A two-decade fight over whether Royal Dutch Shell contributed to the execution of nine Nigerian oil-industry critics has landed at the company’s doorstep. A court in The Hague, Netherlands heard its first arguments on Tuesday, as part of determining if Shell played any role when the military dictatorship ruling Nigeria convicted nine men, including well-known…
Despite the oil market glut and a collapse in charter rates for oil tankers, experts see a turn around in the market and good times for the tanker charter business. The shipping industry’s prospects are actually turning a little more bullish, reports Bloomberg, quoting analysts. The analysts’ optimism stems from a conviction that the world’s…
Oil prices were up more than 2 percent on Tuesday on steep OPEC production cuts, with its de-facto leader Saudi Arabia planning to drop March crude output by more than a half a million barrels per day below its initial pledge. Rising investor optimism for a breakthrough in the latest round of U.S.-China trade discussions…
Egypt announced the winners of an international bid round for oil and gas exploration on Tuesday, with a total of 12 concessions awarded. The companies awarded oil exploration concessions included Royal Dutch Shell, Eni, Merlon, Neptune Energy, and Egypt’s General Petroleum Company (EGPC), EGPC’s head told a news conference. Five concessions for gas exploration were…
The Nigerian shipowners will need an additional N904 billion to the N36 billion accrued in the Cabotage Vessels Financing Fund (CVFF) to acquire vessels needed for the maritime industry in the next four years, a report has shown. This was even as the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr….
The Group Managing Director of Sifax Group, new operators of old Warri terminal B, Warri Port, Mr. Adekunle Oyinloye has assured that the firm will keep to all agreements and promises made on running of the Port. Speaking at a ceremony to formally receive the Old Warri Terminal B of the Port from the Nigerian…
The price of OPEC basket of fourteen crudes stood at $61.40 a barrel on Monday, compared with $61.37 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic…
A set of Indian investors are keen to join the infrastructure investment trust (InvIT) led by Brookfield Asset Management Inc to buy East West Pipeline Ltd (EWPL) for an enterprise value of 130 billion rupees ($1.83 billion), the Economic Times reported on Monday, quoting people aware of the development. EWPL, earlier known as Reliance Gas…
Total is committed to continuing its exploration work in Cyprus, Chief Executive Patrick Pouyanne told Reuters on Monday, part of a major exploration campaign for 2019 focused on areas known to contain commercial levels of oil and gas. Speaking on the sidelines of an energy forum in Cairo, Pouyanne said he was discussing “the extension…
