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Shell lifts force majeure on Nigerian oil exports LAGOS: Anglo-Dutch oil giant Shell on Friday lifted a force majeure on crude oil exports from Nigeria after repairing a supply pipeline that has been repeatedly sabotaged in the country's oil region.Shell's subsidiary in Nigeria (SPDC) said it "lifted the force majeure on Bonny Light exports effective noon today...following repair of recent spill points on the Trans Niger Pipeline (TNP)."Force majeure is a legal term releasing a company from contractual obligations due to circumstances beyond its control. Bonny Light is one of the main grades of crude produced in Nigeria.The force majeure was declared on October 10 as a result of spills recorded on the pipeline in the volatile oil-rich Ogoniland.Shell has since restored production of 150,000 barrels per day of crude shut in as a result of the incident."Joint investigation of the spills has now been completed and the various reports signed off by all participants," the company said.Shell ...

UAE on track for 3.5mn bpd target: minister DAEGU: United Arab Emirates Energy Minister Suheil al-Mazrouei said Monday the country was on track to achieve its goal of a one-third increase in oil production by 2017."We are confident and the projects are on time," Mazrouei told AFP at the ongoing World Energy Congress in Daegu, South Korea.Back in April, the UAE said it wanted to hike its oil production capacity to 3.5 million barrels per day by 2017, from the then-level of 2.6 ...
Saudi shale gas drilling bears fruit: Aramco head SEOUL: The US shale gas boom will spread "far and wide," the head of Saudi Aramco said Monday, announcing the state oil giant was set to supply gas to a massive Saudi power plant project.The world's largest oil exporter launched an unconventional gas program in northern Saudi Arabia two years ago, as it sought alternative domestic fuel supplies that would allow an expansion of lucrative oil exports."We are now ready to commit gas for the ...
Saudi Aramco to expand Shaybah, Khurais oil output in 2016-17 DAEGU: The world's largest oil exporter, Saudi Aramco, will increase light sour crude output from two fields - Shaybah and Khurais - by 550,000 barrels per day (bpd) in 2016-2017, to rebalance its crude quality and extend the lifespan of mature fields.The expansions of the fields will start up "within a few months of each other," Chief Executive Khalid al-Falih said on Sunday.Shaybah would come first, by the end of 2016 or early 2017, the ...
Iraq's Majnoon oilfield output rises to 175,000 bpd BAGHDAD: Production from Iraq's Majnoon oilfield, run by Royal Dutch Shell, has risen to 175,000 barrels per day (bpd), Deputy Prime Minister for Energy Affairs Hussein al-Shahristani said on Sunday.Majnoon is one of four giant southern fields vital to Iraq's ambition to at least double output that is now around 3 million bpd.The 12 billion barrel oilfield was pumping about 45,000 bpd when Shell took over in 2010, but the Anglo-Dutch major later suspended operations ...
Shell lifts force majeure on Nigerian Bonny oil exports ABUJA: Royal Dutch Shell has lifted a force majeure on Nigerian Bonny Light crude oil exports which was declared in April after the shut down of a 150,000 barrel per day pipeline, the company said on Friday.Africa's biggest oil exporter has been producing around 15 percent below its 2.5 million bpd (bpd) capacity this year due to widespread oil theft and leakages from ageing pipelines."The force majeure on Bonny Light exports was lifted effective 1600 ...
Yemen oil pipeline pumping again after bomb damage repaired SANAA: Yemen's main oil export pipeline has started working again after damage caused by a bomb attack earlier this month was repaired, security and oil sources said on Saturday.Tribesmen attacked the pipeline in central Maarib province on Sept. 14 their fourth assault on it in a month halting flows to the Ras Isa terminal on the Red Sea.Groups often damage or destroy pipelines to press the government to provide jobs, settle land disputes or free ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln