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
Is OPEC a Toothless Organisation attracting world attention without Impact on the Oil Market?
By Anas Alhajji… The Organization of the Petroleum Exporting Countries is dead. Saudi Arabia killed it. Now, OPEC is just a toothless zombie, attracting attention, but without having any impact on the living. Few have noticed OPEC’s demise for a simple reason: it never really had the impact that it was widely perceived to have.
Here is How the Looming fall in Oil Demand Could Trigger Another Market Slump
By Gaurav Sharma… Towards the middle of the current trading year, a glut ridden oil market had started showing some signs of rebalancing. Decline in US oil production was being reflected in the data, much to the delight of the Organization of Petroleum Exporting Countries (OPEC). So when the oil producers’ collective met at its
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
Tanzania adopts ‘Bulk Procurement System’ to Guide Downstream Operation of Gas Industry
The government of Tanzania has adopted bulk procurement system for the importation of liquefied petroleum gas (LPG) in the country, effective from September this year The new system was announced by the Ministry of Energy and Minerals deputy permanent secretary Juliana Pallangyo in Dar es Salaam. She invited all interested parties to participate in the
Oil and Development: Can Oil Revenues Transform the Poor Economies of Africa’s New and Old Producers?
Critics point out that ordinary people have not benefited from oil and gas exploitation in many African states. Billions of dollars in revenue have had little positive impact on the lives of most people in countries like Angola and Nigeria. Local content policies have been expanding across Africa and are currently being drafted in Uganda, Tanzania,
Nigeria Sets Special Fund Worth $100 million to Revamp its Oil Price hit Sector
Nigeria’s government has launched a special fund worth US$100 million to take care of securing the credit that the oil industry of the country needs. Called a Nigerian Content Intervention Fund, the vehicle will be managed by the Nigerian Content Development and Monitoring Board and the Bank of Industry. Until now, Nigerian oil service companies
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
Price Slump opening way for Private Equity firms to Enter Oil industry—Ernst and Young Report
A recent report by Business Consultants Ernst and Young indicate that Private equity (PE) firms are preparing to invest in global oil and gas sector despite the recent slump in prices. The firm through a survey on about 100 PE firms observed that about 25 per cent of the PE firms are planning acquisitions before the