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Crude – New Mostarda stream added to revised Angolan programme for June

Nigeria and Saudi Arabia are in partnership talks, which could lead to the construction of a new refinery and more investment
byNews Central
April 29, 2019
1 minute read
A view of the Kaombo Norte, an oil tanker converted into a FPSO vessel (Floating Production Storage and Offloading), owned by the French Total oil company, on November 8, 2018, about 250km off the coast of Angola in the Atlantic Ocean. – Moored in the endless South Atlantic Ocean far off the coast of Angola, the “Kaombo Norte” oil-extraction vessel is a deeply impressive sight — 330 metres long, with a tower 110 metres high sending a burning flame into the sky. But inside, daily life on the ship is a different matter, with a crew of about 100 sharing narrow passages and confined spaces, living for weeks at a stretch in close quarters 24 hours a day. (Photo by Rodger BOSCH / AFP)
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Demand for Angola and Nigeria’s crude oil has been revised. Three new cargoes have been added to Angola’s June programme, two for Total and one for China’s UNIPEC.

In Nigeria, 20 cargoes of crude oil are yet to be loaded for May while the Nigeria National Petroleum Corporation (NNPC) reports planned production increase to 4 million bpd by 2025 from a current 1.5million.

Nigeria and Saudi Arabia are in partnership talks, which could lead to the construction of a new refinery and more investment in Nigeria’s liquiefied natural gas.

The recently reviewed sanctions from the United States on Iran and Venezeula should have created more demand for other exporters. Buyers have however become more reluctant to buy at the current rate- leading to a further fall in oil price.

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