The World Bank has announced it will not fund upstream oil and gas projects from 2019 onwards, as a mean to save the world from disasters of climate change An estimated 1.1 billion people making 14% of the global population do not have access to electricity according to the International Energy Agency. Speaking at the
By Gaurav Sharma… Towards the middle of the current trading year, a glut ridden oil market had started showing some signs of rebalancing. Decline in US oil production was being reflected in the data, much to the delight of the Organization of Petroleum Exporting Countries (OPEC). So when the oil producers’ collective met at its
A series of attacks on Nigeria’s oil infrastructure has pushed its output of crude close to a 22-year low, Reuters data shows, putting intense pressure on the country’s finances. Shell workers at Nigeria’s Bonga oilfield in the southern Niger Delta were evacuated following a militant threat, a senior labour union official said on Monday, while
Data at the International Energy Agency (IEA) indicate that India will be (read is) the world’s largest oil market with consumption rate projected at 10 million bpd by 2040. The good news of this according to the Africa Report is that the Asian nation has tasked all its major oil and gas companies to build close
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
By agencies… Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply. Futures fell as much as 2.7 percent to $34.67 a barrel in New York, the lowest since Feb. 19, 2009.
ANALYSIS A decade of decadence has come to an end for African oil producers. International oil prices have fallen from last summer’s $100 per barrel highs, to averages of $56 in the first half of this year. After generating hundreds of billions of dollars in wealth over a commodities super-cycle, Africa’s big oil producers are
After decades of failed attempts, Kenya finally struck oil six years ago. Commercially viable reserves were discovered in Turkana, the northwest of the country, by British oil company, Tullow Oil. The basin is estimated to contain about 560 million barrels of oil. While commercial production is a few years away, there’s growing concern that Kenya isn’t ready for the environmental,
The Public Procurement and Disposal of Public Assets Authority (PPDA) wants the guidelines of at least 30 per cent of the oil and gas work given to local contractors so as to boost local capacity. According to Mr Benson Turamye, the acting PPDA executive director, the guidelines of 30 per cent of contract value works
Saudi Arabia will work with OPEC and non-OPEC members to help stabilize oil markets, it said on Thursday a month ahead of an informal meeting of major producing countries in Algeria. Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum (IEF), which groups producers and