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Sweet Crude

US oil sinks towards $10 as fund sells off holdings

OPEC, OIL, crude oil

US oil nosedived towards $10 a barrel Tuesday after a major exchange-traded fund started selling its short-term contracts of the commodity, and storage concerns mounted as the coronavirus strangled demand. In morning London deals, West Texas Intermediate crude for June delivery tumbled more than 21 percent to $10.07 — having plunged 25 percent a day
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OPEC, OIL, crude oil

Equatorial Guinea expects major oil & gas investments in 2020

The Ministry of Mines and Hydrocarbons has concluded its work program and budget meeting evaluations after technical negotiations with oil and gas companies; The country estimates $1.2 billion in investments and a contingent forecast of $273 million into its hydrocarbon sector in 2020; The country is actively pursuing international investors in an effort to increase
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Akwa Ibom youths protest, shut ExxonMobil over alleged marginalization

Equatorial Guinea grants ExxonMobil extension on offshore blocks

The Ministry of Mines and Hydrocarbons of Equatorial Guinea has granted ExxonMobil a six-month extension for offshore blocks EG06 and EG-11. Located next to legacy oil-producing Block B and EG-11, the licenses are considered highly prospective acreage. ExxonMobil discovered oil at the Block EG-06 Avestruz-1 well in October 2017 and has been assessing its commerciality
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Rivers, oil, Shell, Nigeria News, Latest News

OML 25: Shell’s MoU with Rivers HOSTCOMS sparks protest

The signing of Memorandum of Understanding, MoU, for the re-opening of Oil Mining Lease, OML25, and the payment of outstanding funds of the extant Global Memorandum of Understanding, GMoU, owed the host communities as facilitated by Rivers State government between Shell Petroleum Development Company, SPDC, and its hosts has sparked heavy protest and tension in Kula Kingdom in Akuku-Toru Local Government Area of the state.  

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