News / International
Libyan Oil Output Remains Under 400,000 Barrels per Day amid Instability
Libya’s crude oil production remains less than 400,000 barrels per day, the National Oil Corporation (NOC) said on January 12th.
Kenya Seeking $3b in US Financing for Oil Pipeline
Kenya is seeking $3b in US financing from the $31b Power Africa Fund to support the construction of a crude oil pipeline from Hoima, Uganda to Mombasa.
Dana Gas to Cut Costs at Home, Boost Investment in Egypt
UAE's Dana Gas announced its decision to slash its head office workforce by 40%, and cut administrative costs by 50%. The move is part of the evaluation and cost cutting process, which the company adopted in 2015.
Nigerian State Oil Company to Hold IPO by 2018
Nigeria is planning an initial public offering for assets owned by its national oil company, the Nigerian National Petroleum Corporation (NNPC), by 2018, according to Nigerian Minister of Petroleum Resources, Emmanuel Kachikwu.
Brazilian Petrobras Slashes Production, Capital, Investment Plans
Brazil's state-run oil producer, Petróleo Brasileiro SA (Petrobras), has slashed its production targets by 1.8% to 2.1mb/d and capital spending budget by 24.5% to $98.4m in the period between 2015-2019.
Saudi Arabia to Invest $109b in 54 GW of Renewable Energy
Saudi Arabia plans to spend $109b to install 54 GW of renewable energy by 2040, aiming to diversify the Kingdom's energy profile and preempt energy demand expected to rise 45% in this period of time.
US Shale Oil Production Declining
The decline of US shale oil production is to continue with a projected drop of 116,000b/d in February, adding to an overall decline of about 640,000b/d since the production peak in March 2015.
UAE Denies Nigeria’s Call for Emergency OPEC Meeting
The UAE has denied claims made earlier by Nigerian Petroleum Minister that an emergency meeting of OPEC was in order to discuss the current oil pricing policy amid a 12-year low drop of oil prices to $30.
