December 16, 2017

Iran’s role in future of Caspian Petroleum and Energy Export

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The oil market continues to experience a situation like what it was in 2008. WTI broke the psychological figure of 40 $/b. Less oil demand and more crude oil production that is looking for home in a refinery or storage capacity that both are nowadays scarce to find. Current oil market prices have caused serious concern for those who made investments in expensive fields in the off shore Caspian Sea with hope for petroleum produced to be exported to Europe. Already it has been said that in case the oil prices remain at this level producing oil and gas in…

Is It Finally Time To Sell Oil From the Strategic Petroleum Reserve? – US News

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  Some members of Congress have proposed a novel way to fund the country’s Highway Trust Fund: tapping the Strategic Petroleum Reserve (SPR). One proposal put forward in the US Senate would sell 101 million barrels of crude oil held in the SPR to raise $9 billion to extend the trust fund three years. The sale would take place over the 2018-2025 period. The reserve has been tapped before, but this proposal comes during a surge in domestic oil production in the US and the lowest oil prices in six years. To get a handle on what using oil from the SPR…

Sudanese petroleum minister discusses oil cooperation in Juba – Sudan Tribune

(KHARTOUM) – The Sudanese Oil and Gas minister Mohammed Zayed Awad has downplayed the adverse impact on oil fields from the ongoing conflict in South Sudan. Awad arrived in Juba on Friday morning with a letter from president Omer Hassan al-Bashir to his South Sudanese counterpart Salva Kiir Mayardit pertaining to bilateral relations between the countries. He told reporters upon arrival that the two warring parties in South Sudan are aware that causing any damage to oil fields would harm all sides. The Sudanese minister stressed the continuation of cooperation between Juba and Khartoum in the domain of oil, pointing…

Nigeria sanctions 23 private petroleum depots – StarAfrica.com

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  Nigeria’s Department of Petroleum Resources (DPR) has shut 23 private petroleum products depots across the country for selling petrol to marketers above ex-depot price of N77.66 (about 44cents) per litre.A statement issued by the DPR Director, Mr. Mordecai Ladan, in Abuja on Monday, said that the shutting of the facilities took effect from Friday. It added that the depots were mainly in Lagos except for two in Warri in Delta, State and three in Calabar in Cross River State. “The clampdown on the private depots followed the report of a special investigation team set up by DPR to uncover…

SEPLAT Petroleum Reignites Acquisition Negotiations In Nigeria – Finance News

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LONDON (Alliance News) – SEPLAT Petroleum Development Co PLC Thursday said negotiations to acquire an asset in Nigeria that had previously faced delays have restarted. SEPLAT said it has reached an agreement to release the funds from an escrow account which was set up with a consortium to make a potential acquisition. The Nigerian-focused oil and gas company said the escrow account was originally set up with the consortium in order to look for opportunities to buy assets from oil and gas companies operating in the region. Under the agreement, SEPLAT has agreed to release USD408 million of the total…

Energy alliance opposes petroleum bills | Bangkok Post: news

A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. Brent crude hit a new four-year low on Wednesday before recovering to just under $85 a barrel, as faltering global growth curbed demand for fuel at a time of heavy oversupply. Oil saw its biggest daily fall in more than three years on Tuesday after the West's energy watchdog slashed its forecasts for world oil demand for this year and 2015. Picture taken October 14, 2014. REUTERS/Lucy Nicholson (UNITED STATES - Tags: ENERGY BUSINESS TPX IMAGES OF THE DAY) - RTR4ABEW

About 300 members of the People’s Alliance for Energy Reform on Thursday submitted a letter to Prime Minister Prayut Chan-o-cha opposing bills on petroleum and petroleum income tax proposed by the Energy Ministry. Panthep Puapongpan, a leader of the alliance, said the two bills were approved by the cabinet on May 12 and the Council of State gave them the green light on July 8.  They were now expected to be fowarded to the National Legislative Assembly for debate. He said the alliance wanted the prime minister to put the two draft laws on hold.  A similar letter would be submitted to NLA…

Azonto Petroleum plans to sell 35% Vioco stake – Proactiveinvestors (UK)

West Africa focused Azonto Petroleum (LON:AZO; ASX:APY) unveiled plans to dispose of its 35% stake in Vioco Petroleum and drilling equipment to Vitol E&P and cancel the group’s AIM listing. Vioco is the operator of the CI-202 block offshore the Ivory Coast, which houses the Gazelle field, and has an 87% participating interest. The other 65% of Vioco is held by Vitol, which will gain full ownership if it goes ahead. Costs have grown at the Gazelle project in recent months, against the backdrop of a challenging oil sector environment and the firm realised it required further funds to develop the block…

Lundin Petroleum wins larger slice of giant Johan Sverdrup project – Petro Global News

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Sweden-based Lundin Petroleum saw its stake in the giant Johan Sverdrup project tick up to 22.6 percent on Thursday after the Norwegian Ministry of Petroleum and Energy determined the allocation of resources for the $29 billion project. The Johan Sverdrup partners submitted their plan of development and operation for phase 1 at the North Sea license to the ministry in February and asked the ministry to determine the final allocation of resources. Ludin will now hold a 22.6 percent unitised interest in the project, up from the 22.12 percent interest initially included in the development plan. Norway’s Statoil will operate the project with a a 40.0267…

15% hike in petroleum prices tomorrow | General News

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The prices of petroleum products will go up by between 10% and 15% tomorrow, influenced by continuous fall of the cedi, full deregulation and 17.5% Special Petroleum Tax. This will be the third time the prices of petroleum products will be increased after the International Monetary Fund’s (IMF) three-year bailout programme took effect. Prices of petroleum prices first went up by 9% in the middle of May. Again, prices increased by 4% in the middle of June this year. With the IMF pushing for an end to subsidies, government has chosen the path of full petroleum deregulation. Industry players attribute…

Sequa Petroleum N.V. Acquires Large Asset Portfolio on the Norwegian Continental Shelf

Sequa Petroleum NV (“SPNV”) is pleased to announce that an agreement has been reached for the acquisition of Tellus Petroleum Invest AS and its subsidiary Tellus Petroleum AS (collectively “Tellus”) a company registered in Norway. Concurrent with the acquisition, Tellus has entered into an agreement with Wintershall Norge AS (“Wintershall”) to complete a large asset portfolio transaction on the Norwegian Continental Shelf (“NCS”) acquiring working interests in 4 fields; Knarr 20%, Maria 15%, Ivar Aasen 6.5% and Veslefrikk 4.5%. Interests in seven exploration licenses and 10% in PL316 which contains Yme are also included in the transaction. As is normal for…