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The Iraq-Turkey oil pipeline, vital for both countries and the global market, finally resumed pumping in October after a dispute-induced six-month hiatus. This key export route brings 450,000 barrels daily & provides much-needed revenue for both nations. #oil #Iraq #Turkey #economy To read more: Iraq-Turkey Oil Pipeline Resumes After Six-Month Shutdown https://lnkd.in/edaDfeBi

#RUIDAInFocus China's largest offshore oilfield, Bohai Oilfield, has surpassed a daily crude oil production of 100,000 tons, reaching the highest level in its nearly 60-year development history. In 2023, the Bohai Oilfield's crude oil production increased by nearly 2.3 million tons, accounting for about 50% of China's total crude oil production growth. #crudeoil #MarketInsights #ChinaMarket #SeasonalDemand #Options #Futures #Metals #Oil #Agricultural #Energy #InterestRate #StockIndex #ForeignExchange #FinancialDerivatives #FinancialServices #GlobalMarkets #Futures #Options #CommodityTrader #Producer #Consumer #Utility #Shipowner #AssetManager #InstitutionalInvestor #Government #Regulator #AssociationBank #CommodityBroker #Exchange #Insurance #Alternative #FinanceProvider #ShipBroker #Transport #Storage #Logistics #FreightForwarder #TechnologyProvider #AdvisoryFirm #DataProvider Source: XINHUA NEWS Image download from China National Offshore Oil Corporation's website.

"A BusinessDay survey showed the cost of oil production per barrel of $48.71 ranks #Nigeria among the countries with the highest cost of producing crude oil globally. For instance, #Saudi Arabia has some of the lowest production costs in the world, with estimates ranging from $2 to $8 per barrel. The country benefits from vast oil fields and low extraction costs. #Iran has relatively low production costs, estimated to be around $10 to $15 per barrel. However, the country has faced challenges due to economic sanctions. In #Brazil, the country’s pre-salt oil costs roughly $35/barrel to produce, according to Schreiner Parker at consultancy Rystad Energy, The cost of producing a barrel of oil in the United #States varies depending on the region. On average, #shale oil production costs range from $35 to $70 per barrel, while #conventional oil production costs range from $20 to $40 per barrel. #Russia’s production costs range from $15 to $25 per barrel. The country benefits from large reserves and an extensive pipeline infrastructure. #China’s production costs are estimated to be around $35 to $40 per barrel. The country has experienced growth in oil production but faces challenges related to its geology and ageing fields. The cost of producing a barrel of oil in the United Arab #Emirates ranges from $10 to $20. The country has significant reserves and benefits from low extraction costs. #Iraq has low production costs, estimated to be around $10 to $20 per barrel. However, the country faces security and infrastructure challenges. The cost of producing a barrel of oil in #Venezuela ranges from $15 to $30. The country has vast reserves but struggles with political instability and ageing infrastructure." NNPC Limited Equinor Oando Plc Addax Petroleum Eni Chappal Energies Mauritius Limited Federal Inland Revenue Service (FIRS)

Nigeria commences sale of crude oil in naira

Top Bitumen Producing Nations: Canada: Renowned for its extensive oil sands reserves, Canada stands as a prominent figure in the bitumen industry. Employing sophisticated extraction and upgrading techniques, the nation efficiently converts oil sands into viable bitumen, making substantial contributions to the global supply. Russia: With its vast oil reservoirs, Russia emerges as a pivotal player in bitumen production, boasting advanced refining capabilities and extensive export networks. Geographically advantageous, Russia efficiently serves both European and Asian markets with its bitumen supply. China: Fueled by a burgeoning infrastructure sector, China's bitumen demand drives increased domestic production. The nation strategically balances domestic production and imports, channeling investments into technological advancements to enhance production efficiency. United States: Leveraging its sizable crude oil refineries, the United States produces premium-grade bitumen primarily for domestic consumption, meeting the high demands of its road construction industry. Iran: Recognized as a major bitumen exporter, Iran prioritizes quality and competitive pricing in its strategic approach. Leveraging its abundant crude oil reserves, Iran has established itself as a leading supplier in the Middle Eastern market. #BitumenProduction #CanadaOilSands #RussianRefining #ChinaInfrastructure #USCrudeRefineries #IranBitumenExport #GlobalSupply #OilIndustry #RoadConstruction #MiddleEastMarket #GLOBALSYNERGY

The Dangote Refinery, Africa's largest with a capacity of 650,000 bpd, is tackling Nigeria's fuel import dependency. Since beginning operations in January, the refinery has struggled to secure enough crude oil for Nigeria. To address this, the refinery is negotiating with Libya and other African countries, alongside diversifying imports from Brazil and the USA. It has also formed partnerships with international traders like Trafigura and BP, and established an oil trading arm in London and Lagos.   Kaase Gbakon PhD Thomas Yeung kayode Ekundayo Etulan Adu Ikenna Madu Ikechukwu Promise Obialor Dakim Dung Petlong Dakhling Follow The African Energy Council for more energy news #Energy #OilRefining #aecouncil #Africa #Sustainability #DangoteRefinery #EnergySector #OilIndustry #CrudeOil #AfricaEnergy #CleanEnergy #SustainableDevelopment #EnergyTransition #OilAndGas   

Upgradation of existing/Brownfield refineries: 6-month extension proposed in policy signing Lollypops to doom nation. How much Direct Foreign investment came to Pakistan, The Nation want to know especially if SIFC should release the date.

The first Canadian oil export from the expanded Trans Mountain pipeline is set to load at the Westridge Marine Terminal in Vancouver, British Columbia. On May 20, 2024, the crude oil tanker Dubai Angel, chartered by Suncor Energy Services Inc., prepared to load approximately 550,000 barrels of Access Western Blend (AWB) for delivery to China. The expanded Trans Mountain pipeline (TMX) now has the capacity to ship an additional 590,000 barrels per day (bpd) to Canada’s Pacific coast from Alberta, having commenced commercial operations this month after overcoming regulatory delays and construction setbacks. The new pipeline capacity enhances Canadian producers' access to the U.S. West Coast and Asian markets. The tightening supply of heavy crude has increased the global attractiveness of Canadian oil. However, logistical constraints at the Port of Vancouver may limit the number of shipments. Suncor is actively leasing Aframax vessels in the Pacific and selling directly to customers to maximize profits from the oil shipped through TMX. The first vessel loading from the expanded pipeline is expected later this month, marking a significant milestone for Canadian oil exports. https://lnkd.in/gGWcFu8Z

India is set to launch its tenth bidding round for oil and gas blocks in August or September, the Directorate General of Hydrocarbons (DGH) has said. The latest round will include 25 blocks across 13 sedimentary basins, which are essential for exploration and production activities. The areas on offer range from land blocks covering 16,871 square kilometers, to shallow water blocks and even ultra-Deepwater blocks extending over 12,373 square kilometers. The move aims to attract significant investment and boost domestic oil and gas production. In the previous ninth bidding round under the Hydrocarbon Exploration and Licensing Policy (HELP), the government extended the deadline multiple times in order to provide more detailed data to help companies make informed decisions that it hoped would improve the lukewarm response the earlier rounds generated. Some of the lukewarm responses from foreign firms have been linked to concerns about indemnity and compensation issues—issues that India is working to address. The ninth bidding round, with 28 oil and gas blocks up for grabs, was originally set to close on February 29, but was extended until May 15. India then extended it to July 15. India now has extended it until August 31. The Indian government is also working on shrinking approval times to enhance domestic production and decrease reliance on imports. For India—the world’s second-largest oil importer—foreign investment in developing its oil and gas industry is critical, with the country’s crude oil demand growing this year despite higher prices. According to the IEA, India is set to become the biggest driver of oil demand growth in the world between now and 2030. It currently imports 4.6 million bpd. #oilandgas #everyone Ali Al Marhoun FISHGATE OIL AND GAS SERVICES LLC Rosemarie Rutecki, PharmD, IFMCP you want to stay up-to-date with us, follow our Page.

Kurdistan Region's Oil Production and Revenues in 2023 A year ago, the Kurdistan Region of Iraq (KRI) oil and gas industry was shaken by a pivotal decision from the International Chamber of Commerce (Paris Court of Arbitration) .This ruling drastically impacted the region's oil revenue, which in 2023 plummeted to only a third of its 2022 level. Adding to the turmoil, this decision coincided with lingering legal uncertainties stemming from the Iraqi Federal Supreme Court's actions in 2022, posing significant long-term threats to the Kurdistan Region's oil and gas sector. International oil companies (IOCs) found themselves grappling with a new landscape. The reverberations of the Paris court ruling, compounded by Turkey's pipeline closure, led to a widespread halt in oil production across most fields. Last year, based on IOC reports and gathered data, oil production in the Kurdistan Region fell short of 100 million barrels, marking a significant decline from the 158 million barrels produced across all fields in 2022. This represented a staggering 42 percent decrease in oil production and a corresponding 67 percent reduction in revenues compared to the previous year. Presently, corporate data indicates a partial recovery, with oil production surpassing half of its pre-pipeline-lock levels. In December 2023, production reached 286,000 barrels per day. However, low domestic sales prices ranging from $30 to $40 have compelled companies to halt all investments and implement staff reductions. #krg #Kurdistan #Region #Oil #Production and #Revenues #2023