International Energy Agency (IEA) has said that Nigeria's current oil production has fallen over the past 20 years the country to the lowest level. The Nigerian government in June agreed to implement the amnesty to end violence in the Niger Delta region activities in Nigeria is almost no positive impact on oil production.
International Energy Agency in its monthly oil market, said in July the International Energy Agency estimated that the average Nigerian crude oil production 1.68 million barrels, more than in June crude oil production decreased by 4 million barrels a day and far below the Government's assumption of Nigeria 3,000,000 barrels per day capacity.
In the Niger Delta region of swamps and rivers of oil companies operating in the past few years by local militants had been a serious constraint, the local militants have been most in the search for local control of oil wealth.
Aug. 16, 2009
Iraq oil exports in July hit a record high
Iraq's State Oil Marketing Organization Farah has announced that in July this year on Iraq's oil export volume has increased to 2.037 million barrels a day, for the war in Iraq since 2003, the highest on record.
Reports indicate that this year, Iraq's energy production to increase oil production enterprises and a substantial increase in the volume of crude oil exports to Japan, in addition to the international crude oil market continues to rise in oil prices. These factors make the Iraqi government revenue continues to grow. This has provided the Iraqi government more funds to promote economic plan to rebuild the country. According to the Iraqi Oil Ministry to develop ten-year development plan, Iraq's crude oil output in 2013 from the current 2.4 million barrels to 450 million barrels per day.
Aug. 11, 2009
Reports indicate that this year, Iraq's energy production to increase oil production enterprises and a substantial increase in the volume of crude oil exports to Japan, in addition to the international crude oil market continues to rise in oil prices. These factors make the Iraqi government revenue continues to grow. This has provided the Iraqi government more funds to promote economic plan to rebuild the country. According to the Iraqi Oil Ministry to develop ten-year development plan, Iraq's crude oil output in 2013 from the current 2.4 million barrels to 450 million barrels per day.
Aug. 11, 2009
India, in 2014 the degree of dependence on oil imports will reach 80%
News August 6, India, vice minister of Ministry of Oil said Thursday Jitin Prasada, India is expected to import crude oil dependence in the April 1, 2014 fiscal year starting from the closing of the March 31, 2009 the previous financial increased to 77% of the annual total demand of about 80%.
Jitin Prasada letter to the House of Representatives of the legislators said that India's recent financial year, net imports of crude oil increased by more than 6 percent last year to 1.0951 million tons or 2.19 million barrels a day. He said that the 4-June last year, the import volume increased by 15% to 2,832 million tons. Government of India will take several measures to reduce the country's import dependence, including the auction more oil and gas exploration block to prevent the decline in output of aging oil fields.
Aug. 8, 2009
Jitin Prasada letter to the House of Representatives of the legislators said that India's recent financial year, net imports of crude oil increased by more than 6 percent last year to 1.0951 million tons or 2.19 million barrels a day. He said that the 4-June last year, the import volume increased by 15% to 2,832 million tons. Government of India will take several measures to reduce the country's import dependence, including the auction more oil and gas exploration block to prevent the decline in output of aging oil fields.
Aug. 8, 2009
Nigeria embarked on the reform of the petroleum industry
Federal Government of Nigeria recently announced a draft oil and gas reform, if passed by Parliament, will serve as new legal norms in the country oil and gas industry. Owing to the importance of Nepal and the two boards, respectively, before the Subcommittee held a hearing on foreign oil companies can take advantage of this opportunity to raise public criticism and questions.
In accordance with federal requirements, relevant departments of the drafting of a new Nigeria's oil and natural gas bills. The core of the reform is to promote the privatization of the oil industry, while strengthening the supervision of foreign countries in order to change the situation of long-term poor management. Bill includes the following major provisions:
First, the state-owned Nigerian National Petroleum Corporation (NNPC) will be divided into several independent companies, including a dedicated pursuit of the national oil company profits; national oil companies can raise funds by listing no longer rely on existing Government financial input; national oil company initially 100% owned by the Government, but the future may be open to the Nigerian part of the shares.
Second, some deep-sea oil production contracts, the need to renegotiate, the federal government can charge higher royalties and taxes; next signed a contract oil and gas development and production should be added to the "renegotiation" clause.
Third, the Government has the right to oil exploration for a long time the land is not available to new foreign investors, development and exploration is not forthcoming in the ranks; encouraging national oil companies and foreign oil companies at least 50% of the exploitation of crude oil to stay extraction in Nigeria.
Fourth, the establishment of the National Petroleum Authority, the Ministry of Oil to replace the original, the establishment of industries to upstream, midstream and downstream at the same time monitoring the implementation of the specialized agencies.
Aug. 5, 2009
In accordance with federal requirements, relevant departments of the drafting of a new Nigeria's oil and natural gas bills. The core of the reform is to promote the privatization of the oil industry, while strengthening the supervision of foreign countries in order to change the situation of long-term poor management. Bill includes the following major provisions:
First, the state-owned Nigerian National Petroleum Corporation (NNPC) will be divided into several independent companies, including a dedicated pursuit of the national oil company profits; national oil companies can raise funds by listing no longer rely on existing Government financial input; national oil company initially 100% owned by the Government, but the future may be open to the Nigerian part of the shares.
Second, some deep-sea oil production contracts, the need to renegotiate, the federal government can charge higher royalties and taxes; next signed a contract oil and gas development and production should be added to the "renegotiation" clause.
Third, the Government has the right to oil exploration for a long time the land is not available to new foreign investors, development and exploration is not forthcoming in the ranks; encouraging national oil companies and foreign oil companies at least 50% of the exploitation of crude oil to stay extraction in Nigeria.
Fourth, the establishment of the National Petroleum Authority, the Ministry of Oil to replace the original, the establishment of industries to upstream, midstream and downstream at the same time monitoring the implementation of the specialized agencies.
Aug. 5, 2009
U.S. commercial crude oil inventories last week rose 4.1 million barrels
July 28 New York news, the American Petroleum Institute (API) 7 28 in here, due to increased imports of crude oil and the oil refineries to reduce their volume of crude oil processed last week, U.S. crude oil inventories have increased accidents . American Petroleum Institute in its report a week, said that the U.S. commercial crude oil inventories last week increased by 4.1 million barrels, the total commercial inventories of crude oil reached 3.524 million barrels, the same period last year increased the inventory levels of 49.8 million barrels a day.
According to Reuters, industry analysts recently made a survey of oil analysts had expected U.S. commercial crude oil last week, the Treasury will be reduced by 1.3 million barrels a day. Petroleum Institute in the United States after the publication of the current weekly U.S. crude oil prices dropped 1.67 U.S. dollars a barrel, fell to 66.71 U.S. dollars.
Jul. 30, 2009
According to Reuters, industry analysts recently made a survey of oil analysts had expected U.S. commercial crude oil last week, the Treasury will be reduced by 1.3 million barrels a day. Petroleum Institute in the United States after the publication of the current weekly U.S. crude oil prices dropped 1.67 U.S. dollars a barrel, fell to 66.71 U.S. dollars.
Jul. 30, 2009
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