Geopolitical News from the modern world

Tag archive

Oil

Iraqi Oil minister says Ira completes southern crude pipeline

in ECONOMY/MIDLE EAST by

Iraqi Oil Minister Jabar al-Luaibi said the country has completed the construction of a pipeline that will boost its oil exports from southern ports, Reuters reported. Oil-rich Iraq, which declared victory against Islamic State (ISIS) nationwide in December, is seeking to boost production and exports to fund its reconstruction after years of war.

In 2013, an Iraqi official said his country would pump 850,000 barrels per day down the pipeline to Jordan, which would be enough to cover Jordan’s needs and export the rest via Aqaba. Iraq sits on one of the world’s largest oil reserves — 153 billion barrels by Baghdad’s own estimates. Iraq delivered oil to Jordan for preferential prices under the UN oil-for-food programme during the rule of late dictator Saddam Hussein.

Why Nigeria may miss targets for oil reserves

in AFRICA by

A 10-year target set by the Federal Government to boost crude oil reserves to 40 billion barrels and daily production to four million by 2020 is becoming unrealistic due to uncertainties that decrease investments in the sector.

Indeed, instead of making progress, the country may be taking steps backward, going by statistics from the Department of Petroleum Resources (DPR), which indicate that the reserves declined by whopping 961.47 million barrels between 2012 and 2016 alone.

The situation, which is already building anxiety among experts, has been blamed on uncertainties in the oil and gas sector associated with the delay in the passage of the Petroleum Industry Bill (PIB), rising security challenges, growing corruption rating, competition fuelled by increasing oil discoveries across Africa, obsolete fiscal terms as well as other global challenges confronting the industry.

Libya reports oil losses of 144 million dollars due to PFG protest

in ECONOMY/MIDLE EAST by

Mellitah Oil and Gas company has reported a monthly loss of more than 2.16 million bpd of crude oil due to the continued closure of the Al-Feel oil field. Negotiations with the southern branch of Petroleum Facilities Guard, which closed the oil file to protest the delay in the payment of their salaries, have not led to any positive results.

Lebanese oil a deterrent for Israeli hostility

in DEFENCE/MIDLE EAST by

The chances of an Israeli aggression against Lebanon have become minimal due to internal political confusion in Israel, but also because of its willingness to protect the oil-digging platforms adjacent to Lebanon from any possible attack. One of the Western ambassadors said that the possibilities of Israeli military aggression are very weak, so Lebanon should not be afraid. Since Israel began excavating oil from fields adjacent to Lebanon, the oil weapon that has become a deterrent. In fact, a $ 10,000 Katyusha rocket, possibly owned by Hezbollah, could destroy $ 200 million worth of oil rigs.

The government could end gas price subsidies

in AFRICA/ENERGY by

Finance Minister Abderrahmane Raouia said on Saturday that the government could end gas price subsidies from 2019 and other subsidies from 2020.Mr. Raouia’s announcement was made in Dubai on the sidelines of the meeting between the Arab Finance Ministers and the International Monetary Fund (IMF). The minister did not specify which subsidies could be cut in 2020, simply recalling that the state subsidizes a wide variety of goods and services such as electricity, bread and oil. Abderrahmane Raouia justified the announcement by the fact that the state aims to eliminate its budget deficit in three to four years.

Japan tells U.N. of North Korean tanker suspected of sanctions busting

in ASIA/DEFENCE by

The Maritime Autodifesa Japanese Force has sighted in the East China Sea a possible traffic of banned goods between a North Korean oil tanker and another tanker, in defiance of the sanctions imposed by the UN Security Council. This is the revelation given to the United Nations countries by the Japanese Foreign Ministry, which expresses its concern. The North Korean oil tanker has also camouflaged his name so as not to be recognized.

China to send in deep-sea divers to plug oil leaks in sunken Iranian tanker Sanchi

in ASIA/ENERGY by

Chinese maritime authorities will deploy deep-sea divers to assess the wreck and to minimise damage to the marine ecosystem plugging oil leaks from the Iranian oil tanker Sanchi, which exploded and permanently sunk on Sunday. The authorities also sended in bigger salvage vessels to support the divers.
“It will be a daunting task to entirely block the leaks but China is doing its utmost to minimise the impact,” an Official from the Shanghai Maritime Search and Rescue Centresaid said.
The tanker in fact was carrying 136,000 tonnes of highly flammable and polluting ultra-light crude oil.

Saudi Arabia turn to nuclear power

in ENERGY/MIDLE EAST by

In the perspective of diversifying its energy supply, Saudi Arabia turns to nuclear power. The world’s top oil exporter wants nuclear power to eventually enable the kingdom to export more crude rather than burning it to generate electricity. It plans to build 17.6 gigawatts of nuclear capacity by 2032, the equivalent of around 16 reactors, surprisingly making it one of the biggest prospects for an industry struggling after the 2011 nuclear disaster in Japan. By the month of April or May, Saudi Arabia plans to prequalify for bidding firms from two to three countries for the first nuclear plans. A joint venture between the Saudi government and the winning developers would be signed in 2019, after the shortlisting by the end of 2018. Commissioning of the first plant, which will have two reactors, is expected in 2027.

China’s state media blasts US handling of North Korea crisi

in ASIA/PRESS RELEASE/REGIONS by

China has shown its deepening frustration over the North Korean missile test crisis, with a commentary in the state-run People’s Daily blaming the United States for hindering efforts to resolve the issue. US Secretary of State Rex Tillerson has called on all nations to take fresh measures against North Korea after another missile over Japan last Friday, the second weapons test in three weeks. The People’s Daily commentary said: Tillerson had unfairly targeted China as it was the biggest oil provider to North Korea and Russia as it hired the largest number of North Korea labourers. Negotiation should be the key to resolving the crisis, it added: “China would never support a nuclear armed North Korea, but the US, Japan and South Korea should not disrupt the regional situation either”. China and Russia backed the resolution drafted by the US, which included a ban on textile exports and restricting oil product shipments. However, an oil pipeline between China and North Korea that provides almost 90 per cent of crude oil to Pyongyang was excluded from the sanctions.

pressrelease
Go to Top
× How can I help you?