06262016Sun
Last update: Sun, 26 Jun 2016 02am

Middle East & Africa

Markets - Energy - Middle East & Africa

Kenya creates 17 new oil exploration blocks NAIROBI: Kenya has created an extra 17 new oil exploration blocks, bringing its total to 63 and aims to auction them in a licensing round in 2017, Kenyan newspapers quoted Ministry of Energy and Petroleum saying on Saturday. British explorer Tullow Oil and partner Africa Oil first struck oil in Lokichar in northwest Kenya in 2012. The recoverable reserves are an estimated 750 million barrels of crude.Since the discovery, interest from explorers seeking blocks in Kenya increased.Privately-owned Standard Newspaper quoted the Energy and Petroleum ministry as saying it aimed to hold an auction for the new blocks in 2017."We constituted all the blocks and the country now has 63 blocks .... We now have 17 blocks to license," the Standard quoted Martin Heya, the ministry's commissioner for Petroleum Energy, as saying.Africa Oil and Tullow were 50-50 partners in blocks 10 BB and 13T where Kenya's the discoveries were made. Africa ...

Markets - Energy - Middle East & Africa

South Africa's Eskom sees no power cuts this year, to have excess capacity by 2021 CAPE TOWN: South Africa's power utility Eskom does not expect to implement electricity cuts for the rest of the 2016/2017 financial year which started in April, its chief executive said on Thursday. Eskom, which is battling an electricity shortage, was forced to implement electricity blackouts during the first half of last year, affecting economic activity but CEO Brian Molefe told a media briefing that power supply had improved."There will never be load shedding because to ...

Markets - Energy - Middle East & Africa

Shell's Nigeria unit declares force majeure on Bonny Light exports YENAGOA: Royal Dutch Shell's Nigerian unit has declared force majeure on Bonny Light exports, it said on Wednesday, following the closure of the Nembe Creek Trunk line (NCTL) for repairs after a leak. The force majeure by Shell Petroleum Development Co (SPDC)took effect at noon (1100 GMT) on Tuesday, the company said in a statement. The NCTL was shut for repairs by its operator AITEO Eastern E & P Company Ltd, the company said. A ...

Markets - Energy - Middle East & Africa

Nigeria oil output set to fall to 22 year low on pipeline outage YENAGOA: Nigeria's oil production is set to fall to its lowest in more than two decades after Royal Dutch Shell's local operation said it had shut a major pipeline. Nigeria's oil output fell close to a 22-year low this month due to attacks on oil pipelines in the southern Niger Delta, home to much of the country's oil and gas wealth, compounding the impact of low oil prices on Africa's largest economy.On Wednesday, Shell Petroleum ...

Markets - Energy - Middle East & Africa

Nigeria oil output hits 22-year low on renewed unrest LAGOS: Nigeria's oil output has slumped to a 22-year low, figures showed on Tuesday, because of pipeline sabotage and increasing unrest that has seen major companies evacuate staff.Data compiled by Bloomberg indicated that output in Africa's biggest oil producer has fallen below 1.7 million barrels per day (bpd) for the first time since 1994.Rebels seeking a fairer share of revenue for locals in the oil-rich southern delta are increasingly targeting facilities, posing a fresh security ...

Markets - Energy - Middle East & Africa

Oil market on track to rebalance in H2: Qatar energy minister ABU DHABI: Qatar's energy minister and current OPEC president Mohammed al-Sada said on Tuesday that the oil market was on the right track towards rebalancing in the second half of 2016. "As we proceed to the second quarter of the year, we see an increase in global demand for oil due to demand for oil products, particularly gasoline," he said in a statement. "This trend is likely to increase further from next month due to ...

Markets - Energy - Middle East & Africa

Egypt to receive first LNG shipment from Rosneft in May CAIRO: Egypt will receive the first of five agreed shipments of liquefied natural gas (LNG) from Russia's Rosneft this month, an official at the state gas board EGAS told Reuters on Thursday. Last year Egypt and Rosneft signed a memorandum of understanding for a slew of petroleum products as well as 24 LNG cargoes. Only five of the 24 initially agreed cargoes were later inked into a final deal. "We're receiving the first shipments of ...