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Oil Market Highlights - July 14
Austria >> 7/10/2014 - Crude Oil Price Movements
The OPEC Reference Basket increased by $2.45 in June to reach $107.89/b. Nymex WTI gained $3.35 to $105.15/b and ICE Brent added $2.73 to $111.97/b. Speculato...
Balance of Supply and Demand - July 14
Austria >> 7/10/2014 - Demand for OPEC crude in 2014 is estimated at 29.7 mb/d, down 0.5 mb/d from 2013. This is unchanged from the previous report. Based on the initial forecasts for demand, non-OPEC supply and OPEC NGLs...
Seadrill Refinances 3 High Specification Ultra Deepwater Units
Norway >> 7/10/2014 - Seadrill Limited has received commitments from 17 banks for a US$1.35 billion credit facility with a 5 year term and 10 year amortization profile to refinance the credit facilities secured by the West...
Letho Signs Letter of Intent with Stream Oil & Gas Ltd.
Namibia >> 7/9/2014 - Letho Resources Corp has signed a Letter of Intent ("LOI") with Stream Oil & Gas Ltd. whereby Letho has agreed to loan Stream up to CAD $5,000,000 (the "Loan"), which loan will be supported by the iss...
Minister: Economic Reform Measures to Benefit Poor
Egypt >> 7/8/2014 - A senior member of Egypt's Cabinet said that the recent economic reforms will directly benefit the poor."Delaying the decision could have had a negative economic impact on Egypt and its citizens," sai...
ONGC Raises $2.2b from International Markets
Mozambique >> 7/8/2014 - ONGC Videsh Limited, the wholly-owned subsidiary of ONGC has priced US$ 1.5 Billion and Euro 525 million unsecured bonds in the international capital markets (Bonds). These Bonds are guaranteed by ONG...
Kosmos Energy Provides Operational & Financial Update
Ghana >> 7/7/2014 - Kosmos Energy Ltd. (Kosmos) provided an operational and financial update in advance of releasing its second quarter 2014 results. ...
Simba Energy Closes First Tranche of Private Placement
Canada >> 7/7/2014 - Simba Energy Inc. has closed the first tranche of a non-brokered private placement raising gross proceeds of $1,315,090 by the issuance of 21,988,200 units at a price of Cdn$0.06 per Unit. Each Unit c...
Egypt's Government Raises Fuel Prices
Egypt's Government Raises Fuel Prices Egypt >> 7/5/2014 - The Egyptian General Petroleum Corporation (EGPC) announced the new petroleum prices depicting around 77 percent price hike in the lowest value Octane 80 and around 63 percent for diesel. The price hi...
Egypt Raises Gas Prices for Industries by up to 75%
Egypt >> 7/5/2014 - The Egyptian government on Saturday slashed its natural gas subsidies to several industries, increasing gas prices by 30-75 percent as part of a broad government strategy to cut back subsidies that ea...
Egypt's Prime Minister Seeks to Justify Fuel Subsidy Cuts
Egypt >> 7/5/2014 - Egypt's prime minister has sought to justify politically sensitive subsidy cuts on fuel and natural gas which took effect, saying they were a necessary part of fixing an economy hammered by three year...
Oil Revenues Collected Late April Exceed $15 Billion
Algeria >> 7/3/2014 - Algeria reaped DZD1, 241.9 billion, the equivalent of $15.5 billion in oil revenues in late April, nearly a third of recoveries forecast for 2014, Ministry of Finance said. ...
Egypt To Raise Energy Prices "Within Days"
Egypt >> 7/2/2014 - Egypt's Planning Minister Ashraf al-Arabi said on Wednesday the government was about to raise prices on most petroleum products, a move he said would push inflation into double digits. ...
S. Sudan to Borrow about $1 bln from Oil Firms in 2014/15
South Sudan >> 7/2/2014 - South Sudan plans to borrow 3 billion pounds, about $1 billion at the official rate, from oil firms during the financial year 2014/15 to help cover repayments due on domestic loans and previous oil ad...
Tullow Books $415m Exploration Write-off after Poor Drilling
Mauritania >> 7/2/2014 - Oil and gas producer Tullow Oil reported a $415 million pretax write-off in net exploration in the first half of 2014 after disappointing results in Mauritania, Ethiopia and Norway. The energy company...
Agreement Reached on Kupe Overriding Royalty
New Zealand >> 7/1/2014 - Agreement has been reached between New Zealand Oil & Gas and Genesis Energy over the payment of overriding royalties from the Kupe oil and gas field. ...
Otto Energy Repays Galoc Field $35.9m Financing Facility
Philippines >> 7/1/2014 - Otto Energy Ltd has fully repaid the BNP Paribas financing facility, which was put in place in December 2012 to fund Otto’s share of the Galoc Phase II development. ...
Songa Offshore Secures $1.1b Credit Facility for Cat D 3 and 4
Norway >> 6/27/2014 - Songa Offshore SE has received a firm commitment from banks and an Export Credit Agency for the financing of the Cat D 3 and 4 newbuilds with a pre-delivery financing of USD 90 million per rig and a p...
WB Helps Build Strong Public Oversight of Production in Jubilee Field
Ghana >> 6/27/2014 - The World Bank Board of Executive Directors has approved additional financing of US$19.80 million to support the development of Ghana’s rich oil and gas reserves. This brings the total support to US$ ...
Egypt to Pay $1.5b Owed to Oil Companies by Year End
Egypt >> 6/26/2014 - Egypt will pay $1.5 billion of the money it owes to foreign energy companies by the end of 2014, its oil minister said on Thursday, as the government aims to lure back wary investors to tap its reserv...

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