Forte Oil in talks on refinery deal to boost capacity

Businessam StaffAugust 4, 2017

Akin Akinfemiwa, Chief Executive of Nigeria's Forte Oil

Akin Akinfemiwa, Chief Executive of Nigeria’s Forte Oil, Friday, said the company is in talks with a major refinery to form a strategic partnership for local refining of petroleum products in the country, Reuters reports. Africa’s top oil exporter has been pushing to refurbish its decrepit refineries, as the country still mainly depend on exporting crude oil […]

Oil could see downward correction in next quarter, Barclays says

Businessam StaffAugust 4, 2017

Oil market is expected to see a downward correction this quarter but Brent prices will move higher in the final quarter of this year, according to a research note from Barclays. “Prices have moved higher, due to a perfect combination of a favorable macro environment, a seasonal uptick in consumption, continued inventory drawdowns, and geopolitical […]

U.S. sanctions may not stop Russian gas pipelines to Europe

Businessam StaffAugust 3, 2017

A man is seen at work at Zagorsk Pipe Plant (ZTZ), which launched the production of large-diameter pipes for Russian gas giant Gazprom, outside Moscow, Russia May 29, 2017.

New U.S. sanctions will make it harder for Russia to build two gas export pipelines to Europe but the projects are unlikely to be stopped, Reuters reports. Donald Trump, U.S. President has reluctantly signed into law further sanctions on Russia but some of the measures are discretionary and most White House watchers believe he will […]

Kosmos, BP partner in ECOWAS, plans September London listing

Businessam StaffAugust 2, 2017

Kosmos Energy, the West African partner of an international oil major, British Petroleum (BP), has concluded plans to list on the London Stock Exchange by the end of September, it has emerged. Along with BP, it is exploring for gas offshore Senegal and Mauritania, and the listing is aimed at attracting more European investors, the […]

Total Nigeria targets 200,000 barrels-per-day in 2018 from multi-billion dollar Egina Field

Aderemi OjekunleAugust 2, 2017

Total Nigeria, Wednesday, said it would boost the country’s daily oil production by 200,000 barrels from 2018. Nicolas Terraz, managing director/chief executive officer, Total upstream companies in the country, stated this in Lagos at the 2017 Nigerian Annual International Conference and Exhibition of the Society of Petroleum Engineers. The three-day conference which started on Monday […]

Shell, Europe’s largest oil refinery, to resume production in two weeks

Aderemi OjekunleAugust 2, 2017

Royal Dutch Shell, Europe’s largest oil refinery will resume production in the second half of August. The company said in a statement on Wednesday after it shut most units at the 404,000-barrels-per-day (bpd) Pernis refinery in the Netherlands, following a power outage caused by a fire last Saturday. “We expect to restart our operations at […]

European oil giants seek to harness U.S. offshore wind

Businessam StaffAugust 1, 2017

Some European oil majors have made inroads into the emerging U.S. offshore wind energy market, aiming to leverage their experience of deepwater development and the crowded offshore wind arena at home. Late entrants to the offshore wind game in Europe, which began with a project off Denmark 25 years ago and is now approaching maturity, […]

OPEC oil output jumps to 2017 high on further Libya recovery

Businessam StaffJuly 31, 2017

OPEC oil output has risen this month by 90,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal. A dip in supply from Saudi Arabia and lower Angolan exports helped to boost OPEC’s adherence […]