Mazrouei sees oil market rebalanced by start of 2022
The UAE’s energy minister on Jan. 13 warned US shale producers to show restraint in the face of rising oil prices, or else risk delaying the market’s rebalancing, which he predicted could otherwise be achieved by the start of 2022.
“All producers need to be careful not to flood the market; if anyone does that then the prices will suffer,” Suhail al-Mazrouei told the Gulf Intelligence Global UAE Energy Forum. “I think [shale oil producers] are wise not to jump the gun and overproduce during the recovery year.”
The OPEC+ alliance itself is not concerned about its market share, he added, as it plans to gradually add supply as demand returns, he added. Every producer’s market share can go back to a “normal” level once the pandemic subsides, he said.
First E&P exports first Anyala cargo
First oil has been exported from Yinson Holding’s Abigail-Joseph floating production, storage and offloading (FPSO) vessel offshore Nigeria.
Abigail-Joseph FPSO
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First oil has been exported from Yinson Holding’s Abigail-Joseph floating production, storage and offloading (FPSO) vessel offshore Nigeria.
Exports began on January 10, Yinson said. The vessel is moored on the Anyala and Madu fields, in OMLs 83 and 85.
FILE PHOTO: The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina
National Liquid Hydrocarbon Production report of the Department of Petroleum Resources (DPR) has shown that Nigeria’s crude and condensate output in December fell nine per cent month-on-month to 1.52 million b/d, owing to production challenges at key export grade Qua Iboe.
According to the report, crude production fell to 1.17 million b/d last month from 1.33 million b/d in November. Condensate production, however, was up slightly, averaging 348,078 b/d in December from 339,920 the previous month.
Nigeria commissions LPG plant at Oredo
Nigerian President Muhammadu Buhari has officially inaugurated Nigerian Petroleum Development Co.’s (NPDC) integrated gas handling facility at Oredo.
The Oredo processing plant
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Nigerian President Muhammadu Buhari has officially inaugurated Nigerian Petroleum Development Co.’s (NPDC) integrated gas handling facility at Oredo.
Located in Edo State’s OML 111, the facility will receive gas from the Oredo field and should halt flaring.
Nigeria launches autogas push
Nigeria has launched a push to increase the use of autogas with a high-profile event in Abuja.
The NGEP launch at NNPC s Lugbe fuel station.
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Nigeria has launched a push to increase the use of autogas with a high-profile event in Abuja.
Nigerian President Muhammadu Buhari said the National Gas Expansion Programme (NGEP) launch “secured the realisation of government’s commitments to domestic gas utilisation”. Autogas will provide an alternative to petrol.