• 2 days Shell Oil Trading Head Steps Down After 29 Years
  • 2 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 2 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 2 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 2 days Venezuela Officially In Default
  • 2 days Iran Prepares To Export LNG To Boost Trade Relations
  • 3 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 3 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 3 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 3 days Rosneft Announces Completion Of World’s Longest Well
  • 3 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 3 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 3 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 4 days Santos Admits It Rejected $7.2B Takeover Bid
  • 4 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 4 days Africa’s Richest Woman Fired From Sonangol
  • 4 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 4 days Russian Hackers Target British Energy Industry
  • 4 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 4 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 4 days Lower Oil Prices Benefit European Refiners
  • 5 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 5 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 5 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 5 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 5 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 5 days OPEC To Recruit New Members To Fight Market Imbalance
  • 6 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 6 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 6 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 6 days GE Considers Selling Baker Hughes Assets
  • 6 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 6 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 6 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 6 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 7 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 9 days The Oil Rig Drilling 10 Miles Under The Sea
  • 9 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 9 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 9 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
Did Venezuela Just Default?

Did Venezuela Just Default?

S&P Global Ratings declared Venezuela…

South Sudan Rebels Kidnap Workers Of Chinese-Malaysian Oil Firm

South Sudan

According to Reuters, on Saturday, rebels loyal to former South Sudanese vice president, Riek Machar, kidnapped four workers of DAR Petroleum Operating Company, whose holders include China National Petroleum Corporation (CNPC), China’s Sinopec, and Malaysia’s Petronas.

Earlier this year, South Sudan was said to have been planning to increase oil output, but the ongoing civil war has made it difficult to pump more crude.

South Sudan gained independence from Sudan in 2011, but it has been a bloody road to establishing a stable government whose budget is dependent almost entirely on oil revenues. In December 2013, civil war broke out when President Salva Kiir Mayardit sacked the cabinet and accused Vice President Riek Machar of instigating a failed coup. The civil war ended in 2015—at least officially—but clashes have been frequent since.

Now fighters loyal to Machar have seized the four workers of DAR Petroleum Operating Company—the second group of oil employees to have been kidnapped this month alone.

The government of South Sudan said it was negotiating the release of the workers via “diplomatic channels” and accused the rebels of demanding ransom.

But a spokesman for the rebels, Lam Paul Gabriel, told Reuters there was no such demand.

Related: Can OPEC Resist The Temptation To Cheat?

“There are no conditions for their release, but we want to make it clear to their country of residence and the government that we do not want their company to operate in South Sudan,” Gabriel said.

Last week, a confidential report by the UN—seen by Reuters—showed that the government of famine-stricken South Sudan is using at least half of its revenues from oil sales to acquire weapons, despite the dramatic political, economic, and humanitarian crises in the country.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • EH on March 20 2017 said:
    Even the down trodden can't get a break over there either,, it's money first, power and control. Ya can't eat either one,, nor can you oil. This ole world be better off with just the lower order of the species running free to be what God intended without man in and "taking CHARGE OF EVERYTHING THAT IS",,Quess we will answer for behavior and how poorly we didwhen our end arrives,,,,
  • EH on March 20 2017 said:
    Could be,, or maybe the secret social circle of the 'Skull and Bones" or HALLIBURTON tied to domestic Oil here in the states or both,, ya remember the Bush Cheney day's,, bet they miss that $120 + a brl days. Frothing at the mouth!

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News