Abu Dhabi Aviation, OAS Partner On Helicopter Services For Nigeria

Abu Dhabi Aviation, OAS Partner On Helicopter Services For Nigeria

United Arab Emirates helicopter company, Abu Dhabi Aviation (ADA) has completed steps to invest in Nigeria economy by joining forces with a Nigerian indigenous aircraft charter operator, OAS Helicopters, THIS DAY reports.

The company said the arrival of ADA’s 15-seater full offshore equipped helicopter AW-139 with registration number A6-AWH at OAS’ new terminal NAFBASE Airport, Port Harcourt recently completed the take off of ADA and OAS’ relationship, which had been undergoing technical and legal structuring since 2015.

In the partnership, Abu Dhabi Aviation is coming with long years of successful oil and gas helicopter support experiences which started back in 1976 and has developed to over 60 aircraft in active operation and over 1,000,000 flight hours supporting oil and gas exploration throughout the countries of the Middle East, Brazil, Spain, Indonesia, Australia and New Zealand.

OIL price, which dropped below Nigeria’s 2017 benchmark price of $44.50 per barrel, weekend, has leaped from $44.38 to $44.58 per barrel in the international market. Prices have trended downwards in the past two weeks as a result of increased shale oil supply by the United States. Oil The Organisation of Petroleum Exporting Countries, OPEC, disclosed in a statement that the price of OPEC basket of 14 crudes stood at $44.58 a barrel on Friday, compared with $44.38 the previous day. The OPEC Reference Basket of Crudes, ORB, is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). Saturated markets However, the prices of Brent and WTI dropped from over $47 and $46 to $46.98 and $44.33 per barrel respectively. Oil prices were slightly pressured as the continued expansion in US Shale was seen as obstructing OPEC’s efforts to stabilise the saturated markets. West Texas Intermediate, WTI, for July delivery, which expires Tuesday, was at $44.75 a barrel on the New York Mercantile Exchange, up one cent. Total volume traded was about 12 percent below the 100-day average. The contract gained 28 cents to $44.74 on Friday. Brent for August settlement advanced 6 cents to $47.43 a barrel on the London-based ICE Futures Europe exchange, after dropping 1.6 percent last week. The global benchmark crude traded at a premium of $2.45 to August WTI. Both benchmarks are down some 13 percent since late May, when producers led by the OPEC extended a pledge to cut output by 1.8 million barrels per day (bpd) for an extra nine months. According to the Energy Information Administration, the data show U.S. drillers increased the rig count by six to 747 last week, the highest level since April 2015, according to Baker Hughes. American crude production has expanded to 9.33 million barrels a day. A research analyst at Forex Times, FXTM, Lukman Otunuga, said: “A stabilizing US dollar complimented the downside with sellers sending prices towards $44.50. The tale of OPEC versus US Shale is starting to feel like an ongoing battle of attrition with the champion taking the spoils. “From a technical standpoint, WTI Crude remains in the bears’ territory on the daily char

Read more at: http://www.vanguardngr.com/2017/06/oil-price-rises-44-58-still-threatens-2017-budget-benchmark/
OIL price, which dropped below Nigeria’s 2017 benchmark price of $44.50 per barrel, weekend, has leaped from $44.38 to $44.58 per barrel in the international market. Prices have trended downwards in the past two weeks as a result of increased shale oil supply by the United States. Oil The Organisation of Petroleum Exporting Countries, OPEC, disclosed in a statement that the price of OPEC basket of 14 crudes stood at $44.58 a barrel on Friday, compared with $44.38 the previous day. The OPEC Reference Basket of Crudes, ORB, is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). Saturated markets However, the prices of Brent and WTI dropped from over $47 and $46 to $46.98 and $44.33 per barrel respectively. Oil prices were slightly pressured as the continued expansion in US Shale was seen as obstructing OPEC’s efforts to stabilise the saturated markets. West Texas Intermediate, WTI, for July delivery, which expires Tuesday, was at $44.75 a barrel on the New York Mercantile Exchange, up one cent. Total volume traded was about 12 percent below the 100-day average. The contract gained 28 cents to $44.74 on Friday. Brent for August settlement advanced 6 cents to $47.43 a barrel on the London-based ICE Futures Europe exchange, after dropping 1.6 percent last week. The global benchmark crude traded at a premium of $2.45 to August WTI. Both benchmarks are down some 13 percent since late May, when producers led by the OPEC extended a pledge to cut output by 1.8 million barrels per day (bpd) for an extra nine months. According to the Energy Information Administration, the data show U.S. drillers increased the rig count by six to 747 last week, the highest level since April 2015, according to Baker Hughes. American crude production has expanded to 9.33 million barrels a day. A research analyst at Forex Times, FXTM, Lukman Otunuga, said: “A stabilizing US dollar complimented the downside with sellers sending prices towards $44.50. The tale of OPEC versus US Shale is starting to feel like an ongoing battle of attrition with the champion taking the spoils. “From a technical standpoint, WTI Crude remains in the bears’ territory on the daily char

Read more at: http://www.vanguardngr.com/2017/06/oil-price-rises-44-58-still-threatens-2017-budget-benchmark/

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