Chart Of The Week : WTI

When Will Russia Run Out Of Oil?

Updated 2017-04-07

Commodity News Center

Updated on 2016-05-03

Are there opportunities for Nigeria to become the agricultural giant of Africa?

Updated on 2016-05-03

What are the avenues for raising finance for agribusiness in Nigeria and overseas?

Updated on 2016-05-03

How can Nigeria benefit from agricultural industrialisation?

Updated on 2016-05-07

Oil futures settle higher, but snap streak of 4 weekly gains in a row

Updated on 2016-05-07

Gold futures soar, book weekly gain after poor jobs report

Updated on 2016-05-07

Oil up on Canada wildfire, dollar; big weekly loss for Brent

Updated on 2016-06-09

Nigeria's pioneer commodities exchange to commence operation

Updated on 2016-06-09

Ongoing supply disruptions in Nigeria causes jump in Crude oil futures

Updated on 2016-06-09

Nigeria to stop importation of six commodities by 2018

Updated on 2016-06-14

Africa’s food suppliers target international exports in the drive for growth and profit

Updated on 2016-09-22

Kaduna government, firm to establish $120m rice processing plant

Updated on 2016-09-22

Bank of China Ltd.’s New York branch will be the first yuan clearing bank in the U.S.

Updated on 2016-10-03

Teekay LNG Partners Offers Investors An Opportunity

Updated on 2016-10-03

Large Oil Company Dividends Might Not Be Sustainable Long Term

Updated on 2016-10-03

Weatherford's SEC Fraud Case

Updated on 2016-10-14

Ukraine: Agricultural Biotechnology Annual

Updated on 2016-10-14

Ukraine: Potential Increase of Ukrainian Agricultural Exports to EU

Updated on 2016-11-02

Prices seen rising for oil and other commodities in 2017

Updated on 2016-11-14

Accepting Applications for 2017 Borlaug Fellowships

Updated on 2016-12-13

Developments in Israel’s food and agriculture sector.

Updated on 2016-12-13

U.S Beef Arrives to the Israeli Market

Updated on 2016-12-13

Japan - Agricultural Biotechnology Annual

Updated on 2016-12-13

Senegal - Cotton and Products Update

Updated on 2016-12-13

Private Exporters Report Sales Activity for China

Updated on 2017-02-23

Indication of Interest – Seeking crude oil suppliers

Updated on 2017-03-05

Nigeria BPE selects advisers for commodity exchange transactions

Updated on 2017-03-29

From Aspiration to Reality : Unpacking the Africa Mining Vision

Updated on 2017-04-04

Tanzania plans to import 400 MW of electricity from Ethiopia

Updated on 2017-04-04

OPEC's Barkindo Sees Progress in Oil Cuts as Stockpiles Shrink

Updated on 2017-04-07

Analysing the Petroleum Industry Bill

Updated on 2017-04-07

When Will Russia Run Out Of Oil?

Updated on 2017-04-07

Nigeria’s crude oil production decreases to 1.6mpd

Updated on 2017-04-07

Theft: Shell Shut Bonny Light Oil Export Line

Updated on 2017-04-07

Agip to begin work on $13.5b Zabazaba deepwater project

Updated on 2017-04-07

No Plan To Increase Petrol Price – NNPC

Updated on 2017-04-08

Seadrill - What Really Drove The Selloff And What May Happen?

Updated on 2017-04-08

Chesapeake Energy: What You Must Remember

Updated on 2017-04-08

Permian Economics: Cimarex On The Edge Of Being Part Of Shale Elites

Updated on 2017-04-08

Burma - New Pest Risk Analysis Requirements

Updated on 2017-04-08

China: Monthly Agricultural Market News of South China

Updated on 2017-04-08

Japan: Increasing Interest in U.S. Feeder Cattle

Updated on 2017-04-08

Philippines: Oilseeds and Products Annual

Updated on 2017-04-08

Thailand: Cotton and Products Annual

Updated on 2017-04-08

United Kingdom: UK Triggers Two-year Process to Exit EU

Updated on 2017-04-12

Market Updates: #Oil

Updated on 2017-04-12

Market Updates: #LNG

Updated on 2017-04-12

Market Updates: #Agriculture

Updated on 2017-04-12

Market Updates: #DryBulk

Updated on 2017-04-12

Market Updates: #Metals

Updated on 2017-04-15

Bosnia and Herzegovina: Wine Product Brief

Updated on 2017-04-15

Bulgaria: Oilseeds and Products Annual Report

Updated on 2017-04-15

Canada: Canada Top Market for U.S. High-Value Agricultural Exports

Updated on 2017-04-15

Canada: The Wine Market in the Province of Quebec

Updated on 2017-04-15

Estonia: 2017 Annual Oilseeds and Products Report

Updated on 2017-04-15

Russia: WTO Notifications on EAEU Phytosanitary Requirements

Updated on 2017-04-15

Serbia: Grain and Feed Annual

Updated on 2017-04-22

Crude Falls as Rising Rig Count Seen Boosting U.S. Production

Updated on 2017-04-22

Saudis Target 30 Solar, Wind Projects in $50 Billion Pledge

Updated on 2017-04-26

NNPC reduces trade deficit by 16%

Updated on 2017-04-26

Pipeline vandalism up by 233%, says NNPC

Updated on 2017-04-26

Oil Retreats as U.S. Production Gain Offsets Stockpile Decline

Updated on 2017-04-26

Malabu Oil Asks Court to Stop FG from Signing FID on $13.5bn Oil Project

Updated on 2017-04-26

Nigeria sold $6.7bn less crude in 2016 - Report

Updated on 2017-04-26

FG to sue IOCs over $17bn undeclared crude

Updated on 2017-04-26

FG, two firms sign pact on 120mw solar power

Updated on 2017-04-26

Technology that Will Change Agriculture in 2017

Updated on 2017-05-10

Total Nigeria Q1 2017 Result Review

Updated on 2017-05-10

Marginal fields bid round to commence this month

Updated on 2017-05-10

NNPC awards Ajaokuta-Kaduna-Kano gas pipeline to Chinese firm

Updated on 2017-05-10

Nigerian oil sales slow as uncertainty surrounds DSDP

Updated on 2017-05-10

Oil Prices Rise after Hint of Longer Extension to OPEC Cut

Updated on 2017-05-10

Global conventional oil discoveries drop to record low in 2016

Updated on 2017-05-10

Over 40% of electricity diverted, stolen

Updated on 2017-05-10

Fashola: DisCos’ poor remittance nearly collapsed power sector

Updated on 2017-05-10

Saudi Arabia and Russia Signal Oil-Cuts Extension Into 2018

Updated on 2017-05-10

Libya Adds to OPEC's Burden as Output at Highest Since 2014

Updated on 2017-05-10

Recent Spike in Commodity Prices Confounded Analysts

Updated on 2017-05-10

Boost in domestic fish production

Updated on 2017-05-10

5 Clean Energy Innovations That Could Transform Our World

Updated on 2017-05-11

Mobil Oil Nigeria Q1 2017 Results Review

Updated on 2017-05-11

Agip to build refinery in Nigeria

Updated on 2017-05-11

International Consumer Pays NBET $159m For Power

Updated on 2017-05-11

FG seeks $5.2bn from World Bank for electricity

Updated on 2017-05-11

Nigeria’s coal deposits can sustain additional 4,300MW for 20 years

Updated on 2017-05-11

Eni to build crude oil refinery in Nigeria -oil minister

Updated on 2017-05-11

Shale Drillers Are Outspending the World With $84 Billion Spree

Updated on 2017-05-11

Small-Scale Miners' Huge Boost to Foreign Earnings in Ethiopia

Updated on 2017-05-11

OPEC APR OUTPUT 31.85 MILLION B/D, UNCHANGED FROM MAR: PLATTS SURVEY

Updated on 2017-06-09

Constraint in Nigeria’s $10bn fruit industry

Updated on 2017-06-09

Dangote signs pact on $700m (USD) sugar project

Updated on 2017-06-09

FG: $1.2bn required to fix refineries

Updated on 2017-06-09

NNPC operating secret fuel subsidy — Senate

Updated on 2017-06-09

44 ships arrive Lagos ports, 8 with 233,000 tonnes of petrol

Updated on 2017-06-09

N4.74tn spent on fuel imports in 2016 – Kachikwu

Updated on 2017-06-09

FG, AfDB open talks on coal-to-power financing

Updated on 2017-06-09

Afam power station’ll generate 340MW by December – FG

Updated on 2017-06-09

Iraq Seeks to Triple Refining Capacity With Slew of Projects

Updated on 2017-06-09

Glut Keeps Oil Prices in Check as Turmoil Shakes the Middle East

Updated on 2017-06-09

Gold Rally Limited to U.K.

Updated on 2017-06-09

India: Grain and Feed Voluntary

Updated on 2017-07-04

France to invest in Nigeria’s oil, gas sector

Updated on 2017-07-04

Nigeria’s major non-oil exports fall

Updated on 2017-07-04

Maize prices rise 83% on the back of armyworm invasion

Updated on 2017-07-21

FG licenses 10 more modular refineries

Updated on 2017-07-21

NNPC daily gas supply to power plants increases by 64%

Updated on 2017-07-21

Downstream oil sector has $10bn investments deficit

Updated on 2017-07-21

Refineries realise N62 billion from refined products

Updated on 2017-07-21

Nigeria to explore African market for crude oil sale

Updated on 2017-07-21

Electricity: Grid loses 689mw after hitting 4,345mw

Updated on 2017-08-08

Lagos acquires 32 tonnes per hour rice mill from Switzerland

Updated on 2017-08-08

GuarantCo provides Debt Service Reserve Account guarantee (DSRA) guarantee in Mali

Updated on 2018-09-04

Ivory Coast cocoa farmers expect abundant crop despite meager rainfall

Updated on 2018-09-05

Nigeria spends $2bn annually on honey importation

Updated on 2018-09-06

Zimbabwe: Bread Shortage Looms As Flour Millers Halt Operations - Cite Lack of Forex From RBZ

Updated on 2018-09-07

Africa welcomes first ever full-stream oil, gas & energy transformation dais

Updated on 2018-09-07

South Africa: Sugar Tariffs to Provide Relief Against the Surge of Imports

Updated on 2018-09-10

Ghana’s cocoa industry is under threat could this be the solution?

Updated on 2018-09-11

Foreign reserves and oil prices fall in Nigeria

Updated on 2018-09-11

Zimbabwe: Gold Trades Lower

Updated on 2018-09-11

International Institute of Tropical Agriculture (IITA) becomes the first institution to win the Africa Food Prize

Updated on 2018-09-12

South Africa’s manufacturing output for July rises by 2.9 percent!

Updated on 2018-09-12

Global hunger continues to rise, new UN report says

Updated on 2018-09-14

$8.9b lost annually to post-harvest wastage, says NIRSAL

Updated on 2018-09-14

Minister: Foreign investors want banks to invest in mining

Updated on 2018-09-14

Forex earnings from cashew threatened

Updated on 2018-09-14

Nigeria, China sign $2bn MoU on cotton industry

Updated on 2018-09-18

Tanzania: Cassava Promotion Yields Positive Results in China

Updated on 2018-09-19

Why Kenya’s president is planning to cut fuel tax by half

Updated on 2018-09-20

Oil majors expect first ruling in Nigeria’s $1.3b oilfield scandal

Updated on 2018-09-20

$7b Train 7: NLNG secures guarantees for gas feedstock supply, off takers

Updated on 2018-09-21

Ethiopia: Coffee, Tea Exports Generate $82m

Updated on 2018-09-21

Nigeria, China commence implementation of low-density Geochemical mapping

Updated on 2018-09-21

Kenya: Why Nairobians Have Gone Crazy About Pineapple Peels

Updated on 2018-09-25

Zimbabwe: More Gold Resources At Blanket Mine

Updated on 2018-09-25

Nigeria: Experts List Challenges Facing Solid Minerals Sector

Updated on 2018-09-25

Zimbabwe: 'Diversify to Increase Mineral Commodities'

Updated on 2018-09-25

Libya Says Its Oil Output at Most Since 2013 Can Go Even Higher

Updated on 2018-09-27

‘SSAOGES 2018 will shape Africa’s energy culture

Updated on 2018-09-27

Despite huge gas reserves, supply troubles hit Nigeria’s LPG industry

Updated on 2018-09-27

NCDMB boss wants increased lawyers participation in oil, gas reforms

Updated on 2018-09-27

Nigeria Spends $44.5m Yearly On Industrial Minerals Importation – FG

Updated on 2018-09-28

Dangote Refinery jetty receives first ship

Updated on 2018-09-28

OAI seeks government commitment to oil sector reforms

Updated on 2018-10-02

OCP, Chinese firm collaborate on new generation of fertilizers, smart agriculture

Updated on 2018-10-03

FAO charges African governments to invest more in agriculture

Updated on 2018-10-03

FG begins move to broaden apiculture sector

Updated on 2018-10-03

18 fertiliser blending plants revived under PFI-FEPSAN

Updated on 2018-10-03

Nigeria records 20 unsold crude cargoes as trade slows

Updated on 2018-10-05

EU denies proposed ban on palm oil importation

Updated on 2018-10-05

SA looks to kickstart its biofuels industry

Updated on 2018-10-09

Nigeria: No Shipping Link - Nigeria Loses 1.4M Tons Coal Export to Ghana

Updated on 2018-10-09

Africa: 3 'Big' Economies Slow Down Growth in Sub-Saharan Africa

Updated on 2018-10-09

2018 Agric Show: Farmers Call For Adequate Security At Show

Updated on 2018-10-09

Dangote canvasses free trade to deepen Africa’s economy

Updated on 2018-10-11

Cement manufacturers target hinterlands to boost market share

Updated on 2018-10-11

Differentials For Nigerian Crude Remain Unchanged

Updated on 2018-10-11

AIICO Insurance unveils new initiative to boost Agriculture, economy

Updated on 2018-10-11

In Nigeria, Plans for the World’s Largest Refinery

Updated on 2018-10-16

Chinese Company to Invest in Agriculture, Power Projects in Nigeria

Updated on 2018-10-16

Kachikwu: Nigeria Currently In Full-Blown Energy Crisis

Updated on 2018-10-16

World Food Day: Obaseki harps on improved support to farmers, assures on food sufficiency measures

Updated on 2018-10-16

World Food Day: FG restates commitment to zero hunger

Updated on 2018-10-17

Barchart Launches cmdtyView to Revolutionize Physical Grain Trading

Updated on 2018-10-17

CBN Disburses N615bn to Farmers

Updated on 2018-10-18

Agric centre exihibits new technologies

Updated on 2018-10-18

Standard Chartered Foresees Increased China-Africa Trade

Updated on 2018-10-18

Zimbabwe: Wheat Supply Remains Critical

Updated on 2018-10-18

Why coffee farmers left production – Institute

Updated on 2018-10-18

Typha grass threatens farming in Jigawa

Updated on 2018-10-18

Kebbi wants EU to reduce subsidy on agric production

Updated on 2018-10-18

Institute says rice, sorghum, cassava will witness poor harvest

Updated on 2018-10-23

Agric sector loses N20b annually to insurance issues

Updated on 2018-10-23

Zimbabwe: 'Capitalise On Mining Boom'

Updated on 2018-10-23

Zimbabwe: 'Capitalise On Mining Boom'

Updated on 2018-10-23

Agric sector loses N20b annually to insurance issues

Updated on 2018-10-18

Institute says rice, sorghum, cassava will witness poor harvest

Updated on 2018-10-18

Kebbi wants EU to reduce subsidy on agric production

Updated on 2018-10-18

Typha grass threatens farming in Jigawa

Updated on 2018-10-18

Why coffee farmers left production – Institute

Updated on 2018-10-18

Zimbabwe: Wheat Supply Remains Critical

Updated on 2018-10-18

Standard Chartered Foresees Increased China-Africa Trade

Updated on 2018-10-18

Agric centre exihibits new technologies

Updated on 2018-10-17

CBN Disburses N615bn to Farmers

Updated on 2018-10-17

Barchart Launches cmdtyView to Revolutionize Physical Grain Trading

Updated on 2018-10-16

World Food Day: FG restates commitment to zero hunger

Updated on 2018-10-16

World Food Day: Obaseki harps on improved support to farmers, assures on food sufficiency measures

Updated on 2018-10-16

Kachikwu: Nigeria Currently In Full-Blown Energy Crisis

Updated on 2018-10-16

Chinese Company to Invest in Agriculture, Power Projects in Nigeria

Updated on 2018-10-11

In Nigeria, Plans for the World’s Largest Refinery

Updated on 2018-10-11

AIICO Insurance unveils new initiative to boost Agriculture, economy

Updated on 2018-10-11

Differentials For Nigerian Crude Remain Unchanged

Updated on 2018-10-11

Cement manufacturers target hinterlands to boost market share

Updated on 2018-10-09

Dangote canvasses free trade to deepen Africa’s economy

Updated on 2018-10-09

2018 Agric Show: Farmers Call For Adequate Security At Show

Updated on 2018-10-09

Africa: 3 'Big' Economies Slow Down Growth in Sub-Saharan Africa

Updated on 2018-10-09

Nigeria: No Shipping Link - Nigeria Loses 1.4M Tons Coal Export to Ghana

Updated on 2018-10-05

SA looks to kickstart its biofuels industry

Updated on 2018-10-05

EU denies proposed ban on palm oil importation

Updated on 2018-10-03

Nigeria records 20 unsold crude cargoes as trade slows

Updated on 2018-10-03

18 fertiliser blending plants revived under PFI-FEPSAN

Updated on 2018-10-03

FG begins move to broaden apiculture sector

Updated on 2018-10-03

FAO charges African governments to invest more in agriculture

Updated on 2018-10-02

OCP, Chinese firm collaborate on new generation of fertilizers, smart agriculture

Updated on 2018-09-28

OAI seeks government commitment to oil sector reforms

Updated on 2018-09-28

Dangote Refinery jetty receives first ship

Updated on 2018-09-27

Nigeria Spends $44.5m Yearly On Industrial Minerals Importation – FG

Updated on 2018-09-27

NCDMB boss wants increased lawyers participation in oil, gas reforms

Updated on 2018-09-27

Despite huge gas reserves, supply troubles hit Nigeria’s LPG industry

Updated on 2018-09-27

‘SSAOGES 2018 will shape Africa’s energy culture

Updated on 2018-09-25

Libya Says Its Oil Output at Most Since 2013 Can Go Even Higher

Updated on 2018-09-25

Zimbabwe: 'Diversify to Increase Mineral Commodities'

Updated on 2018-09-25

Nigeria: Experts List Challenges Facing Solid Minerals Sector

Updated on 2018-09-25

Zimbabwe: More Gold Resources At Blanket Mine

Updated on 2018-09-21

Kenya: Why Nairobians Have Gone Crazy About Pineapple Peels

Updated on 2018-09-21

Nigeria, China commence implementation of low-density Geochemical mapping

Updated on 2018-09-21

Ethiopia: Coffee, Tea Exports Generate $82m

Updated on 2018-09-20

$7b Train 7: NLNG secures guarantees for gas feedstock supply, off takers

Updated on 2018-09-20

Oil majors expect first ruling in Nigeria’s $1.3b oilfield scandal

Updated on 2018-09-19

Why Kenya’s president is planning to cut fuel tax by half

Updated on 2018-09-18

Tanzania: Cassava Promotion Yields Positive Results in China

Updated on 2018-09-14

Nigeria, China sign $2bn MoU on cotton industry

Updated on 2018-09-14

Forex earnings from cashew threatened

Updated on 2018-09-14

Minister: Foreign investors want banks to invest in mining

Updated on 2018-09-14

$8.9b lost annually to post-harvest wastage, says NIRSAL

Updated on 2018-09-12

Global hunger continues to rise, new UN report says

Updated on 2018-09-12

South Africa’s manufacturing output for July rises by 2.9 percent!

Updated on 2018-09-11

International Institute of Tropical Agriculture (IITA) becomes the first institution to win the Africa Food Prize

Updated on 2018-09-11

Zimbabwe: Gold Trades Lower

Updated on 2018-09-11

Foreign reserves and oil prices fall in Nigeria

Updated on 2018-09-10

Ghana’s cocoa industry is under threat could this be the solution?

Updated on 2018-09-07

South Africa: Sugar Tariffs to Provide Relief Against the Surge of Imports

Updated on 2018-09-07

Africa welcomes first ever full-stream oil, gas & energy transformation dais

Updated on 2018-09-06

Zimbabwe: Bread Shortage Looms As Flour Millers Halt Operations - Cite Lack of Forex From RBZ

Updated on 2018-09-05

Nigeria spends $2bn annually on honey importation

Updated on 2018-09-04

Ivory Coast cocoa farmers expect abundant crop despite meager rainfall

Updated on 2017-10-30

PM markets: coffee gains, defying strong dollar, which hurts grains

Updated on 2017-10-30

Weekly grain and oilseeds market view from Europe

Updated on 2017-08-08

GuarantCo provides Debt Service Reserve Account guarantee (DSRA) guarantee in Mali

Updated on 2017-08-08

Lagos acquires 32 tonnes per hour rice mill from Switzerland

Updated on 2017-07-21

Electricity: Grid loses 689mw after hitting 4,345mw

Updated on 2017-07-21

Nigeria to explore African market for crude oil sale

Updated on 2017-07-21

Refineries realise N62 billion from refined products

Updated on 2017-07-21

Downstream oil sector has $10bn investments deficit

Updated on 2017-07-21

NNPC daily gas supply to power plants increases by 64%

Updated on 2017-07-21

FG licenses 10 more modular refineries

Updated on 2017-07-04

Maize prices rise 83% on the back of armyworm invasion

Updated on 2017-07-04

Nigeria’s major non-oil exports fall

Updated on 2017-07-04

France to invest in Nigeria’s oil, gas sector

Updated on 2017-06-09

India: Grain and Feed Voluntary

Updated on 2017-06-09

Gold Rally Limited to U.K.

Updated on 2017-06-09

Glut Keeps Oil Prices in Check as Turmoil Shakes the Middle East

Updated on 2017-06-09

Iraq Seeks to Triple Refining Capacity With Slew of Projects

Updated on 2017-06-09

Afam power station’ll generate 340MW by December – FG

Updated on 2017-06-09

FG, AfDB open talks on coal-to-power financing

Updated on 2017-06-09

N4.74tn spent on fuel imports in 2016 – Kachikwu

Updated on 2017-06-09

44 ships arrive Lagos ports, 8 with 233,000 tonnes of petrol

Updated on 2017-06-09

NNPC operating secret fuel subsidy — Senate

Updated on 2017-06-09

FG: $1.2bn required to fix refineries

Updated on 2017-06-09

Dangote signs pact on $700m (USD) sugar project

Updated on 2017-06-09

Constraint in Nigeria’s $10bn fruit industry

Updated on 2017-05-11

OPEC APR OUTPUT 31.85 MILLION B/D, UNCHANGED FROM MAR: PLATTS SURVEY

Updated on 2017-05-11

Small-Scale Miners' Huge Boost to Foreign Earnings in Ethiopia

Updated on 2017-05-11

Shale Drillers Are Outspending the World With $84 Billion Spree

Updated on 2017-05-11

Eni to build crude oil refinery in Nigeria -oil minister

Updated on 2017-05-11

Nigeria’s coal deposits can sustain additional 4,300MW for 20 years

Updated on 2017-05-11

FG seeks $5.2bn from World Bank for electricity

Updated on 2017-05-11

International Consumer Pays NBET $159m For Power

Updated on 2017-05-11

Agip to build refinery in Nigeria

Updated on 2017-05-11

Mobil Oil Nigeria Q1 2017 Results Review

Updated on 2017-05-10

5 Clean Energy Innovations That Could Transform Our World

Updated on 2017-05-10

Boost in domestic fish production

Updated on 2017-05-10

Recent Spike in Commodity Prices Confounded Analysts

Updated on 2017-05-10

Libya Adds to OPEC's Burden as Output at Highest Since 2014

Updated on 2017-05-10

Saudi Arabia and Russia Signal Oil-Cuts Extension Into 2018

Updated on 2017-05-10

Fashola: DisCos’ poor remittance nearly collapsed power sector

Updated on 2017-05-10

Over 40% of electricity diverted, stolen

Updated on 2017-05-10

Global conventional oil discoveries drop to record low in 2016

Updated on 2017-05-10

Oil Prices Rise after Hint of Longer Extension to OPEC Cut

Updated on 2017-05-10

Nigerian oil sales slow as uncertainty surrounds DSDP

Updated on 2017-05-10

NNPC awards Ajaokuta-Kaduna-Kano gas pipeline to Chinese firm

Updated on 2017-05-10

Marginal fields bid round to commence this month

Updated on 2017-05-10

Total Nigeria Q1 2017 Result Review

Updated on 2017-04-26

Technology that Will Change Agriculture in 2017

Updated on 2017-04-26

FG, two firms sign pact on 120mw solar power

Updated on 2017-04-26

FG to sue IOCs over $17bn undeclared crude

Updated on 2017-04-26

Nigeria sold $6.7bn less crude in 2016 - Report

Updated on 2017-04-26

Malabu Oil Asks Court to Stop FG from Signing FID on $13.5bn Oil Project

Updated on 2017-04-26

Oil Retreats as U.S. Production Gain Offsets Stockpile Decline

Updated on 2017-04-26

Pipeline vandalism up by 233%, says NNPC

Updated on 2017-04-26

NNPC reduces trade deficit by 16%

Updated on 2017-04-22

Saudis Target 30 Solar, Wind Projects in $50 Billion Pledge

Updated on 2017-04-22

Crude Falls as Rising Rig Count Seen Boosting U.S. Production

Updated on 2017-04-15

Serbia: Grain and Feed Annual

Updated on 2017-04-15

Russia: WTO Notifications on EAEU Phytosanitary Requirements

Updated on 2017-04-15

Estonia: 2017 Annual Oilseeds and Products Report

Updated on 2017-04-15

Canada: The Wine Market in the Province of Quebec

Updated on 2017-04-15

Canada: Canada Top Market for U.S. High-Value Agricultural Exports

Updated on 2017-04-15

Bulgaria: Oilseeds and Products Annual Report

Updated on 2017-04-15

Bosnia and Herzegovina: Wine Product Brief

Updated on 2017-04-12

Market Updates: #Metals

Updated on 2017-04-12

Market Updates: #DryBulk

Updated on 2017-04-12

Market Updates: #Agriculture

Updated on 2017-04-12

Market Updates: #LNG

Updated on 2017-04-12

Market Updates: #Oil

Updated on 2017-04-08

United Kingdom: UK Triggers Two-year Process to Exit EU

Updated on 2017-04-08

Thailand: Cotton and Products Annual

Updated on 2017-04-08

Philippines: Oilseeds and Products Annual

Updated on 2017-04-08

Japan: Increasing Interest in U.S. Feeder Cattle

Updated on 2017-04-08

China: Monthly Agricultural Market News of South China

Updated on 2017-04-08

Burma - New Pest Risk Analysis Requirements

Updated on 2017-04-08

Permian Economics: Cimarex On The Edge Of Being Part Of Shale Elites

Updated on 2017-04-08

Chesapeake Energy: What You Must Remember

Updated on 2017-04-08

Seadrill - What Really Drove The Selloff And What May Happen?

Updated on 2017-04-07

No Plan To Increase Petrol Price – NNPC

Updated on 2017-04-07

Agip to begin work on $13.5b Zabazaba deepwater project

Updated on 2017-04-07

Theft: Shell Shut Bonny Light Oil Export Line

Updated on 2017-04-07

Nigeria’s crude oil production decreases to 1.6mpd

Updated on 2017-04-07

When Will Russia Run Out Of Oil?

Updated on 2017-04-07

Analysing the Petroleum Industry Bill

Updated on 2017-04-06

Dangote to intensify local sourcing of sugarcane for refining

Updated on 2017-04-04

OPEC's Barkindo Sees Progress in Oil Cuts as Stockpiles Shrink

Updated on 2017-04-04

Tanzania plans to import 400 MW of electricity from Ethiopia

Updated on 2017-03-29

From Aspiration to Reality : Unpacking the Africa Mining Vision

Updated on 2017-03-29

I quit my job to farm watermelons

Updated on 2017-03-05

Nigeria BPE selects advisers for commodity exchange transactions

Updated on 2017-02-26

John Deere 310SK backhoe review

Updated on 2017-02-23

Indication of Interest – Seeking crude oil suppliers

Updated on 2016-12-13

Private Exporters Report Sales Activity for China

Updated on 2016-12-13

Senegal - Cotton and Products Update

Updated on 2016-12-13

Japan - Agricultural Biotechnology Annual

Updated on 2016-12-13

U.S Beef Arrives to the Israeli Market

Updated on 2016-12-13

Developments in Israel’s food and agriculture sector.

Updated on 2016-11-14

Accepting Applications for 2017 Borlaug Fellowships

Updated on 2016-11-02

Prices seen rising for oil and other commodities in 2017

Updated on 2016-10-14

Ukraine: Potential Increase of Ukrainian Agricultural Exports to EU

Updated on 2016-10-14

Ukraine: Agricultural Biotechnology Annual

Updated on 2016-10-03

Weatherford's SEC Fraud Case

Updated on 2016-10-03

Large Oil Company Dividends Might Not Be Sustainable Long Term

Updated on 2016-10-03

Teekay LNG Partners Offers Investors An Opportunity

Updated on 2016-09-22

Bank of China Ltd.’s New York branch will be the first yuan clearing bank in the U.S.

Updated on 2016-09-22

Kaduna government, firm to establish $120m rice processing plant

Updated on 2016-06-14

Africa’s food suppliers target international exports in the drive for growth and profit

Updated on 2016-06-09

Nigeria to stop importation of six commodities by 2018

Updated on 2016-06-09

Ongoing supply disruptions in Nigeria causes jump in Crude oil futures

Updated on 2016-06-09

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>> On a global level, 2015 and 2016 marked the lowest level of new conventional oil discoveries since 1952

On a global level, 2015 and 2016 marked the lowest level of new conventional oil discoveries since 1952. In 2016, only 3.7 billion barrels of conventional oil were discovered, roughly 45 days of global crude consumption or 0.2 percent of global proved reserves. Globally, exploratory drilling fell by almost 20 percent in 2015 and fell even further in 2016.  

Russia's exploration activities, which were hit not only by plummeting oil prices but also by a targeted sanctions regime, suffered a double blow during this period. In 2015, only seven new hydrocarbon discoveries were made in Russia, three of them in the Baltic Sea.  

In 2016, oil and gas companies in Russia discovered 40 prospective fields, however, the 3P reserves of the largest among them, Rosneft's Nertsetinskoye, amounted to 17.4 million tons. This stands in stark contrast with pre-sanction period achievements, for instance, 2014's largest find, Pobeda, is believed to contain 130 million tons of oil and 0.5TCm of gas.

Description: http://cdn.oilprice.com/images/tinymce/Katona0404A.jpg
Graph 1. Russia's Oil Production 1970-2020 and Russia's Deep-Hole Oil & Gas Exploration Drilling.
Source: Russian Central Bank, IEA, Russian Statistics Agency.

It is only logical that against such depressive trends, that people start to question the sustainability of Russia's current oil-producing renaissance (Graph 1). When will Russia run out of oil? Were Sheikh Yaki Zamani's "Stone age" simile to materialize, would Russia still be among the top producers when oil started its descent towards obsolescence?

The Ministry of Natural Resources and Environmental Protection of Russia states that not accounting for new discoveries, current oil reserves in Russia stand at 29 billion tons and under current consumption rates would be depleted by 2044 (its 2P gas reserves' depletion would come about in more than 160 years).  

To this end, it would like to implement business-easing measures, e.g.: facilitate the issuance of licenses and to increase the size of the allotted subsoil block to a maximum of 500 km2 (which would mean a fivefold increase compared to existing regulations). The Ministry's stimulating measures, however, should not obfuscate the fact that Russia still has vast amounts of untapped reserves waiting to be discovered. But where?

Frontiers

The future of Russian crude lies in oil that is more expensive, more geologically complex and further away from traditional regions of production. Just as West Siberia replaced the Volga-Urals Region in the 1970s as the Soviet Union's main producing region, East-Siberia and offshore regions will overtake West-Siberia (which saw its share in the national output diminish from 71 percent in 2004-2005 to 57 percent currently). This change of "leaders" is long overdue as West-Siberia oil output was already expected to plummet in the 1990s, yet thanks to extended oil recovery methods and slower-than-expected development of other oil-rich regions it has managed to keep stable output numbers.  

Russia's oil sector has been consistently hoodwinked by analysts, who, beginning from the early 1980s predicted an imminent production slump. The production fall did happen, reaching a low-point between 1996 and 1999 when production foundered to 301-305 million tons per year. The cause was to be sought in Russia's overall economic depression, not in its dearth of resources.

Today, Russian companies are similarly constrained in tackling Russia's three new oil frontiers – shale, Arctic and deep-water. It is no coincidence that U.S. and EU sanctions targeted the sales of technologies related to these sectors and not conventional – whilst Russian companies are well-equipped to deal with conventional fields, they relied heavily on Western know-how. Yet it is very unlikely that even a tightening of sanctions could stall Russia's Arctic exploration activities for a longer period of time.  

Russia's continental shelf contains most of the Arctic's oil formations and approximately 60 percent of its undiscovered reserves. So far, the 3P reserves of Russia's Arctic stand at 585 million tons and 10.4 TCm, yet most of its Arctic Seas were only superficially appraised. The Kara Sea, whose fields are almost exclusively gaseous, has been in the spotlight since the 1983 of the Murmanskoye gas field (120 BCm), yet the northern parts of the adjacent Barents Sea, which Russia's Federal Agency on Subsoil Usage deems the most likely to yield top hydrocarbon discoveries in the next few years, are relative newcomers in prospective surveys.

Western oil & gas companies should be aware that the Russian government treats Arctic formations as resources of "federal significance" and it is unlikely to provide them a role other than that of a minority shareholder. There is more maneuvering room for oil formations in the riskier part of the Arctic – the as of yet impossible-to-assess Laptev and Chukchi Seas, where no large-scale surveying has been done.  

Moreover, after the UN Commission on the Limits of the Continental Shelf acknowledged the Okhotsk Sea as a Russian enclave, the least-researched Russian sea can now be prospected and appraised. Still, the Russian Arctic, along with frontier zones like the Timano-Pechora Basin and the Yenisey-Khatanga Basin, will play an important role in keeping Russia among world's top 3 oil producers in the next 40-50 years.  

Yet there is more, Russia's oil future is not only more Arctic, but also more shale-related.Russia has been sitting on vast shale/tight oil reserves, which according to present data are second only to the United States. Yet it might easily surpass all its rivals, as the development of gigantic tight-oil formations, such as Bazhenov Suite, the largest shale deposit in the world covering a territory of more than 1 million km2 and assumed to contain at least 20 billion tons of oil, is still in its infant phase. The potential of the Abalak Suite underlying the Bazhenov, the Domanik Suite, stretching asymmetrically across the Volga-Urals Region from Perm to Orenburg, as well as many others, is still difficult to assess, yet virtually all of them are located in traditional oil-producing regions with a fully-established oil infrastructure.  

Although the first Bazhenov oil gush dates back to 1969, several factors have hindered the development of Russian tight oil, yet the principal among them was the availability of other, less-costly variants of production. The preference for easier-to-access, less costly formations is aptly reflected in Russia's curbing of deep-hole exploration drilling (Graph 1).

As Russia's tight oil needs at least an oil price level of 55-60 USD per barrel, bringing the first fields on-stream is still some way off as conventionals' breakeven levels are in the 20-30 USD per barrel range. Despite a significant lag compared to the U.S. shale revolution, this might not be that unfavorable for Russia. It is expected that under the aegis of "import substitution", Russian service companies might be fully up to the task to exploit Russia's shale bounty by the 2020s, moreover, they are likely to work in an environment with significantly lower drilling costs, time and efficiency rates than their American counterparts in late 2000s (thus yielding more oil). By that time, perhaps, anti-Russian sanctions will be a yesteryear affair.

Lastly, one should not underestimate the tenacity of Russia's conventional oil reserves, which thanks to enhanced oil recovery techniques and supplementary exploration will remain a force to be reckoned with. As demonstrated by the discovery of the Velikoye field in the Astrakhan Oblast (reserves estimated at 330 million tons of oil), Russia's pre-salt layers, even in regions previously thought to be on the verge of depletion, might kickstart a new development vector in its energy matrix. 

As Russia's Natural Resource Ministry cannot account for events that are still yet to happen, its 2044 depletion assumption reflects merely its inherent conservatism, not the country's realistic capabilities. By all accounts, Russia will remain a major oil-producing nation throughout the entire XXIst century, with oil production moving to places that are further (north and east), deeper (both deepwater and pre-salt) and generally more costly.  

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author: www.proshareng.com
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