Monday, July 15, 2024

Nigeria News

Saudi Arabian Crude Oil Exports Fall 12%

“By agreeing to an additional voluntary production cut within OPEC (Organization of the Petroleum Exporting Countries) of 500,000 barrels per day in May and announcing a further independent production cut of 1,000,000 barrels per day in July, Saudi Arabia is aiming to reduce excess supply and support prices,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.According to the EIA (U.S. Energy Information Administration), Saudi Arabian oil production fell to 9.9 mbpd (million barrels per day) in May…

Production from Nigeria's Ikike Field to Start

Image courtesy TotalEnergies

TotalEnergies, OML99 operator (40%) in partnership with the Nigerian National Petroleum Corporation (NNPC, 60%), announces the start of production from the Ikike field, in Nigeria.Located 20 kmoff the coast, at a depth of about 20 meters, the Ikike platform is tied back to the existing Amenam offshore facilities through a 14 km multiphase pipeline. It will deliver peak production of 50,000 barrels of oil equivalent per day by…

Oil Supply Crunch is Coming, ConocoPhillips CEO Says

ConocoPhillips CEO Ryan Lance - Credit: ConocoPhillips (Cropped)

ConocoPhillips' chief executive on Tuesday warned of looming crude oil shortages and price volatility, citing limited spare capacity among the Organization of the Petroleum Exporting Countries and slow U.S. output gains ahead.Ryan Lance, head of the largest U.S. independent oil producer, offered a dour outlook on future supply in remarks to members of oil group the Houston Producers Forum. His comments came days after U.S. President…

Two Gasoline Tankers Divert from Nigeria

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Two tankers carrying gasoline loaded in Antwerp, Belgium, have turned back to their load-port after initially being destined for Lagos in Nigeria, Refinitiv Eikon ship tracking and sources said on Friday.The two tankers, STI Symphony and Velos Diamantis, turned back in last week. The U-turns happened after Nigeria rejected other gasoline cargoes loaded in Antwerp for containing too much methanol.Reuters was not able to immediately confirm the methanol content in these two cargoes or why they turned back.Earlier this week…

Intelatus: The long-tenured, New Name in Market Intel & Planning

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Intelatus Global Partners is a new name in energy, marine and industrial market analysis and strategic planning, a ‘new name’ with nearly 50 years of experience and proven results.Founded by the merger of International Maritime Associates (IMA) and World Energy Reports (WER), Intelatus is a firm of business consultants with unique experience of nearly five decades across the entire maritime supply chain, producing multi-client analytical studies for sectors including offshore oil and gas…

Brent Shoots Past $80 a Barrel

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Oil markets climbed for a sixth day on Tuesday, boosted by a tighter supply and firm demand outlook, but power shortages in China which hit factory output tempered the rally.Brent crude futures gained 67 cents, or 0.8%, to $80.20 a barrel at 1016 GMT, after reaching their highest level since October 2018 at $80.75. Brent gained 1.8% on Monday.U.S. West Texas Intermediate (WTI) crude futures rose 79 cents, or 1%, to $76.24 a barrel, after hitting a session high of $76.67, its highest since early July.

Webinar: Floating Production Forecasts & Analysis

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A free webinar will deliver latest forecasts and market intelligence for the global floating production industry, offering insider access to business and investment opportunities in the deepwater sector.Floating Production Systems: 2020 Forecasts & Analysis, presented by ABS and World Energy Reports, will be held July 29, 2020, 11 a.m. (EDT). REGISTER HERE.The effects of the COVID-19 crisis and oil supply glut continue to seriously dampen investment appetite in the oil and gas sector…

Webinar: Floating Production Forecasts & Analysis

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A free webinar will deliver latest forecasts and market intelligence for the global floating production industry, offering insider access to business and investment opportunities in the deepwater sector.Floating Production Systems: 2020 Forecasts & Analysis, presented by ABS and World Energy Reports, will be held July 29, 2020, 11 a.m. (EDT). REGISTER HERE.The effects of the COVID-19 crisis and oil supply glut continue to seriously dampen investment appetite in the oil and gas sector…

OPEC+ Meets to Decide on Oil Output Cuts Easing

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OPEC and allies such as Russia meet on Wednesday to decide oil output policy from August amid broad market expectations the group will ease supply curbs as the global economy slowly recovers from the coronavirus pandemic.The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day, or 10% of global supply, after the virus destroyed a third of global demand.After July, the cuts are due to taper to 7.7 million bpd until December.

Angola Resisting Pressure to Taper Oil Output

Angola is resisting pressure by OPEC's de-facto leader Saudi Arabia for a steeper oil output cut to comply fully with record supply curbs, OPEC and industry sources said.The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting oil output since May by a record 9.7 million barrels per day after the coronavirus crisis destroyed a third of global demand.After July, the cuts are due to taper to 7.7 million bpd until December.Saudi Arabia has been pressing laggards such as Iraq…

OPEC Production in June Cut by 1.25 mbpd

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OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies, according to estimates from tanker-tracking company Petro-Logistics.OPEC and its allies, a group known as OPEC+, agreed to cut supply by a record 9.7 million bpd from May 1 to offset an oil price and demand slump triggered by the coronavirus crisis.

OPEC, Russia Extend Record Oil Cuts

OPEC, Russia, and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.OPEC+ had initially…

Nigeria Launches Licensing Round for Marginal Oilfields

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Nigeria has launched its first licensing round for marginal oilfields in nearly 20 years, the Department of Petroleum Resources (DPR) said on Monday, despite court rulings last week that barred some of the fields from being auctioned.Marginal fields are smaller oil blocks that are typically developed by indigenous companies. The new licensing round is the first marginal field round since 2002, which the country hopes will boost…

Oil Prices Extend Gains on Demand Hopes as Lockdowns ease

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Oil prices jumped again on Tuesday on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several U.S. states began to ease coronavirus lockdown measures.West Texas Intermediate (WTI) crude futures were 7.75%, or $1.58, higher at $21.97 per barrel by 0820 GMT. The U.S. benchmark has closed higher for the last four sessions.Brent crude futures were up 5.5%, or $1.49, at $28.69.Italy, Spain, Nigeria, and India, together with Ohio and other U.S.

Angola Says Producer Cuts Insufficient, More Action Needed

(File photo: Total)

Angola sees an oil production curb by OPEC, its allies and other top producers as insufficient to balance global markets, state news agency ANGOP quoted resources and petroleum minister Diamantino Azevedo as saying on Friday."It is up to everyone to understand that, despite the measures taken by OPEC, oil producers in various countries should be aware that they may be called to take more drastic measures," Azevedo said."Because of the lack of storage capacity, continued production is becoming unjustified," he added, referring to

Nigeria: Union Suspends Strike after Exxon Workers Freed

Illustration; Offshore workers / Image by - wanfahmy - AdobeStock

A major Nigerian oil union has suspended planned industrial action after 21 Exxon Mobil Corp. employees quarantined last week after their arrest for violating coronavirus-related movement restrictions were freed, it said on Sunday.The governor of southern oil hub Rivers State, Nyesom Wike, on Friday said Exxon Mobil workers were arrested after entering the state from neighboring Akwa Ibom State in violation of an executive order restricting movement into the state as part of measures imposed last month.He said 22 workers…

New Offshore Acreage Licensing to Drop 60% in 2020, Rystad says

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Newly licensed offshore oil and gas exploration acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, Rystad Energy has said, as the Norwegian energy market analytics company expects more than half of the world’s planned licensing rounds to be canceled this year due to the combined effect of the COVID-19 pandemic and the low oil prices."This year was slated to be another remarkable year for exploration with about 45 countries launching at least 52 lease rounds…

Offshore Helicopter Merger Nears Completion as HSR Waiting Period Ends

Illustration; A Bristow helicopter / Image by Colin Gregory / Flickr - CC BY 2.0 license

Offshore helicopter players Era and Bristow, which recently announced plans to merge, have skipped a hurdle towards the completion of the merger.Era said Tuesday that the waiting period for the proposed merger under the Hart-Scott-Rodino Antitrust Act ended on April 10, 2020.The expiration of the waiting period under the HSR Act satisfies a condition to the closing of the merger, Era said."The closing of the Merger remains subject to other customary closing conditions…

Nigeria Announces Offshore Oil Worker Restrictions to Battle Coronavirus

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Nigeria's petroleum regulator has ordered oil and gas companies to reduce their offshore workforce and move to 28-day staff rotations as part of measures to curb the spread of the coronavirus, according to a circular seen by Reuters.Health experts fear a widespread outbreak in Africa's most populous country, which has about 200 million inhabitants, and the country is keen to protect oil production, which provides 90% of much…

Fully Laden LNG Tankers Sit Idle Off Indian Ports after Force Majeure

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At least five fully-laden liquefied natural gas (LNG) tankers are idling offshore India, as yet unable to discharge their cargoes, after importers there declared force majeure earlier this week, according to an analyst and shipping sources.Gas demand is falling globally amid the fast-spreading coronavirus which has capped industrial output, forcing LNG tankers in several regions to remain at sea fully laden with no immediate destination…