May 21, 2019

Angola Woos American Investors as Country Launches New Oil Licensing Strategy

Angola, the second-biggest oil producer in Africa after Nigeria, is courting investment from the United States of America as it plans to capitalize on its lucrative energy sector.

The West-Coast country of South-Central"...

May 21, 2019

Libya’s oil revenues rise in April

The National Oil Corporation (NOC) has recorded an income of 1.87 billion USD from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts last April - a monthly increase of approximately 340 million USD (+22%).

Revenue"...

May 20, 2019

How Distressed Oil Sector Loans Damaged Diamond Bank

More facts have emerged on the reasons why the defunct Diamond Bank surrendered itself for a business combination deal with Access Bank Plc. The deal was consummated on April 1. According to a report obtained by THISDAY yesterday, between December 2014 and June 2018, the immediate past management of Diamond Bank under the leadership of Mr. Uzoma Dozie as Chief Executive Officer, inherited a distressed oil and gas portfolio of $1.8 billion (N302.6 billion). Of this amount, the sum under Watch list and non-performing loans (NPLs) stood......

May 19, 2019

Nearly 95 per cent of Libyan production could be lost to conflict

Around 95 per cent of Libyan production could be lost should the conflict in the North African state continue, according to the chairman of the country’s National Oil Corporation.

'Unfortunately, if"...

May 18, 2019

Crude Oil Theft, Illegal Bunkering: Lessons from Ojumole Well Fire?

Chika Amanze-Nwachuku writes that the recent fire incident at Ojumole Well No. 1, in NNPC/Chevron Nigeria Ltd JV, located in Ilaje Local Government Area of Ondo state, has again brought to the fore the huge impact of oil theft and illegal bunkering on the economy of Nigeria and the environment"...

May 16, 2019

Delayed gas project could hurt Tanzania’s FDI chances

Delays in the setting up Tanzania's first liquefied natural gas export facility could hurt the country's chances of attracting foreign direct investments for projects in the extractive industry, warns a new report by Deloitte.

The"...

May 15, 2019

Oil jumps 2% after drone attack on Aramco facilities

Oil prices rose nearly 2% on Tuesday after top exporter Saudi Arabia said explosive-laden drones launched by a Yemeni-armed movement aligned to Iran had attacked facilities belonging to state oil company Aramco.
Brent futures were up $1.21, or 1.7 percent, at $71.44 a barrel,"...

May 15, 2019

SOC development drilling increases Istiklal field production

Sirte Oil Company (SOC) has completed successful development drilling of well FF03-6 of the Gargaf gas formation within the Istiklal oilfield. Development drilling across the Libyan oil sector is actively promoted by National Oil Corporation (NOC) within its framework of ongoing efforts"...

May 14, 2019

Shell’s ‘All On’ Advises Nigeria to Heavily Tax Petrol, Diesel Generators

All On, which is a seeded company of Shell, has advised Nigeria to initiate and implement a graduated and weighty tax system on the production, assemblage and importation of power generating sets that use diesel and petrol.

This,"...

May 14, 2019

NOC discusses with Schlumberger developing oil fields in Libya

The head of the National Oil Corporation (NOC), Mustafa Sanallah discussed with Schlumberger chairman and CEO, Olivier Le Peuch ways to develop onshore and offshore oil fields in Libya.

The two sides agreed during"...