Africa’s biggest crude oil producer, Nigeria, is expected to receive a $1 billion loan from the African Export-Import Bank (Afreximbank) next month as part of a larger crude oil prepayment facility aimed at shoring up forex reserves and …
LONDON – OPEC oil output fell last month, a Reuters survey found on Monday, reflecting lower exports from Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance.…
LONDON – More than a fifth of global oil refining capacity is at risk of closure, energy consultancy Wood Mackenzie found in analysis published on Thursday, as gasoline margins weaken and the pressure to reduce carbon emissions mounts.
Of …
(Bloomberg) — Nigerian President Muhammadu Buhari’s flip-flop over the sale of Exxon Mobil Corp.’s assets could discourage investment in Africa’s largest oil producer in the wake of industry reform meant to grow the sector.
A $1.28 billion …
TotalEnergies, OML99 operator (40%) in partnership with the Nigerian National Petroleum Corporation (NNPC, 60%), has announced the start of production from the Ikike field, in Nigeria.
Located 20 km (12 miles) off the coast, at a depth …
(Bloomberg) — Nigeria’s state energy company won a court decision temporarily blocking Exxon Mobil Corp. from selling assets in the country to Seplat Energy Plc.
A judge in the capital, Abuja, granted the Nigerian National Petroleum Co. an …
(Bloomberg) — Nigeria’s Senate will investigate Shell Plc’s historic license renewals in the West African state to determine whether they were extended unlawfully and cost the government up to $200 million.
Senate President Ahmad Lawan formed a committee …
(Bloomberg) — Shell Plc’s sale of a multibillion-dollar stake in a joint venture that operates oil fields in Nigeria has attracted bids from four local companies, according to people familiar with the negotiations.
Seplat Energy Plc, Sahara Group …
Nigeria has sweetened the terms of a sweeping oil reform bill in a bid to attract much-needed investment to its oil industry, four people closely involved with the legislation said and a letter from oil companies, seen by Reuters, …
LONDON – The transition towards green energy imperils oil-producing states that have lagged in diversifying their economies, United Kingdom-based risk consultancy Verisk Maplecroft warned in a report on Thursday. “Algeria, Iraq and Nigeria will be among the first casualties …
LONDON – OPEC oil output has risen for a seventh month in January, a Reuters survey found, after the group and allies agreed to ease record supply curbs further, although an involuntary drop in Nigerian exports limited the increase.…
PORT HARCOURT/LAGOS – Oil companies have asked security services to tighten surveillance as violent anti-police brutality protests and the expected sacking of hundreds of workers worsen desperation in the region, industry sources told Reuters.
Already unemployment is above 40% …
MOSCOW/DUBAI – OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to push laggards such as Iraq and Nigeria to comply with existing curbs.
The producers known as OPEC+ …
MOSCOW/LAGOS/LONDON – The coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia’s Far East to the coast of Canada, storing up problems for an industry already reeling from slumping prices, analysts say.
Lockdowns to …
LONDON – OPEC+ has cut its oil exports sharply in the first half of May, companies that track the shipments said, suggesting a strong start in complying with a new production cut agreement.
The Organization of the Petroleum Exporting …
The historic plunge in oil prices earlier this week has left some major exporters of the commodity scrambling to shore up their economies.
The U.S. West Texas Intermediate (WTI) crude contract for May delivery fell by more than 100% …
Oil majors including Exxon Mobil Corp. and Royal Dutch Shell Plc are facing uphill battles to convince U.S. courts to enforce multi-billion dollar arbitration awards they secured against Nigeria’s state oil company.
The companies accused the Nigerian National …
Speculation is mounting that OPEC and its allies may agree to a deeper production cut at their meeting in Vienna on Thursday, but market watchers shouldn’t take any such announcement at face value.
Even a sizable “new” cut …
Source: Reuters
LAGOS/LONDON (Reuters) – Chevron is seeking to sell several Nigerian oilfields as part of a global drive to reshape its portfolio as it focuses on growing its U.S. shale output, banking and industry sources said.
Chevron joins rivals …
Source: Reuters
OPEC has granted Nigeria a higher oil output target under an OPEC-led deal to limit oil supply in a move unannounced by the group, following efforts by Africa’s largest exporter to tweak the agreement to accommodate its expanding …
The rising tide of light U.S. shale oil has largely swept away comparable grades of Nigerian oil from American shores and is putting them under pressure in Europe.
But steady Indian and Indonesian demand has helped lift price …
Exxon Mobil recently held talks on the sale of a suite of oil and gas fields in Nigeria as the company focuses on new developments in U.S. shale and Guyana, industry and banking sources told Reuters.
The potential …
Nigeria’s main opposition candidate for president said on Wednesday he would seek to privatize the state oil company and other government assets if elected next month, while removing a costly petrol subsidy, to revive the economy.
Atiku Abubakar, …
From Bloomberg
More than a decade in and the U.S. shale boom keeps breaking output records, with fields from Pennsylvania to Texas producing more natural gas than the country needs. That has triggered billions of dollars of investments to ship …
Total SA said on Wednesday it had started production from the Egina oilfield off Nigeria’s coast, part of a shift by the French energy firm toward deepwater oil and gas projects to its drive cashflow.
Output from Egina, …
From Bloomberg
Aliko Dangote has made a fortune …
From The Cable
Goood news: oil prices hit $80 a barrel on Thursday for the first time since November 2014.
Bad news: Shell Petroleum Development Company (SPDC) on Thursday declared force majeure on the exports of Nigeria’s major crude oil, …
Nigeria and China have signed a currency-swap agreement worth $2.4 billion to boost commercial ties and reduce the need to use dollar in their bilateral trade. Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, …
