Oil prices have been kept at low levels largely due to the glut in global supply. While low prices have been bad news for the industry and the oil-driven economies, producers have been reluctant to cut back for fear of losing market share. In the absence of voluntary production cuts, Goldman Sachs analysts say unplanned
Nigeria Plans to split National Oil Corporation into 30 Independent Companies as an Anti-Corruption measure
Nigerian National Petroleum Corp (NNPC) is to be split into 30 independent companies within weeks, the group’s head said on Thursday, in a restructuring designed to help tackle corruption at the state oil company. Mismanagement and graft at NNPC has hampered an industry that provides around 70 percent of national income in Africa’s biggest crude
South Sudan and Khartoum to revise Crude Oil transit charges on prevailing prices—Official
South Sudan has revised Oil transit charges with its neighbor Sudan on the basis of prevailing crude oil prices, Officials have said. In August 2013 South Sudan agreed to pay to Khartoum $9.10 for the oil produced in Upper Nile state and $11 for that of Unity state which produces some 20% of South Sudan’s
Africa’s Major Oil producers Nigeria and Angola seek World Bank Financial support
By Agencies… Nigeria and Angola, Africa’s two biggest oil producers, are both in talks with the World Bank about support to help cope with low crude prices, weakening currencies and strained public finances. Nigeria has held exploratory talks with the World Bank on borrowing to help fund a record budget in 2016 but has not
Oil and the environment: Nigeria President Promises to Clean Oil spills in Niger delta During Kenya Visit
Nigerian President Muhammadu Buhari pledged to clean up Ogoniland and other parts of the Nation’s Oil rich Niger Delta, vastly damaged by frequent crude oil spills. Buhari made the pledge during a maiden visit at the United Nations office in Kenyan Capital Nairobi in Conclusion of his three day state visit to East African Nation.
Iran Determined to raise Oil output as Sanctions are lifted
From Agencies… Iran is determined to raise its oil output as planned as soon as sanctions on its oil industry are lifted, Mehdi Asali, its representative to the OPEC producers’ group, said on Saturday. The international sanctions were scrapped as part of a landmark deal between major powers and Iran to curb Tehran’s nuclear program.
IMF predicts higher Economic growth rate for Mozambique from new Gas discoveries
By Agencies… The International Monetary Fund (IMF) predicts that Mozambique’s average growth rate during the first half of the next decade could reach the staggering figure of 24 per cent per annum. This optimism is based on the assumption that gas processing facilities in the Rovuma Basin, in the far north of the country, will
We reset Business plan in 2015 to deal with market challenges—Tullow Oil
Tullow Oil Plc says it was prompted to reset the business in order to deal with the effects of the uncertain market situations as it labored deliver on key operational goals in 2015. The observations were made by Tullow’s Chief Executive Aidan Heavy as published in the company’s operational activities and trading Statement for the
The ‘not so good’ awaiting Nigeria Oil industry amid the threat of falling prices in 2016
This coming year is shaping up to be a difficult one for economies that are disproportionately dependent on oil. This is especially true for Nigeria, where there’s a possibility of renewed conflict in the country’s oil-producing Niger Delta region, according to SBM Intelligence’s recently published “Nigeria in 2016” report. The global oil picture is stacked against countries like
OPEC says Oil prices will recover by 2020
By agencies… Oil producers’ group Opec has said it expects oil prices to recover to $70 a barrel by 2020. Prices have fallen from more than $110 a barrel in the summer of 2014 to less than $37 a barrel now due to oversupply and slowing demand. But Opec said oil prices would begin to