Oil | - Part 2

OPEC Oil Output Climbed in September as Libya, Nigeria Recover

LAGOS (Capital Markets in Africa) – OPEC nations pumped slightly more crude in September as Libya’s biggest oil field returned to production. Output from the Organization of Petroleum Exporting Countries was 32.83 million barrels a day in September, a gain of 120,000 barrels a day from August, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Production in Libya, which along with Nigeria is exempt from output cuts, rebounded 30,000 barrels a…

Libya Oil Output Set to Recover Following Sharara Brief Halt

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TRIPOLI (Capital Markets in Africa) – Libya’s oil production is set to recover from a five-month low as the North African supplier’s biggest field restarts following a brief halt. The OPEC member’s output is expected to rise to 1 million barrels a day from 800,000 within 2-3 days as the Sharara oil field restarts Tuesday, National Oil Corp. Chairman Mustafa Sanalla said Monday in a televised interview on Libya TV. The field produced about 234,000 barrels a day before guards…

Algeria to Focus on Gas Output as OPEC Cuts Oil, Sonatrach Says

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ALGIERS (Capital Markets in Africa) – Algeria will focus on boosting natural gas production as the Organization of Petroleum Exporting Countries seeks to trim oil supplies to counter a global glut, according to the chief executive officer of the nation’s state-owned energy company Sonatrach Group. “As we are restricted by the OPEC quotas, our strategy today is to increase our gas production capacity,” CEO Abdelmoumen Ould Kaddour told reporters Tuesday visiting the Medgaz pipeline in Beni Saf…

Oil Riches On Line as African Maritime Boundary Ruling Looms

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ACCRA (Capital Markets in Africa) – Petrodollars are at stake when the International Tribunal for the Law of the Sea rules this Saturday on the maritime boundary between Ghana and Ivory Coast. The ruling will impact on an offshore area holding an estimated 2 billion barrels of oil and 1.2 trillion cubic feet of natural gas, according to Teneo Intelligence. Here’s what you need to know ahead of this ruling: Why A Ruling Now? Ghana…

Nigeria launches $200 mln fund to help local oil and gas firms

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LAGOS (Capital Markets in Africa) – Nigeria launched a fund on Thursday with an initial value of $200 million to support local oil and gas firms, the oil minister said, part of a government drive to improve access to low-cost credit across the economy. The Nigerian Content Development Fund (NCDF) would be financed through allocating the fund one percent of the value of all contracts awarded in the state-run upstream oil and gas industry, Petroleum…

Tullow Plans More Ghana Wells Once Maritime-Border Spat Settled

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ACCRA (Capital Markets in Africa) – Tullow Oil Plc plans to drill more wells off Ghana once a ruling on a border dispute is out of the way. Ghana and Ivory Coast disagree over their maritime boundary, frustrating projects to pump oil and gas offshore. In September, the International Tribunal for the Law of the Sea, or Itlos, will rule on the matter, likely clearing the way for an expansion of Tullow’s Tweneboa-Enyenra-Ntomme project, the company said. “We were…

Kuwait Seeks Energy Venture With Traders From Glencore to Vitol

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LAGOS (Capital Markets in Africa) – OPEC member Kuwait plans to start trading energy and not just producing it, joining other Middle Eastern producers eager to claw back some of the profit traders like Vitol Group and Glencore Plc earn by buying and selling the region’s oil. State-run Kuwait Petroleum Corp. is in talks with both commodities dealers along with some international oil companies about forming a joint venture to trade refined products as early as next year, a…

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