K Donald Resources Blog

Nigeria National Petroleum Corporation saves $3bn from arbitrations

2019-11-05T19:55:00.002+00:00

Ike Amos Abuja - The Nigerian National Petroleum Corporation, NNPC, Tuesday, said it has saved the country over $3 billion from arbitrations. In a statement in Abuja, Group Managing Director of the NNPC, Mallam Mele Kyari, commended the Management of the corporation’s Legal Division for the save, saying its due diligence accounted for the feat. […]

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West Africa crude offers continue rise on margins, freight

2019-11-05T16:50:00.005+00:00

Lagos - Improved margins and freight rates have boosted price offers for both heavy and sweet West African crude oil as at Friday, November 1, 2019. Lighter Nigerian crude cargoes for November and December were heard to have crept up around 20 cents a barrel, with Bonny Light and Qua Iboe over a premium of […]

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South Africa’s PetroSA eyes Russia for $359 million farmout deal

2019-11-05T16:50:00.004+00:00

Cape Town/Moscow - South Africa’s national oil company PetroSA and Russia’s state geological company Rosgeologia are in talks to finalize a $359 million farmout deal to give Russia its first foothold in a prospective oil and gas field offshore South Africa, three sources said. PetroSA is under pressure to boost dwindling domestic resources that have […]

Med crude-Urals diffs steady during Russian holiday

2019-11-04T19:40:00.017+00:00

London - Urals crude oil differentials were steady on Monday amid a Russian public holiday. PLATTS WINDOW * There were no bids or offers in the Platts window for Urals, Azeri, CPC or Saharan, traders said. Urals differentials to dated Brent have firmed over the past week on strong demand and tight supply. RELATED NEWS […]

Ijaw youths vow to shutdown NDDC over interim committee

2019-11-04T19:40:00.016+00:00

Mkpoikana Udoma Port Harcourt - The Ijaw Youth Council, IYC worldwide has threatened to shut down the head office of the Niger Delta Development Commission, NDDC in Port Harcourt, if the interim management committee of the commission announced last week is not dissolved.

IYC President, Mr Eric Omare, while briefing newsmen, canvassed the immediate inauguration of the NDDC […]

Venezuela’s oil exports top 800,000 bpd for a second month, drains surplus -data

2019-11-04T19:40:00.015+00:00

Mexico City - Venezuela’s oil exports eased in October, but surpassed 800,000 barrels per day (bpd) for second month in a row, helping to drain an inventory buildup that had forced the OPEC country to cut output, according to documents and data. Since the United States imposed sanctions on Venezuelan state-run oil firm PDVSA in January […]

Oil & gas book has an eye on the future

2019-11-04T19:40:00.014+00:00

*Billions at Play has also been hailed by OPEC Secretary General Mohammad Sanusi Barkindo JOHANNESBURG, South Africa - Talking about energy isn’t easy, especially at a time of widespread anxiety about the link between fossil fuels and climate change.

But NJ Ayuk, the experienced oil and gas dealmaker who heads the Pan-African legal conglomerate Centurion […]

Iran’s Zanganeh sees more output cuts by OPEC at next meeting -report

2019-11-04T19:40:00.005+00:00

Dubai — Iranian Oil Minister Bijan Zanganeh was quoted as saying on Monday that he expects further production cuts to be agreed at the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) in December. “We expect the decline in oil production to increase further, which means that we will see a further […]

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UK shale gas explorers’ shares fall on fracking moratorium

2019-11-04T19:40:00.003+00:00

t) London — Shares in British shale gas explorers fell on Monday morning after the government announced at the weekend that it is imposing a moratorium on fracking. On Saturday the government said that the gas extraction technique risked causing too much disruption to local communities through earth tremors. Fracking, which involves extracting gas from […]

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OML11: Abia communities hold prayer summit against SPDC

2019-11-04T19:40:00.001+00:00

Mkpoikana Udoma Port Harcourt — Host communities of OML11 in Abia State, on Monday held a prayer summit against the operations of the Shell Petroleum Development Company of Nigeria Limited, SPDC, asking God to intervene in quitting the oil firm from their land. Chairman, Traditional Rulers Council of OML11, HRM Eze Obioma Levi Nworgu, said […]

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OPEC daily basket oil price closes at $60.19 per barrel

2019-11-04T18:46:00.003+00:00

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $60.19 a barrel on Friday, compared with $60.52 the previous day, 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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Kosmos Energy finds oil off Equatorial Guinea -oil ministry

2019-11-04T18:46:00.001+00:00

Cape Town — U.S. oil company Kosmos Energy has made an oil discovery at its S-5 well offshore of Equatorial Guinea, hitting 39 metres of net oil play, the Ministry of Mines and Hydrocarbons said on Sunday. “We are very excited about the results of the S-5 well, the first well drilled in this ongoing […]

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Oil prices stabilise, but set for big weekly loss amid trade gloom, rising output

2019-11-01T16:46:00.001+00:00

Tokyo — Oil prices steadied on Friday after a rough week, squeezed about 4% lower by a combination of rising global supply and uncertain future demand. U.S. crude surfaced for air for the first time in four days, gaining 15 cents, or 0.3%, to $54.33 a barrel by 0103 GMT. The contract was heading for […]

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Oil exploration: Economist seeks more funding for N/Delta development

2019-11-01T16:16:00.001+00:00

Mkpoikana Udoma Port Harcourt — The Institute of Chartered Economists of Nigeria, ICEN, has appealed to the Federal Government to appropriate significant funds to the Niger Delta, to compensate for its long neglect and ecological risks from oil-companies’ activities in the region. The South-South Coordinator of ICEN, Mr. Friday Udoh, made the appeal while briefing […]

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Oil prices dip as U.S. crude stocks and weak Chinese data weigh

2019-10-31T15:26:00.001+00:00

London — Oil prices came under pressure on Thursday from rising U.S. crude oil stocks and weak factory activity in China, with few bullish factors on the horizon. Brent crude futures were down 13 cents at $60.48 a barrel by 1338 GMT, erasing earlier gains. They had dropped by 1.6% on Wednesday and the contract […]

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Oil prices dip as U.S. crude stocks and weak Chinese data weigh

2019-10-31T14:41:00.001+00:00

LONDON — Oil prices came under pressure on Thursday from rising U.S. crude oil stocks and weak factory activity in China, with few bullish factors on the horizon. Brent crude futures were down 13 cents at $60.48 a barrel by 1338 GMT, erasing earlier gains. They had dropped by 1.6% on Wednesday and the contract […]

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OPEC daily basket oil price closes at $61.24 per barrel

2019-10-31T12:41:00.001+00:00

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $61.24 a barrel on Wednesday, compared with $61.44 the previous day, 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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Ijaw youths reject NDDC management, demand Akpabio’s sack over interference

2019-10-31T08:31:00.001+00:00

Mkpoikana Udoma Port Harcourt — The Ijaw Youth Council, IYC worldwide has called for the immediate sack of the Minister of Niger Delta Affairs, Sen, Godswill Akpabio, over what they described as undue interference in the affairs of the Niger Delta Development Commission,NDDC. This is in reaction to the newly inaugurated three-man NDDC interim management […]

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AfDB approves $165 million for Angola’s economic diversification

2019-10-31T08:01:00.001+00:00

*The Angolan government is implementing reforms to diversify its oil-dependent economy ABIDJAN, Ivory Coast — The Board of Directors of the African Development Bank Group on Tuesday approved a $165 million loan to finance part of Angola’s three-year economic diversification support program intended to restore the country’s macroeconomic stability. The Angolan government is implementing reforms […]

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NDDC steps up work on N6 billion 132KV power project in Ondo

2019-10-31T07:51:00.001+00:00

Mkpoikana Udoma Port Harcourt — The Niger Delta Development Commission, NDDC, says it has stepped up work on the N6billion 132KV transmission line and 132/33KV sub station, which it is constructing at Okitipupa in Ondo State, to cover about 2,000 communities. Speaking during an inspection of the project, NDDC Acting Managing Director, Dr Akwagaga Enyia, […]

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Turkey’s Botas seeks 70 LNG cargoes for 2020-2023 delivery – sources

2019-10-29T15:33:00.013+00:00

London — Turkish state energy company Botas is looking to buy 70 cargoes of liquefied natural gas (LNG) for delivery over 2020-2023, two trade sources said on Tuesday. The tender was issued on Friday, one source said, two days after the United States lifted sanctions against Turkish ministries, including the energy ministry, and senior government […]

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South Sudan to offer oil blocks for licensing by Q1 2020

2019-10-29T15:33:00.011+00:00

Juba — South Sudan plans to offer 14 oil blocks to exploration companies in a licensing round by the first quarter 2020, its oil minister said on Tuesday, switching from its previous method of direct negotiations with explorers. The country gets almost all its revenue from oil and has boosted output, now at 180,000 barrels […]

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Saudi Aramco aims to begin planned IPO on Nov. 3 -sources

2019-10-29T15:33:00.009+00:00

Dubai/Riyadh — Saudi Aramco aims to announce the start of its initial public offering (IPO) on Nov. 3, three people with direct knowledge of the matter told Reuters, after delaying the deal earlier this month to give advisers time to secure cornerstone investors. The people also said Aramco’s chief executive officer, Amin Nasser, was not […]

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Brazil antitrust agency clears Raizen Energia purchase of Cosan Biomassa

2019-10-29T15:33:00.007+00:00

Brasilia — Brazil’s antitrust agency Cade on Tuesday gave utility Raizen Energia SA, a joint venture between energy and logistics group Cosan and oil giant Shell, the go-ahead to buy 81.5% of Cosan Biomassa. According to Cade’s ruling, the deal was approved without restrictions because it will not impinge on competition. Cosan Biomassa, previously owned […]

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EU should revise fiscal rules to free up spending on climate – advisers

2019-10-29T15:33:00.005+00:00

Brussels — The European Union should revise its fiscal rules to allow governments to spend more on policies to fight climate change and infrastructure, an independent advisory body said on Tuesday. With the euro zone’s economy slowing, the rationale of fiscal rules that were hastily tightened after the EU debt crisis of 2010-12 is now […]

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