As global oil demand and prices continue to rise, an increasing number of exploration and production companies are choosing to focus their efforts on West Africa. Boasting some of the world’s highest-potential oil and gas reserves, this region is becoming increasingly attractive to investors.
Reuters reported that the world’s largest oil trader, Vitol, reported revenues of $303 billion in 2012, which is a 2% rise from the previous year, in spite of a minimal drop in traded volumes.
Reuters reported that a Brazilian judge has dropped the criminal charges lodged against Transocean Ltd and Chevron Corp, along with 17 of their employees in relation to the 2011 offshore oil spill.
A brief overview of oil price developments, supply and demand and significant market movers.
An oil company's track record on spills—and whether it is adjusted for future accidents—has become progressively more important to investors now that oil exploration and extraction is moving offshore and into hazardous areas like the Arctic or South America.
The Wall Street Journal reported that Chevron Corp. (NYSE:CVX) paid a $17.3 million fine for irregularities related to a 2011 oil spill off the coast of Rio de Janeiro.
International Energy Agency last week indicated that “three digit oil prices risk damaging” the economic recovery, offering a message that OPEC should raise output; however, OPEC responded the same day by saying that global supplies are sufficient to meet demand.
Flagging of its interest in the black gold this week, China National Oil Corporation secured its place in Iraq. Together with BP, it signed the first big oil deal. Why the sudden interest in oil?
Activities of the Niger Delta militant groups also known as the Movement for the Emancipation of the Niger Delta people, has affected major oil facilities belonging to Agip, Shell and Chevron, and have also resulted in adverse consequences on oil production in Nigeria. 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
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