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.
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.
Ghana places 5th in Africa with highest offshore oil rig demand – African Energy Chamber
Saudi Arabia’s energy minister, Abdulaziz bin Salman, has disclosed that the kingdom signed preliminary agreements with African countries, including Nigeria, on energy-related cooperation.
Veros Petroleum is an oil marketing company that covers various aspects of the oil marketing industry, including retailing, bunkering, bulk distribution, LPG and gas services, and other related sectors. We cater to retail markets with stations dispersed nationwide, primarily in strategic regions, and continue to expand. As one of the rapidly developing companies, we take pride in our competitive pricing, exceptional services, top-notch product quality, and more. Moreover, we also provide bulk supplies to mining and construction sites. Our company was officially registered in 2020, but our journey began back in 2016 when we started as a small supply chain business, dealing with lower volumes and quantities. Over time, we have evolved into the company we are today.