Vaalco outlines temporary well shut-in status offshore Gabon

Houston independent Vaalco Energy Inc. maintains its 2016 production guidance of 3,700-4,500 boe/d, noting that a malfunction with pumps on one well offshore Gabon is being resolved. Meanwhile, Vaalco renegotiated terms with Transocean Ltd. after releasing the Constellation II rig offshore Gabon. Source: News


MARKET WATCH: NYMEX, Brent crude oil prices drop more than $2/bbl

Crude oil prices tumbled more than $2/bbl on both London and US markets July 5 as US traders and investors returned to work after a July 4 holiday. They expressed concerns that a climbing US rig count might mean a slowing in the US production decline rate despite ample world oil supplies. Source: News


Uganda reported in refinery talks with SK

The government of Uganda has resumed negotiations with SK Engineering & Construction, Seoul, for construction of a grassroots refinery after ending talks with a Russian company, according to press reports. Source: News