07272016Wed
Last update: Wed, 27 Jul 2016 08pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Angola to export more crude cargoes in July LONDON/NEW YORK: Angola is planning to export 56 cargoes of crude oil in July, up from 53 scheduled in June, trade sources said on Monday.The total, which equates to 1.74 million barrels per day (bpd), is also slightly above the initially planned level for June of 1.7 million bpd.The schedule does not list a cargo of Palanca, a crude grade which does not export a cargo every month, sources said.A preliminary loading programme circulated to oil traders also warned that planned field shutdowns on CLOV and Pazflor in the coming months could affect the quality of the exports.Angola is currently Africa's largest oil producer because of militant attacks and other issues that have hobbled output in Nigeria.According to figures from OPEC's monthly report, Angola began producing more crude than Nigeria in March. Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Kuwait deputy FM says Iran, oil producers must not increase production DUBAI: Kuwait's deputy foreign minister Khaled Jarallah said oil exporting countries must freeze production and the market could not support a production increase from Iran, state news agency KUNA reported on Saturday. "There is no choice but to freeze production," KUNA quoted Jarallah as telling Japanese news agency Jiji press while he and acting oil minister Anas al-Saleh attend a Kuwait-Japan business seminar in Tokyo.Asked about Iranian production policy, Jarallah said, "Iran should learn from ...

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 ...

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 ...