Current Affairs

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Unfazed by OPEC, Libya and Nigeria seek to boost oil output

December 12, 2017 | Libya, Nigeria, OPEC

London, UK |  – Less than two weeks after OPEC’s decision to extend oil production cuts, Libya and Nigeria – the only two exempt members of the group – are signalling their intent to raise output next year. While several ministers at the November 30 meeting of the Organization of the Petroleum Exporting Countries suggested the two nations had joined the output-curbing deal, both are working to add to their peak production from this year. On Friday, oil company Total said its new Egina field …

Protesters say they briefly shut three ENI oil wells in Nigeria

December 12, 2017 | Company Operations, Nigeria, Politics & Social Unrest

Yenogoa, Nigeria | –  Protesters briefly shut three oil wells owned by Italy’s ENI in the Niger Delta region of south-south Nigeria over the weekend and could try do so again, a community leader said on Tuesday. Timiondi Fabofighe, chairman of the Ikebiri Community Development Committee (CDC), said the protests, against the presence of multinational oil companies in Nigeria’s oil production heartland, took place at ENI’s subsidiary Agip in Bayelsa state. ENI declined to comment. It was not immediately clear if the protests had affected …

Shell helped Nigeria’s military to commit human rights abuses – Amnesty

November 28, 2017 | Health, Safety & Environment, Nigeria, Politics & Social Unrest

London, UK | – Oil giant Shell should be investigated for alleged complicity in” horrific crimes” committed by the military in Nigeria in the 1990s, Amnesty International has said. Shell encouraged a crackdown, which led to killings and the burning of villages in the oil-producing Ogoniland region of Nigeria’s restive Niger Delta, the rights group added. The Anglo-Dutch oil supermajor said the allegations were “without merit”. The region was hit by protests over oil pollution and poverty in the 1990s. It led to a massive …

Russia concerns keeps market guessing ahead of OPEC meeting

November 28, 2017 | Commodities & Oilprice, Energy Trading & Markets, OPEC

  OPEC is expected to extend its deal with Russia and other oil producers to keep 1.8 million barrels a day off the market, but what’s not clear is for how long OPEC ministers head to Vienna on Thursday to decide whether to extend output cuts beyond March next year. The prospect, however, of an alliance breakdown between the world’s two largest oil producers threatens to scupper the cartel’s plans. OPEC is expected to extend its deal with Russia and other oil producers to keep 1.8 million barrels …

Iraq wants control of Kurdish region’s oil exports: state firm

November 02, 2017 | Development / Production, Middle East, OPEC

Baghdad, Iraq | – Iraq wants the Kurdistan region to stop independent crude exports and to hand over sales operations to the Iraqi state-oil marketer SOMO, the company’s director said on Thursday. Iraq is talking to Turkey to allow SOMO to sell the Kurdish crude that arrives by pipeline in Ceyhan, the Turkish terminal on the Mediterranean, acting SOMO director general Alaa al-Yasiri told reporters in Baghdad. About 530,000 barrels per day (bpd) used to arrive in Ceyhan via the pipeline until mid-October, of which …

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. …