Singapore’s onshore fuel oil stockpiles rose to a three-week high despite a sharp decline in imports into landed tanks, data showed on Thursday. The inventories climbed 11.4% to 21.33 million barrels (3.36 million metric tons) in the week to March 13, latest data from Enterprise Singapore showed. This came despite a 79.2% drop in total imports, which were at about 297,000 tons in the week.
Ghana’s oil and gas sector boasts of over 600 million barrels of proven reserves, and is fast positioning itself as a magnet for foreign investors seeking to tap into its energy industry.
LONDON (Reuters) -Legal & General Investment Management, a significant shareholder in Capricorn Energy and Tullow Oil, said on Monday it had “strong reservations” about a proposed merger between the two companies.
Tullow and Capricorn agreed an all-share merger earlier this month in a deal worth around $827 million, paid for in newly issued Tullow shares.
Increasing deepwater drilling activities and increased investments in the oil and gas industries are the primary market drivers boosting subsea system market growth.
Tullow Oil, together with its partners, have invested close to $19 billion in Ghana since commercial oil production started in 2010.
UK-based Challenger Energy finalized the contract for its second offshore block in Uruguay on Monday, as hopes of oil and natural gas production in the South American country grow.
The discovery was made by Saudi Aramco, a leading company in the production of energy and chemical products. This company is already recognized for locating new gas reserves in times of national decline.
Oil dipped as signs of stubborn US inflation whipsawed wider markets and OPEC said its latest supply cuts stalled.
The merged entity between Vitol Emerald Bidco and South Africa’s biggest filling station operator, Engen, will affect production and supply of refined petroleum products from local refineries, the Competition Commission said at a hearing of the Competition Tribunal yesterday.
Opec has once again kept unchanged its bullish forecast for oil demand growth this year, even while others including Saudi state-controlled Aramco continue to see much lower levels of growth.