The facility will be available to draw for 18 months and proceeds will be used for liability management of Tullow’s senior notes maturing in March 2025. The interest on the facility will be Term Secured Overnight Financing Rate (SOFR) plus 10% on drawn amounts.
Oil communities in Bayelsa State have kicked against attempts by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, to get involved in the day-to-day management of the Host Communities Development Trust Fund.
Iraqi oil minister Hayan Abdel-Ghani expects to reach an agreement with the Kurdistan Regional Government (KRG) and foreign oil companies to resume oil production from the Kurdish region’s oil fields within three days, he said on Sunday.
The aggregate net profit for major oil exploration and production companies grew 0.92% in the September quarter, primarily led by Reliance Industries Ltd. Despite an increase in sales production, the aggregate revenue fell 0.44% due to a decrease in price realisations amid volatile crude prices.
OPEC continues to view the oil market fundamentals as strong with Chinese crude imports set to increase to a new annual record in 2023, the cartel said on Monday, describing the most recent negative market sentiment as exaggerated.
Rating agency, Fitch, is warning that higher-than-expected oil prices in a scenario where the Middle East conflict disrupts oil supply would cause lower economic growth and higher inflation.
Last year, when the European Union found itself in a position to urgently find a replacement for pipeline Russian gas, U.S. LNG producers were hailed as saviors. Dozens of tankers with super chilled liquid gas began arriving at European ports and, from there, into storage for the winter.
Last week, oil prices logged a third straight weekly decline, sinking to the lowest level since mid-July as concerns about demand continue to replace the fear of production outages related to the Middle East conflict. Front-month Nymex crude for December delivery rose 1.9% Friday but settled -4.1% for the week to $77.17/bbl, while January Brent crude recorded a similar weekly decline to $81.43/bbl. December gasoline was down -0.5% for the week to $2.19/gal while December diesel fell -6.2% to $2.74/gal.
Crude oil prices began the new week with a loss earlier today, with a renewed focus on demand in China and the United States weighing on benchmarks.
Ghana places 5th in Africa with highest offshore oil rig demand – African Energy Chamber