Current Affairs

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Nigeria says ex-President and his Oil Minister took bribes: court filing

May 14, 2019 | Legal, Management, Nigeria

Abuja, Nigeria | – The Nigerian government has accused former President Goodluck Jonathan and his then oil minister of accepting bribes and breaking the country’s laws to broker a $1.3 billion oil deal eight years ago, a London court filing shows. The deal, in which Anglo-Dutch company Royal Dutch Shell and Italian peer Eni jointly acquired the rights to the OPL 245 offshore oilfield, has spawned legal cases spanning several countries. In papers advancing a London commercial court suit against Shell and Eni, lawyers for …

Iran-backed rebels drone attacks damage Saudi pumping stations

May 14, 2019 | Civil Wars & Terrorism, Middle East, Pipelines, Rigs & Vessels

London, UK | –  Saudi Arabia halted its main cross-country oil pipeline after a drone attack damaged pumping stations along the link, a strike claimed by Iran-backed rebels in neighbouring Yemeni. Oil prices rose. Saudi Aramco, the world’s biggest oil exporter, said that supplies of crude and products continued “normally without interruption,” the official Saudi Press Agency reported, citing the energy ministry. The state producer halted the pipeline transporting oil from eastern fields to the port of Yanbu on the western coast as a precautionary, …

Shell, Eni executives face corruption allegations over Nigerian oil deal

May 10, 2019 | Legal, Management, Nigeria

London, UK | –  Royal Dutch Shell Plc and Eni SpA face additional corruption allegations over a Nigerian oil deal, after the West African country’s government said in a London lawsuit that it believes a handful of executives, including CEOs, were tied to more than $1 billion in bribery payments. In court documents filed in early April, the Nigerian government said the oil companies’ senior managers agreed in 2011 to make a large payment for an offshore oil block, understanding the money would trickle down …

Sonangol boss fired by Angola’s President as fuel runs dry

May 10, 2019 | Angola, Government & Regulations, Management

London, UK | — Angolan President Joao Lourenco fired Sonangol EP Chairman Carlos Saturnino as he revamps the company amid persistent fuel shortages in the southern African nation. The presidency appointed Gaspar Martins to lead the state-owned company with a new board after incumbent members were dismissed, according to a statement late Wednesday. Lourenco met with oil industry officials on Tuesday, vowing to end shortages at gas stations across the country that imports almost all of its fuel. Lourenco appointed Saturnino chairman in 2017 and …

Mozambique to establish sovereign wealth fund to govern gas revenue

March 27, 2019 | Economy, Government & Regulations, Mozambique

London, UK | – Mozambique’s government plans to establish a sovereign wealth fund to manage income from future gas production, President Filipe Nyusi said. The state will also allocate a fixed portion of revenue to the state budget to fund infrastructure development, poverty reduction and economic diversification, Nyusi said in a speech on Wednesday in the capital, Maputo. Companies including Eni SpA and Anadarko Petroleum Corp. are developing gas discovered nine years ago in deep waters off the coast of Mozambique, one of the world’s …

China’s ShFE launches crude oil futures index; plans more products

March 27, 2019 | Asia, Economics & Markets

Shanghai, China |  — China on Tuesday marked the 1st anniversary of the trading of crude oil futures at the Shanghai Futures Exchange with the index launch, in the country’s pursuit of higher-level opening-up. The index is based on the price movements and on the rate of return for the most actively traded contract for the crude futures at the Shanghai Futures Exchange, aiming to provide a clearer market reflection of the futures’ continuous trading to investors at home and abroad. The Shanghai Futures Exchange …

Nigeria’s oil sector contributes 92.9% of illicit financial flows

March 05, 2019 | Government & Regulations, Management, Nigeria

Abuja, Nigeria |  — A report by the Nigeria Extractive Industries Transparency Initiative (NEITI) and Trust Africa has disclosed how companies and persons doing business in Nigeria’s oil and gas sector contribute 92.9 per cent of the total amount of illicit financial flows (IFFs) the country records every year. Presented recently in Abuja, at a workshop, the report titled: ‘Averting Illicit Financial Flows in Nigeria’s Extractive Industry,’ stated that while it was generally difficult to measure IFFs as a result of their illegality; types of …

Oil edges higher towards $66 as OPEC-led cuts in view

March 05, 2019 | Commodities & Oilprice, OPEC

London, UK |  – Oil edged higher towards $66 a barrel on Tuesday as the market balanced OPEC-led efforts to tighten supply with the restart of Libya’s biggest oilfield and the prospect of weaker demand. Supply curbs by the Organization of the Petroleum Exporting Countries and allies have helped to drive a 20 percent gain for Brent crude this year. Russia plans to speed up its output cuts this month, the energy minister said on Monday. Brent, the international benchmark, rose 8 cents to $65.75 …