall since the depths of the financial crisis in 2008, having lost more than 22 percent so far in … More »

Consumer Protection Council calls out Discos over arbitrary billing

*Pushes for aggressive metering OpeOluwani Akintayo 29 November 2018, Sweetcrude, Lagos — The Consumer Protection Council, CPC has condemned arbitrary billing by the electricity distribution companies, DISCOs, urging them to embark on an aggressive metering system to curb estimated billings. Mr. Babatunde Irukere, the Director General of CPC gave the advised in a statement on … More »

Chevron Nigeria Limited to deworm 45,000 children in Delta

Lucky Omas 29 November 2018, Sweetcrude, Warri, Delta — Chevron Nigeria Limited has unveiled plans to deworm 45,000 children in Delta state this year. The General Manager, Policy Government, and Public Affairs, PGPA, disclosed this in Warri, Delta state at a ceremony to flag off the exercise for school children. He said Chevron focused on … More »

70,000 EKEDC customers fail to recharge pre-paid meters in one year

OpeOluwani Akintayo 29 November 2018, Sweetcrude, Lagos — Eko Electricity Distribution Company, EKEDC, has cried out over the refusal of more than 70, 000 of its customers to recharge their prepaid meters in the last one year. The company’s Chief Executive Officer, Mr. Adeoye Fadeyibi, raised the alarm in a statement on Thursday. According to him, in … More »

Russian economy ministry sees rouble weakening gradually in long term

29 November 2018, News Wires — The Russian economy ministry, in a set of forecasts until 2036 released on Wednesday, said it expects the rouble to weaken gradually and economic growth to pick up after 2019. The rouble rate will average 61.7 against the dollar in 2018, 63.9 in 2019 and 75.2 in 2036, the … More »

Biofuel credits rise on Reuters report Trump assessing waiver program – traders

29 November 2018, News Wires — U.S. renewable fuel credits (d6) for 2018 rose roughly 4 cents on Wednesday on a Reuters report that Trump administration has delayed reviewing small refinery applications for waivers from biofuel laws as it reassess its scoring system, two traders say. Renewable fuel (D6) credits for 2018 traded as high as … More »

Brazil’s Petrobras ceases participation in several oil fields

29 November 2018, News Wires — Brazil’s state-controlled oil company Petroleo Brasileiro SA said Wednesday it had signed agreements to cease participation in several oil fields in Brazil’s northwest region. The company said it had reached a $370 million deal with Perenco to cease its operations in the Polo Nordeste. It also said it had granted … More »

Germany sticks to Nord Stream 2 pipeline despite Ukraine crisis

29 November 2018, News Wires — Germany is still committed to the NordStream 2 pipeline, which will allow Russia to bypass Ukraine in transporting gas to Europe, despite escalating tension in the region, a government spokesman in Berlin said on Wednesday. The United States and others have stepped up criticism of the project since Russia … More »

1,032 beneficiaries clinch Shell Nigeria’s 2018 scholarship

Mkpoikana Udoma 29 November 2018, Sweetcrude, Port Harcourt — The Shell Petroleum Development Company Limited, SPDC, on Tuesday awarded 1,032 scholarships to secondary, tertiary and postgraduate students, in Rivers State, as a way of promoting academic excellence and promoting quality education in the country. A total of 532 of the scholarships is for secondary school … More »

Benin, Burundi, Malawi, Uganda & Zambia de-risk renewable energy projects

*In 2018, Regional Liquidity Support Facility (RLSF) supported a 7.5 MW Solar PV plant in one of the four partner countries, which will add an additional 15% to the country’s current capacity of 50 MW 29 November 2018, Sweetcrude, Lilongwe, Malawi — Since launching a year ago, the Regional Liquidity Support Facility, RLSF, has signed … More »

Nigerian govt to partner Saudi Arabia to revamp Nigeria’s refineries

Ike Amos 29 November 2018, Sweetcrude, Abuja — The Minister of State for Petroleum Resources, Mr. Ibe Kachikwu Wednesday, stated that Nigeria is considering partnering with the Kingdom of Saudi Arabia to revamp Nigeria’s refineries. This was even as the Minister of Petroleum, Industry and Mineral Resources of the Kingdom of Saudi Arabia, Khalid Al-Falih, held … More »

NPA seeks ISO 9001 certification for ports

Sam Ikeotuonye 29 November 2018, Sweetcrude, Lagos — The Nigerian Ports Authority, NPA, says it has “started aggressive efforts” aimed at attaining the International Standard Organisation, ISO, 9001 complaints and certification in the nation’s seaports. A statement by the company quoted its Managing Director, Hadiza Bala Usman, as expressing strong optimism that the attainment of … More »

Energia ex-workers tackle company over disengagement

29 November 2018, Sweetcrude, Lagos — About 32 ex-workers of an indigenous oil and gas producing company, Energia Limited, have levelled various allegations against the company, including lack of due process, in their disengagement from the company. They also alleged unfair treatment and inadequate remuneration while in the company’s employment. The workers had recently petitioned … More »

Ogoni Cleanup: Netherland Ambassador Urges FG To Expedite Action

28 November 2018, Sweetcrude, Lagos — The Netherland Ambassador to Nigeria, Mr Robert Petri, has urged the Federal Government to immediately commence the cleanup exercise of Ogoniland before 2019 general elections. Petri made the call on Wednesday during a fact-finding mission to the Hydrocarbon Pollution Remediation Project (HYPREP) office in Port Harcourt. He said immediate action … More »

Power outages in Edo, Ondo, Ekiti, Delta states temporary – BEDC

28 November 2018, Sweetcrude, Lagos — The Benin Electricity Distribution Company (BEDC) has assured its consumers in Edo, Ondo, Ekiti and Delta states of its readiness to address power outages in the affected areas. Mr Tayo Adekunle, its spokesman, gave the assurance at a press briefing in Benin on Wednesday. Adekunle said that a contingency plan … More »

Oando equity price drops, Forte Oil gains

28 November 2018, Sweetcrude, Lagos — Wednesday’s trading activities on the floor of the Nigerian Stock Exchange for energy companies ended with a drop in Oando Plc’s equity price. Oando ended with trading valued at 8,868,922.65. On the gainers’ side, Forte Oil gained 0.05k with value of 37,412,827.60 while Japaul remained unchanged. Top Gainer Forte: 0.05 … More »

Oil falls below $60 on tenth straight U.S. crude build

28 November 2018, News Wires — Oil slipped below $60 a barrel on Wednesday, continuing a recent run of losses, after U.S. crude inventories rose for the 10th week in a row. The market also remains nervous over whether OPEC-led producing countries will reach an accord next week on output cuts. Saudi Arabia said on Wednesday … More »

Petrobras 2019-23 investment will surpass $74.5 bln of previous plan -sources

28 November 2018, News Wires — Investment by Brazil’s state-run oil company Petroleo Brasileiro SA (Petrobras) in its 2019-2023 business plan could surpass the $74.5 billion planned for 2018-2022, sources said on Tuesday. The investment level will depend on the volume of divestment by the company, the sources with knowledge of the plan told Reuters. The … More »

Dismantling the oil industry: rough North Sea waters test new ideas

28 November 2018, News Wires — Scottish marine salvage group Ardent is adapting the tanks it used to refloat the Costa Concordia, the cruise ship wrecked off the Italian coast in 2012, to decommission North Sea oil platforms. It is one of several companies trying new ideas to win business in the market for dismantling … More »

Colombia’s Ecopetrol sets 2019 investment at $3.5-$4 billion

28 November 2018, News Wires — Colombian state-run oil company Ecopetrol said on Tuesday it will invest between $3.5 billion and $4 billion in 2019, slightly above this year as it bolsters spending on exploration and production projects. The investment is the backbone of an ambitious plan to boost production and explore for more oil … More »

Nigerian govt awards mining contracts to 10 exploration companies

*Offers tax, duty-free holiday to mining companies *$100m intervention fund OpeOluwani Akintayo 28 November 2018, Sweetcrude, Lagos — The Federal government has awarded mining contracts to ten exploration companies, the mining and steel development minister, Abubakar Bawa Bwari, told Reuters on Tuesday. According to the minister, the contract was awarded to both exploration and consulting … More »

Nigeria’s Bonny Light export to drop to over 200,000 b/d in January

OpeOluwani Akintayo 28 November 2018, Sweetcrude, Lagos — Nigeria’s high-quality crude oil, Bonny Light will witness a drop in export to over 200,000 barrels per day in January, loading programmes obtained from Reuters has said. Shipments of Bonny Light will fall to 214,500 barrels per day in January from 263,483 bpd in December, based on … More »

Ogoni cleanup: MOSOP gives HYPREP ultimatum over water

Mkpoikana Udoma 28 November 2018, Sweetcrude, Port Harcourt — The Movement for the Survival of the Ogoni People, MOSOP, has issued the Hydrocarbon pollution Remediation Project, HYPREP, 60 days ultimatum to commence an integrated water project for Ogoniland or face a civil shutdown. Publicity Secretary of MOSOP, Fegalo Nsuke, said the massive deaths in Ogoniland … More »

German oil industry has no plans to demand releases from reserve

28 November 2018, News Wires —  Germany’s oil industry has no plans to demand the release of more oil products from national reserves to help areas affected by tight supply, an industry body said on Tuesday. The Economy Ministry last month authorised the release of products after logistics hiccups caused by months of low river … More »

Gazprom Neft’s thirst for oil shows Russian dilemma on OPEC pact

28 November 2018, News Wires — In the green-to-golden steppe some 1,500 km east of Moscow, a unit of Gazprom Neft, Russia’s third-biggest oil producer, is drilling hard as it eyes a production hike of 20 percent a year, developing once-forgotten and depleted fields. That thirst for growth, a cornerstone of Gazprom Neft’s plans to … More »

Seadrill CEO sees 2019 as another challenging year

28 November 2018, News Wires — The coming year will be another challenging one for offshore drillers due to a surfeit of rigs even though prices are starting to improve, the chief executive of Seadrill told Reuters on Tuesday. The Oslo- and New York-listed company, controlled by Norwegian-born billionaire John Fredriksen, on Tuesday reported its first … More »

Yamal LNG vessels to make up to 160 transfers in Norwegian waters by mid-2019

28 November 2018, News Wires — Northern Norway’s small port of Honningsvag will host between 150 and 160 ship-to-ship transfers of liquefied natural gas (LNG) cargos from Russia’s Yamal by mid-2019, the local council that owns the port said on Tuesday. The first transfer in Norwegian waters took place last week as part of Yamal operator … More »

Malaysia’s Petronas sets up team for renewable energy push

28 November 2018, News Wires — Malaysian state-owned oil and gas firm Petroliam Nasional Berhad, or Petronas, has set up a new business within the group to make a push into renewable energy, the head of the new venture said on Tuesday. Petronas has expressed interest over the last year to diversify into renewables amid … More »

RGU ergonomics researchers could save offshore wind farms £1bn

28 November 2018, Sweetcrude, Lagos — Robert Gordon University (RGU) is collaborating closely with Scottish company Span Access Solutions Ltd and its partners on an innovative project that could save £1.05bn across the current European fleet of offshore wind farms. The £830k Innovate UK-backed project – titled ‘Blade Access System and Working Environment (BASE)’ – aims to … More »

Macroeconomic factors make China significant market for oil & gas companies

28 November 2018, Sweetcrude, Lagos — China’s swelling demand for oil and gas for domestic consumption and heavy dependency on imports makes it one of the most lucrative markets for the global oil and gas industry, according to GlobalData, a leading data, and analytics company. The company’s report: ‘Impact of China on Oil and Gas – … More »

Saudi Aramco to become gas exporter with $150bn investment drive

28 November 2018, Dubai — Saudi Aramco’s gas expansion strategy needs $150 billion worth of investments over the next decade as the company plans to increase output and become an exporter, its chief executive said on Tuesday. Aramco is pushing ahead with its conventional and unconventional gas exploration and production program to feed its fast-growing … More »

Weekly SweetcrudeReports November 28, 2018

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