Government & Regulations

Gambia to market oil blocks disputed by African Petroleum

November 10, 2017 | Government & Regulations, Licensing & Concessions, West Africa

London, UK | – Gambia plans to market two offshore oil blocks that African Petroleum says it still legally holds, the country’s minister of justice said on Friday. Norwegian-listed African Petroleum said in October it had launched arbitration proceedings against the Gambian government to defend its exploration rights. Licenses for the two blocks expired in September 2016 but the oil company had been in talks with the government until earlier this year to extend the exploration period. African Petroleum has previously said the terms of …

UK Government signs off $2 billion loan to Saudi Aramco as listing race heats up

November 10, 2017 | Government & Regulations, Middle East

  London, UK | – Saudi Aramco has been preparing for a Western stock market listing for some time, and the US and UK have both gone to great lengths to court the company – now, Theresa May’s government has signed off on a US$2 billion dollar loan guarantee for the firm. The British government is poised to sign off a US$2 billion loan guarantee for Saudi Aramco, as London scrambles to host the stock market flotation of Saudi Arabia’s state energy giant — an initial public offering analyst believe could be …

Saudi Aramco signs oil, gas deals worth $4.5 billion

November 10, 2017 | Contracts, Government & Regulations, Middle East

Agreements inked with companies from the UAE, Spain, Italy and China London, UK | – Saudi Aramco has signed agreements worth nearly $4.5 billion with multinational oil and gas contractors, in what the company dubbed as an effort to diversify the economy. The deals were signed with companies including Spain’s Tecnicas Reunidas, Italy’s Saipem, China Petroleum Pipeline and Abu Dhabi’s National Petroleum Construction. The investments “reflect our concerted effort… to diversify our economy, promote local manufacturing, support a sustainable environment and strengthen our business and …

Chad considers handing over $1.4billion oil deal to Exxon

November 02, 2017 | Chad, Government & Regulations, Legal

London, UK | – A disputed debt restructuring plan is leading Chad to reconsider its oil supply deal with Swiss trader Glencore, according to a new report by Reuters. Government documents show Chad is keen on handing over the $1.4 billion oil marketing contract to ExxonMobil, which produces the most oil in the country. Sources close to the matter on behalf of Glencore believe the contract cannot be handed over as planned. Heavy pressure from the International Monetary Fund (IMF) has caused the African nation to …

Nigeria’s Kachikwu says IOCs prepared to invest over $15billion in oil projects

November 02, 2017 | Budget & Investment, Government & Regulations, Nigeria

Abuja, Nigeria | – The Nigerian minister of state for Petroleum Resources, Dr. Ibe Kachikwu, on Monday stated that reforms initiated and executed by the federal government in Nigeria’s oil and gas industry within the last two years had earned the sector the confidence of international oil companies (IOCs) who he noted had requested to invest over $15 billion in the sector, Nigerian newspaper ThisDay reports. Kachikwu said in a podcast he released in Abuja that at the moment IOCs were beginning to believe in Nigeria’s …

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. …

Nigeria’s oil minister Kachikwu questions $24 billion oil deals

October 05, 2017 | Government & Regulations, Nigeria

London, UK | – Nigeria’s minister of state for petroleum sent a letter to President Muhammadu Buhari listing at least $24 billion of contracts involving the state oil company that he said were never discussed with him as minster  or chairman of the firm’s board. Emmanuel Kachikwu, the state minister for petroleum resources, complained in the seven-page, Aug. 30 letter to Buhari that during the more than one-year tenure of Nigerian National Petroleum Corp. Group Managing Director Maikanti Baru, no contracts had been submitted to the …

Ambush on Nigeria oil team may hamper Buhari’s recovery plan

August 03, 2017 | Civil Wars & Terrorism, Exploration / Discoveries, Government & Regulations, Nigeria

Boko Haram Islamists’ attack shows ‘new level of boldness’ Government has vowed to continue oil exploration in northeast London, UK | – An attack by Islamist militants on an oil exploration team in Nigeria’s northeast has hurt the government’s ambition to find new crude reserves and quashed hopes of a quick recovery of the West African nation’s least developed region. Militants of the Boko Haram Islamist group on July 25 staged an ambush on geologists, staff of the state-run oil company and soldiers in a …