World Oil (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 “order of interim injunction” on July 6 barring Exxon “from completing any divestment” in a unit that ultimately operates four
World Oil (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 on Wednesday to probe the oil major’s permits that expired in 1989 and 2019, according to a statement emailed by
World Oil More than 100 oil and gas projects should commence operations in Nigeria during the next four years, accounting for more than 24% of the predicted total projects starts during that time, predicts GlobalData, a data and analytics company. GlobalData’s report, ‘Africa Oil and Gas Projects Analytics and Forecast by Project Type, Sector, Countries, Development Stage, Capacity and Cost,
World Oil (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 Ltd., Heirs Oil and Gas Ltd. and ND Western Ltd. submitted the non-binding offers in January, said the people, who
Reuters 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, showed. The proposed changes signal a shift by Africa’s largest oil producer and show the impact of an increasingly competitive
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 of a slow-motion wave of political instability that will engulf an array of oil producing countries over the next 3-20
Reuters 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. The 13-member Organization of the Petroleum Exporting Countries is pumping 25.75 million barrels per day (bpd) in January, the survey
Reuters 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% in Nigeria’s energy regions and observers say further job losses could aggravate problems of pipeline tapping, illegal oil refining and
Reuters 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+ previously agreed to cut supply by 9.7 million barrels per day (bpd) during May and June to prop up prices
Reuters 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 stop the spread of COVID-19, the flu-like infection caused by the virus, have snarled the supply of spare parts and
Reuters 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 Countries, Russia and other allies, a group known as OPEC+, are cutting supply by a record 9.7 million barrels per
CNBC 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% to settle at negative $37.63 per barrel on Monday and expired on Tuesday at $10.01 a barrel. Futures contracts trade by the
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