West Africa-focused Tullow Oil’s handover of the marketing rights to its Ghanian oilfields to Glencore is not expected to have any material market impact, a trader said on Monday
Tullow Ghana signed off its Supplier Market Day events for 2023 on a very progressive note, the other day at the Fiesta Royale Hotel in Accra.
The Government of Israel has recently sanctioned the national outline plan for energy storage. This pivotal move marks the initial arrangement of its kind and represents a significant step forward for Israel’s Ministry of Energy and Infrastructure.
Tullow Oil said on Monday it signed a $400 million five-year debt deal with Glencore to help manage its senior notes maturing through 2026 and will see the trading house take over marketing the crude from its flagship Ghana oilfields.
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.