Finance

Nigeria’s NNPC repays N450 billion debt to federal government

June 22, 2017 | Company Operations, Economy, Government & Regulations

Abuja, Nigeria |  — The Nigerian National Petroleum Corporation, NNPC, said it has repaid its N450 billion indebtedness to the Federal Government according to Nigerian local newspaper , the Vanguard. The NNPC in its April 2017 Monthly Financial and Operations Report, released yesterday, said the last tranche of the sum was paid in March 2017, after paying N6.33 billion on a monthly basis over several months. To this end, the NNPC said it transferred N95.56 billion into the Federation Account during the month under review …

Mozambique, Shell sign MoU on Rovuma Basin natural gas for domestic use

June 22, 2017 | Government & Regulations, Mozambique

Maputo, Mozambique | – Mozambican Minister of Mineral Resources and Energy Leticia Klemens and the Vice President of Anglo-Dutch oil company Shell, Clare Harris, have signed a memorandum of understanding (MoU) on the allocation of natural gas from the Rovuma Basin, in northern Mozambique, for domestic use. The signing of the MoU follows the results of the public tender for awarding the gas for domestic use, which were published in January. Among the three winning bids was one from Shell-Mocambique, which requested between 310 and …

Uganda to finalize oil exploration deal with Nigeria’s Oranto Petroleum

June 21, 2017 | Exploration / Discoveries, Licensing & Concessions, Uganda

London, UK | – Uganda is set to sign two oil production sharing agreements with a Nigerian oil firm, enabling the company to begin exploration work, the government said on June 14. The signing is expected on June 15. The firm, Oranto Petroleum International, was among a number of companies that bid in the country’s first competitive oil exploration licensing round last year, with two other Nigerian firms and Australia’s Armour Energy also getting through to final negotiations for the award of the PSAs. The …

Oil heads for third weekly loss as U.S., Nigeria prolong glut

June 12, 2017 | Commodities & Oilprice, Energy Trading & Markets, OPEC

New York, US | – Oil headed for a third weekly drop as rising supplies from the U.S. and Nigeria showed that OPEC is still struggling to clear a global oil surplus. Futures were little changed in New York Friday, returning to the sub-$50 levels traded when OPEC first agreed to output curbs in November. U.S data released Wednesday showed total crude and product stockpiles rose by the most since 2008 last week, surprising a market that had been expecting further declines. American output is also …

Wood Group wins Statoil concept and feasibility study contracts

June 12, 2017 | Company Operations, Contracts, North Sea & Western Europe

Aberdeen, UK | –  Wood Group has been awarded two new contracts by Statoil to deliver concept and feasibility studies to their Norwegian North Sea assets. Effective immediately, the company will deliver a topside concept study evaluating the tie in of Total’s Garantiana field development to Statoil’s Gullfaks B and Visund facilities. In addition, Wood Group will provide a feasibility study for Statoil’s Tampen oil pipeline, covering subsea pipelines and risers and topside modifications. The two contracts are awarded under an evergreen master services agreement …

Chad settles tax dispute with foreign oil firms

June 12, 2017 | Budget & Investment, Chad, Government & Regulations

N’Djamena, Chad | – The Republic of Chad one of the African economies hit hardest by the drop in oil prices, announced that it had reached an accord with a group of foreign energy companies ending a tax dispute. The deal, signed by the government and a consortium of energy companies led by Esso, a unit of US energy giant ExxonMobil, extends the group’s operating licence in the Doba basin until 2050. It also calls for the development of polymer injection technology to increase oil …

Congo Republic to boost oil output to 350,000 bpd in 2018

June 12, 2017 | Budget & Investment, Congo, Government & Regulations

London, UK  | – Oil projects in the Congo Republic will boost output by 25 percent to 350,000 barrels per day in 2018 according to a new report by Reuters. As low oil prices hit economies across Africa, Congo Republic is boosting output and attracting major investment that could make it one of the continent’s largest producers by next year. The former French colony, ruled by President Denis Sassou Nguesso for all but five years since 1979, will become the third-largest oil producer in sub-Saharan …

OPEC crude production rises led by countries exempt from cuts

June 02, 2017 | Energy Trading & Markets, OPEC

Libya, Nigeria saw combined gain of 310,000 barrels a day Results come after OPEC, non-OPEC extend deal to curb output London, UK | – OPEC crude production rose in May led by gains from Libya and Nigeria, countries that are exempt from the deal to cut output in a bid to revive oil prices. The Organization of Petroleum Exporting Countries’ output in May jumped 315,000 barrels a day from a month earlier to 32.21 million, according to a Bloomberg News survey of analysts, oil companies …