Total revisits interest to develop South Sudan oil-blocks, says minister
Businessam Staff
June 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 […]
Nigerian excess crude under pressure on Forcados exports return
Businessam StaffJune 1, 2017
Nigerian crude differentials were under pressure on Thursday at the close of trade in London from the prospect of more plentiful supplies due to the return of Forcados exports. An estimated 15 June-loading cargoes are reported to be available, in addition to more July-loading barrel. The country’s Qua Iboe blend was last heard to be […]
Reps to consider host communities’ interest in PIB
Businessam StaffJune 1, 2017
The House of Representatives says it would pass a more holistic Petroleum Industry Bill (PIB) that will encompass interests of host communities and fiscal regulation of the oil industry, reports News Agency of Nigeria (NAN). Victor Nwokolo (Delta-PDP), Chairman of the House Committee, Petroleum Upstream, stated this on Thursday, while speaking to journalists at the […]
French union says deal reached to end petrol shortage
Businessam StaffJune 1, 2017
France’s CGT trade union said a strike by transporters of hazardous materials that has caused fuel shortages could be wound down by the weekend after talks on Wednesday with the transport ministry. The hardline CGT called the strike, which triggered panic-buying at petrol stations across the country, demanding wage increases and better working conditions for […]
W. African oil to China slides to 9-month low in June, India offsets
Businessam StaffJune 1, 2017
China’s West African crude oil loadings are on track to slide to a nine-month low in June as buying in the key outlet wanes after months of voracious importing, a Reuters survey of shipping fixtures and oil traders showed on Thursday. According to Reuters report, loadings are expected to fall to just over 1 million barrels per day (bpd) in […]
World Bank to provide Senegal $29 million to bolster oil sector
Businessam StaffJune 1, 2017
The World Bank will provide $29 million to help Senegal as it negotiates oil and gas contracts with producers, it said on Wednesday. Oil firms including BP and Total are developing previously untapped oil and gas fields off Senegal’s Atlantic coast that could bring billions of dollars of profits to the impoverished country in the […]
Nigerian Senate votes to halt Eni’s Port Harcourt refinery deal
Businessam StaffMay 31, 2017
Nigeria’s Senate voted on Tuesday to halt a concession agreement with the local unit of Italian oil firm Eni to repair, operate and maintain Port Harcourt refinery, saying the deal lacked transparency, Reuters reports. Eni was in talks to work with Nigerian energy company Oando on the deal, part of an effort to lift refining […]