• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 37 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Does Toyota Know Something That We Don’t?
  • 4 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 21 hours World could get rid of Putin and Russia but nobody is bold enough
  • 28 mins America should go after China but it should be done in a wise way.
  • 4 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 3 days China is using Chinese Names of Cities on their Border with Russia.
  • 4 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 3 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 4 days Putin and Xi Bet on the Global South
  • 4 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 5 days United States LNG Exports Reach Third Place
  • 5 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Breaking News:

Chicago Files Suit Against Big Oil

Editorial Dept

Editorial Dept

More Info

Global Energy Advisory - 12th December 2014

Politics, Geopolitics & Conflict

Somalia has invited Soma Oil and Gas, ExxonMobil, Royal Dutch Shell, BP and Chevron to explore oil and gas resources in the country. Soma Oil and Gas—based in the UK and backed by Russian billionaire Alexander Djaparidze--has completed an onshore and offshore seismic survey in the Somali capital, Mogadishu. The government in Mogadishu said it would reward the company for carrying out the seismic survey with licenses to explore for oil.

This is a daunting endeavor in a country where security remains shaky at best and where al-Shabaab is clearly resurging. Attacks by the Islamist militant group have picked up momentum recently, not only in the capital but also in Baidoa (south-central), near the border with Kenya, and in Kenya itself.

There should also be grave concerns about the development of oil and gas here as Somalia and Kenya dispute offshore territory and there is no chance of talks progressing on this as long as al-Shabaab continues with its militant revival.

Oil & Gas Markets

State-run Kuwait Petroleum Corp. says it will sell crude to Asian refiners at $3.95 per barrel, which is well below regional benchmarks and represents the largest discount since 2008. Likewise, Saudi Arabia has increased its discount more than it has in 11 years as crude prices look set to remain at around $65 per barrel for the next six months. This is one seemingly viable scenario, as long as OPEC sticks to its production…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News