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CNOOC Limited—China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world—is acquiring all of the Common Shares of Canada-based energy company Nexen Inc. It is the second-largest oil producer in the UK North Sea.
Petrobras’ oil and natural gas output in Brazil was 2,407,366 barrels of oil equivalent per day (boed) in June, 4% more than the 2,315,117 barrels produced a year earlier and a 2% increase over May 2011. Figuring in the exclusive production of oil from domestic fields, the company had an increase of 2.2% This was 6.9%
The International Energy Agency’s (IEA’s) Oil Market Report (OMR) for December raised the estimate of global oil demand for 2013 by 130,000 barrels per day (130 kb/d) to 91.2 Global oil supplies increased by 310 kb/d in November to 92.3 Global demand is now seen advancing by 1.2 mb/d in both 2013 and 2014, to reach 92.4
The Dangote Petroleum Refinery, which covers an area of approximately 2,635 hectares—about the six times the size of Victoria Island in Lagos, Nigeria—is expected to be Africa’s largest oil refinery and the world’s largest single-train facility. Nigerian crude oil is also rich in paraffins.
Oil prices appear to be stuck in the $50s per barrel, but that doesn’t mean there aren’t serious supply risks to the market. Geopolitical tension has been largely irrelevant since the collapse of oil prices in 2014, but it’s making a return now that cracks have emerged in some key oil-producing nations. bank Citi said.
OPEC exports have come under pressure this week from technical threats to oil fields, with Saudi Arabia’s Manifa problems grabbing the headlines. Maintenance of the field is expected, resulting in a shut-down of production—something that has been confirmed by Sadad Al Husseini, former VP Aramco.
Oil prices faltered at the start of the second week of the year, as fears set in about a rapid rebound in US shale production. percent in intraday trading on Monday, after a report at the end of last week showed another solid build in the US rig count, the tenth consecutive week that the oil industry added rigs back into the field.
Petrobras announced the discovery of two new light oil accumulations (29° API) in reservoirs in the post- and pre-salt layer in deep Campos Basin waters. The recoverable volumes are estimated at about 105 million barrels of oil equivalent there. The exclusive oil production in domestic fields was 2,032,620 barrels per day, 2.9%
He also contributed to algorithms enabling autonomous undersea vehicles to inspect offshore oil and gas platforms after hurricanes so that divers don’t have to. Kingsley Fregene Saving lives in Nigeria Fregene’s aim to keep people safe started with his first after-school job, as a bus conductor, when he was in the sixth grade.
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