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Iran Sanctions May Not Cause Oil Shortage In Nigeria – Says, Petroleum Minister

Iran Sanctions May Not Cause Oil Shortage In Nigeria – Says, Petroleum Minister

U.S. sanctions on Iran won’t necessarily translate into a global shortage of oil, according to Nigerian Petroleum Minister Emmanuel Ibe Kachikwu. “Everybody assumes that once they put the sanctions on Iran, you’re going to lose that production,” Kachikwu said in Cape Town, appealing for patience until there’s more clarity on the impact of the penalties. […]

Mozambique’s $49 Billion Gas Plan Stokes Anxiety in North

Mozambique’s $49 Billion Gas Plan Stokes Anxiety in North

A giant refrigerator will replace the village Jonas Alide Saide has called home for 70 years and he’s not happy about it. As Mozambique’s plans to export natural gas gather pace, Saide’s northeastern settlement of Quitupo will make way for a plant planned by companies including Anadarko Petroleum Corp. Located on a site larger than […]

South African Fuel Prices To Rise By More Than 1.5 pct In July

South African Fuel Prices To Rise By More Than 1.5 pct In July

The retail price of petrol in South Africa will rise by more than 1.5 percent from July 4, while the price of wholesale diesel will rise by 1.8 percent, the energy department said on Sunday. The price of petrol will rise by 26 cents to 16.02 rand per litre in the commercial hub of Gauteng […]

African Petroleum To Take Gambian Dispute To Court

African Petroleum To Take Gambian Dispute To Court

African Petroleum Corp plans to go to court to resolve its dispute with Gambia, the Norwegian-listed company said on Monday, after the government stripped it of its rights to explore for oil in two offshore areas. “It is a matter of regret that it has come to this; however, we are confident in our legal […]

Exxon Settles Dispute With Chad, Avoiding $74 Billion Fine

Exxon Settles Dispute With Chad, Avoiding $74 Billion Fine

Exxon Mobil Corp. reached a settlement with Chad over tax payments, avoiding a $74 billion fine the Central African country had imposed on the oil major. The deal also means that Exxon will be able to keep its exploration permit in the country through 2050, Chad Petroleum Minister Bechir Madet said after a meeting with Christian Lenoble, […]

Oil Heads for Third Weekly Loss as U.S. to Nigeria Prolong Glut

Oil Heads for Third Weekly Loss as U.S. to Nigeria Prolong Glut

Oil headed for a third weekly drop as rising supplies from the U.S. to Nigeria showed that OPEC is still struggling to clear a global oil surplus. Futures were little changed in New York, down 3.9 percent this week, and close to the levels traded when OPEC agreed output curbs in November. U.S data released […]

Tullow Says Makes Oil Discovery In Kenyan Well

Tullow Says Makes Oil Discovery In Kenyan Well

Africa-focused oil company Tullow Oil Plc said it encountered 75 metres of net oil pay in two zones at an exploration well in Northern Kenya. The Emekuya-1 well, located in the South Lokichar basin in North-Western Kenya, would eventually be developed to full field development, the company said on Wednesday. The well has proven oil […]

Saudis, Russia Favor Extending Oil Cuts Until End-March 2018

Saudis, Russia Favor Extending Oil Cuts Until End-March 2018

Saudi Arabia and Russia said they favor extending oil-output cuts by global producers through the end of the first quarter of 2018 to shrink a market glut. Crude prices jumped. vor extending oil-output cuts by global producers through the end of the first quarter of 2018 to shrink a market glut. Crude prices jumped. Extending […]

Tanker Drivers Call Off Strike

Tanker Drivers Call Off Strike

Striking petroleum tanker drivers have called off their strike less than 24 hours after it commenced. The Petroleum Tankers Drivers, PTD section of the Nigerian Union of Petroleum and Natural Gas Workers, NUPENG, commenced the strike on Monday. NUPENG President, Igwe Achese, announced on Monday evening the decision to immediately call off the strike following […]

OPEC, Non-OPEC Agree First Global Oil Pact Since 2001

OPEC, Non-OPEC Agree First Global Oil Pact Since 2001

OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries. With the deal finally signed after almost a year of arguing within the Organization of […]

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