Nigeria – Page 4 – Oil & Gas 360

Erin Energy Corporation: Drilling to Double Production

July 12, 2017

Erin Energy Corp. (ticker: ERN), a Houston-headquartered international oil producer, has assets based entirely in sub-Saharan Africa. The company operates in Nigeria, Kenya, Ghana, and Gambia—from approximately 5 million acres. Erin Energy’s Nigeria operations are offshore with a 100% working interest. The offshore production is connected to the Armada Perdana FPSO, or floating production, storage, and offloading vessel. The Aramada

OPEC Output Pierces Ceiling at 32.5 MMBOPD

July 6, 2017

According to the latest S&P Global Platts OPEC survey released July 6, 2017, OPEC’s crude oil output increased by approximately 500,000 BOPD within the last two months, pushing the organization’s total output to 32.49 MMBOPD. OPEC’s June output was 220,000 BOPD larger than May’s output, Platts said. Rises in production from Libya and Nigeria assisted in keeping the organization’s output

OPEC Production Up in May with New Oil from Libya and Nigeria

June 14, 2017

Countries exempt from the OPEC production deal are ramping up production Even as the Organization of Petroleum Exporting Countries looks to rebalance markets through coordinated production cuts within its ranks and with other non-members, production from the group is up. OPEC released its June Monthly Oil Market Report Tuesday showing that its production grew 0.34 MMBOPD to 32.1 MMBOPD in

Exempted Nigeria Returns 20% of OPEC’s Cuts to Market

June 7, 2017

Shell lifts force majeure on Forcados oil in Nigeria Royal Dutch Shell (ticker: RDSA) lifted force majeure on exports of Nigeria’s Forcados oil grade, returning about 250 MBOPD to world markets, according to shipment data obtained by Bloomberg. Europe’s largest oil company placed the crude grade under force majeure – meaning the company could miss contractual obligations due to circumstances

Surprise Crude Draws Continue, Reversing Oil Losses

October 26, 2016

Oil bounces back after official data shows yet another crude inventory draw Oil prices came back from a nearly 2% decline Wednesday morning following news from the Energy Information Administration that U.S. crude oil inventories fell last week. The oil inventory draw is the seventh time in the last eight weeks that stores of crude went lower despite analysts’ expectations

800 MBOPD of Oil Could Return to Markets from Libya and Nigeria

September 16, 2016

Libya and Nigeria hope to restart exports that could add substantially to the global glut Both the IEA and OPEC pushed out their forecasts for market balance this week as supply continues to prove resistant to the drop in crude oil prices. Even more crude oil could come back to the market from Libya and Nigeria in coming days, however,

OPEC Report Calls for Market Balance in Second Half of 2016

June 13, 2016

Unplanned outages continue to shore up the market quicker than expected – OPEC The OPEC Monthly Oil Market Report released Monday shows the group expects oil markets to balance out in the second half of this year. Unplanned supply outages in Nigeria and Canada will help to tighten up markets more quickly, the group said. In its report, OPEC maintained

Political Conflict Drives Oil Outages to Highest Recorded Levels

June 9, 2016

Oil outages take 3.6 MMBOPD off the market in May Unplanned global oil supply disruptions reached their highest monthly level since 2011 when the EIA began tracking to what extent oil outages were affecting output. From April to May, disruptions grew by 0.8 MMBOPD, averaging more than 3.6 MMBOPD, the agency reported. The majority of the increased outages in May

WTI Nears $50 as Nigerian Supply Drops

June 6, 2016

Niger Delta Avengers bomb Shell and Eni pipelines A militant group calling itself the Niger Delta Avengers continues to attack oil and gas infrastructure in Nigeria in a bid to undermine the current presidential administration. On Friday, the group bombed two pipelines, one owned by Royal Dutch Shell (ticker: RDSA) and the other owned by Eni (ticker: E), according to

OPEC Policy Stings Smaller Members as Some Fear Collapse

June 3, 2016

Poorer OPEC nations reeling hardest from oil price slide OPEC’s biannual meeting has come and gone, but the group’s objective remains the same: defend market share. While some talks may be underway to set a new production ceiling of 32-32.5 MMBOPD, OPEC’s poorer members have to simply grin and bear the consequences of low oil prices. Despite oil’s move in

Oil Surplus Makes Surprise Return Despite OPEC Cuts, IEA Says - Oil&Gas360

OPEC Member Sees Group-Wide Freeze and $50 Oil on the Horizon

February 29, 2016

Nigeria’s oil minister sees OPEC production freeze as likely, says Saudis are pushing for it A wider production freeze inside of OPEC could be close at hand, Nigerian Oil Minister Emmanuel Ibe Kachikwu said during an interview with CNBC. Earlier this month, four OPEC producers and Russia agreed to maintain production at January levels, welcome news in a global market

Rising Gasoline Demand Sparks Increased Oil Prices

February 26, 2016

Stronger economic data helps lift oil prices Oil prices are on track for the first weekly gain in a month today with both WTI and Brent crude prices up on Friday. U.S. Department of Energy numbers this week showed another build in U.S. crude oil stocks, but gasoline demand rose, stoking some crude oil price gains. Data from the EIA

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