Nigeria's NNPC contains fire at storage facility
The Nigerian State Oil Company NNPC said that a fire in a crude oil storage barge on its Cawthorne Channel site, located along the coast of Rivers State, had been put out with no injuries. Olufemi Soneye, NNPC's spokesperson, said in a late-night statement on Thursday that the fire started around 1310 GMT Wednesday and spread quickly to other barges. Soneye stated that the incident did not affect operations at the flowstation.
ADNOC Drilling plans to refinance $1.25 billion worth of debt
ADNOC Drilling, a division of the state oil company in the United Arab Emirates, wants to refinance its debt due later this year, totaling $1.25 billion. Its chief financial officer announced that on Friday. Youssef Salm, the company's CFO, said that it will refinance term loans worth $500 million as well as a revolving loan facility of $750 million due in October 2025.
Mexico's Carlos Slim: 'Complicated' deepwater project being evaluated
Mexican billionaire Carlos Slim announced on Monday that he and his team are re-evaluating the deal they signed with Pemex, Mexico's state oil company to develop Mexico’s first deepwater gas field. The project has been plagued by issues over its commercial viability for years. The comments are in line with an exclusive published last month, which revealed that…
Interra claims that oil contract was signed with Myanmar before the junta took power
Interra Resources, a Singapore-listed oil explorer, said Thursday that a production sharing contract between its subsidiary in Myanmar and a government-controlled entity was extended several years before 2021. The statement was made in response to an inquiry by the Singapore Exchange, a week after Justice for Myanmar claimed in a report Interra "helped provide the junta with over 2 million barrels" of oil and had "fueled its ongoing war crime".
Palmetto prices end higher amid fears of reduced production and weak demand
The price of Malaysian palm oils futures increased for the second session in a row on Thursday. This was due to expectations of a decrease in production. However, gains were limited by a lack demand from major importing countries. The benchmark contract for palm oil delivery in April on the Bursa Derivatives Market gained 71 Ringgit or 1.64% to close at $4,405 Ringgit ($993.91) per metric ton.
Reforms to the Mexican oil company Pemex will give it more flexibility in forming partnerships
A bill that was sent to Congress Wednesday will allow Pemex, the state-owned Mexican oil company, to work with private companies. This will ease restrictions imposed by the previous administration. The bill is expected to be passed by a large margin. Pemex can then enter into exploration and extraction contracts with private companies, after these contracts were canceled by the former president Andres Manuel Obrador.
Samsung E&A awarded a $1.7 billion contract by TA'ZIZ for the UAE's first methanol facility
Abu Dhabi's TA'ZIZ announced on Monday that it had awarded a $1.7billion contract to Samsung E&A for the construction of the UAE's 1st methanol facility. The plant is expected to produce 1.8m tons of methanol annually upon completion in 2028. TA'ZIZ is a joint venture of Abu Dhabi's state oil giant ADNOC with the sovereign fund ADQ. It was launched in 2020 in order to promote the development and growth of the new chemical industries.
China's 2024 refining output is expected to decline by a rare amount due to weak demand
China's oil refining throughput in the year 2024 will be the lowest in over two decades, barring 2022 when the world was hit by the pandemic. Plants have reduced production in response to stagnant demand for fuel and low margins. National Bureau of Statistics data showed that the world's second largest refining industry, after the U.S., processed 1.6% less crude last year.
Egypt rushes solar energy to catch up as gas prices soar
Egypt, with its few clouds, vast deserts, and well-developed electrical grid, has everything it needs to expand solar energy generation. It is only now that Egypt has begun to take advantage of these resources, as the price of imported natural gas has risen. Last year, a sharp drop in gas production and a growing demand caught the authorities by surprise. This led to rolling blackouts during the hot summer.
New sanctions imposed by the US on Venezuelan officials following Maduro's inauguration
The United States imposed sanctions Friday on eight Venezuelan officials, and raised to $25 million its reward for the arrest of Nicolas Maduro the day before his inauguration into a third term after a disputed vote last year. The latest of a series punishments taken by the outgoing Biden Administration against Maduro’s government following the July election…
PDVSA 2024 Oil Exports Climb in Choppy Year
Venezuela's oil exports rose 10.5% last year despite political instability and changes to the U.S. sanctions regime on the country, as partners of state oil company PDVSA took more cargoes under licenses granted by Washington.As President Nicolas Maduro gets ready to start his third term in office next week following disputed election results, the OPEC country's oil exports rose for a second consecutive year…
Judge rejects bids to block Gramercy Fund lawsuits
A U.S. court ruled on Monday that three companies can continue their lawsuits to increase their chances of receiving proceeds from an auction of Citgo Petroleum's parent shares. In a motion to block parallel lawsuits, the court officer who oversees the auction at federal court in Delaware said that the decision could reduce any proceeds from a sale. Citgo parent…
ADNOC Drilling partners with SLB and Patterson-UTI to form a 'unconventional energy venture'
ADNOC Drilling, a division of the state oil company in the United Arab Emirates, announced on Tuesday that it had signed an agreement for Turnwell Industries - a joint venture between oilfield service firms SLB, Patterson-UTI, and ADNOC Drilling. ADNOC Drilling owns 55% of the company, which was created to access unconventional energy resources such as oil and gas requiring advanced extraction techniques.
Mexican firefighters put out a second fire at Pemex in a week
The fire at the refinery of Pemex, Mexico's state oil company, has been put out, according to both the firm and authorities on Thursday. No injuries have been reported. Pemex has not yet revealed what caused the accident at its Minatitlan Refinery, located in eastern Veracruz State. The refinery can process up 285,000 barrels of oil per day. Pemex stated in a press release that the fire did not affect its employees or facilities.
Malaysian billionaire Ananda Krishnan dies at 86
His private investment firm announced that Ananda Krishnan died at age 86. He had a wide range of business interests, from oil and natural gas to telecommunications. The cause of death has not been determined. The tycoon avoided publicity, but became known internationally in the mid-1980s after he helped fund the Live Aid concert organised by rock star Bob Geldof. He started out as a young businessman by setting up a consultancy.
ADNOC, the state oil company of UAE, has established an international investment arm XRG
ADNOC, the state-owned oil company of the United Arab Emirates, announced on Wednesday that it had launched XRG. This investment firm focuses on low-carbon energy sources and chemicals. It is valued at over $80 billion. When it starts operating in 2025's first quarter, the company will focus initially on "transformational global investments". This is according to a statement from its parent Abu Dhabi National Oil Company.
US Court Ready to restart Citgo Auction
A court advisor recommended Tuesday that the auction of shares in Citgo Petroleum's parent company to pay Venezuelan claims needs to be reworked. He acknowledged that a year-long process had been in disarray and needed a fresh start.The U.S. District Court in Delaware auctions shares in PDV Holding in order to pay $21.3 billion in claims made against Venezuela…
Pemex Salina Cruz Refinery Blaze Extinguished
A fire that broke out on Tuesday morning at the Mexican state oil company Pemex's refinery at the Salina Cruz in Oaxaca state has been put out, local authorities said.There was no loss of life or property damages, the local civil protection agency said.
Chinse CNPC aims to produce 12.4 mln bbls at shale project, according to state media
China's state-owned energy group CNPC aims at producing 1.7 million metric tonnes of shale crude oil or 12.4 millions barrels in the next year as part of a pilot project, according to a report by Xinhua, the state news agency. The Jimsar Shale Gas Project, located in Junggar Basin, is one of three pilot shale oil projects that state oil companies are trying develop. Other two projects are Gulong, in northeast China, and Jiyang, in east China.
Petrobras and Yara Sign Agreement for Diesel Exhaust Fluid Sales in Brazil
Petrobras, Brazil's state oil company, has signed agreements with ANSA and fertilizer firm Yara. Yara could sell AUS 32 diesel-exhaust fluid in Brazil. Brazil imports AUS32, or 32% solution of aqueous Urea, to reduce the emissions from diesel cars. ANSA will produce AUS 32 in its plant in Parana in the south of Brazil, which should be operational again in May. This is also another step in Petrobras's goal to enter the fertilizer industry.
