Current Affairs

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Nigerian court seizes 56 houses linked to ex-oil minister Diezani Alison-Madueke

October 13, 2017 | Legal, Management, Nigeria

Superyachts and luxury apartments around the globe are among assets targeted as Nigeria hunts billions in missing oil revenues. Lagos, Nigeria | – A Nigerian court has ordered the seizure of 56 properties linked to the country’s former oil minister, who is facing corruption allegations. Local media and agency reports said the houses, penthouses and flats in Lagos, Abuja and Port Harcourt were worth between £5.5m and £17m. The properties, bought through front companies, were linked to Diezani Alison-Madueke and her cousin, Donald Chidi Amamgbo. …

Two ex-Afren executives to face charges over $400 million Nigeria deals

October 05, 2017 | Legal, Management, Nigeria

Lagos, Nigeria | – The United Kingdom’s Serious Fraud Office has said it will charge two former executives of collapsed oil company, Afren Plc, with alleged fraud over payments they received through secret companies relating to over $400million business deals in Nigeria. Afren, an Afican-focused oil and gas exploration and production company once valued at $2.6billion on the stock market, collapsed into administration in July 2015 after it was unable to service heavy debts. The SFO, in a statement on its website on Tuesday, said …

Angola’s Sonangol appoints new directors under new government

October 05, 2017 | Angola, Government & Regulations, Management

London, UK | –  Angola’s Sonangol  has appointed three new board members to help restructure the state oil company, the same week President Joao Lourenco was sworn into office after 38 years of rule by Jose Eduardo dos Santos. The former president’s daughter Isabel dos Santos remains the head of Sonangol. She announced plans last year to split the company into three units: exploration and production, logistics and a division handling concessions to international oil firms. Its non-oil interests will be placed in a fund. …

Iraq, Iran, Turkey to decide together on shutting down Kurdistan’s oil

October 05, 2017 | Middle East, Politics & Social Unrest

Erbil, Kurdistan Region, Iraq |  – Iraq, Iran, and Turkey are solidifying their unity against the Kurdistan Region, threatening joint action to shut down the Region’s oil exports in reaction to Kurdistan’s independence referendum, according to the Turkish president. “In the case of northern Iraq, Iran, Iraq and Turkey will form a tripartite mechanism and will decide on shutting down the oil,” President Recep Tayyip Erdogan told reporters on a return flight on Thursday after a visit to Tehran, Hurriyet Daily News reported. Oil-dependent Kurdistan …

Russia’s oil cut deal with OPEC may be extended to end of 2018 – Putin

October 05, 2017 | Commodities & Oilprice, Eastern Europe & Russia, OPEC

London, UK | – President Vladimir Putin said Russia is open to extending a deal with OPEC to curb oil supplies to the end of 2018, though he’ll wait to make a decision until nearer the expiry of the existing pact in March, Bloomberg reports. The comments are the strongest signal yet that the Kremlin is willing to redouble efforts to lift global energy prices, coming as Putin prepares to welcome King Salman Bin Abdulaziz of Saudi Arabia to Russia for the first time this week. …

Protesters storm Shell crude flow station in Niger Delta

August 15, 2017 | Nigeria, Politics & Social Unrest

Port Harcourt, Nigeria  | – Hundreds of Nigerian protesters stormed a crude oil flow station and gas plant owned by Shell in the restive Niger Delta oil hub yesterday, demanding jobs and infrastructure development, a Reuters witness said. Shell Petroleum Development Company of Nigeria (SPDC),  a subsidiary of Royal Dutch Shell Plc said in a statement that it had already shut down the facilities due to security threats before they were stormed. The protesters complained that they were not benefiting from oil production in their …

OPEC’s long-sought success spoiled by 2018 oil supply worry

August 15, 2017 | Commodities & Oilprice, OPEC

London, UK | – Oil investors are already worrying over the potential fallout when OPEC’s deal to cut output expires, marring emerging signs that the accord to shrink a glut is finally succeeding. Uncertainty about how supplies curbed by OPEC and its allies will be returned to the market in 2018 is clouding the outlook for crude, according to BMI Research. Prices remain vulnerable even though demand is strong, production gains are largely exhausted in Libya and Nigeria, and U.S. shale output is slowing, the …

Nigeria to continue Lake Chad Basin oil exploration despite deaths

August 03, 2017 | Civil Wars & Terrorism, Exploration / Discoveries, Nigeria

Abuja, Nigeria | – Nigerian scientists will continue to search for oil in the restive Lake Chad Basin region despite a kidnapping of some researchers by suspected Boko Haram members, a university and state oil firm NNPC said July 31. Members of an oil prospecting team were kidnapped in the northeast’s restive Lake Chad Basin region on July 25, prompting a rescue bid that left at least 37 dead including members of the team, rescuers from the military and vigilantes, officials say. Three kidnapped members …