News

  • Ophir Energy denied Fortuna block license extension

    Posted On January 24, 2019 - 12:19 PM | by Oil and gas press -

    Block R has been returned to the State; The Ministry of Mines and Hydrocarbons welcomes further investment in hydrocarbon sector opportunities, recognizes Ophir’s commitment in Equatorial Guinea. Equatorial Guinea’s Ministry of Mines and Hydrocarbons has confirmed that no further extension has been granted to Ophir’s Block R production sharing contract. The Ministry issued a notice […]

  • World’s Largest Wind Turbine

    Posted On January 22, 2019 - 4:14 PM | by Oil and gas press -

    Rotterdam’s famous windmills, cube houses, and tulip gardens will soon have to compete for attention with a towering newcomer. GE announced plans this week to erect a prototype of the world’s largest wind turbine, the Haliade-X, on the city’s outskirts. The turbine has a rotor that measures 220 meters in diameter — twice the length […]

  • Russia-Ukraine gas settlement

    Posted On January 22, 2019 - 12:11 PM | by Oil and gas press -

    Ukraine’s Naftogaz ready to reduce amount of its claim to Gazprom from $12 bln to $2 bln Ukraine’s Naftogaz and Russia’s Gazprom can clinch a settlement deal, Russian Energy Minister Alexander Novak told reporters on Monday. “Gazprom is working [on claims], and we expect consideration by an appeal instance in the Swedish court in near […]

  • Crude Oil Price Movement to 22/01/19

    Posted On January 22, 2019 - 12:01 PM | by Oil and gas press -

    The price of OPEC basket of fourteen crudes stood at $61.49 a barrel on Monday, 21 January 2019, compared with $60.90 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), Zafiro (Equatorial Guinea), Rabi […]

  • Total Set To Approve New Oil Project Offshore Nigeria

    Posted On January 22, 2019 - 11:49 AM | by Oil and gas press -

    France’s Total will officially endorse a decision to proceed with the development of a new project offshore Nigeria, the Ikike project, Patrick Pouyanné, the chief executive of the oil and gas supermajor, said on Monday. “There is a huge potential in Nigeria, it is probably the most prolific country in west Africa in terms of […]

  • List of 35 individuals that own the same as poorest 50% of humanity

    Posted On January 22, 2019 - 9:49 AM | by Oil and gas press -

    35 of the wealthiest men and women in the world, according to the Forbes rich list 1) JEFF BEZOS Wealth: £86.8billion Company: Amazon 2) BILL GATES Wealth: £69.8billion Company: Microsoft 3) WARREN BUFFETT Wealth : £65.1billion Company: Berkshire Hathaway holding company 4) BERNARD ARNAULT Wealth : £55.8billion Company: LVMH 5) MARK ZUCKERBERG Wealth : £55billion […]

  • Fourth Industrial Revolution

    Posted On January 21, 2019 - 8:12 PM | by Oil and gas press -

    Saudi Aramco’s Uthmaniyah Gas Plant (UGP) has been recognized by the World Economic Forum (WEF) as a “Lighthouse” manufacturing facility, a leader in technology applications of the Fourth Industrial Revolution. Saudi Aramco is the first energy company globally to be included in this select group of manufacturing sites. The plant is also the only facility […]

  • Douala International Airport’s new solar scheme

    Posted On January 21, 2019 - 7:57 PM | by Oil and gas press -

    A new ground-mounted 1.2MW solar installation at Cameroon’s Douala International Airport has been put into operation to help reduce the CO2 emissions produced by aircraft during ground operations. Aircraft currently use jet fuel based auxiliary power units (APUs) or diesel-driven ground power units (GPUs) to provide pre-conditioned air and electricity to aircraft during ground operations. […]

  • Oxfam Says the 26 richest people in the world control £1.1trillion

    Posted On January 21, 2019 - 12:33 PM | by Oil and gas press -

    The 3.8 billion people who make up the poorest half of the world saw their wealth decline by 11 per cent last year while billionaires’ fortunes rose 12 per cent – or $2.5 billion a day, an Oxfam report published today reveals. Public Good or Private Wealth? describes how decades of progress in reducing global […]

  • New Energy Outlook (NEO) 2018 Report

    Posted On January 21, 2019 - 11:12 AM | by Oil and gas press -

    Wind and solar are set to surge to almost “50 by 50” – 50% of world generation by 2050 – on the back of precipitous reductions in cost, and the advent of cheaper and cheaper batteries that will enable electricity to be stored and discharged to meet shifts in demand and supply. Coal will shrink […]

  • Mexican oil pipeline thieves die in fire

    Posted On January 21, 2019 - 10:51 AM | by Oil and gas press -

    At least 20 people were reported killed and 54 were injured on Friday when a pipeline ruptured, after being tampered with by suspected fuel thieves exploded in central Mexico as dozens of people tried to fill up containers, state and federal authorities said. Mexican television live footage showed flames leaping into the night sky in […]

  • Nigeria: Fears over toxic assets emanating from loans to the energy sector

    Posted On January 18, 2019 - 3:48 PM | by Oil and gas press -

    Following the persistent crises in the electricity sector as well as the crash in oil price in 2014 to 2015 many banks that advanced credit to sector operators were put under bad loan pressure. Consequently, most banks now shy away from lending to the sector, especially with a renewed instability in the oil price according […]

  • Fuling shale gas field output exceeded expectation in 2018

    Posted On January 15, 2019 - 3:00 PM | by Oil and gas press -

    Sinopec’s Fuling shale gas field generated 6.02 billion cubic meters of shale gas in 2018. The field’s gas sales reached 5.78 billion cubic meters last year, ranking first both in production and sales among China’s shale gas fields. The Fuling shale gas field, located in southwest China’s Chongqing municipality, is of great significance to the […]

  • Electric cars security flaws highlighted

    Posted On January 14, 2019 - 5:18 PM | by Oil and gas press -

    Electric car drivers could find themselves unable to charge their vehicles, if attackers exploit recently discovered flaws in Schneider Electric’s EVlink Parking charging stations, found in offices, hotels, and supermarkets across several countries according to a zdnet.com article . Source / Further information : zdnet.com Oil and Gas News Undiluted !!! “Oil is well” Please […]

  • No Oil and Gas Executive in World’s Top 10

    Posted On January 14, 2019 - 1:57 PM | by Oil and gas press -

    Even though they control multi billion dollars companies and earn millions in salaries and shares per year no a single Oil and Gas company made the top ten list of top Executives in the world. The Ranking of world’s top ten chief executive according to media speculation on a report set to be released at […]

  • Crude Oil Price Movement to 14/01/19

    Posted On January 14, 2019 - 12:58 PM | by Oil and gas press -

    The price of OPEC basket of fifteen crudes stood at $60.00 a barrel on Friday, 11 January 2019, compared with $59.46 the previous day, 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), Zafiro (Equatorial Guinea), Rabi […]

  • Eland Announce Gbetiokun Operations Update

    Posted On January 14, 2019 - 12:39 PM | by Oil and gas press -

    Eland Oil & Gas PLC (AIM: ELA),announced that through its joint-venture subsidiary, Elcrest Exploration and Production Nigeria Ltd (“Elcrest”), it has completed drilling phase of the Gbetiokun-3 appraisal/development well. The OES Teamwork Rig has successfully completed drilling the Gbetiokun-3 well as part of the initial phase of the field development. The well encountered oil-bearing reservoirs […]

  • Aker Awarded Northern Lights Contract

    Posted On January 14, 2019 - 12:15 PM | by Oil and gas press -

    Aker Solutions has secured its first contract on Northern Lights, a carbon capture and storage (CCS) project initiated by Equinor with partners Shell and Total. The aim is to develop the world’s first storage facility capable of receiving CO2 from various industrial sources. Source / More: Aker Solutions Oil and Gas News Undiluted !!! “The […]

  • Husky Mulls Sale of Non-Core Downstream Assets

    Posted On January 11, 2019 - 4:39 PM | by Oil and gas press -

    Husky Energy (TSX:HSE) announced it will undertake a strategic review and will potentially sell its Canadian retail and commercial fuels business and its Prince George Refinery. Husky’s decision to review and consider a sale of non-core Downstream assets comes as it increasingly focuses on core assets in its Integrated Corridor and on its Offshore business […]

  • Foundation Unveils Five Visions for the Future of Mobility at CES

    Posted On January 9, 2019 - 2:54 PM | by Oil and gas press -

    The five finalists in the three-year Mobility Unlimited Challenge have been unveiled at CES in Las Vegas. The Toyota Mobility Foundation launched the $4 million global challenge in 2017 in partnership with Nesta’s Challenge Prize Centre, with the aim of improving the lives of millions of people with lower-limb paralysis. The Challenge invited engineers, innovators, […]

  • CTA Announces $10 Million Fund Commitment to Women, Diverse Founders

    Posted On January 9, 2019 - 2:46 PM | by Oil and gas press -

    The Consumer Technology Association (CTA) announced at CES® – the world’s largest and most influential tech event – that CTA will invest $10 million in venture firms and funds focused on women, people of color and other underrepresented startups and entrepreneurs. “To continue to evolve and grow, the tech industry needs more equal access to […]

  • Oil Tanker Explodes

    Posted On January 9, 2019 - 9:48 AM | by Oil and gas press -

    A Vietnam-registered oil tanker (Aulac Fortune ) exploded off Hong Kong’s southern coast Tuesday, killing one crew member and leaving three others missing at sea according to media reports. Hong Kong Police released image of Tanker. 21 crew members were reportedly rescued. Oil and Gas News Undiluted !!! “Oil is well” Please email us your […]

  • Economy Energy collapse

    Posted On January 8, 2019 - 5:24 PM | by Oil and gas press -

    Coventry-based Economy Energy has ceased to trade. Economy Energy, a gas and electricity supplier had circa 235,000 customers in the UK. Ofgem, the UK energy regulator, is appointing a new supplier for its customers and advises that existing customers need not worry as their supplies are secure and credit balances are protected. Ofgem’s advice is […]

  • World Bank head to step down on February 1

    Posted On January 8, 2019 - 4:58 PM | by Oil and gas press -

    World Bank Group President Jim Yong Kim announced on Monday he would step down from his position on February 1, the organization said in a statement. Mr Kim, 59, was not due to leave until 2022, after he was re-elected for a second five-year term in 2017. He will “join a firm and focus on […]

  • Crude Oil Price Movement to 07/01/19

    Posted On January 7, 2019 - 3:41 PM | by Oil and gas press -

    The price of OPEC basket of fourteen crudes stood at $55.14 a barrel on Friday, 4 January 2019, compared with $52.95 the previous day, 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), Zafiro (Equatorial Guinea), Rabi […]

  • Crude Oil Price Update to 03/01/19

    Posted On January 3, 2019 - 12:55 PM | by Oil and gas press -

    The price of OPEC basket of fifteen crudes stood at $52.17 a barrel on Wednesday, 2 January 2019, compared with $51.55 the previous Friday, according to OPEC Secretariat calculations. WTI CRUDE $46.70 BRENT CRUDE $55.50 CME Group reported Energy volume averaged 2.3 million contracts per day in December 2018, down 2 percent from December 2017. […]

  • Oil Begins New Year With A Loss

    Posted On January 3, 2019 - 12:45 PM | by Oil and gas press -

    Crude oil trading in the new year began with a slide, with Brent crude trading at US$53.12 a barrel at the time of writing, down 1.26 percent, and West Texas Intermediate at US$44.92 a barrel, down 1.08 percent. Benchmarks remained pressured by rising U.S. production, which, according to the EIA averaged 11. 7 million barrels […]

  • Medco in takeover talks with Ophir Energy

    Posted On January 2, 2019 - 1:56 PM | by Oil and gas press -

    Further to the share price movement in Ophir, the Boards of Ophir and Medco confirm they are in discussions about a possible cash offer to be made by Medco for the entire issued and to be issued share capital of Ophir website reported. This announcement does not amount to a firm intention to make an […]

  • Block R Licence, Equatorial Guinea

    Posted On January 2, 2019 - 1:43 PM | by Oil and gas press -

    Ophir announces that it is still awaiting a response from the Equatorial Guinea Ministry of Mines and Hydrocarbons (‘MMH’) with regards to its request for an extension of the Block R licence. We continue to engage with the MMH as well as potential investors in the Fortuna Development. We expect to receive further communication from […]

  • Total Spuds Well Offshore S. Africa

    Posted On December 28, 2018 - 7:18 PM | by Oil and gas press -

    Total S.A. has begun drilling the Brulpadda-1AX re-entry well offshore South Africa, partner Africa Energy Corp. announced Dec. 27. The well is located on Block 11B/12B offshore South Africa, for which Africa Energy holds a 4.9 percent interest. Block 11B/12B is located in the Outeniqua Basin about 175 kilometers (109 miles) off the southern coast […]

  • NNPC Assures of Adequate Supplies of Petroleum Products Despite Pipeline Vandalizion

    Posted On December 22, 2018 - 7:51 PM | by Oil and gas press -

    The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has assured of adequate petroleum products supply in Lagos and its environs despite a fire outbreak which occurred in a portion of the vandalised NNPC pipeline at Abule Egba in Lagos. A release today in Abuja by NNPC Group General Manager, […]

  • Angola on Path to Growth in 2019

    Posted On December 21, 2018 - 11:27 AM | by Oil and gas press -

    Reforms span from changes in tax law to changes in concession contracts and the opening of marginal fields to African independents. Key measures include the formation of upstream and downstream taskforces, the privatization of some Sonangol subsidiaries, and the creation of a new regulator to manage concessions. The measures are already attracting interest from investors […]

  • Interpol issues arrest warrant for Alison-Madueke

    Posted On December 21, 2018 - 10:55 AM | by Oil and gas press -

    The International Police [Interpol] have issued an arrest warrant for former Petroleum Minister, Diezani Allison-Madueke, following a request by the Nigerian Federal Government. According to media reports, the necessary charges had been filed and attached to the extradition request by the office of the Attorney-General of the Federation. By this request, all Interpol member countries […]

  • Canada Provides Truck Drivers With Electric and alternative fuel vehicles

    Posted On December 20, 2018 - 4:01 PM | by Oil and gas press -

    Electric and alternative fuel vehicles play a key role in Canada’s low-carbon future. As Canadians continue to make greener choices, our government is giving them more options to drive cleaner. Member of Parliament for London North Centre, Peter Fragiskatos, on behalf of Canada’s Minister of Natural Resources, the Honourable Amarjeet Sohi, today announced a $3-million […]

  • Crude Oil Price Movement to 20/12/18

    Posted On December 20, 2018 - 1:43 PM | by Oil and gas press -

    The price of OPEC basket of fifteen crudes stood at$55.13 a barrel Wednesday, 19 December 2018, compared with $56.08 the previous day, 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), Zafiro (Equatorial Guinea), Rabi Light (Gabon), […]

  • Uber’s business model in the UK at risk

    Posted On December 20, 2018 - 10:25 AM | by Oil and gas press -

    Uber loses appeal on driver employment rights. Uber drivers are directly employed by the firm, a Court of Appeal judgement declared, after the ride-hailing app failed to overturn an employment tribunal decision. The judgement requires Uber to recognise drivers as “limb (b)” workers – thereby allowing them collective bargaining rights with impact on things such […]

  • Crude Oil Price Movement to 19/12/18

    Posted On December 19, 2018 - 3:30 PM | by Oil and gas press -

    The price of OPEC basket of fifteen crudes stood at $56.08 a barrel Tuesday, 18 December 2018, compared with $58.67 the previous day, 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), Zafiro (Equatorial Guinea), Rabi Light […]

  • ADNOC and Cepsa Award First Ruwais Derivatives Park Contract

    Posted On December 19, 2018 - 2:57 PM | by Oil and gas press -

    The Abu Dhabi National Oil Company (ADNOC), and its project partner Cepsa, have announced the awarding of a key contract, as both companies move forward with plans to develop a world-scale Linear Alkyl Benzene (LAB) plant in the Ruwais Derivatives Park. The LAB project is the first of the derivative units to be advanced under […]

  • UK aviation’s Future discussed in Government green paper

    Posted On December 19, 2018 - 12:10 PM | by Oil and gas press -

    The UK Government has released a green paper which details the future plans for the aviation industry, but does it do enough to support such a vital industry? The Government has released it’s vision for future of aviation with its new ‘Aviation 2050’ green paper. The Department for Transport is seeking feedback on its green […]

  • Bio-based plastics

    Posted On December 19, 2018 - 10:52 AM | by Oil and gas press -

    3 key reasons why the world needs bio-based plastics While general public discussion continues to circulate around plastics-related challenges or even threats, it is important to remember why the world still needs plastics. In order to make sure plastics can continue being used where they are necessary, sustainably-produced, bio-based plastics can help reduce some of […]

  • Ghana’s Energy Industry is A Boon For The Economy

    Posted On December 18, 2018 - 4:30 PM | by Oil and gas press -

    On October 15 President Nana Akufo-Addo announced the opening of the country’s first open and competitive round of bidding for energy exploration licences, with three offshore blocks being offered. Previously, Ghana had awarded leases through a closed negotiation process. All of the blocks are located in Ghana’s Central Basin, with the terms of the tender […]

  • Crude Oil Price Movement to 18/12/18

    Posted On December 18, 2018 - 12:30 PM | by Oil and gas press -

    The price of OPEC basket of fifteen crudes stood at $58.24 a barrel on Monday, 17 December 2018, compared with $59.07 the previous day, according to OPEC Secretariat calculations. WTI CRUDE • 48.70 BRENT CRUDE 58.0 Prices were pushed lower as production reached near record highs in the US and Saudi Arabia. Russia’s output has […]

  • Shell grows Bonga oil production

    Posted On December 18, 2018 - 10:37 AM | by Oil and gas press -

    Crude oil production from the deepwater asset of the Shell Nigeria Exploration and Production Company (SNEPCo), Bonga field, has reached over 800 million barrels. Shell’s Media Relations Manager, Bamidele Odugbesan, in a statement, said the feat was achieved in 13 years of production from the field. He added it confirms the oil giant as a […]

  • Eni, Shell aware of corrupt payments, Judge rules

    Posted On December 18, 2018 - 10:31 AM | by Oil and gas press -

    An Italian judge, Giusy Barbara, found out on Monday that Eni and Royal Dutch Shell were fully aware that their 2011 purchase of Nigeria’s Oil Prospecting Lease (OPL 245) would result in corrupt payments to Nigerian politicians and officials. Italy’s Eni and Shell bought the OPL 245 offshore field for about 1.3 billion dollars from […]

  • Crude Oil Price Movement to 17/12/18

    Posted On December 17, 2018 - 1:26 PM | by Oil and gas press -

    The price of OPEC basket of fifteen crudes stood at $59.07 a barrel on Friday, 14 December 2018, compared with $58.67 the previous day, according to OPEC Secretariat calculations. WTI CRUDE 51.83 BRENT CRUDE 61.12 Production cuts agreed by OPEC and its allies are on track to balance global oil markets in the first half […]

  • Angola 2019 Licensing Round

    Posted On December 17, 2018 - 12:56 PM | by Oil and gas press -

    Angola’s licensing round will include a new focus on the development of marginal fields. The Angola Oil & Gas conference will be 2019’s main promotional event for the licensing round and marginal fields. Licensing round and marginal field legislation indicate new strategic direction and opening of Angola’s oil and gas business. Angola has developed a […]

  • Deeper Oil Production Cuts may be needed in late 2019

    Posted On December 17, 2018 - 12:25 PM | by Oil and gas press -

    Production cuts agreed by OPEC and its allies are on track to balance global oil markets in the first half of 2019, but more work may be needed after that. If Saudi Arabia, Russia and other countries in the so-called OPEC+ coalition cut production by 1.2 MMbpd as promised for the first six months of […]

  • U.S. advise Nigeria’s Fed Govt on economic diversification

    Posted On December 17, 2018 - 12:13 PM | by Oil and gas press -

    UNITED States Ambassador to Nigeria Stuart Symington has reportedly advised Nigeria to diversify its economy toward pursuing deeper growth and development. Symington gave the advice at the Nigerian-American Chamber of Commerce (NACC) Annual Dinner and Inauguration of Otunba Oluwatoyin Akomolafe as NACC’s 18th President in Lagos. Symington, in a statement yesterday by Ebuka Ugochukwu, the […]

  • Rule book Agreed on Paris Climate treaty

    Posted On December 17, 2018 - 10:54 AM | by Oil and gas press -

    Delegates from nearly 200 countries on Sunday finalised a common rule book designed to deliver the Paris Climate treaty goals of limiting global temperature rises to well below two degrees Celsius (3.6 Fahrenheit). “Putting together the Paris agreement work programme is a big responsibility,” said COP24 president Michal Kurtyka as he gavelled through the deal […]

  • Gazprom and Itochu sign MoU

    Posted On December 17, 2018 - 10:14 AM | by Oil and gas press -

    Gazprom and Itochu Corporation signed a Memorandum of Understanding on the Baltic LNG project. With this document, the parties confirmed their interest in potential cooperation in the framework of the project. Itochu Corporation is one of Japan’s largest general trading companies. It is engaged in oil & natural gas production and processing and LNG projects. […]

  • Woodside Paid $750 million in Taxes and Royalties in 2016-17

    Posted On December 17, 2018 - 10:04 AM | by Oil and gas press -

    Woodside has paid $750 million in Australian tax and royalties in respect of the 2016-17 income year In addition, Woodside group entities paid resources taxes and royalties of $243 million in respect of the 2016-17 income year and over the past four income years, 2013-14 to 2016-17, paid resources taxes and royalties of $1.5 billion. […]

  • IATA launch Turbulence Aware data resource

    Posted On December 14, 2018 - 12:35 PM | by Oil and gas press -

    IATA has launched its Turbulence Aware data resource to help airlines avoid turbulence when planning routes tactically in flight. Turbulence Aware augments an airline’s ability to forecast and avoid turbulence by pooling and sharing (in real time) turbulence data generated by participating airlines. Today airlines rely upon pilot reports and weather advisories to mitigate the […]

  • Shamoon malware destroys data at oil and gas company

    Posted On December 13, 2018 - 3:29 PM | by Oil and gas press -

    A new variant of the Shamoon malware was discovered on the network of Italian oil and gas contractor Saipem, where it destroyed files on about ten percent of the company’s PC fleet, ZDNet reported. The vast majority of the affected systems were located in the Middle East, were Saipem does a vast majority of its […]

  • NNPC Advises Petroleum Products Consumers Against Panic Buying

    Posted On December 12, 2018 - 8:24 PM | by Oil and gas press -

    The Nigerian National Petroleum Corporation (NNPC) has assured petroleum products consumers across the country not to engage in panic buying as it holds 2.6billion litres of Premium Motor Spirit otherwise called petrol and 90,000 metric tonnes of Dual Purpose Kerosene (Kerosene), saying the holding is expected to last 52 days, assuming no single drop of […]

  • Public remain wary of drones

    Posted On December 11, 2018 - 8:53 AM | by Oil and gas press -

    The British public remain sceptical about the use of drones, according to the latest figures released by air navigation service provider, NATS. Almost 80 per cent of the 1,000 people surveyed by Ipsos MORI as part of NATS’ annual Aviation Index expressed concerns around privacy, while almost three quarters felt drones pose an ongoing safety […]

  • the time for action on corruption is now

    Posted On December 9, 2018 - 3:32 PM | by Oil and gas press -

    This Sunday, 9 December, marks International Anti-Corruption Day — an important opportunity to highlight the stories of citizens in the fight against corruption across the globe. It is also an historic moment, marking the fifteen years since the United Nations Convention Against Corruption (UNCAC) was adopted, making it the largest international anti-corruption treaty with nearly 186 country […]

  • Ex-NNPC Boss seeks to quash money laundering charges

    Posted On December 6, 2018 - 9:27 AM | by Oil and gas press -

    A former Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Andrew Yakubu, is seeking to quash money laundering charges brought against him by the Economic and Financial Crimes Commission, EFCC, as he files a “no-case” submission before Justice A.R. Mohammed of the Federal High Court, Abuja. In the no-case submission dated November 6th 2018, and […]

  • Nigeria’s NNPC News Bite

    Posted On December 6, 2018 - 9:09 AM | by Oil and gas press -

    NNPC Seeks Investors to Unlock 10 billion Barrels Deep-Water Resources Ongoing drive by the Nigerian National Petroleum Corporation (NNPC) to increase Nigeria’s crude oil reserve was taken a notch higher yesterday with the unveiling of multi-billion dollar investment opportunities in the nation’s deep-offshore frontiers at the 10th World Energy Capital Assembly in London, United Kingdom. […]

  • Wood hosts analyst & investor session

    Posted On December 5, 2018 - 9:11 AM | by Oil and gas press -

    Wood plc is hosting an operational teach-in for analysts and investors on the operations of its Asset Solutions Americas (ASA) business unit in London today. The session will be an opportunity to gain a deeper understanding of the ASA business including service offerings and capabilities, competitive landscape and key projects, from members of the ASA […]

  • Nigeria losing circa N1.2 billion everyday subsidising fuel to other African countries

    Posted On December 3, 2018 - 11:52 AM | by Oil and gas press -

    The massive petrol subsidy currently being reported by the Nigerian National Petroleum Corporation (NNPC), may be a reflection of petrol consumption not only by Nigerians, but also those used by neighbouring African countries. This development is being justified by the sudden appreciation in daily petrol consumption for Nigeria from 35 million litres to 60 million […]

  • UK supermarkets cuts Petrol prices

    Posted On December 3, 2018 - 11:32 AM | by Oil and gas press -

    Three major UK supermarkets have announced cuts to fuel prices today as the wholesale cost continues to decrease. Customers at Asda, Sainsbury’s and Morrisons will benefit from 2p per litre discount on unleaded and diesel. Drivers will now pay no more than 116.7p per litre on unleaded and 127.7p per litre on diesel at Asda […]

  • Russia agrees oil output cut

    Posted On December 3, 2018 - 11:27 AM | by Oil and gas press -

    President Vladimir Putin said that Russia and Saudi Arabia had agreed to renew a pact on oil production cuts, as crude prices slump on global markets. Following talks at a G20 summit with Saudi Crown Prince Mohammed bin Salman, Putin reportedly stated, on Saturday the world’s two biggest exporters of crude “have agreed to extend […]

  • vote of confidence in Oceanteam as it paves way for the future

    Posted On December 3, 2018 - 11:05 AM | by Oil and gas press -

    On Friday the 30th of November 2018, during an Extraordinary General Meeting in Bergen Norway, shareholders accepted the resolutions in which the Company is allowed to issue additional shares to convert its remaining bonds into shares and, secondly, authorizing the Board to issue new shares in order to support the growth ambitions of the Company. […]

  • Qatar Withdraws from OPEC Effective January 2019

    Posted On December 3, 2018 - 8:57 AM | by Oil and gas press -

    Qatar will withdraw from the Organization of the Petroleum Exporting Countries (OPEC), the Gulf nation’s minister of state for energy affairs, Saad Sherida al-Kaabi announced on Monday. Speaking at a news conference in Doha, al-Kaabi reportedly said: “The withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural […]

  • Localization Efforts in Saudi Arabia

    Posted On December 3, 2018 - 8:21 AM | by Oil and gas press -

    Baker Hughes, a GE company (NYSE:BHGE) received recognition for its localization efforts and announced a series of agreements at Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) Forum. The agreements are in line with Saudi Aramco’s 2030 vision and IKTVA program. BHGE’s support for the advancement of Saudi local suppliers and development of in-country expertise was […]

  • NNPC Declares itself Most Transparent Government Organization

    Posted On November 30, 2018 - 12:55 PM | by Oil and gas press -

    The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has described the national oil company as the most open and transparent government-owned corporate entity due to its demonstrable commitment to the ideals of probity and accountability in all its operations. Speaking at the public opening of bids for Insurers and […]

  • Jaguar Land Rover axe 200 more jobs in UK

    Posted On November 30, 2018 - 12:23 PM | by Oil and gas press -

    Jaguar Land Rover (JLR) is to cut more jobs at its Solihull plant as a result of moving the production of its Discovery model out of the UK according to media reports. The company, which had already announced that 1,000 agency workers would be laid off in April, said today around 200 more people working […]

  • Support OPEC efforts to Restore Stability to the Oil Markets with Continued Production Cuts

    Posted On November 30, 2018 - 11:16 AM | by Oil and gas press -

    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 November, and the month is likely to […]

  • Lamprell to work with Saudi Aramco

    Posted On November 29, 2018 - 4:00 PM | by Oil and gas press -

    Lamprell with its partners has been selected as a contractor on Saudi Aramco’s Long Term Agreement for Offshore Facilities (LTA) programme. The LTA is part of an ambitious offshore investment programme and covers engineering, procurement, construction, transportation and installation (EPCI) contracts to support Saudi Aramco’s Offshore Maintain Potential Program, Oil & Gas Program, and other […]

  • California company 18 Trucking switch to Neste MY Renewable Diesel™.

    Posted On November 29, 2018 - 3:40 PM | by Oil and gas press -

    18 Trucking, a construction trucking services company based in Hayward, CA, is reporting reductions in maintenance costs and less downtime for their fleet after switching to Neste MY Renewable Diesel™. “After running Neste MY in our vehicles for a while, I noticed that I was not taking my trucks out of service for routine maintenance […]

  • Tullow ‘s Capital Markets Day

    Posted On November 29, 2018 - 9:24 AM | by Oil and gas press -

    Tullow Oil plc (Tullow) announces that it is hosting a Capital Markets Day presentation today in London for sell-side analysts and institutional shareholders. The event will be hosted by Paul McDade, CEO, and will include presentations from members of Tullow’s Executive Team on the Group’s growth strategy. The presentations will be streamed via a live […]

  • Total, Eni seek to expand Cyprus search

    Posted On November 27, 2018 - 4:40 PM | by Oil and gas press -

    Total and Eni have jointly bid for another licence to explore for and exploit oil and gas reserves off Cyprus despite warnings from Turkey, Cypriot authorities said Monday. “An application was received on November 26, as part of the procedure for a Hydrocarbon Exploration Licence for block 7, by Total/Eni,” the energy ministry said. Oil […]

  • OPEC $59.29 a barrel

    Posted On November 27, 2018 - 4:03 PM | by Oil and gas press -

    OPEC daily basket price stood at $59.29 a barrel Monday, 26 November 2018 The plunge of the price of crude oil that has lost over 30% since the beginning of October, most likely is about to stop, experts polled by TASS assume. The upcoming meeting of OPEC+ nations in Vienna in early December will determine […]

  • Nigeria lost $6bn from ‘corrupt’ oil deal linked to fraud

    Posted On November 27, 2018 - 2:10 PM | by Oil and gas press -

    A court in Milan is considering charges of corruption against Eni and Shell in a controversial oil deal that led to Nigeria losing an estimated $6bn. The campaign group Global Witness has calculated the OPL 245 deal in 2011 deprived Nigeria of double its annual education and healthcare budget….. Read More, Shell accused of abuses […]

  • Russia seizes 3 Ukrainian ships

    Posted On November 27, 2018 - 1:49 PM | by Oil and gas press -

    Russia seized three Ukrainian naval ships off the coast of Russia-annexed Crimea on Sunday after opening fire on them and wounding several sailors, a move that risks igniting a dangerous new crisis between the two countries. Russia-Ukraine tensions rose further after the Kerch Strait ship capture The three ships were sailing off the coast of […]

  • Senegal Seeks oil and gas Guidance From Nigeria

    Posted On November 27, 2018 - 12:36 PM | by Oil and gas press -

    Senegal is looking for guidance from Nigeria regarding its burgeoning oil and gas sector. The Senegalese Petroleum and Energy Minister, Mansour Kane, in an interview with the News Agency of Nigeria (NAN) , made an appeal to Africa’s number one producer after a meeting with Nigeria’s Foreign Affairs Minister, Geoffrey Onyeama who was on a […]

  • Sonatrach Pulls Out Of Libya

    Posted On November 27, 2018 - 11:37 AM | by Oil and gas press -

    Algeria’s state oil and gas company has pulled out of Libya citing deteriorating security conditions, Libyan media report, adding the company had first evacuated its personnel from its neighbor and has now transported production equipment across the border. Sonatrach had partnered with the Libyan National Oil Corporation on drilling seven oil wells in its eastern […]

  • McLaren Deloitte brings F1 technology to the aviation industry

    Posted On November 27, 2018 - 9:51 AM | by Oil and gas press -

    McLaren Deloitte has announced a collaboration agreement with UK air traffic services provider NATS, to bring Formula 1 technology and data science into the aviation industry to transform how operational decisions are made in the air traffic management space. The companies will work together on products that combine the relative expertise of leading organisations; bringing […]

  • Second Black Industrialists Energy Summit

    Posted On November 26, 2018 - 2:46 PM | by Oil and gas press -

    The second Black Industrialists Energy Summit will be hosted in Cape Town from 11-12 December as part of ‘EnergyWeek South Africa.’ This meeting takes place alongside the International Gas Cooperation Summit and the Southern Africa Renewable Energy Summit at the Westin Cape Town Hotel. Localisation policies have become a permanent factor for energy development in […]

  • Seventh Energy Provider go Bust in UK

    Posted On November 24, 2018 - 2:38 PM | by Oil and gas press -

    Spark Energy, an electricity and gas supplier, headquartered in Selkirk, Scottish Borders ceased trading on 23 November 2018 after a series of major failures, including the failure to pay the industry regulator Ofgem to the sum of £14.4 Million for their renewables obligation payment. Spark Energy is the seventh energy provider to go out of […]

  • Solar-Wind Hybrid Project

    Posted On November 23, 2018 - 11:56 AM | by Oil and gas press -

    Juhl Energy announced that it has selected GE Renewable Energy (GE:NYSE) to supply equipment for the first commercial integrated solar-wind hybrid power generation project in the U.S. The Minnesota-based clean energy company has developed the 2.0MW community-based renewable energy project to provide low-cost, locally generated energy to the Lake Region Electric Cooperative of Pelican Rapids, […]

  • NNPC Insists on Full Disclosure

    Posted On November 23, 2018 - 11:15 AM | by Oil and gas press -

    The Nigerian National Petroleum Corporation (NNPC) has offered to provide details of the Nigerian Liquefied Natural Gas (NLNG) Dividends Account from 1999 till date to give the Senate and the general public a comprehensive insight into the operations of the account. Group Managing Director of NNPC, Dr. Maikanti Baru, stated this at the hearing of […]

  • Solar panels installed at Hawaiian International Airport

    Posted On November 23, 2018 - 11:10 AM | by Oil and gas press -

    The Hawaii Department of Transportation (HDOT) has completed the installation of 4,260 new solar panels on the 7th floor of the Terminal 1 parking garage at the Daniel K. Inouye International Airport (HNL). The 346 parking stalls on the 7th floor level have been reopened and were available for public use as of the 16th […]

  • TechnipFMC and Schlumberger lauded for local content compliance in Equatorial Guinea

    Posted On November 22, 2018 - 2:47 PM | by Oil and gas press -

    The Minister of Mines and Hydrocarbons has commended international oil services companies Schlumberger and TechnipFMC on their proactive measures taken to comply with Equatorial Guinea’s local content regulations. “Both Schlumberger and TechnipFMC have a long history of working in our country, and their recent engagement with local companies, commitment to train, develop and promote our […]

  • UK Explores Electric Vehicles (Standardised Recharging) Bill

    Posted On November 22, 2018 - 1:39 PM | by Oil and gas press -

    Mr. Bill Wiggin, a conservative representative for North Hertfordshire, U.K presented his Electric Vehicles (Standardised Recharging) Bill to ministers, which highlighted the importance of a single connector type for plug-in cars. He called for the current law to be amended to create an industry standard, so that all electric models can access the public network […]

  • BMW obtains ride-hailing licence in China

    Posted On November 22, 2018 - 1:28 PM | by Oil and gas press -

    BMW has been awarded a licence to launch a ride-hailing firm in China in December, making it the first global car manufacturer to enter the competitive market. Operating under the name BMW Mobility Service, BMW said its licence has been granted for initial operations in Chengdu, the capital of Sichuan province. The Chinese market is […]

  • South Sudan’s Oil and Power investment drive

    Posted On November 22, 2018 - 1:10 PM | by Oil and gas press -

    The African Energy Chamber is encouraged by the progress made in South Sudan’s oil sector after the peace agreement. The success of the South Sudan Oil & Power 2018 conference, which was attended by over 750 participants representing upstream, midstream and downstream sectors of the oil sector from Africa, Europe, North America and the Middle […]

  • Addison Lee Group and Oxbotica join forces in strategic alliance

    Posted On November 22, 2018 - 12:11 PM | by Oil and gas press -

    Addison Lee Group, the global ground transportation business, and Oxbotica, the British leader in self-driving vehicle software, have agreed a wide-ranging strategic alliance that accelerates the implementation of autonomous vehicles to London’s streets. Under the agreement, the two companies will collaborate on the development, deployment and operation of autonomous vehicles with a view to providing […]

  • Eni in partnership with growITup launch CallForGrowth project

    Posted On November 21, 2018 - 4:45 PM | by Oil and gas press -

    Eni today launched the CallForGrowth project, a new open innovation initiative in partnership with growITup, the open innovation platform created to support large companies in implementing new partnerships with start-ups. Through this initiative, Eni will help to identify the Italian startups undertaking cutting edge projects, specifically aimed at the digitalization of areas related to the […]

  • Nissan and Mitsubishi Sack Carlos Ghosn

    Posted On November 21, 2018 - 12:23 PM | by Oil and gas press -

    Nissan’s Chairman Carlos Ghosn CEO of both Nissan Motor and Renault, and the chairman of the Renault-Nissan- Mitsubishi Alliance was reportedly arrested by the Japanese authorities on Monday over alleged under-statement of financial misconduct. “Based on a whistleblower report, Nissan has been conducting an internal investigation over the past several months regarding misconduct involving the […]

  • Investing in Nigeria is risky, by Priti Patel

    Posted On November 21, 2018 - 9:45 AM | by Oil and gas press -

    Former Secretary of State for International Development in the United Kingdom, Priti Patel, in an opinion piece widely reported in Nigeria, warned investors to be wary about investing in Nigeria,She wrote: When the Nigerian finance minister visited London last week, she and her officials came to advertise Nigeria as a country that is open for […]

  • MHIES-P Delivers 2 Diesel Generator Sets in Leyte, the Philippines

    Posted On November 20, 2018 - 8:45 AM | by Oil and gas press -

    MHI Engine System Philippines, Inc. (MHIES-P), a company operated in the Philippines by Mitsubishi Heavy Industries Engine & Turbocharger, Ltd. (MHIET), a Group member of Mitsubishi Heavy Industries, Ltd. (MHI), has delivered two MGS (Mitsubishi Generator Series) diesel generator sets to SM Center Ormoc, a commercial facility newly opened in the city of Ormoc on […]

  • Reformed Plug-In Car Grant extended into next decade

    Posted On November 16, 2018 - 2:14 PM | by Oil and gas press -

    The UK government on 11 October 2018 announced changes to funding to support purchasing the next 35,000 of the cleanest vehicles. For the last 7 years, the Plug-in Car Grant (PICG) has provided a discount to the price of over 160,000 new ultra-low emission vehicles. These changes to financial incentives reflect the ongoing success of […]

  • Macron Agrees With Trump To Bring Down Oil Prices

    Posted On November 16, 2018 - 1:54 PM | by Oil and gas press -

    French President Emmanuel Macron said Nov. 14 that he and U.S. President Donald Trump agreed to put pressure on oil producers to bring down prices. Oil prices have risen 45% since Macron took office in mid-2017 and his government is facing pressure on high prices from a grassroots movement protesting recent petrol tax hikes. “When […]

  • Centrica joins community energy blockchain trial

    Posted On November 16, 2018 - 12:33 PM | by Oil and gas press -

    Centrica has joined forces with machine learning start-up Verv on the next phase of a community energy trial that aims to explore how peer-to-peer trading on the blockchain could reduce customer bills. Experts from the company’s supply business, British Gas, are supporting a live customer trial at a social housing community in Hackney, London where […]

  • Global Oil Today

    Posted On November 15, 2018 - 2:52 PM | by Oil and gas press -

    The price of OPEC basket of fifteen crudes stood at $64.51 a barrel on Wednesday, 14 November 2018, compared with $67.01 the previous day, according to OPEC Secretariat calculations. The December light, sweet crude contract on the New York Mercantile Exchange dropped stood at $55.69/bbl. The NYMEX natural gas price for December was up 31¢ […]

  • India Boosts African Oil Imports

    Posted On November 15, 2018 - 1:19 PM | by Oil and gas press -

    India’s crude oil imports from Africa jumped in October to their highest level in three years as Indian refiners rushed to secure more African barrels amid uncertainties over the U.S. waivers for Iran’s oil, while a narrowing premium of Brent Crude prices over Dubai swaps made Brent-linked African grades more attractive for buyers in Asia. […]

  • African Energy Chamber Applauds Angola’s Membership in GECF

    Posted On November 15, 2018 - 1:07 PM | by Oil and gas press -

    The Gas Exporting Countries Forum has been at the forefront of promoting the use of natural gas as an affordable and sustainable fuel of choice for sustainable development. African countries rallying around the drive of Equatorial Guinea’s Mines and Hydrocarbon Minister, Gabriel Mbaga Obiang Lima’s drive to monetize gas and engage with OPEC and GECF […]

  • 20-year License renewal for OMLs 4, 38 and 41 confirmed.

    Posted On November 15, 2018 - 12:04 PM | by Oil and gas press -

    Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), announced that Nigeria’s President and Honourable Minister of Petroleum Resources has given consent for the renewal of OMLs 4, 38 and 41 to a new expiry date of 21 October 2038. Seplat holds a 45% working interest in OMLs 4, 38 and 41 and in the […]

  • IMF Staff Concludes Visit to Qatar

    Posted On November 15, 2018 - 10:42 AM | by Oil and gas press -

    Significant fiscal and external buffers have enabled Qatar to successfully absorb the adverse shocks from the 2014-16 decline in oil prices and the diplomatic rift. • Near- to medium-term outlook remains favorable in the context of relatively higher hydrocarbon prices, prudent fiscal policy, healthy financial system and accelerated structural reforms. An International Monetary Fund (IMF) […]

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