Exxon Mobil Corp. is in advanced negotiations with Eni SpA over acquiring a minority stake in natural-gas discoveries off Mozambique, according to two people with knowledge of the talks. Exxon Chief Executive Officer Rex Tillerson discussed the plan with Mozambique President Filipe Nyusi last week in Maputo, the African nation’s capital, according to one of
South Africa Energy Industry workers’ Strike Likely to affect Oil Refineries—Expert
South African energy workers plan to strike from Thursday over wages, potentially affecting crude oil refineries and fuel depots, the Chemical, Energy, Paper, Printing, Wood and Allied Workers Union (CEPPWAWU) said on Wednesday. Around 23,000 workers in the petrochemical and pharmaceutical sectors are expected to down tools, Clement Chitja, head of collective bargaining, said. “We
Ghana announce Deficit in Oil Earnings, The Saturated Market is Hurting the Once Hopeful Producer
Ghana’s crude oil revenues will be 1.4 billion cedis this year, lower than a previous estimate of 2 billion cedis, the finance minister said in a budget review. Despite that, the deficit would remain unchanged from a previous estimate of 5.3 percent, Finance Minister Seth Terkper said. Revenues for 2015 are estimated at 1.5 bln
New ‘Panama papers’ Expose Oil Companies and Gov’t Officials in Misuse of Corporate and Political power in Africa
Nearly four months after the initial release of the Panama Papers, investigations into the use of offshore accounts to channel illegal funds have now revealed a large-scale network of offshore deals that took place across Africa. Many of these deals expose misuse of corporate power towards paying exorbitant bribes to win control of natural resources
Watchdog: Nigeria Lost $5.9 Billion from Oil in 2013 due to Theft, vandalism and Irresponsible Gov’t Dealings
Africa’s largest Oil producer Nigeria lost over $5.9 billion in oil theft and vandalism of major installation and irresponsible secret government dealings, Nigeria Extractive Industries Transparency Initiative said. The watchdog’s Executive director Waziri Adio, told the News Agency of Nigeria (NAN) at a forum on July 19, 2016 in Abuja that 4.7 billion dollars was lost
Here is why Tullow Oil is unlikely to Halt Ghana Oil Production Despite damaged ship
Tullow Oil is set to announce on Thursday how it will repair a ship that is a hub for its most important oil field, and is likely to recommend a fix that will allow output to continue – instead of suspending it for a year, officials said. The ‘spread mooring’ solution would mean Tullow avoids
Angola Announce Discovery of New Oil and Natural gas Well, Find totals to 813 million barrels of oil equivalent
Angola’s state-run oil giant Sonangol, recently taken over by the president’s daughter, has announced a gas discovery in the offshore Kwanza Basin that could hold 813 million barrels of oil equivalent, news agencies report. The discovery is in Block 20/11 and BP Plc holds an interest in this block along with the Angolan state company.
Inside the Tanzania Oil and Gas Sector: Roles and Key Regulatory Institutions of Uganda’s Major Oil Partner State
When delivering a keynote address at the Second Oil and Gas Conference 2013, on “Planning for Oil and Gas Industry for Rapid Socio-economic Development” the former Executive Secretary of Tanzania’s President’s Office, Planning Commission, and Current for Finance and Planning, Dr Philip Mpango said regulating of production as well as revenue flows from oil and
Nigeria Militant Group Bombing Oil Pipelines Says it won’t Stop Until Companies Exit Oil-rich Delta Region
Nigeria’s armed group which has claimed responsibility of bombing oil pipelines in the Niger Delta told the nation’s authorities it may turn violent if companies continue to operate in the region. Niger Delta Avengers (NDA) in a statement published on its website said that the oil companies must not carry out any repair works on
Positive Impact of Nigeria Oil War? Cut in Production has resurrected Oil Market Prices
Brent crude oil prices rose on Monday, lifted by a plunge in the dollar that could spur demand just as attacks on Nigerian oil infrastructure tighten supplies, but signs of recovering U.S. output capped gains. Brent crude futures LCOc1 rose as high as $50.10 but retreated to be up 38 cents or 0.7 percent at