Africa’s biggest sovereign wealth fund slumps after oil crash Oil minister Boutarfa shuttles between capitals to find deal Algerian Energy Minister Noureddine Boutarfa’s shuttle diplomacy between Tehran, Moscow and Vienna Continue Reading
Public transport stayed off the streets, several squares and roads in Khartoum were deserted and many shops were shut in a mixed response to opposition calls for a nationwide strike Continue Reading
Nigerians who voted Muhammadu Buhari into office last spring thought he would spearhead efforts to deliver the overhaul he promised. In September they learnt that, 16 months into his presidency, Continue Reading
There was confusion in parts of Ughelli in Delta State on Sunday as an explosion rocked a pipeline belonging to Nigerian Petroleum Development Company (NPDC). Though security operatives believed that Continue Reading
North Africa oil Power issues in key Libyan oilfields caused national oil output to drop by 70,000 barrels per day over the past week, according to Mustafa Sanallah, the chairperson Continue Reading
Kachikwu sees crude rising just above $50 if deal is reached Producers due to meet on Nov. 30 to allocate output quotas As OPEC prepares for talks on eliminating a Continue Reading
The Cairo Governor announced on Tuesday that taxi fares’ initial charge will increase from EGP 3 to EGP 4, along with an increase in the rate per kilometer from EGP Continue Reading
A division of Exxon Mobil announced Wednesday it started drilling its first well targeting reserves off the coast of Liberia. Exxon’s Liberian affiliate is working on developing the Mesurado-1 exploration Continue Reading
The Federal Government has warned the people of Niger Delta region that the destruction of oil facilities will ultimately destroy their livelihoods, aspirations and future. Vice President Yemi Osinbajo gave Continue Reading
Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, yesterday, stated that Nigeria’s crude oil output had risen to around 1.9 million barrels per day. Kachikwu also disclosed that the Continue Reading
Emere Godwin Bebe Okpabi, leader of Nigeria’s Ogale people, unpacked four bottles of water from his homeland and lined them up on a table to show why his subjects are Continue Reading
The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016. An OPEC technical committee is discussing a possible six-month duration for Continue Reading
Libya-based Waha Oil Co reached a production rate of 75,000 barrels per day and expects output to increase in the coming weeks, according to recent reporting by Reuters. The oil Continue Reading
Economy shrank year-on-year for three consecutive quarters IMF forecasts Nigeria economy will contract 1.7% in 2016 Nigeria’s economic slump continued in the third quarter on low oil revenue and foreign Continue Reading
Nigeria’s economic slump deepened in the third quarter as oil production continued to fall and factory output was hit by a shortage of dollars. Gross domestic product in Africa’s most Continue Reading
Market stall vendors in Yenagoa, Nigeria. Economy shrank year-on-year for three consecutive quarters IMF forecasts Nigeria economy will contract 1.7% in 2016 Nigeria’s economic slump continued in the third quarter Continue Reading
Nigeria’s hopes of ramping up its oil output this year have been diminished, as renewed attacks on oil infrastructure in the Niger Delta have shut-in production of popular export grade Continue Reading
Egypt to get 2 million barrels of Kuwaiti crude a month Shipments not meant to make up for Egypt’s loss of Saudi fuel Kuwait renewed a contract to supply Egypt Continue Reading
Tullow Oil, Noble Energy avoiding deep-water exploration Wood Mackenzie expects African output to decline 46% by 2030 Drillers burned by a two-year slump in crude prices are slowing exploration of Continue Reading
Amount to be settled through crude oil sales over five years Agreement is less than the $6.8 billion previously discussed Nigeria reached a $5.1 billion settlement to reimburse foreign oil Continue Reading
Niger Delta Avengers, NDA, yesterday blew up the Nembe 1, 2 and 3 trunk line jointly operated by Agip, Oando and Shell Petroleum Development Company, SPDC, disrupting the supply of Continue Reading
Port Harcourt — Militant groups are fighting for a greater share of the Niger Delta’s vast oil wealth The sand is still hot under our feet. The oil thieves must Continue Reading
A group calling itself the Niger Delta Avengers said it was the one responding to terrorism and tyranny with its latest attack on crude oil export pipeline. The militant group Continue Reading
Country targets about 1.1 million barrels a day in 2017 Planned boost highlights challenge to OPEC’s accord on cuts OPEC’s Libya plans to almost double crude production next year even Continue Reading
Oil company’s fine appeal has been delayed by the talks Fine exceeds penalty imposed on BP after Deepwater Horizon Exxon Mobil Corp. is negotiating with Chad’s government about a record Continue Reading
The Minister of State for Petroleum Resources, Ibe Kachikwu, has expressed government’s disappointment at the spate of attacks on Forcados export pipeline by armed militant groups despite the ongoing dialogue Continue Reading
Inflation rate of 18.3% may not be peak, Time Economics says Nigerian inflation accelerated for the 12th consecutive month in October as exchange-rate pressures persisted on the prices of goods Continue Reading
The recently announced gas discovery in the offshore Kwanza basin has a number of hurdles to overcome, say oil and gas analysts. The recently announced gas discovery in Angola’s offshore Continue Reading
Port Harcourt — Rivers State Governor Nyesom Wike has blamed the Federal Government for the unending sabotage of oil and gas pipelines by militants. Wike said the Federal Government had Continue Reading
A militant group waging war on Nigeria’s oil sector said U.S. President-elect Donald Trump can help eradicate what it sees as Islamic fundamentalists in power. Trump was confirmed to have Continue Reading
A general view of the lobby outside of the Carlyle Group offices in Washington, U.S…. A Carlyle Group LP hedge fund has lost the $400 million it invested last year Continue Reading
While the proxy war in the middle-east rages, a curious, and largely under the radar pivot has been taking place in one of the countries directly impacted by Hillary Clinton’s Continue Reading
Libya’s largest oil export terminal may re-open as early as next week in a move that would provide relief for the cash-strapped country holding Africa’s largest crude reserves. Tankers may Continue Reading
Oil pipeline fire Nigeria’s most notorious militants sabotaging oil infrastructure, the Niger Delta Avengers (NDA), have said they bombed late on Tuesday the Trans Forcados pipeline, in the third attack Continue Reading
Aggrieved indigenes of Ogidigben, Ajudaibo and Mandagho, Itsekiri riverine communities in Warri South West Local Government Area, Delta State, protesting alleged abandonment by Shell Petroleum Development Company, SPDC, have shut Continue Reading
Nigeria’s population reached 182 million this year with more than half of its people under 30 years of age, putting a severe strain on a nation suffering from a slowing Continue Reading
With its 1.7 million barrels of crude oil a day, well above Nigeria’s 1.5 million, Angola stood in September this year, for seven running months, at the head of the Continue Reading
The Federal Government has been going cap-in-hand begging for loans around the world, without making much success because of the global financial crunch. Besides, Nigeria’s economic recession make such venture Continue Reading
Egypt’s central bank floated the pound on Thursday in an attempt to stabilize its economy, which has been hampered by a shortage of dollars. The currency was initially devalued by Continue Reading
Saudi Arabia has informed Egypt that shipments of oil products expected under a $23 billion aid deal would be halted indefinitely, suggesting a deepening rift between the Arab world’s richest Continue Reading
On the edge of the Sahara desert, Morocco is building one of the world’s biggest solar power plants in a project largely funded by the European Union. It is a Continue Reading
Tarek El Molla, Egypt’s Minister of Petroleum and Mineral Resources, is seen during a meeting with Cypriot Foreign Minister Ioannis Kasoulides at the Ministry of Foreign Affairs in Nicosia, Cyprus Continue Reading
A Nigerian militant group admitted to an attack on a crude oil export pipeline, but blamed a rogue member for violating a truce, a Nigerian newspaper reported. A spokesman for Continue Reading
Sonangol, the state oil company of Africa’s current number-one oil producer seems to be in shambles, with the management unable – or unwilling – to pay for washroom supplies, according Continue Reading
The current downturn in the global oil and gas sector is yielding some innovative approaches to project finance. And one nation this week came up with an unprecedented strategy for Continue Reading
The upper house of Nigeria’s parliament, the Senate, has finally approved the long-awaited second reading of an oil industry overhaul bill that has been stagnate for ten years—a necessary step Continue Reading
Business activity in Egypt hit its lowest level in more than three years in October, shrinking for a 13th month amid a foreign currency shortage, the pound’s weakness in the Continue Reading
With an eye on the national budget, Nigeria’s state oil company said it would work closely with police in an effort to tackle militant threats. The Nigerian National Petroleum Corp. Continue Reading
American oil giant, ExxonMobil, has announced the discovery of about 1 billion barrels of crude oil in a Nigerian offshore oilfield. In an emailed statement on Thursday, the firm described Continue Reading
Oil tanker The exploration of oil in Libya began in 1955, four years after the country was declared independent. 40 companies were given an area of 600,000 km2 to explore Continue Reading
