Shares of Tullow Oil PLC have seen a surge on Monday as the Africa-oriented oil producer has secured a fresh $400 million debt facility through a deal with Glencore ahead of its Wednesday trading statement.
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.
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.
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.
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.
Saudi Aramco reports a profit decline but exceeds analyst expectations and maintains large investor dividends.