Libya’s oil field reopens after strike
Businessam Staff
June 9, 2017
Libya’s biggest oil field, Sharara closed down on Wednesday due to workers’ protest has been reopened and expected to resume normal production within three days, the National Oil Corporation said in a statement early on Friday. Sharara had been producing nearly 270,000 barrels per day (bpd) before employees went on strike over a lack of medical treatment for a […]
U.S. oil exports double forcing a new disruptive era in global markets
Businessam StaffJune 7, 2017
The pace of the United States’ oil exports hitting an average of one million barrels a day this year is seen to be contributing to the downward pressure on crude prices, despite OPEC production caps. American oil exports are gradually emerging as a disruptive new force in global markets as new data indicate that it […]
Protesting workers shut down Libya’s biggest oil field
Businessam StaffJune 7, 2017
Libya’s biggest oil field is reportedly shut down due to a protest by workers, stalling a revival in the politically divided country’s production of crude. Sharara closed on Wednesday, according to a person with direct knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. The field […]
Seplat bullish on recovery, growth as Forcados resumes operations
Olusegun AbisoyeJune 7, 2017
Seplat Petroleum Development Company Plc, Nigeria’s leading independent indigenous Nigerian upstream oil and gas exploration company, has expressed optimism that as the Trans Forcados Pipeline resumes full operations after its shutdown by militant activities in the nation’s Niger Delta regions, it would move quickly into the stability and growth phases of its recovery plans. The […]
Equatorial Guinea calls on African nations to join OPEC
Businessam StaffJune 7, 2017
OPEC’s newest member, Equatorial Guinea called on fellow African producers to band together in protecting the value of their oil resources and join the group, Bloomberg reports. As more discoveries are made across the continent, cooperation among producers is key, the nation’s Minister of Mines, Industry and Energy Gabriel Obiang told a conference in Cape Town. “Have […]
Port bans choke Qatar’s commodity trade as gas supply worries grow
Businessam StaffJune 6, 2017
A campaign by leading Arab powers to isolate Qatar is disrupting trade in commodities from crude oil to metals and food, and deepening fears of a possible jolt to the global gas market, where the tiny Gulf state is a major player. Just a day after Saudi Arabia and its Arab allies severed transport links […]
Total revisits interest to develop South Sudan oil-blocks, says minister
Businessam StaffJune 6, 2017
Total S.A. has re-established talk with South Sudan about re-visiting and developing two of its biggest oil blocks following the collapsed of previous talks on the fields, Bloomberg reports. The renegotiation was revealed by the the nation’s petroleum minister. “They have written to me that they are still interested” in blocks B1 and B2, Ezekiel Lol Gatkuoth said Monday […]
Qatar says it faces campaign of lies, denies interfering
Businessam StaffJune 5, 2017
Qatar said on Monday it was facing a campaign of lies and fabrications aimed at putting the Gulf Arab state under guardianship, after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut ties with it Reuters reports. “The campaign of incitement is based on lies that had reached the level of complete fabrications,” the […]
Oil prices dip on fears Middle East spat could harm OPEC cuts
Businessam StaffJune 5, 2017
Oil prices reversed gains to trade down on Monday on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states could hamper a global deal to reduce oil production, Reuters reports. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain closed transport links with top liquefied natural […]
Oil jumps as Qatar ditched, London attacks hurt sterling
Businessam StaffJune 5, 2017
Oil jumped after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain cut ties with Qatar on Monday while sterling slipped after the weekend attacks in London that killed at least seven people and wounded 48, just days before Britain’s general national election, Reuters reports. The coordinated move by the Middle Eastern countries, accusing the […]