Economic outlook for the country has shifted remarkably as the Federal Government’s deficit budget is likely going to fizzle out due to surge in crude oil prices to above $65 per barrel in the international markets, Renaissance Capital has stated. For full story, click here
Inpex Corp. and Sojitz Corporation have declared that Frade Japão Petróleo Limitada, together with its partners Chevron and Brazil’s national oil company Petrobras, has started crude oil output from the Frade Field in Brazil on June 20, 2009. For full story, click here
The board of Addax, which is also listed in Toronto and based in Switzerland, has recommended a C$52.80 per share offer from Sinopec, the Chinese state oil and gas company. For full story, click here
China Petrochemical Corp., the country’s second-biggest oil company, agreed to purchase Swiss explorer Addax Petroleum for $7.3 billion in cash to tap oil reserves in Iraq’s Kurdish region and Africa. For full story, click here
Japan Energy Corp, the nation’s sixth-biggest oil refiner, declared that it plans to cut its crude oil processing volumes for July-September by 9 percent from a year earlier due to slow domestic demand. For full story, click here
U.S. oil major Chevron Corp. commenced crude oil output at its Frade prospect in Brazil, marking a significant milestone as foreign companies start to ramp up output in Latin America’s most-promising oil frontier. For full story, click here
Lower oil output and weaker global energy prices pushed the Federal Government’s revenues dip by ₦182 billion or 32 percent below target in the first quarter. For full story, click here
Russian oil company Tatneft declared that its net profit surged 25 percent year-on-year in the first quarter on the back of sharply lower costs and taxes but still learned less per barrel than its peers. For full story, click here
OPEC president Angola declared that the group’s goal was still to achieve $75 a barrel by the end of the year, echoing earlier comment by leading exporter Saudi Arabia that the level was achievable without damaging a fragile world economy. For full story, click here
With the international shipping industry facing rough weather, Shipping Corporation of India, the country’s leading shipping firm by fleet size and revenues, has shelved its plan to purchase four very large crude carriers worth $320 million. For full story, click here
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