The fall of global crude oil prices has left the Nigerian government incapacitated to handle a number of its sector operations due to a financial constrains. Nigerian financial deficit has expanded, something financial analysts have attributed to large scale corruption and over reliance on crude oil for much of its national income. According to the
A crude oil pipeline belonging to Eni SPA, an Italian multinational Oil and gas company in the Nigerian oil rich Niger delta exploded, killing 12 workers on site. The men were part of a maintenance team, including security and environment officials, carrying out repairs on Thursday afternoon on the Tebidaba-Clough Creek line near the town of Azuzuama
The new Nigerian government is finalizing plans cut expenditure on fuel subsidies and privatize four of its low capacity refineries in the latest economic recovery attempt. A source in Nigeria’s new president, Muhammadu Buhari’s Transitional committee revealed to Reuters that members on the new Nigeria administrative body advised the president to cut the cost on
Newly elected president of Nigeria Muhammadu Buhari is expected to appoint himself as head of the Oil Ministry reportedly over the massive corruption in the industry sources have said. As the nation eagerly awaits for the new cabinet, a source in Nigeria told reuters that the oil sector is so dirty that nobody’s hands are
Nigerian National Petroleum Corperation (NPP) has called on its partners in the oil exploration exercise to speed up the search for the oil in all marked reserve areas, with immediate effect. This follows a directive from Nigeria Minister of Petroleum resources Diezani Alison-Madueke in which he asked the cooperation not to “leave any stone unturned” in
UK’s Department for International Development and Department for International Trade have published a summary of 27 commercial deals from across the African markets invited to the UK-Africa Investment Summit. According to the departments, the deals are worth over £6.5 billion. They said this in a statement released at the ongoing UK-Africa Investment Summit held in
GlobalData’s latest report, ‘Global Oil & Gas FIDs in 2020’ indicates final investment decisions (FIDs) planned across the oil and gas value chain in 2020 reflect growth in the importance of natural gas. In the upstream sector, Africa has the highest volumes of remaining reserves from greenfield projects targeting FID in 2020 due to the
Petrobras, following up on the release disclosed on 3/8/2018, announces that its subsidiary Petrobras International Braspetro B.V. (“PIBBV”) signed today a Sale and Purchase Agreement – “SPA”, related to the full sale of its 50% interest in Petrobras Oil & Gas B.V. (“PO&GBV”) to Petrovida Holding B.V., a company formed by the partners Vitol Investment
Egyptian engineering, construction, and procurement (EPC) company Enppi and Egyptian Petroleum company Petrojet have completed 60% of their natural gas network expansion project in Jordan, says reports. The project will be finished next October, Egyptian Minister of Petroleum Tarek El-Molla said in a press statement during a visit to Jordan. During the trip, Egypt and
The Angolan State Oil Company (Sonangol) announced today it has signed a memorandum of understanding with two foreign aviation companies to restructure its own Sonair Company, which ensures air transport in the sector. The document was signed on Wednesday by the chairman of Sonangol’s board Carlos Saturnino and Daniel Sigaud by the Luxembourg consortium Heliconia