ZYFRA Group tests AI solution to boost oil well production, eyes Egyptian market

Posted by - April 16, 2019

ZYFRA Group, Finnish-Russian AI and IIoT solutions developer for industries has successfully tested an Electrical Submersible Pump (ESP) software unit, designed to enhance the efficiency of oil extraction by boosting oil well production rates by 1.5% without any additional capital investment. The ESP software unit is now operational for more than three months in 500

Oil rises further above $67 as OPEC cuts counter economic concern

Posted by - March 28, 2019

Oil rose further above $67 a barrel recently as OPEC supply cuts and expectations of lower U.S. inventories outweighed concern about weaker demand due to an economic slowdown. The price of global benchmark Brent crude has risen about 25 percent in 2019, supported by supply curbs by the Organization of the Petroleum Exporting Countries plus

Insurance Records 13.9% Growth in Oil Businesses in 10 Years

Posted by - March 11, 2019

The insurance sector in the past ten years (2008-2017), recorded the highest cumulative average growth rate of 13.9 per cent in oil and gas business. But between 2015 and 2017, the sector reported the highest growth of 40.9 per cent in engineering business. In the past ten years, though oil and gas remained the main

Tullow Starts Process of Selling Kenyan Oil Internationally

Posted by - February 19, 2019

British owned oil drilling company, Tullow has started searching for clients to purchase crude oil petroleum in Kenyan for exports. The first export of oil from Kenya is estimated to leave in the next four months. The company sent documents for business with the London stock exchange on goods and services recondition. The company said

Nigeria earns $1.3b from oil, gas lease licence renewal, targets $2b

Posted by - January 31, 2019

The Federal Government of Nigeria is targeting about $2 billion from the oil and gas lease licences renewal while about 1.2 billion dollars, 1.3 billion dollars has so far been earned. The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said recently in Abuja at the Nigerian International Petroleum summit that, “We projected for

Saudi Arabia consults Nigeria on stabilizing global oil prices

Posted by - November 28, 2018

The Minister of Petroleum, Industry and Mineral Resources of the Kingdom of Saudi Arabia, Khalid Al-Falih has recently held talks with the Federal Government of Nigeria as parts of effort to bring about a stabilisation in the crude oil price and in the international crude oil market. Minister of State for Petroleum Resources, Dr. Emmanuel

Oil Steady After G20 Warns of Risks to Growth

Posted by - July 23, 2018

Oil prices stabilised on Monday as worries over production losses were outweighed by concerns that trade disputes would reduce economic growth and hit global energy demand. Benchmark Brent crude oil LCOc1 was up 15 cents at 73.22 dollars a barrel by 7.50 GMT while U.S. light crude CLc1 was unchanged at 68.26 dollars. Finance ministers

Oil Prices Rise on Uncertainty Over Libyan Crude Exports

Posted by - June 26, 2018

Oil prices rose, Tuesday on uncertainty over Libyan oil exports, although plans by producer cartel OPEC to raise output loom. Brent sweet crude futures, the international benchmark for oil prices, were at 74.95 dollars per barrel at 01.04 GMT, up 22 cents, or 0.3 per cent from their last close. The United States West Texas

Chevron Trains Young Nigerian Graduates on Oil and Gas Skills

Posted by - August 25, 2017

As part of Chevron Nigeria Limited’s efforts to assist in the building of organisational capability in the oil and gas industry, the company has completed a 12-month on-the-job-training of Nigerian graduates at the company’s office and field locations. Chevron’s General Manager in charge of Policy Government and Public Affairs, Mr. Esimaje Brikinn said in a

Works On Jubilee FPSO to End in 2019 – Tullow Oil Ghana

Posted by - August 1, 2017

Oil exploration firm, Tullow Oil says repair works on the Jubilee FPSO would now end in 2019, according to details in its half year results and statement issued to investors on July 26. The report released by Tullow Oil showed that Turret Remediation Project should be carried out in three phases. The first phase of