Agencies… American market analyst Goldman Sachs sees further weakness for oil due to the worsening of already weak fundamentals after OPEC held back from cutting production at its recent meeting. The investment bank is standing by its prediction of $20 a barrel bottom—the breakeven cash cost for highly levered high-cost US shale producers. If oil
All Not well in Norway’s Oil Town as the ‘low price effect’ hits harder
By AFP… Sparkling wine instead of champagne, companies cancelling their Christmas celebrations, unemployment soaring and real estate prices flagging: with crude prices plunging from record highs, Norway’s oil capital Stavanger is hungover after the party. “There you go, another rejection.” Roger Schurmeyer holds up the umpteenth job rejection letter he has received on his smartphone.
Oil Majors rash as Iran announce 70 Oil and Natural gas projects Valued at $30 billion
Agencies… Total SA, Royal Dutch Shell Plc and Lukoil PJSC are among the leading international companies in the rash as Iran, the holder of the world’s fourth-largest crude reserves presents $30 billion worth of projects to investors. Total is one of the companies that have been in the forefront of discussions and Eni SpA is also
Eni SPA, the Italian ‘Oil Major’ growing stronger in Exploration and Reserve replacement
Eni S.p.A. is an Italian multinational oil and gas company headquartered in Rome. It has operations in 79 countries, and is currently world’s 11th largest industrial company with a market capitalization of 68 billion euros (US$ 90 billion), as of August 14, 2013. The Italian government owns a 30.303% golden share in the company, 3.934%
Iran Oil Minister ask OPEC Countries to cut crude Production to save falling prices
OPEC member states should cut crude output to boost prices to a range of $70 to $80 a barrel, Iran’s Oil Minister Bijan Namdar Zanganeh said. “No one is happy” with prices at current levels, Zanganeh told reporters in Tehran. “OPEC should decide to manage the market by reducing the level of production.” Even so,
Global Witness finds gaps in Uganda first Oil exploration licensing round—See full statement
Statement by Global witness…. The Government of Uganda‘s decision to publish the companies shortlisted to bid for its latest round of oil contracts is an important step forward for transparency in the country. However, the organisation highlighted the need to carefully scrutinise companies’ environmental and social records, especially given the sensitive nature of the regions
Tullow Oil affirms faith in Uganda and regional Oil sector
Tullow Oil plc has affirmed its business hopes and strength in the East African oil and gas industry in a latest statement that summarize recent operational activities and trading guidance of the new financial year 2015. The UK based Multinational noted that the legal and institutional investments in the region present a level playing field which