Oil Updates — Crude slides; Nigeria raises $482m from oilfield licenses; Exxon, Imperial to sell shale assets 

Oil Updates — Crude slides; Nigeria raises $482m from oilfield licenses; Exxon, Imperial to sell shale assets 
Brent crude futures for August dropped 84 cents, or 0.7 percent, to $117.14 a barrel by 0444 GMT. (Shutterstock)
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Updated 29 June 2022

Oil Updates — Crude slides; Nigeria raises $482m from oilfield licenses; Exxon, Imperial to sell shale assets 

Oil Updates — Crude slides; Nigeria raises $482m from oilfield licenses; Exxon, Imperial to sell shale assets 

RIYADH: Oil prices fell on Wednesday after rising in the previous three sessions as the market tussled between concerns about the global economy and tight global oil supplies.

Brent crude futures for August dropped 84 cents, or 0.7 percent, to $117.14 a barrel by 0444 GMT. The August contract will expire on Thursday and the more-active September contract was at $113.17, down 63 cents, or 0.6 percent.

US West Texas Intermediate crude futures slid 54 cents, or 0.5 percent, to $111.22 a barrel.

Nigeria raises $482 million from marginal oilfield licenses

Nigeria has raised more than $482 million from the issuance of oil prospecting licenses after it offered 57 fields for bidding, the petroleum regulator said on Tuesday.

The Nigerian Upstream Petroleum Regulatory Commission said over 70 percent of the awardees have fully paid for their licenses, two years after bids were sought for the oil blocks. It did not say how many licenses were issued.

Marginal fields are smaller oil blocks located onshore or in shallow waters and are typically developed by local companies.

The NUPRC, which was established last year after Nigeria passed a new petroleum law, said 30 oil fields were awarded between 1999 to 2010, with 17 producing. The latest round of 57 oilfields began in 2020.

Nigeria’s oil minister said on Friday that after meeting with oil companies he expects to see some improvement in the sector that will enable Africa’s top producer to meet its OPEC production quota by the end of August.

Exxon, Imperial to sell Canada shale assets 

US oil major Exxon Mobil Corp. and Imperial Oil Ltd. said on Tuesday they will sell their Montney and Duvernay shale oil and gas assets in Canada to Whitecap Resources Inc. for $1.48 billion.

Exxon and Imperial, which jointly own the assets, began marketing them at the start of this year, hoping to capitalize on a rebound in oil and gas prices.

The assets were valued at up to $1 billion in January by industry insiders.

A strong run-up in commodity prices since then, with Russia’s invasion of Ukraine stoking global supply concerns, has pushed up the value of oil and gas properties across North America.

Imperial’s share in the sale will be around $729 million, the companies said on Tuesday.

The assets being sold include 567,000 net acres in the Montney shale play, 72,000 net acres in the Duvernay basin and additional acreage in other areas of Alberta.

(With inputs from Reuters) 


Aramco’s Wa’ed Ventures leads French AI firm Alteia’s funding round

Aramco’s Wa’ed Ventures leads French AI firm Alteia’s funding round
Updated 13 sec ago

Aramco’s Wa’ed Ventures leads French AI firm Alteia’s funding round

Aramco’s Wa’ed Ventures leads French AI firm Alteia’s funding round

RIYADH: Alteia, a European artificial intelligence and industrial software company, announced that it closed its latest funding round led by Wa’ed Ventures, Saudi Aramco’s venture capital arm.

Alteia will utilize its funding to increase its presence in the Kingdom by opening an office in Dhahran to support companies in the region as well as invest in research and development.

“To have the world’s leading energy company invest in Alteia through its investment arm is a strong show of faith in our trajectory, and weighs in the value of contextualized, actionable visual data as the foundation to shape a more efficient, more sustainable industrial future,” Benjamin Benharrosh, co-founder of Alteia, said in a statement.


Egypt B2B marketplace Mazaya raises $5m in pre-seed round

Egypt B2B marketplace Mazaya raises $5m in pre-seed round
Updated 28 September 2022

Egypt B2B marketplace Mazaya raises $5m in pre-seed round

Egypt B2B marketplace Mazaya raises $5m in pre-seed round

RIYADH: Mazaya, an Egypt-based B2B e-commerce marketplace, raised $5 million in a pre-seed round, said a statement issued on Tuesday.

The funding round was led by financial investment firm Raya Trade and Distribution, it added.

The company will use the funds to boost its operation in Egypt as well as expand into new markets and other verticals.

“The funds raised will allow us to quickly scale our operations and expand to other markets beyond Egypt, we have plans to launch our services in Nigeria before this year-end,” Amir Aboul Fotouh, Mazaya co-founder, said.

The Mazaya App provides retailers and merchants of electronic goods and home appliances the ability to procure inventory for their stores from all major brands.

“The platform conveniently supports merchants, particularly small merchants who do not receive adequate services, with the ability to scale their business through a superior level of service and a wide range of electronic devices from all international and local brands at the click of a button,” Bassem Megahed, CEO of Raya Trade and Distribution, said in a statement.

The company also plans to offer financial services and support to their retailers by offering credit facilities and flexible payment options.


Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap
Updated 28 September 2022

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

MOSCOW: Russia plans to spend 3.19 trillion roubles ($54.62 billion) from its National Wealth Fund this year to cover its budget deficit, a draft budget published on the finance ministry’s website showed on Wednesday, according to Reuters.

In 2023, Russia intends to spend 1.95 trillion roubles on budget deficit financing from the NWF, a rainy-day fund made up of oil and gas revenues, and another 643.7 billion roubles in 2024.

The ministry intends to issue 2.5 trillion roubles worth of OFZ treasury bonds as it seeks to ramp up domestic borrowing in 2023, the document showed.

In 2024, the ministry plans to borrow 3.4 trillion roubles and another 3.4 trillion roubles in 2025.


MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 
Updated 28 September 2022

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

RIYADH: Iraq has approved a project to build a $50 million industrial city in tandem with its post-war reconstruction initiative, reported Zawya.  

Located in the center of the Najaf Governorate, the new city will stretch over 9.5 sq. km, and encompass many different industries such as petrochemicals, lubricants, glass and detergents.

“This project will provide 5,000 jobs to Iraqis and its cost could exceed $50 million…we have received cabinet approval and have already selected a contractor,” said Dirgham Kiko, chairman of the Najaf Investment Commission.

It is expected to be completed within two years.

Petrofac’s contract extended in the Haliba oil field

UK-based Petrofac will continue supporting operations at the Haliba oil field in Abu Dhabi for the next two years, according to an agreement with Al-Dhafra Petroleum — a subsidiary of Abu Dhabi National Oil Co. Group.

Al-Dhafra Petroleum originally selected Petrofac for this contract in September 2019, reported MEED.  

ASHGHAL requests pre-qualification documents

Qatar’s Public Works Authority has requested prequalification documents for four construction contracts that make up the South of Wakrah and New District of Doha pumping station and outfall scheme, reported MEED.

The contract has been tendered since mid-August, and bids will be closed by Oct. 23.


Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round

Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round
Updated 28 September 2022

Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round

Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round

RIYADH: Egypt-based property technology startup Partment raised $1.5 million in a pre-seed funding round led by venture capital firm Nclude.

The company will use its acquired funding to deploy its platform by offering a solution for home co-ownership in Egypt.

Founded in 2022, the platform allows users to explore different listings of homes and co-own properties with 40+ nights per year to use the property.

“Partment is a new concept in Egypt, and we believe it will change how people buy and use real estate in the local and international market,” Nadim Nagui, CEO at Partment, said in a statement.