LAGOS, Nigeria: The Petroleum Industry Bill aims to resolve some of the many issues that have affected Africa’s largest oil producer and pave the way for future growth and investment. Growth in Africa’s oil and gas industry has been accelerating in recent years. The continent’s total production now accounts for around seven percent of world [...]
Oil was up in Asian trade on Thursday as investors awaited the results of a European Central Bank (ECB) meeting and the release oftrade data from China. New York’s main contract, light sweet crude for delivery in March gained 15 cents to USD 96.77 a barrel and Brent North Sea crude for March delivery increased [...]
Oil rose in Asia on Friday as investors look to upcoming summits aimed at resolving Europe’s debt crisis, while analysts said the death of Libya’s Muammar Gaddafi would have limited impact on prices. New York’s main contract, light sweet crude crude for December delivery, was up 30 cents to USD 86.37 a barrel, and Brent [...]
Crude oil prices were mixed in Asia today. New York’s main contract, light sweet crude was up 18 cents to 85.59 dollar per barrel. Brent North Sea crude dipped 14 cents to 108.81 dollar.
Oil prices fell sharply in Asian trade today, with investors still worried over the debt crisis in the eurozone and the weak US economy. New York’s main contract, light sweet crude was down 1.18 dollar to 86.78 dollar a barrel in morning trade. Brent North Sea crude slipped 95 cents to 111.27 dollar a barrel.
Oil prices turned lower in Asian trade on Friday ahead of the release of a key US economic report traders were watching for signs on the health of the world’s biggest oil consumer. Analysts said investors were also monitoring a storm gathering in the Gulf of Mexico that threatens to disrupt oil supply in the [...]
Venezuela’s proven crude oil reserves surpassed those of Saudi Arabia last year, the Organisation of Petroleum Exporting Countries (OPEC) has said, confirming the South American nation’s claims. OPEC said in its annual statistical bulletin that Venezuela’s proven crude oil reserves reached 296.5 billion barrels in 2010, up 40.4 per cent year-on-year and higher than Saudi [...]
Pune: Honeywell today announced that it has been selected by government-owned Korea Gas Corporation (KOGAS) to provide comprehensive automation solutions for its liquefied natural gas (LNG) terminals. The Honeywell solutions will ensure the seamless and efficient performance of the facilities. This marks another multi-million dollar project order with Honeywell Process Solution (HPS), and is the [...]
The government has approved over 54 per cent increase in cost of the nation’s first strategic crude oil storage being built as insurance against supply disruptions. India, which is 75 per cent import dependent to meet its crude oil needs, is building under-ground storages at Visakhapatnam in Andhra Pradesh and at Mangalore and Padur in [...]
Oil was up in Asian trade on Thursday as traders engaged in bargain-hunting after crude prices slid below USD 95 per barrel in overnight trade, analysts said. New York’s main contract, West Texas Intermediate (WTI) light sweet crude for July delivery, rose 48 cents to USD 95.29 a barrel. Brent North Sea crude for delivery [...]