The Group Managing Director of the Nigerian National Petroleum Corporation Limited (NNPC), Mele Kyari, announced that NNPC has signed a MoU with The Gambia to explore and develop crude oil. The NNPC will work with the Gambian National Petroleum Corporation (GNPC) to explore and evaluate potential oil resources in The Gambia.
Kyari also stated that the MoU was a significant step towards further strengthening bilateral relations between the two countries. The GMD added that the exploration activities will include geological and geophysical studies, as well as seismic data acquisition and analysis, further adding that the NNPC will also work with the GNPC to identify potential exploration blocks and carry out drilling activities in the country.
According to Kyari, the MoU will provide unique opportunities for the 2 countries to collaborate in the oil and gas sector. The signing of the MoU falls under efforts by Nigeria and the NNPC to maximize oil production locally and across the region.
IVORY COAST
Italian multinational oilfield services company Saipem has announced that the company was selected by a joint venture comprising Ivorian National Oil Company, Petroci, and Eni Cote d’Ivoire for drilling works offshore the Ivory Coast.
Saipem stated that it will provide drilling services including its drillship, Deep Value Driller, as part of a $400 million contract signed with the Petroci and Eni joint venture. The award of the contract falls under efforts by Petroci and the Ivorian government to increase partnerships with international companies to boost oil and gas investments and reserves to address local, regional, and global energy needs.
GLOBAL
On Thursday 2nd March, oil prices kept to a tight range as traders weighed the prospect of a strong recovery in Chinese demand against the possibility that rising interest rates and elevated inflation will crimp economic activity this year. U.S. West Texas Intermediate (WTI) U.S. futures rose 0.1% to $77.77 a barrel by 20:28 ET (01:28 GMT), while Brent futures were flat at $84.38 a barrel.
Oil prices settled slightly on 1st of March as signs of ample supply, including growing U.S. crude inventories, offset growing hopes for higher demand after a jump in manufacturing in top crude importer China. Russia’s second-largest oil producer, Lukoil, has set up ship-to-ship (STS) loadings of Urals oil near the western port of Kaliningrad. STS loadings of Russian Urals crude hit a record high in the Mediterranean in January as traders moved cargoes onto larger vessels to make long-haul shipments to Asia more cost-effective. On the supply side, industry data showed that U.S. oil inventories likely grew for a 10th consecutive week, pointing to a supply glut in the world’s largest oil consumer.