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Nigeria state oil firm drives production price of oil barrel from $29 to $23

Nigeria announced that it has reduced the production cost per barrel of crude oil from $29 last month to $23. The cut in price follows complaints about the price of the barrel being the highest in the world.

read more... 17/08/2017

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Transocean to acquire competitor Songa Offshore for $1.1 billion

One of the world’s biggest oil rig operator, Transocean, is about to acquire its Norwegian rival Songa Offshore. The acquisition will be carried out through shares and convertible bonds, all worth 9.1 billion crowns ($1.1 billion).

read more... 16/08/2017

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OMV does not expect a cash call from Nord Stream 2 until the end of the year

OMV is confident that Gazprom-owned Nord Stream 2 won’t be making any more cash calls until the end of the current year. OMV has already settled the first €200 million portion of its funding obligation for the construction of the 55 bcm/year pipeline from Russia to Germany.

read more... 15/08/2017

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OPEC fails to reduce oil production, registers highest output of the year

OPEC oil output for July skyrocketed by 173,000 barrels a day to almost 32.9 million barrels, which once again proves that major oil producers can’t keep up with their plan to pump less oil.

read more... 11/08/2017

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Libyan Sharara oil field shuts down gradually after closure of a control room in Zawiya

Sharara oil field in Lybia, which had a production of 270,000 barrels a day (bpd), is gradually closing after the closure of a control room in the northern city of Zawiya, as stated by an engineer at the field late on Sunday.

read more... 07/08/2017

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