Oil | - Part 6

Shell Pipeline Fire Threatens to Deepen Nigerian Oil Output Drop

LAGOS (Capital Markets in Africa) – Royal Dutch Shell Plc shut the Trans Niger oil pipeline after a fire, threatening to worsen a drop in Nigerian output due to unplanned disruptions. The line can transport about 180,000 barrels a day to the Bonny Export Terminal in the Niger Delta was halted Tuesday due to a blaze at Kpor in Ogoniland, Precious Okolobo, a company spokesman in Lagos, said Thursday by phone. Shell declined to comment on the…

Libyan Oil Port Said to Re-Open as OPEC Nation Boosts Output

Posted on by The Editorial Team

TRIPOLI (Capital Markets in Africa) – Libya is re-opening its last major oil-export terminal and producing at the highest level in more than two years as the war-torn country benefits from an exemption from OPEC output cuts. The Zawiya terminal is preparing to resume exports after the pipeline supplying it was re-opened, an official at the state-run National Oil Corp. said, asking not to be identified for lack of authorization to speak to news media….

OPEC Oil Output Slides in December Amid Nigeria Disruptions

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LAGOS (Capital Markets in Africa) – OPEC’s crude production fell by 310,000 barrels a day in December, as unplanned disruptions in Nigeria reduced the group’s supply before deliberate cuts take effect this month. Nigeria’s daily output dropped by 200,000 barrels to 1.45 million in December, ending three months of gains as the African nation struggled to restore capacity after a year of militant attacks on oil infrastructure. Saudi Arabia’s production fell by 50,000 barrels a day…

Oil Rises as U.S. Stockpiles Seen Falling While OPEC Starts Cuts

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LAGOS (Capital Markets in Africa) – Oil rose amid estimates that U.S. crude stockpiles declined, adding to signs that global crude markets are tightening as OPEC implements an agreement to cut production. Futures climbed as much as 1.2 percent in New York after tumbling 2.6 percent Tuesday. U.S. inventories probably dropped by 2.25 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report Thursday. Libya, exempt from the OPEC deal to cut supply,…

OPEC Deal Creates Chance for $70 Oil Next Year, Citigroup Says

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LAGOS (Capital Markets in Africa) – OPEC’s agreement to reduce oil production may help send prices above $70 a barrel next year, according to Citigroup Inc. Output cuts agreed by the Organization of Petroleum Exporting Countries and other producers may reduce swollen inventories as early as the first quarter, reducing the surplus by about one-third, the bank predicts. OPEC finalized a deal with 11 fellow producers, including Russia and Kazakhstan, on Dec. 10 to curb output by…

Helios Investment Partners acquires 49% stakes in Oando’s Subsidiary

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LAGOS (Capital Markets in Africa) – Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, has announced the completion of a partial divestment of 49% of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited (“OGP”), to Glover Gas & Power B.V., a special purpose vehicle owned by Helios Investment Partners LLP (“Helios”), a premier Africa-focused private…

Oil Trades Near $52 as Investors Eye Libyan Crude Output Return

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LAGOS (Capital Markets in Africa) – Oil hovered near $52 a barrel as investors eyed the potential return of crude volumes from Libya and await output cuts in January as part of an OPEC and non-OPEC deal. Futures were little changed in New York after swinging between gains and losses. Libyan oil-facility guards backtracked on an agreement to allow supply to flow from the El Feel and Sharara fields, two of the country’s biggest fields. Investors await production…

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