Record government spending — and having to borrow to fund almost half of it — spells trouble for investors in the bonds of Africa’s biggest oil producer. Nigeria’s naira debt Continue Reading
Africa-focused Tullow Oil said the challenge for 2016 was to navigate the weakened market with key offshore priorities intact while cutting investments. Tullow said revenues were down 27 percent for Continue Reading
The Pentagon is seeking $200 million in the 2017 budget for counterterrorism operations in Libya and other portions of North and West Africa, but Defense Secretary Ash Carter said Wednesday Continue Reading
OWING to a further slide in prices and additional shut-in of about 35,000bpd in Usan and Yoho Terminals, Nigeria’s export earnings in 2015 from the sale of crude oil declined Continue Reading
Minister of Labour and Employmen Chris Ngige has called on the major oil companies planning to lay off workers due to the dwindling price of crude in the international market Continue Reading
National Oil Corp. in western Libya warned traders against loading “illicit” cargoes of oil at Hariga port in the eastern part of the country amid claims by a competing organization Continue Reading
National Oil Corp. in western Libya warned traders against loading “illicit” cargoes of oil at Hariga port in the eastern part of the country, while the company’s counterpart in the Continue Reading
Libya’s national oil company has warned shipowners of “unauthorised” attempts by rival factions to export crude, in further evidence of the power struggle between east and west over oil revenues. Continue Reading
The Obama administration is struggling to find the right mix of military and diplomatic moves to stop the Islamic State in Libya, where the extremist group has taken advantage of Continue Reading
The state oil company in Nigeria, Africa’s biggest producer of crude, made a 267 billion naira ($1.34 billion) loss last year, dragged down by its refining division. Sales of 2 Continue Reading
A 9-foot-high wall built of fabric, sand and steel that can withstand a car bomb surrounds this seaside oil-and-gas complex, a barrier against militant attacks that many in Libya hope Continue Reading
Obviously in response to the lingering fuel crisis and the loud complaints by suffering consumers, the management of the Department of Petroleum Resources, DPR, may have decided that enough was Continue Reading
Secretary of State John Kerry on Tuesday said at a meeting here of the American-led coalition fighting the Islamic State that the group must step up its efforts and prevent Continue Reading
There was panic yesterday among indigenes of coastal communities of Brass Local Government Area of Bayelsa State following explosions from Oil Pipelines owned by Nigerian Agip Oil Company (NAOC). The Continue Reading
Nigeria’s government is in talks for concessionary loans worth $3.5 billion from the World Bank and African Development Bank to help finance a planned record budget this year, Finance Minister Continue Reading
As Nigerian President Muhammadu Buhari visits the country, little might be said in public about a yesteryear multi-million-shilling 30,000 barrels of crude oil per day deal that ended up in Continue Reading
The Pentagon is ramping up intelligence-gathering in Libya as the Obama administration draws up plans to open a third front in the war against the Islamic State. This significant escalation Continue Reading
The US is considering a new campaign of military action in Libya against Isis, the Pentagon said on Wednesday, amid worries that the jihadist group could seize control of a Continue Reading
Nigeria’s revenue agency said Trafigura Beheer BV owes back taxes for handling 12.5 million metric tons of crude through crude swap contracts with the government between between 2011 and 2014. Continue Reading
With the global economy reeling from plunging oil prices occasioned by massive over production, Nigeria, a key member of the Organisation of Petroleum Exporting Countries (OPEC), which depends hugely on Continue Reading
WE are deeply disturbed by what appears as the renewal of conflict in the Niger Delta between the so-called militants and the armed forces after over seven years of peace Continue Reading
Libya’s rival political factions must quickly form a unity government to stop the country with Africa’s largest oil reserves from collapsing into a “failed state,” National Oil Corp. Chairman Mustafa Continue Reading
Years of rapid economic growth across sub-Saharan Africa fueled hopes of a prosperous new era. To many, the world’s poorest continent was finally emerging, with economies that were no longer Continue Reading
The Nigerian government is set to retrieve one of Africa’s richest oil blocs from oil giants, Shell and Eni, PREMIUM TIMES has learnt. Not only will the two oil giants Continue Reading
Egypt will get about $20 billion in oil products from Saudi Arabia over five years, a government official said, marking the kingdom’s latest display of support for its struggling North Continue Reading
Libya has forgone more than $68bn in potential oil revenues since 2013 amid a power struggle between rival factions that has brought the energy industry to a near standstill and Continue Reading
BP’s diversion of a tanker of liquefied natural gas (LNG) away from Egypt due to payment issues is the first sign that the country’s currency crisis could be jeopardizing its Continue Reading
Militants in Libya attacked and damaged oil-storage tanks near the Ras Lanuf port terminal, inflicting an “environmental catastrophe” that will hamper the country’s crude exports, according to state-run National Oil Continue Reading
Four storage tanks at Libya’s Ras Lanuf terminal have been set ablaze following an attack by “Islamic State” (“IS”) militants. Libya’s National Oil Corporation said the situation was “catastrophic for Continue Reading
Amid one of the deepest oil price crashes in history, Britain’s Tullow Oil is sending one of the world’s biggest floating deep-water oil production platforms to West Africa to pump Continue Reading
Nigeria’s state oil company is shutting down two of the country’s four refineries because militant attacks on pipelines have affected their supplies. A statement Wednesday announced an “operational shutdown” of Continue Reading
Rival Libyan factions announced a unity government at talks backed by the United Nations, taking a tentative step to ease turmoil that has swept the country since a 2011 uprising Continue Reading
The lifting of sanctions against Iran could take up Nigeria’s share of oil export to India, findings have shown. Economic sanctions on Iran were lifted on Saturday after the UN Continue Reading
The Nigerian military on Sunday confirmed that multiple attacks were carried out on oil installations in the Niger Delta area. The Commander of the Joint Task Force, JTF, Alani Okunlola, Continue Reading
Nigeria’s troubled economy, which is on the brink of a recession, is expected to worsen following the lifting of economic sanctions on Iran by the United States which effectively re-admits Continue Reading
Attacks on energy facilities on Libya’s coast indicate a “severe and rising threat” and raise prospects for further disruptions to oil supply, warns a risk analyst at JLT Specialty , Continue Reading
Petrol will soon cost less than bottled water as the relentless decline in oil prices sends fuel down to 86p a litre, it has been claimed. Brent crude fell to Continue Reading
The only sure way to get Nigeria back on track economically is to direct attention to the production of natural gas. This was the submission of Gen. Martin Luther Agwai Continue Reading
The head of Libya’s state-oil company on Wednesday said he is meeting with major oil companies such as BP BP 0.07 % PLC to try to jump-start the country’s potential Continue Reading
After waiting in line for more than four hours to buy gasoline in Nigeria’s capital, Abuja, taxi driver Adebayo Olawole considered himself fortunate he got a half-filled tank. The day Continue Reading
Nigeria said Wednesday it would not cut oil production outside the framework of the Organisation of Petroleum Exporting Countries (OPEC), even as nose diving crude prices caused by a global Continue Reading
As it turns out, Syria was merely a springboard for a much larger ISIS plan—replenishing terrorist coffers by taking over oil assets in war-torn Libya. The terror group has largely Continue Reading
Managing Director, International Monetary Fund, IMF, Ms. Christine Lagarde, has warned that the prevailing uncertainty in the oil and gas industry could plunge the Nigerian financial system into crisis. In Continue Reading
Libya’s National Oil Co. is trying to load oil stored at the eastern Ras Lanuf port for the first time since 2014 , the country’s oil officials said Monday, as Continue Reading
Nigeria’s central bank stopped selling foreign exchange to money-changers as it struggles to stabilize the naira amid a plunge in oil prices that have hit government finances. “Operators in this Continue Reading
A massive truck bomb exploded near a police base in the western Libyan town of Zliten on Thursday, killing at least 60 policemen and wounding around 200 others, officials said. Continue Reading
Shelling by so-called Islamic State (IS) on an oil terminal in Libya has started fires that have spread to giant storage tanks, officials say. The fires are reported to be Continue Reading
The scope of Islamic State’s attacks on Libya’s eastern oil ports expanded on Wednesday, Libyan officials said, with at least five oil tanks set on fire amid fears the group Continue Reading
The head of the IMF, Christine Lagarde, is meeting with Nigerian President Buhari and industry leaders to discuss the country’s economy and the challenge posed by falling oil prices. Christine Continue Reading
Nigerian authorities are facing growing pressure to devalue the naira as the price of oil, its biggest source of foreign exchange, fell to the lowest since 2004. The Central Bank Continue Reading
