Nigeria’s economy shrank for a fourth consecutive quarter in the three months through December and contracted for the whole year, the first such move since 1991. Gross domestic product in Continue Reading
The Chief of Army Staff, Tukur Buratai, a Lieutenant General, says contrary to notion in some quarters, illegal bunkering, refinery and oil theft in the Niger Delta had reduced. Fielding Continue Reading
The ‘Computer Village’ in the Ikeja suburb of Lagos, where electronic products such as mobile phones, computer hardware and accessories are sold. It’s 4 p.m. in Nigeria’s capital and Ahmed Continue Reading
Drilling of a fifth appraisal well into what may become one of the more promising basins off the West African coast is completed, FAR Ltd. announced. FAR is said its Continue Reading
Future giant discoveries may be lurking in the Outeniqua Basin offshore South Africa, according to Anongporn Intawong, a team leader geologist at Spectrum. Future giant discoveries may be lurking in Continue Reading
An agreement with Russian oil company Rosneft helps lay a foundation for the recovering oil sector in Libya, Libya’s top oil producer said. Meeting on the sidelines of an international Continue Reading
Rosneft PJSC , the state-run producer headed by a close adviser of Russian President Vladimir Putin, is expanding its footprint in the Middle East by striking new oil deals with Continue Reading
Libya’s returning oil wealth could bring back cheap fuel, food and foreign goods in a subsidy-based system in the most optimistic scenario. But as oil prices and production rise, the Continue Reading
The Minister of State for Petroleum, Dr. Ibe Kachikwu, has clarified the $50-$100 billion said to have been lost to the attacks of oil and gas infrastructure by the Niger Continue Reading
Since 2011, political instability and regional insecurity have plagued Egypt’s economy, and the energy sector has not been spared. Until recently a net gas exporter, Egypt turned into a net Continue Reading
The Nigerian National Petroleum Corporation, NNPC, said on Thursday that it has recorded about 58 per cent reduction in cases of pipeline sabotage. This was disclosed in the Corporation’s monthly Continue Reading
Libya’s crude production exceeded 700,000 barrels a day and is due to keep rising as working conditions in the conflict-ridden country improved for international companies like Eni SpA and Total Continue Reading
Major international oil companies say they plan to step up their investments in Egypt, expecting to find more oil and gas now that ENI’s giant Zohr gas discovery has put Continue Reading
Eni SpA will start producing from the giant Zohr natural gas field off Egypt’s Mediterranean coast by the end of 2017 and plans to invest $10 billion in the North Continue Reading
Nigeria said it lost out on as much as $100 billion in revenue last year as attacks by militants in the oil-rich Niger Delta cut crude output to a record Continue Reading
Libya’s oil production problems extend far beyond whether the forces of Tripoli or Benghazi secure ultimate control over the country: Clan-based militias are running their own smuggling operations, and their Continue Reading
Nigerian Vice President Yemi Osinbajo visited the Niger Delta on Friday in a move that could bring peace to the oil-producing region after almost a year of militant and separatist Continue Reading
The Nigerian Navy has rescued an oil tanker from pirates near Bonny Island, even as the number of high-seas hijackers is at an 18-year low, according to the International Maritime Continue Reading
Algeria is paving the way for a stronger natural gas export profile in Europe, building off of preexisting relationships with Spain, Italy and Portugal, Forbes reported earlier this year. But Continue Reading
Italian energy company Eni said Wednesday it started production at an oil facility off the coast of Angola in record-setting fashion. The company said operations started at its East Hub Continue Reading
Italian prosecutors are pursuing a criminal trial for Royal Dutch Shell PLC and the chief executive of Italian oil company Eni SpA on charges of corruption tied to a controversial Continue Reading
Africa-focused energy company FAR Ltd. said a review of its oil prospects off the coast of Senegal was more promising than initially thought. FAR has nearly 3,000 square miles off Continue Reading
Nigeria’s progress in curbing militant attacks hasn’t much boosted its oil output. While that’s bad news for a country mired in its worst economic slump in 25 years, it’s making Continue Reading
Nigeria will stop importing refined petroleum products by 2019, Ibe Kachikwu, the Minister of State for Petroleum Resources, said on Tuesday in Abuja. Mr. Kachikwu said this at a public Continue Reading
Egypt plans to import as many as 108 cargoes of liquefied natural gas this year as the country prepares to start producing at two gas fields and move closer to Continue Reading
Swiss-based commodities giant Glencore has extended a deal with Libya’s state oil firm to be the sole marketer of one third of the country’s current crude oil production, sources familiar Continue Reading
Egypt may announce new discoveries of natural gas by the second half of this year, Oil Minister Tarek El Molla said, bringing it closer to its goal of self-sufficiency by Continue Reading
Nigeria’s crude oil exports are on track for a month-on-month rise in March after a string of loading delays pushed back some cargoes. Exports are slated to reach 1.62 million Continue Reading
West African oil producers will next month send the most crude to Asia in at least five years, the latest sign of how refineries in the world’s biggest demand region Continue Reading
A UK High Court yesterday ruled that two Niger Delta communities devastated by oil spills cannot pursue their case against Shell in the United Kingdom for oil spills that occurred Continue Reading
Angola’s state-held oil firm Sonangol plans to load 1.51 million barrels per day in March under its finalized exports schedule, down from plans to export 1.62 million bpd in February, Continue Reading
A Nigerian court has ordered Royal Dutch Shell Plc and Eni SpA to cede control of a jointly owned oil license to the government amid an investigation into how they Continue Reading
Libya plans to start opening the doors to foreign investors that may be ready to step back into the country’s oil sector, a national oil company announced. Mustafa Sanalla, the Continue Reading
Nigeria’s economy may struggle to rebound from its worst slump in 25 years unless President Muhammadu Buhari can end an armed conflict in the nation’s oil-producing region and fix a Continue Reading
Fitch Ratings Ltd. revised the outlook on Nigeria to negative from stable over concerns that a lack of foreign exchange will hamper the economy, and affirmed the West African nation’s Continue Reading
Saudi Arabia’s rift with Egypt is spiraling out of control, with major strategic ramifications for both countries, as well as for the Yemen conflict and other Red Sea security challenges. Continue Reading
OPEC Cuts Won’t Debt Global Inventories Libya is pumping 715,000 barrels a day of oil, the most since 2014, and is on track to keep boosting output this year as Continue Reading
Libya intends to reopen its oil sector to new foreign investments, its state-run oil company’s chief said Tuesday, a move that would give oil companies the opportunity to develop the Continue Reading
Despite some suggestions that oil prices will level off at around $60 in 2017, since the initial surge of the OPEC production deal prices have barely nudged above $53. Over Continue Reading
General Electric Co ( GE.N ) has proposed investing in Nigeria’s oil refineries, potentially convening a consortium of companies to improve capacity at the run-down facilities. GE’s plan and similar Continue Reading
The Export-Import Bank of China is lending Angola as much as $600 million for the construction of a deep-sea port in the northern enclave of Cabinda, according to Jose Filomeno Continue Reading
Oil Reaches Mid-$60s in Months Crude oil prices, hovering around $55 a barrel since early December, will climb by about $10 in the coming months as OPEC-led measures to curb Continue Reading
After an electrical failure at the Sarir oilfield caused by a fire at a substation, Libya’s oil production has fallen by 60,000 barrels per day , National Oil Corp. head Continue Reading
Australian oil and gas explorer FAR Ltd., which has a strong African footprint, said new drilling started in a survey of a bright spot off the coast of Senegal. FAR Continue Reading
The Nigerian Military has denied reports that militants blew an oil pipeline in Delta State after Vice President Yemi Osinbajo’s visit, saying it was a bush-burning incidence that was put Continue Reading
Citing possible terrorism, Nigerian media reported Wednesday an oil pipeline was on fire less than a day after the vice president was in an oil-rich region. Nigerian newspaper Vanguard reported Continue Reading
Tullow Oil has found more oil with a closely watched exploration well in northwest Kenya, boosting the resources in its emerging oil province which is set to feed East Africa’s Continue Reading
The Egyptian natural gas sector is on track for an about-face, though complex dynamics could keep pressure on the industry, Wood Mackenzie found. Italian energy company Eni in December secured Continue Reading
Libya’s crude-oil production has more than tripled in the past six months, imposing an obstacle to the Organization of the Petroleum Exporting Countries’ plans to raise petroleum prices by collectively Continue Reading
Three years after security problems forced them out, Iraq is courting the Angolan state firm back to the Qayarah and Najmah fields. Iraqi Oil Minister Jabbar al-Luiebi (right) meets in Continue Reading
