These are difficult times for the oil industry but ADM Energy is working on expansion at its Aje field, offshore Nigeria. At the same time, the company is also on the hunt for new opportunities, backed by an agreement with Trafigura.
Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.
Essar Exploration & Production (Mauritius) has filed an “opportunistic” complaint in the UK against a Nigerian joint venture, Shoreline Canadian Overseas Petroleum Development, known as ShoreCan.
ADM Energy has struck a deal to buy a 2.25% stake in Nigeria’s OML 113 from EER for $3 million in shares and cash.
Trafigura is taking control of its fuel supply business in Zimbabwe with the purchase of a 51% stake from Sakunda Holding, owned by controversial Kudakwashe Tagwirei.
ADM Energy has signed up support from Trafigura, with the oil trader agreeing to support “investment opportunities” in African energy.
Trafigura has made its first investment in solar power in Africa, via PASH Global, buying a stake in a Malian project.
One of the hottest trades this year across energy markets is proving one of the trickiest to profit from.
Trafigura’s work in South Sudan involved connections with an Israeli middleman who went on to be sanctioned by the US for aiding the conflict, a Swiss NGO has claimed in a new report.
Trafigura Group denied it was involved in the illicit transfer of fuel to North Korea after the South Korean government said the world’s third-biggest independent oil trader originally owned a cargo that was shipped in breach of United Nations sanctions in October.
The age of persistently weak oil prices is nearing its end, with demand booming and a supply squeeze in the offing, according to Trafigura Group.
Over nearly 45 years, the oil tanks at Milford Haven on the U.K. west coast have stored dozens of crude varieties: from North Sea Brent to Nigeria’s Bonny Light and almost everything in between. Now, for the first time, they are holding U.S. crude too.
Trafigura Group Pte, the world’s second-largest oil trader, withdrew its membership from the Swiss Trading and Shipping Association after disagreeing with the industry lobby group over efforts to improve transparency in the commodity-trading sector.
Victims of a toxic waste scandal in Ivory Coast have won a High Court action against their British law firm.
Top executives at the world’s largest oil-trading houses said the worst of the market’s woes are probably over, with some predicting prices will climb to $50 a barrel by next year.
Oil traders are recording some of their best results on record, whilst the industry, and many countries, are reeling from the global downturn in the oil price.
GeoPark has struck an oil sales deal with Trafigura worth $100million. The funding agreement will see GeoPark sell and deliver to Trafigura a portion of its Colombian crude oil production.