Kenya would be among the 10 cheapest countries to produce crude oil, ahead of major exporters like Nigeria and Angola.
Tullow Oil, the UK firm prospecting for oil in Turkana among other areas, has reported the break-even point for Kenya crude is Sh2,550 ($25) per barrel – including the pipeline tariff to the sea port.
Low production costs translate to higher profits for a producer. Kenya's projected cost is lower than $35.40 (Sh3,600) in Angola and Nigeria's $31.50 (Sh3,204), both countries bleeding money as global prices slumped to near-record low of $29 (Sh2,949) this week.
At the prevailing prices, Kenya would still be making a profit if it were alre...
Saudi Arabia and Russia agreed to freeze oil output at near-record levels, the first coordinated move by the world’s two largest producers to counter a slump that has pummeled economies, markets and companies.
While the deal is preliminary and doesn’t include Iran, it’s the first significant cooperation between OPEC and non-OPEC producers in 15 years and Saudi Arabia said it’s open to further action. Oil pared gains after the accord was announced, signaling traders see no immediate end to the global supply glut.
The deal to fix production at January levels, which includes Qatar and Venezuela, is the “beginning of a process” that could require “other ste...
Oil traded near $30 a barrel as Iran loaded its first cargo to Europe since international sanctions ended and Chinese crude imports dropped from a record.
West Texas Intermediate futures were little changed in New York, paring earlier losses of as much as 1.7 percent. Brent in London traded near $33 a barrel. A tanker for France’s Total SA was being loaded Sunday at Kharg Island while vessels chartered for Chinese and Spanish companies were due to arrive later the same day, an Iranian oil ministry official said. Chinese imports in January fell almost 20 percent from the previous month, according to government data.