Expenditures & Funding

Nigeria wasted $1 trillion earned in oil booms, says report

August 23, 2018 | Expenditures & Funding, Management, Nigeria

Abuja, Nigeria | — If not for the recurring wastefulness of Nigeria’s  federal government, the country could have used about $1 trillion it earned from its production and sale of crude oil in five different oil booms to develop and diversify its economic base, a report titled “Stabilising Nigeria’s Volatile Economy”, has disclosed. The report which was co-authored by a former Vice President of the World Bank, Africa Region, Dr. Obiageli Ezekwesili; former president of the Nigerian Association of Energy Economics (NAEE), Prof. Adeola Adenikinju; …

Aiteo Group pays $202 million to NNPC for under-delivered crude oil

March 28, 2017 | Expenditures & Funding, Nigeria, Terminals & Storage

Lagos, Nigeria | – The Nigerian National Petroleum Corporation (NNPC), Monday, disclosed that it had reached a final settlement with Aiteo Group, stating that the company had paid all its outstanding indebtedness amounting to $202.345 million for crude oil swap under-deliveries and other downstream liabilities. In a statement by its Group General Manger, Group Public Affairs Division, Mr. Ndu Ughamadu, the NNPC stated that the amount includes Aiteo’s share of the $184 million total indebtedness by three companies on crude swap obligations plus Aiteo’s other …

UK’s Tullow Oil makes $750million cash call to reduce debt

March 17, 2017 | Company Operations, Expenditures & Funding

Rights issue at 130 pence/shr, 45.2 pct discount Proceeds for investments in offshore Ghana, Kenya London, UK  | – Britain’s independent oil and gas exploration company, Tullow Oil Plc plans a rights issue to raise about 607 million pounds ($750 million) to cut its $4.8 billion debt burden and make investments in drilling and exploration in Latin America and Africa. Tullow, whose founder and long-serving chief executive Aidan Heavey will hand over to Chief Operating Officer Paul McDade in April, was hit hard by the …

Tullow Oil cuts spending, West African production

November 11, 2016 | Company Operations, Development / Production, Expenditures & Funding

London, UK |  –  UK and London-listed leading independent oil exploration and production company, Tullow Oil has lowered its spending again on Wednesday in the face of low oil prices and cut production targets due to the slower than expected increase in output from its new TEN oil fields offshore Ghana. Two years of weak oil prices have forced Tullow to make stringent cost cuts and scrap its dividend and the Africa-focused company also faced a technical issue at its prized Jubilee field in Ghana that forced …

Shell halts $12billion Nigerian Bonga South-West project

March 21, 2016 | Company Operations, Expenditures & Funding, Nigeria

London, UK | – Multinational energy  giant, Royal Dutch Shell, has announced the postponement of the final investment decision on the $12billion Bonga South-West project in deep-water Nigeria amid the sustained global drop in oil prices. The company on Thursday announced that its adjusted profit fell by 56 per cent in the fourth quarter of 2015 compared to a year earlier, while its earnings fell by 80 per cent to $3.84bn, compared to $19bn in 2014. The Chief Executive Officer, Royal Dutch Shell Plc, Ben …

Shell, Total postpone projects in Africa amid global oil prices plunge

April 28, 2015 | Company Operations, Expenditures & Funding

Energy supermajors Royal Dutch Shell and Total delayed large-scale projects in West Africa. The move will give both companies time to bring down contractor costs. London, UK |  — Energy companies Royal Dutch Shell and Total have delayed large-scale projects in West Africa in light of a global decrease in crude oil prices, Financial Times reported. Shell has delayed investment on the offshore Bonga South West project in Nigeria until next year. The project is estimated to cost $12 billion. Total has delayed the Zinia two projects in Angola. According to the newspaper, the move …