Namibian offshore project may entice other investors to the country

Namibia homelands 78Namibia is looking to make progress on its flagship Kudu gas project this year, encouraging the many smaller upstream investors who continue to believe in the southwest African country’s offshore potential

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IEA: Oil market supply and demand are close to matching up

Overhead Worker Enbridge Oil Spill pipeline removal 4869018109Supply and demand in the oil market are close to matching up, the IEA said on 13 April, as landmark OPEC-led production cuts are mitigated by rising US supply and slipping worldwide demand growth

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NNPC to move into power generation and transmission

Maikanti BaruThe Nigerian state oil company, the Nigerian National Petroleum Corporation (NNPC), stated in a statement by its chief that it was planning on moving into power generation and transmission, in order to try and resolve the country's long-standing power problems

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Kpone Independent Power Plant in Ghana on course for completion in 2017

IMG 3853 Credit Cenpower Generation CompanyThe Kpone Independent Power Plant, the largest private IPP in Ghana, is set for completion within 2017, according to African Infrastructure Investment Managers

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Kuwait's Minister of Oil appreciates Angola's output commitments

C5Q4JH0WEAAmjOEHE Issam A. Almarzooq, Kuwait’s Minister of Oil and Minister of Electricity and Water, and Chairman of the Joint Ministerial Monitoring Committee delivered the opening remarks to the second Meeting of the Joint Ministerial Monitoring Committee, which took place at the Jumeirah Messilah Beach Hotel in Kuwait

Almarzooq commended His Excellency Alexander Novak, the Russia's Minister of Energy, and His Excellency Jabbar Al Luiebi, the Iraqi Minister of Oil,  their participation in the event and Novak's serving as Alternate Chairman of the Committee. 

HS Issam A. Almarzooq recalled and praised the work achieved at OPEC's 171st Ministerial Conference decision on 30 November 2016 and at the Declaration of Cooperation made at the joint OPEC-non-OPEC Ministerial Meeting, which took place on 10 December 2016. 

"These landmark efforts were made because the oil industry could no longer continue along the same path it was on in 2015 and 2016.  Something had to be done to address the major challenges that were suffocating the industry, and impacting current and future oil supplies.  Producers everywhere recognized the need to stimulate the acceleration of the drawdown of the stock overhang, in order to bring the necessary market rebalancing forward, and ensure that much-needed investments returned to the industry."

"In support of this historic cooperation, this Committee, which concluded its inaugural meeting on 22 January at the OPEC Secretariat in Vienna, put together a framework of monitoring mechanisms.  We are so far pleased with the level of conformity to this framework."

"Our task here today is to discuss oversight and conformity issues, and to then report to the OPEC-non-OPEC Ministerial  Meeting on the 25th of May, the status of implementation.  So far, we have seen some progress, with very positive signs that the conformity from both OPEC and non-OPEC countries has successfully been demonstrated to the outside world." 

HE Almarzooq went on to outline the current oil outlook and what the committee were hoping to achieve. 

"I want to emphasize here that some producers have over-performed.  They certainly deserve recognition for their efforts.  So I would like to expressly offer my appreciation to both Angola and Saudi Arabia for conforming beyond expectation.  I hope their achievements will motivate other participants to reach their own goals – and perhaps to even go further."

"Meanwhile, some other countries have not been able to meet their production adjustments due to temporary difficulties."

"I would like to candidly say that, in general, more has to be done.  We need to see conformity across the board.  We assured ourselves – and the world – that we would reach our adjustment to 100 per cent conformity."

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