Tag Archive

Arbitration Tribunal Orders Venezuela to Pay ConocoPhillips $8.7 Billion

Arbitration Tribunal Orders Venezuela to Pay ConocoPhillips $8.7 Billion

March 13, 2019 No Comments

ConocoPhillips (NYSE: COP) announced that an international arbitration tribunal constituted under the auspices of the International Centre for Settlement of Investment Disputes (ICSID) has unanimously ordered the government of Venezuela to pay the company the amount of $8.7 billion in compensation for the government’s unlawful expropriation of ConocoPhillips’ investments in Venezuela in 2007, plus interest. […]

US imports of Nigerian crude falls by 43%

US imports of Nigerian crude falls by 43%

March 13, 2019 No Comments

The United States (US) cut its imports of Nigerian crude oil by 48.87 million barrels or 43 per cent in 2018, according to the latest data released by the Energy Information Administration. US imports of Nigerian crude fell from 148.48 million barrels in 2012 to 87.40 million barrels in 2013 on the back of the […]

First-Ever Electronic Spot Auction of U.S. Crude Oil Export Cargo

First-Ever Electronic Spot Auction of U.S. Crude Oil Export Cargo

March 7, 2019 No Comments

CME Group today announced it completed the first successful spot auction of one crude oil export cargo of U.S. Gulf Coast light sweet crude oil. Seventeen global energy firms participated in the auction for crude sold by Enterprise Products Partners L.P. (Enterprise), available for delivery and export at its Enterprise Houston Ship Channel (EHSC) terminal. […]

U.S. To draw down From Strategic Petroleum Reserve

U.S. To draw down From Strategic Petroleum Reserve

March 1, 2019 No Comments

The U.S. Department of Energy plans to sell up to 6 million barrels of crude oil from the Strategic Petroleum Reserve (SPR), with deliveries taking place in April and May, the Department of Energy said on Thursday. DOE plans to draw down and sell crude oil from three SPR sites—Bryan Mound and Big Hill in […]

Africa Oil Announce  Full Year 2018 Financial Results

Africa Oil Announce Full Year 2018 Financial Results

March 1, 2019 No Comments

Africa Oil Corp. (“Africa Oil” or the “Company”) announced its financial and operating results for three months and year ended December 31, 2018. The Company ended the year with cash of $370.3 million and working capital of $340.7 million in comparison to cash of $392.3 million and working capital of $436.3 million at the end […]

ADNOC and SKEC to Build World’s Largest Single Underground Oil Storage in the UAE

ADNOC and SKEC to Build World’s Largest Single Underground Oil Storage in the UAE

February 27, 2019 No Comments

The Abu Dhabi National Oil Company (ADNOC) announced today that it is building the world’s largest single underground project ever awarded for oil storage, with a capacity of 42 million barrels of crude oil, in the Emirate of Fujairah on the eastern coast of the United Arab Emirates. An Engineering, Procurement and Construction (EPC) contract […]

Chevron Signs New Gas Agreement with GS Caltex

Chevron Signs New Gas Agreement with GS Caltex

February 14, 2019 No Comments

Chevron U.S.A. Inc, a wholly owned subsidiary of Chevron Corp, announced the signing of a sales and purchase agreement with GS Caltex Corporation for the delivery of liquefied natural gas (LNG) to South Korea from Chevron’s global supply portfolio. As a joint venture between Chevron and GS Energy, GS Caltex has signed a long-term agreement […]

Bill allowing U.S. to sue OPEC moves forward

Bill allowing U.S. to sue OPEC moves forward

February 11, 2019 No Comments

Legislation that would allow the U.S. government to sue OPEC for inflating oil prices cleared a key hurdle in the new session of Congress. The House Judiciary Committee, now led by Democrats, advanced the “No Oil Producing and Exporting Cartels Act” Thursday. That sets the bipartisan “NOPEC” bill, which would subject the cartel to possible […]

Record 55,000 NYMEX WTI Houston Crude Oil Futures Contracts

Record 55,000 NYMEX WTI Houston Crude Oil Futures Contracts

February 11, 2019 No Comments

CME Group, the world’s leading and most diverse derivatives marketplace, today announced more than 55,000 NYMEX WTI Houston Crude futures contracts have traded since launch on November 5, 2018. Additional NYMEX WTI Houston Crude Oil Futures records reached include: Record open interest of 4,004 contracts as of February 7, surpassing the previous record of 1,824 […]

Crude Oil Price Movement to 22/01/19

Crude Oil Price Movement to 22/01/19

January 22, 2019 No Comments

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 […]

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