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ExxonMobil’s proved reserves of crude oil in Africa has decreased by 46% in the last four years, the company itself reports. The company holds exploration and production assets in nine countries on the continent, including Angola, Chad, Equatorial Guinea, Namibia, Nigeria, Mauritania, Mozambique, South Africa and Tanzania. Reserves dropped from 1.295Billion barrels at the end …
Continue reading "ExxonMobil’s Proved Reserves in Decline by half, in Africa"
 An industry lecture to tackle the question of marketability of Nigerian crude, in the long term, will be delivered this morning May 30, 2019 at the Eko Hotel in Lagos. A day after the inauguration of a new government in the country, after one of the most heated elections in 20 years, Bayo Akinpelu, …
Continue reading "Any Market for Nigerian Crude in the Next 20 Years?"
Italian oil company Eni has acquired rights to explore and develop offshore blocks A5-B, Z5-C and Z5-D, located in the deep waters of Angoche and Zambezi Basins offshore Mozambique. Source: EniThrough a farm-in agreement, signed with ExxonMobil Moçambique Exploration & Production Limitada and authorized by Mozambican institutions, Eni’s subsidiary Eni Mozambico acquires a 10% stake …
Continue reading "Eni expands in Mozambique with three new offshore licenses"
zoomAfrican Petroleum's Senegal assets; Source: AP Independent oil and gas company African Petroleum has set the expected date for the completion of the proposed merger with a privately held Africa-focused company PetroNor. African Petroleum agreed to combine with PetroNor for an all-share consideration of around 816 million shares in African Petroleum in March 2019. The company …
Continue reading "African Petroleum to combine with PetroNor in June"
by  Matthew V. Veazey Rigzone Staff A new IPAA-funded study projects a growing economic impact from US independents. Independent oil and gas companies dominate U.S. energy markets, contributing 83 percent of the country’s oil output and 90 percent of domestic natural gas and natural gas liquids (NGL) production. Those are two findings in a …
by  Bloomberg Saket Sundria | Oil climbed above $59 a barrel as a report signaling a bigger-than-forecast drop in U.S. crude stockpiles added to concerns global supply is tightening. (Bloomberg) -- Oil climbed above $59 a barrel as a report signaling a bigger-than-forecast drop in U.S. crude stockpiles added to concerns global supply is …
 qq The Nigerian independent Conoil Producing, is struggling with declining production, less than a year it all seemed that the only way the company’s output could go was up. Conoil’s current daily crude production is 14,000 Barrels Per Day, a 30% drop from the 20,000BOPD it achieved in April 2018 and which it maintained for …
by  Bloomberg Tsuyoshi Inajima  Oil headed for its biggest weekly drop since December as the rapidly escalating trade war caused investors to reassess the outlook for global growth. (Bloomberg) -- Oil headed for its biggest weekly drop since December as the rapidly escalating trade war caused investors to reassess the outlook for global growth, …
by  Bloomberg Tsuyoshi Inajima Oil extended losses after a surprise jump in American crude inventories alleviated concerns over a supply crunch. (Bloomberg) -- Oil extended losses after a surprise jump in American crude inventories alleviated concerns over a supply crunch, while the demand outlook remained bleak as there was no let up in U.S.-China tensions. …
by  Bloomberg Sharon Cho Oil fell as an industry report signaling a jump in U.S. stockpiles eased concerns over a supply crunch. (Bloomberg) -- Oil fell as an industry report signaling a jump in U.S. stockpiles eased concerns over a supply crunch, after a drone attack in Saudi Arabia had highlighted the vulnerability of …
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