Finance

Angola’s Sonangol cancels auction for eight oil blocks

May 19, 2017 | Angola, Commodities & Oilprice, Licensing & Concessions

London, UK | –  Angola’s state oil company Sonangol has cancelled an auction of oil exploration licences for eight blocks, blaming the drop in oil prices since the bidding opened. “The remarkable drop in the price of the oil barrel and the economic and financial situation of the country and the world, have negatively influenced the viability of the oil concessions,” Sonangol said in a statement. The round includes five blocks in the Kwanza basin and three on the Lower Congo. Sonangol said the new …

Nigeria’s NNPC ‘finalising $6 billion in oil swaps’

May 19, 2017 | Downstream, Energy Trading & Markets, Nigeria

Abuja, Nigeria | – Nigeria’s state oil company is in the final stage of signing $6 billion worth of deals to exchange more than 300,000 barrels per day of crude oil for imported gasoline and diesel, sources with direct knowledge of the process told Reuters. The contracts, which come three months later than expected, include three more pairs of companies than last year, reflecting Nigeria’s increased reliance on NNPC for fuel imports. A lack of local refining capacity means Nigeria is reliant on imported gasoline, …

South Africa open to Iranian investment if new refinery goes ahead

May 19, 2017 | Budget & Investment, Refining & Processing, South Africa

Cape Town, South Africa | – South Africa, a net importer of refined oil products, is looking to West Africa and the Middle East, including Iran, for potential partners on a new refinery project, energy ministry officials said on Friday. Energy minister Mmamoloko Kubayi told parliament that the cabinet expects to decide by December whether to build the refinery that has been under consideration for almost a decade. National oil company PetroSA has promoted the idea of building a refinery with a capacity of up …

Shell seeks to sell Tunisian gas fields for $500 million

May 19, 2017 | Asset Acquisitions & Divestitures, Company Operations, Tunisia

London, UK | – Royal Dutch Shell Plc is seeking to sell its gas fields in Tunisia for about $500 million, sources said, as the Anglo-Dutch company pushes forward with its vast disposal program. The Tunisian assets, accounting for about 65% of the North African country’s gas production, were acquired as part of Shell’s $54 billion take over of BG Group in 2016. The assets include two offshore gas fields — Miskar, fully owned by Shell; and Hasdrubal, 50% owned by Shell — as well as an onshore production facility. In 2015, …

NNPC, Capital Oil at odds over N11billion petrol theft

May 11, 2017 | Legal, Nigeria, Terminals & Storage

Lagos, Nigeria | – The Nigerian National Petroleum Corporation (NNPC), and Capital Oil and Gas Industries Limited have disagreed over the alleged N11 billion petroleum products theft, local newspaper Vanguard reports. Capital Oil launched an accusation against the NNPC, when it alleged that the corporation had over N16 billion outstanding debts to settle. But the Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, disclosed in a telephone interview that Capital Oil’s narrative was a distraction from the main issue. He stated …

Nigeria’s ex-NNPC Boss loses bid to reverse forfeiture order on $9.8million

May 11, 2017 | Legal, Management, Nigeria

Abuja, Nigeria | – A Nigerian Federal High Court in Kano has dismissed the application filed by a former Managing Director of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu, seeking to quash an interim order of forfeiture secured by the Economic and Financial Crimes Commission, (EFCC). Ruling on the application filed by the counsel to Yakubu, Ahmad Raji, Justice Zainab Abubakar said the court has jurisdiction to hear the case, contrary to the argument of Raji. The judge, according to our reporter, also ruled that the …

ExxonMobil to acquire one of world’s largest aromatics plants

May 11, 2017 | Asia, Asset Acquisitions & Divestitures, Company Operations

London, UK | – ExxonMobil Chemical Company announced today that its Singapore affiliate has reached an agreement with Jurong Aromatics Corporation Pte Ltd to acquire its plant located on Jurong Island in Singapore. The plant, one of the largest in the world with an annual production capacity of 1.4 million tonnes, presents operational and logistical synergies for ExxonMobil’s integrated refining and petrochemical complex nearby. The company expects to complete the transaction in the second half of 2017. “As a leading global manufacturer of aromatics, the …

Statoil shares surge after quarterly profit jumps almost tenfold

May 04, 2017 | Company Operations, Earnings Reports

London, UK | – Statoil ASA, Norway’s  international energy company and the world’s largest offshore operator, rose the most in five months after first-quarter profit climbed on higher output amid recovering crude prices and as it deepened cost cuts to emerge from a downturn that has battered the industry for more than two years. The shares rose as much as 3.7 percent, the most since Dec. 12, and were up 2.9 percent as of 9:29 a.m. in Oslo, making it the biggest gainer on the Stoxx …