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Shell sells some Nigerian onshore oil fields LONDON: Royal Dutch Shell said it had reached deals on some of the four Nigerian oil fields it has offered for sale as the oil major pushes ahead with divesting global assets to cut costs.Shell last year put up for sale its 30 percent shares in four oil blocks in the Niger Delta Oil Mining Licences (OML) 18, 24, 25, 29 - as well as a major pipeline, the Nembe Creek Trunk Line."We have signed sales and purchase agreements for some of the oil mining leases, but not all that we are seeking to divest," a Shell spokesman said on Wednesday.In several rounds of divestments, Shell has been moving away from Nigerian onshore oil, which is plagued by industrial scale oil theft, security problems and oil spills, the latter having become a growing legal liability for major oil companies. Politics have also played a role. The government is keen to ...

Kuwait's KPC in oil deal to export 300,000 bpd to China KUWAIT: Kuwait has concluded a deal with a China's Sinopec trading arm to export 300,000 barrels per day (bpd) of crude oil over 10 years, the head of international marketing at state-owned Kuwait Petroleum Corporation (KPC) said on Monday.Nasser al-Mudaf told Reuters the exports, which will amount to 15 percent of Kuwait's oil export output, start from Monday and are estimated to be worth $120 billion.Mudaf said the contract replaces a previous one for between ...
Israeli tycoon claims huge oil find in DR Congo KINSHASA: A company owned by Israeli mining magnate Dan Gertler said it has discovered vast potential reserves of oil in the strife-torn east of the Democratic Republic of Congo.Oil of DRCongo, a subsidiary of the Fleurette Group, said in a statement that seismic testing from Lake Albert, which forms part of the northeastern border with Uganda, indicated reserves of around three billion barrels of oil.It said exporting the oil from North Kivu province could boost ...
UAE's Dana Gas Q2 net profit jumps 70pc on higher production DUBAI: Dana Gas, the United Arab Emirates energy firm, said on Wednesday that its second-quarter net profit jumped 70 percent as production across the group rose. Dana made a net profit of 169 million dirhams ($46.0 million), the company said in a bourse filing.This compares with 100 million dirhams in the year-earlier period. Revenues for the second quarter were 685 million dirhams, up from 528 million dirhams.Dana said its average overall production volume was up ...
Iraq oil exports reach 2.442mn bpd in July BAGHDAD: Iraq's oil exports increased in July to an average of 2.442 million barrels per day (bpd) from 2.423 in the previous month, the oil ministry said on Monday.Shipments from the northern oilfields of Kirkuk are still suspended, the statement said.The selling price for Iraq's crude is $102.8 per barrel and revenues of $7.8 billion have been generated in July.Iraq exports the bulk of its oil from its southern terminals.Copyright Reuters, 2014 ...
South Africa's petrol price to stay flat in August JOHANNESBURG: The retail price of petrol in South Africa will remain unchanged at 14.33 rand ($1.34) a litre from next Wednesday, while wholesale diesel will dip by 0.4 percent, the Department of Energy said on Friday. Copyright Reuters, 2014 ...
Nigerian crude exports to hit 16 month high in Sept LONDON: Nigeria will export around 1.90 million barrels per day (bpd) of crude oil in September including deferred cargoes, the highest monthly total in more than a year, according to loading schedules seen by Reuters on Friday. September's total will load in 61 cargoes and is up from August's revised rate of 1.82 million bpd.The total includes two cargoes of Qua Iboe crude, which were delayed to September from August. Nigeria's exports in September will ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 25, 2014
Reserves $13.925 bln