Finance

Tanzania signs oil exploration deal with Uganda

October 13, 2017 | Contracts, Exploration / Discoveries, Tanzania, Uganda, Upstream

London, UK | – Tanzania has entered into an agreement with Uganda to help in the search for oil in the Eyasi Wembere Basin and Lake Tanganyika. The two countries already have a crude pipeline deal. This puts to doubt Tanzania’s previous agreement with Democratic Republic of Congo signed a year ago to work on a joint oil exploration in Lake Tanganyika. DR Congo has discovered oil in Lake Albert on its border with Uganda and it hopes to find oil in Lake Tanganyika. Experts …

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. …

Tullow Oil awarded four licences in Côte d’Ivoire

October 13, 2017 | Company Operations, Côte d'Ivoire (Ivory Coast), Licensing & Concessions

London, UK | – British African-focused  multinational oil and gas exploration company, Tullow Oil Plc has announced that it has acquired 90% stakes in four onshore blocks in Côte d’Ivoire. Petroci, the national oil company of Côte d’Ivoire, holds the remaining 10%. The four blocks – CI 518, CI519, CI301 and CI302 – cover 5,035 km2 and located on the coastline of Côte d’Ivoire mostly to the west of Abidjan. Tullow believes that this acreage will complement the Group’s existing exploration portfolio as the blocks are …

Shell buys charging station firm in first electric vehicle deal

October 13, 2017 | Mergers, Acquisitions & JVs, North Sea & Western Europe, Products, Services & Techniques

Amsterdam, Netherland  | – Multinational oil giant,  Royal Dutch Shell Plc has agreed to buy Dutch-based NewMotion, the owner of one of Europe’s largest electric vehicle charging networks, marking the company’s first deal in electric mobility as demand for cleaner vehicles is expected to soar. Shell said NewMotion, which manages over 30,000 charging points for electric vehicles in Western Europe and offers access to thousands more, will operate in parallel to Shell’s program of rolling out fast charging points at its forecourts. “They’re complementary offers. …

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. …

Saudi Arabia says oil deal with Russia helping market, demand healthy

October 05, 2017 | Commodities & Oilprice, Eastern Europe & Russia, Energy Trading & Markets

Moscow, Russia | – World energy markets can handle supplies of U.S. shale oil next year as demand is rising and deals between Russia and Saudi Arabia have helped stabilize crude prices, Saudi Arabia said on Thursday, suggesting confidence about the outlook. Saudi Arabia and Russia, the world’s biggest producers of crude, helped secure a deal between OPEC and 10 rival suppliers to cut output until the end of March 2018 in an effort to reduce a price-sapping glut. Saudi Energy Minister Khalid al-Falih, whose …

Saudi Aramco IPO on track for 2018 – Aramco CEO

October 05, 2017 | Budget & Investment, Middle East

Moscow, Russia | –  A plan to list Saudi Aramco in 2018 is on track, senior Saudi officials said in Moscow on Thursday, as Saudi Arabia gears up to sign a string of investment agreements with Russia. The plan to float around 5 percent of Aramco in an initial public offering (IPO) is a centerpiece of Vision 2030, a wide-ranging reform plan to diversify the Saudi economy beyond oil which is being championed by Saudi Crown Prince Mohammad bin Salman. “Work is ongoing to list …