Category: Oil & Gas Industry
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๐ท๐บ๐น๐ผ Russia Emerges as Leading Supplier in Taiwan’s Oil Products Market
Russia has taken the lead in Taiwanโs oil products market, with the island nation importing nearly 114,000 barrels of Russian naphtha per day last month. This import level accounted for 66% of Taiwanโs total crude imports for the month, according to data from Kpler. This surge to an all-time high firmly establishes Russia as Taiwanโs…
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๐ป๐ช Venezuela to Propose Oil Projects to BRICS
World leaders are gathering in Kazan for the BRICS summit, and among them is Venezuelan President Nicolas Maduro, who arrived last night. Stepping off the airplane, he addressed journalists, stating that BRICS countries need the “oil muscles” of both Russia and Venezuela. Currently, the 9 BRICS member states represent 32% of global oil and condensate…
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๐ฆ๐ด Angola’s Cabinda oil refinery to start up by April, Gemcorp CEO says
Angola’s Cabinda oil refinery is set to start production by April, as it finishes its very first stage simply ahead of schedule but over spending plan, the CEO of Gemcorp Holdings Minimal, the job’s greatest shareholder, told Reuters on Tuesday. The refinery will be commissioned in January-February, with its very first products of fuels reaching…
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Turkeyโs oil exploration in Somalia raises regional concerns
Turkey has launched a significant oil and gas exploration mission off Somaliaโs coast, with the state-owned Turkish Petroleum Corporation (TPAO) leading the operation. The Turkish exploration vessel, now in Somali waters, is set to conduct seismic surveys over the coming months, marking a new phase in Turkeyโs strategy to expand its energy reach beyond the…
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Big Barrels: African Oil and Gas and the Quest for Prosperity
Big Barrels takes aim at the perception that in Africa oil and gas can do no good. For decades, resource wealth in Sub-Saharan Africa has been synonymous with corruption and dysfunction. The reality is far more complex and generally more encouraging. In a series of eight case studies Big Barrels looks at what African nations…
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Reports that Nigeria has rejected Shell’s $1.3 billion oil asset sale
Nigeria’s oil regulator has rejected Shell’s proposed $1.3 billion sale of its onshore oilfields to Renaissance group because the buyer is not qualified to manage the assets, Lagos-based yesterday newspaper reported on Wednesday. Shell on Jan. 16 announced its exit from Nigeria’s onshore and shallow water operations after agreeing to sell the business to a…
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Congo cancels licensing round for 27 oil blocks
The Democratic Republic of Congo (DRC) has cancelled a licensing round for 27 oil blocks, originally launched in 2022 to tap into the nation’s oil and gas potential, according to a statement posted on the hydrocarbons ministry’s X account on Monday. The statement dated Oct. 11 cited multiple reasons for the cancellation, including late submissions,…
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Nigerian Government Announces Plans for 4 New Refineries by South Korean Investors
A South Korean consortium plans to build four 100,000-barrel capacity refineries in Nigeria, according to Heineken Lokpobiri, the countryโs Minister of State for Petroleum Resources. Speaking at the Crude Oil Refineries Owners Association of Nigeria summit, Lokpobiri revealed the governmentโs approval to invite the investors and emphasized its commitment to fostering a conducive environment for…
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Libya’s oil production rebounds as political accord eases crisis
Libya’s oil production has rebounded sharply, reaching 1.13 million barrels per day on Tuesday, just days after the country’s eastern-based government lifted a blockade on oil fields and ports, the state-owned National Oil Corporation (NOC) reported. The revival follows a political agreement brokered by the United Nations to resolve a dispute over control of the…
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Brent Oil Falls to $70.4 Amid Libyan Production Recovery News
๐ฑ๐พ๐ขBrent Oil Falls to $70.4 Amid Libyan Production Recovery News Brent crude oil futures for December delivery have dropped by 1.88%, reaching $70.35 on the ICE exchange. WTI futures for November delivery are also seeing a decline, down 1.76% to $66.96, while December WTI futures have dipped to $66.62 per barrel. The drop in prices…
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