Tuesday, March 17

Tag: Oil

Report: Demand for OPEC-13 crude oil projected to hit 29.3 mb/d in 2023
16Mar By Emeka OkaforNo Comments
Reports

Report: Demand for OPEC-13 crude oil projected to hit 29.3 mb/d in 2023

In 2023, the requirement for OPEC-13 crude oil is expected to hit 29.3 million barrels per day (mb/d). As per the monthly oil market report (MOMR) published by the Organization of Petroleum Exporting Countries (OPEC) on Monday, November 14. The document states that the demand for OPEC-13 crude oil in 2023 will be 29.3 mb/d, marking an increase of approximately 0.7 mb/d compared to 2022, yet it has been adjusted downward from the prior forecast by 0.2 mb/d. The OPEC-13 crude demand for 2022 is lowered from the last MOMR by 0.1 mb/d to 28.6 mb/d, which is about 0.5 mb/d more than in 2021. The report indicates that Nigeria and Iraq experienced the largest rises in OPEC-13 crude oil production in October 2022, while Saudi Arabia and Angola reported declines. Moreover, the report highlighte...
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Oil firm to sign FEED agreement for Nigeria’s first FLNG facility
16Mar By Emeka OkaforNo Comments
Reports

Oil firm to sign FEED agreement for Nigeria’s first FLNG facility

An indigenous petroleum corporation, UTM Offshore, will formalize a front-end engineering design (FEED) contract for Nigeria’s inaugural floating liquefied natural gas (FLNG) facility today. Reportedly, UTM Offshore, Technip Energies, KBR, and JGC Corporation will formalize the FEED contract in London. The project will automatically transition to the execution phase once the contract is finalized. The African Export-Import Bank (Afreximbank) disclosed in July 2022 that it had formalized a contract with UTM Offshore for financing a project preparation facility. Initiatives aimed at propelling the company’s FLNG project towards financial viability will receive partial funding from Afreximbank. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), previo...
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