Oversupply, faltering growth to weigh on oil prices in 2019 – Reuters poll

01 January 2019, News Wires — Crude oil prices look likely to trade below $70 per barrel in 2019 as surplus production, much of it from the United States, and slowing economic growth undermine OPEC-led efforts to shore up the market, a Reuters poll showed on Monday. A survey of 32 economists and analysts forecasts the … More »

Oil set for first annual decline since 2015

01 January 2019, News Wires — Oil headed for its first annual decline since 2015, slumping more than 20 percent in a turbulent year that saw fears of supply scarcity turn to expectations of a surplus. Crude jumped 2.5 percent in New York on Friday, but prices remain on course for a 37 percent drop this … More »

Novatek, Saibu Gas ink LNG MoU

31 December 2018, News Wires — Russia’s largest independent natural gas producer and LNG operator, Novatek, signed a memorandum of understanding with Japan’s Saibu Gas on LNG cooperation. Under the agreement, Novatek and Saibu Gas will work together on entering the end-consumer market and optimization of Novatek’s LNG portfolio supplies to the Asia-Pacific region by … More »

Brent crude rises over $1, but set for first yearly drop since 2015

31 December 2018, News Wires — Oil prices rose more than 2 percent on the final day of the year, mirroring gains in stock markets, but were on track for their first annual decline in three years as concerns of a persistent supply glut lingered. Hints of progress on a possible U.S.-China trade deal, with U.S. … More »

Global Markets-Stocks pin hopes on U.S.-China trade talks after brutal year

31 December 2018, News Wires — World share and commodity prices rose on Monday as hints of progress on the Sino-U.S. trade standoff provided a rare glimmer of optimism in what has been a punishing end of year for markets globally. Europe’s STOXX 600 followed Asia’s overnight lead to push 0.3 percent higher as traders made … More »

Families, friends of trapped Indian miners lose hope after 18 days

31 December 2018, News Wires — Relatives of at least 15 Indian miners trapped in a “rat-hole” mine for 18 days said on Monday they have given up hope that any of them would be found alive, even as rescue operations were stepped up. “We want his body back so that we can give him a … More »

Azeri firm SOCAR plans to buy EWE’s Turkish energy business in Q1 2019

31 December 2018, News Wires — Azeri energy firm SOCAR is in advanced talks to acquire the energy business of Germany’s EWE in Turkey by the first quarter of 2019, an official for SOCAR and two sources familiar with the deal said on Monday. EWE, the fourth-largest natural gas supplier in Turkey in terms of customers, … More »

Israel’s Enlight starts electricity production at Serbia wind farm

31 December 2018, News Wires — Israel’s Enlight Renewable Energy said on Sunday it is starting to produce electricity at its wind energy project in Serbia, though it expects to complete the project in the second quarter of next year. The 105 megawatt wind turbine project, once complete, is expected to bring annual revenue of … More »

China to restrict imports of scrap steel, aluminium from July

31 December 2018, News Wires — China will restrict imports of scrap steel and aluminium from July 1, the environment ministry has said. Scrap steel and aluminium would be moved from an unrestricted import list of solid waste products usable as raw materials to a restricted import list, the Ministry of Ecology and Environment said … More »

Navy to consolidate maritime patrol to flush out oil thieves – CNS

Lucky Omas 31 December 2018, Sweetcrude, Warri, Delta State — The Chief of Naval Staff, CNS, Vice Admiral Ibok-Ete Ibas has said the Navy will consolidate on its increased maritime patrol to sustain its success against oil theft and related crimes on Nigeria’s waterways. Speaking through the Flag Officer Commanding Central Naval Command, FOC, Rear Admiral … More »

Hostcon offers to secure oil facilities in Niger Delta

Lucky Omas 31 December 2018, Sweetcrude, Warri, Delta State — Host communities of Nigeria producing oil and gas, HOSCON has offered to assist in securing oil facilities in the Nige Delta, appealing that President Muhammadu Buhari should consider its security company in the proposed community pipeline policing programme. National Director, Media long-neglected and Publicity of … More »

Nigeria exports N4.69tr crude oil, gas in three months

Ike Amos 31 December 2018, Sweetcrude, Abuja — Nigeria’s crude oil and gas export appreciated by 9.56 percent to N4.7 trillion in the third quarter of 2018, from N4.285 trillion recorded in the second quarter of 2018. The National Bureau of Statistics, NBS, in its Third Quarter 2018 Foreign Trade Statistics, also stated that the … More »

Navy warship, Thunder, resumes patrol after 2 years grounding

31 December 2018, Sweetcrude, Lagos — The Nigerian Navy says it has completed repairs of one of its foremost warships, NNS Thunder, after being grounded since 2016. The warship, equipped with modern navigational technology and arsenal, was declared unfit to sail following failure of its critical components and machinery. Capt. Shuaib Ahmed, Commanding Officer, NNS Thunder, … More »

Nigerian tax payers now 35m

31 December 2018, Sweetcrude, Lagos — The ongoing database consolidation of the Joint Tax Board (JTB) has seen Nigeria’s data base of tax payers expanding from 20 million to 35 million. The Executive Secretary of the Board, Mr Oseni Elamah, told the News Agency of Nigeria (NAN), on Sunday in Abuja that database consolidation of JTB … More »

Philippine cyclone leaves at least 22 dead

30 December 2018, News Wires — At least 22 people have died due to landslides and flooding triggered by a tropical cyclone that brought heavy rains to central Philippines, a disaster agency official said on Sunday. The people, including a three-year-old boy, were reported dead as of Sunday morning, said disaster agency spokesman Edgar Posadas, after … More »

Russia explains non-committance to permanent OPEC alliance

30 December 2018, News Wire — The Russian Federation has given reasons why it may not commit to a permanent partnership with the Organization of the Petroleum Exporting Countries, OPEC despite the successes recorded by the Declaration of Cooperation under the OPEC+ arrangement. The country’s energy minister, Alexander Novak on Friday, quenched doused the speculation … More »

NPA assures stakeholders of improved service delivery in 2019

Vincent Toritseju 30 December 2018, Sweetcrude, Lagos — The Managing Director of the Nigerian Ports Authority, Hadiza Bala Usman has assured stakeholders in the maritime sector of management’s renewed vigour and determination at improving on its operational efficiency and accomplishments recorded especially in the New Year. Bala Usman in a statement signed by Mr. Adams … More »

Oil prices steady near year-and-a-half lows ahead of New Year

30 December 2018, New York/London/Seoul — Oil prices steadied on Friday after a week of volatile trading ahead of the New Year holiday, supported by a rise in U.S. equity markets but pressured by worries about a global glut of crude. Brent crude LCOc1 futures rose 4 cents to settle at $52.20 a barrel, off … More »

U.S. drillers add oil rigs for second week in a row

30 December 2018, Bengaluru — U.S. energy firms added oil rigs for a second week in a row even as oil prices fell to 1-1/2-year lows and headed for losses of more than 20 percent this year. Drillers added 2 oil rigs in the week to Dec. 28, bringing the total count to 885, General … More »

Tough to stop Nord Stream 2 now it’s being built – EU’s Oettinger

30 December 2018, News Wires — U.S. President Donald Trump’s criticism of the Russian-backed Nord Stream 2 pipeline is no reason to stop the project and any attempt to do so would be difficult now that it is being built, European Commissioner Guenther Oettinger said. Trump has attacked Berlin for supporting the $11 billion gas pipeline … More »

Brazil will get energy mostly right; Mexico won’t

30 December 2018, News Wires — Energy-sector reform is up in the air in both Brazil and Mexico. In the coming year, new regimes in Latin America’s two biggest economies will wrestle with balancing 1970s-style nationalism against the need to open up to foreign and private capital to exploit their oil and gas resources. Jair Bolsonaro, … More »

Nigeria spends N1.02trn on fuel import in three months

Ike Amos 30 December 2018, Sweetcrude, Abuja — Nigeria spent N1.016 trillion importing petroleum products in the third quarter of 2018, according to data released by the National Bureau of Statistics, NBS. The NBS, in its third quarter 2018 Foreign Trade Statistics, declared that Nigeria’s petroleum products import appreciated significantly by 41.03 percent from N720.4 … More »

Libyan oil revenue dips to $2.4 billion in November – NOC

30 December 2018, News Wires — Libya’s oil and gas revenue dipped to $2.4 billion in November from $2.87 billion in October, but full-year revenue is expected to surge by 76 percent to $24.2 billion, state oil firm NOC said on Friday. Although lower than the previous month, November revenue was the third highest monthly figure … More »

U.S. drillers add oil rigs for second week in a row -Baker Hughes

29 December 2018, News Wires — U.S. energy firms added oil rigs for a second week in a row even as oil prices fell to 1-1/2-year lows and headed for losses of more than 20 percent this year. Drillers added 2 oil rigs in the week to Dec. 28, bringing the total count to 885, General … More »

Argentina’s energy chief quits ahead of 2019 utility price hikes

29 December 2018, News Wires — Argentina’s energy secretary resigned on Friday, the government said in a statement, less than 24 hours after news leaked that the administration of President Mauricio Macri plans to increase electricity prices by an average 35 percent next year. Higher power bills are sure to be unpopular as they would hit … More »

Poland adopts new rules to avert power price jump

29 December 2018, News Wires — Poland’s lower house of parliament on Friday passed legislation to cut tax on electricity as the ruling Law and Justice (PiS) party looks to prevent a jump in energy bills ahead of a parliamentary election next year. The legislation, which needs to be adopted by the upper house late on … More »

Brazil’s Equatorial Energia wins auction to buy Eletrobras distributor

29 December 2018, News Wires — Brazil’s Equatorial Energia has won an auction to acquire 90 percent of an electric distributor owned by state-controlled company Eletrobras for 45 billion reais ($11.60 billion), according to a securities filing. Equatorial was the only bidder on the distributor, known as Ceal, in the northeastern state of Alagoas. Eletrobras, or … More »

U.S. limits on coal plant mercury emissions too costly -Trump’s EPA

29 December 2018, News Wires — The Trump administration on Friday said limits on mercury emissions from coal-fired power plants were unnecessary as they were too costly, sparking an outcry from environmentalists who feared the next step would be looser rules favoring the coal industry at the expense of public health. Under the Mercury and Air … More »

NSCDC arrests 132, convicts 65 for oil theft in 2018

Mkpoikana Udoma 29 December 2018, Sweetcrude, Port Harcourt —In its determination to protect oil and gas assets in the country, the Nigeria Security and Civil Defence Corps, NSCDC, says it has arrested 132 suspected oil thieves, impound 36 trucks and secured 65 convictions in the year 2018. Rivers State Commandant of NSCDC, Mohammed Haruna, while … More »

The EU’s palm oil policy triggers condemnation

29 December 2018, London — A proposed ban on the use of palm oil in transport fuel used in the EU is driving fears in major Southeast Asian producing countries where the product is a key economic crop. The European Union is phasing out the use of palm oil in transport fuel, triggering criticism of … More »

U.S. crude inventories dip slightly -EIA

29 December 2018, News Wires — U.S. crude stocks fell modestly last week, while gasoline stocks increased more than expected, Energy Information Administration data showed on Friday. Crude inventories were down by 46,000 barrels in the week to Dec. 21, a much smaller decline than the 2.9 million barrel decrease analysts had expected. Crude stocks at … More »

Libyan oil revenue dips to $2.4 billion in November – NOC

29 December 2018, News Wires — Libya’s oil and gas revenue dipped to $2.4 billion in November from $2.87 billion in October, but full-year revenue is expected to surge by 76 percent to $24.2 billion, state oil firm NOC said on Friday. Although lower than the previous month, November revenue was the third highest monthly … More »

Death toll from Rivers Christmas Day tanker fire rises to six

Mkpoikana Udoma 29 December 2018, Sweetcrude, Port Harcourt — Death toll from the tragic Christmas Day petrol tanker fire incident in Port Harcourt  has risen to six, following the death of three more people at the Braithwaite Memorial Specialist Hospital, BMSH, where they were receiving treatment after being severely burnt in the fire incident. Recall that … More »

W. Africa Crude-Chinese demand subdued, sellers stay on sidelines

29 December 2018, News Wires — Spot activity was subdued due to the Christmas holiday period, particularly from Chinese refiners, while fresh offers were scarce. Traders said that Chinese buying had peaked during the previous two loading programmes – December and January – to prepare for the impact of U.S. sanctions on Iran and ahead … More »

NSE trading: Negative results for energy companies

28 December 2018, Sweetcrude, Lagos — Friday’s trading at the Nigerian Stock Exchange for energy companies ended with Seplat topping the losers’ category. The company dropped 50.4k while Oando was down 0.05k. Others losers of the day were Eterna and Forte Oil. On the gainers’ side, Conoil and 11 Plc gained 0.15k and 0.7k, respectively. Top … More »

New Mexico oil producers brace for tighter regulation as output jumps

28 December 2018, News Wires — Crude oil output has more than doubled in New Mexico over the last four years, making it the No. 3 producer among U.S. states, but a January change in state leadership to Democratic control has industry executives fearing tougher regulations are coming. Incoming New Mexico Governor Michelle Lujan Grisham … More »

Oil prices steady near 18-month lows ahead of New Year

28 December 2018, News Wires — Oil prices steadied on Friday after a week of volatile trading, shedding early gains on profit-taking ahead of the New Year holiday as global crude benchmarks hovered near their lowest levels in more than a year. Brent crude oil rose 15 cents to $52.31 a barrel by 1445 GMT, … More »

Russia’s Gazprom Neft says its plans are resistant to low oil prices

28 December 2018, News Wires — Russian oil producer Gazprom Neft’s strategic plans are sustainable even at low oil prices, the company’s chief executive officer Alexander Dyukov said on Thursday. In an interview with Rossiya-24 TV, Dyukov also said that Gazprom Neft’s has used an oil price of $50 per barrel in its plans for 2019 … More »

Saudi king appoints new foreign minister in major cabinet reshuffle

28 December 2018, News Wires — Saudi King Salman has appointed former finance minister Ibrahim al-Assaf as foreign minister in a major cabinet reshuffle that included changes to key national security posts, state media reported on Thursday. The reshuffle came with the Saudi government trying to deal with intense international pressure over the killing of Saudi … More »

China’s Sinopec suspends top officials at trading arm

28 December 2018, News Wires — Sinopec has suspended two top officials at its trading arm Unipec and is evaluating the details related to certain crude oil transactions that have incurred some losses, the Chinese state oil company said on Thursday. Unipec’s President Chen Bo, an industry veteran who helped the company become one of the … More »

PetroChina says shale gas output hits record at Sichuan field

28 December 2018, News Wires — PetroChina said in its official newspaper on Thursday that shale gas output at its field in the south of Sichuan province hit a daily record of 20.11 million cubic metres on Dec. 24, more than double volumes on the same day last year That comes as PetroChina has ramped up … More »

Indonesia grants new oil blocks contracts in the third bidding round

28 December 2018, News Wires — Indonesia has announced the winner of its third bidding round that will operate oil and gas blocks in three locations, Deputy Energy Minister Arcandra Tahar, said on Thursday. The winners are: * Pearloil (Theralite) Ltd. for South Andaman block, located at offshore Andaman Aceh * Talisman Java B. V. … More »

Russia plays down idea of forming joint organisation with OPEC given U.S. sanctions risk

28 December 2018, News Wires — It is highly unlikely that OPEC and other oil producers would set up a joint structure due to the additional red tape it would create as well as the risk of U.S. monopoly-related sanctions, Russian Energy Minister Alexander Novak said on Thursday. The Organization of the Petroleum Exporting Countries and … More »

Russia partly blames U.S. for oil price volatility

28 December 2018, Moscow — One of OPEC’s partners, Russia, has slammed the United States for being one of the reasons for current global oil price volatility. Russian Energy Minister Alexander Novak said on Thursday, that rising protectionism and trade wars and the unpredictability of the U.S. administration, are the reasons for oil price instability … More »

Sahara Energy’s purchase of Rivers assets remains revoked -Wike

Mkpoikana Udoma 28 December 2018, Sweetcrude, Port Harcourt — Rivers State Governor, Nyesom Wike, has said that no amount of blackmail and propaganda will alter the termination of the sale of valued Rivers State assets to Sahara Energy Limited. This came as the governorship candidate of the All Progressives Congress (APC) in Rivers State, Tonye Cole, … More »

Kachikwu’s aide, Gbite Adeniji, resigns

OpeOluwani Akintayo 28 December 2018, Sweetcrude, Lagos — An aide to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, Gbite Adeniji, has resigned his appointment, SweetcrudeReports has learnt. Until his resignation, Mr. Adeniji was the Special Technical Adviser, Upstream and Gas, to the minister alongside Tim Okon, former Group Coordinator, Corporate Planning and Strategy … More »

Energy firms see share prices rebound after Christmas break

27 December 2018, Sweetcrude, Lagos — Share prices of energy companies trading on the floor of Nigerian Stock Exchange rebound on Thursday after the Christmas break with four top gainers and one loser while one other remained unchanged. Total recorded 4k drop while Forte Oil, Conoil, Oando and Eterna recorded gains. Gainers  Forte: 3.1k Conoil: 2.1k … More »

Breaking – Nigeria’s Egina crude hits the market

… MRS issues sell tenders for Amenam, Forcados 28 December 2018, News Wires — A new Nigerian crude grade has hit the international oil market amid muted spot activity due to the Christmas holiday period. The Egina crude from the deepwater Egina oilfield has been added to the February loading programme, according to Reuters report. … More »

Sonangol and BP agree to advance upstream activities in Angola

27 December 2018, Luanda — Angola’s Sonangol and BP have signed an agreement to progress to final investment decision the development of the Platina field in deepwater Block 18, offshore Angola. They also agreed to extend the production licence for the BP-operated Greater Plutonio project on Block 18 to 2032, subject to government approval, and … More »

Exxon in `bull’s-eye’ as worst year since Reagan nears end

27 December 2018, Houston — Things haven’t been this bad for the world’s biggest oil stock since Ronald Reagan became president. But brace yourself, 2019 may not be much better. Exxon Mobil Corp., down 22% for the year, is headed for its worst annual performance since 1981 when the U.S was in recession and a 20-year … More »