Oil output from the Organization of the Petroleum Exporting Countries (OPEC) is expected to set another record high driven by a partial recovery of output from disruption from Nigeria and Libya and an increase in exports from Iraq, a Reuters survey discovered on Monday. The survey showed that supply from the OPEC rose to 33.82 million barrels per day in October from 33.69 million bpd in...

Hyperdynamics Corporation, an independent oil & gas exploration company has announced that it has signed a letter of award with drilling contractor Pacific Drilling to employ the Pacific Bora drillship. Under the agreement, the rig is to be used for a drilling campaign offshore the Republic of Guinea in Q2 of 2017, at the Fatala turbidite fan prospect. It also allows Hyperdynamics to extend the...

Sonatrach’s oil and gas exports from January to the end of October reached 89 million tonnes of oil equivalent, an increase of 9% compared to the same period in 2015, the Algeria’s state-owned oil company revealed. Oil output also increased by 80,000 barrels per day in Q3. This increase had resulted in a rise of around 1 million tonnes of Sahara Blend, which was shipped to Cuba following the...

The Nigerian Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu (photo), has announced that the country plans to establish an independent agency to control the gas industry. According to the Minister, the government would continue to be the policy maker but the new independent petroleum regulatory authority would be created and provided with adequate capacity to regulate the...

Egypt’s oil ministry has signed a memorandum of understanding with Iraq in order to import oil from the latter. This deal is coming almost three weeks after Saudi Arabia's sudden decision to stop oil shipments to Egypt, therefore putting more pressure on the government. According to Oil Minister, Tarek el-Mulla, the agreement will open the doors for the development of oil cooperation with...

South Africa’s energy department has said that the retail price of petrol will increase by 45 cents a litre for both 93 octane and 95 octane from Wednesday, November 2, 2016. According to the department, Diesel will increase by 63 cents a litre, while the wholesale price of illuminating paraffin will go up by 57 cents a litre. The maximum retail price of LPG will also up by 59 cents a...

In Algeria, State-owned oil Company, Sonatrach has announced that it made a total of 28 hydrocarbon discoveries from the beginning of this year to September 30, 2016 mostly from the Hassi Messaoud and Berkine. “Sonatrach, as part of its exploration activities, has announced it made twenty-eight hydrocarbon finds until Sep. 30,” the group said in a statement adding that all the finds, three...

A Nigerian oil and gas workers union in the Urhobo region of Niger Delta, has confirmed an attack by a militant group on a pipeline operated by the Nigerian National Petroleum Corporation (NNPC), in the oil region. This is coming after the Niger Delta Avengers, claimed responsibility for an attack on a Chevron pipeline last week. “There was an attack. Although the pipeline was not in use at...

Woodside Energy has completed the acquisition of shares in ConocoPhillips Senegal, which holds a 35 percent interest in three exploration blocks offshore Senegal, for $440 million including net customary adjustments of about $90 million. The completion of this transaction gives Woodside a 35% interest in three exploration blocks, including the SNE and FAN deep-water oil...

Communities affected by oil spill in Niger Delta have given the Nigerian National Petroleum Corporation (NNPC) a seven-day ultimatum to provide cleanup, relief materials and compensation for the affected area or activities at the Escravos pipeline will be shut down. The spill, which was reported to have begun on August 17 and lasted for two months, affected communities including Ikpokpo,...