Government & Regulations

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 …

Nigeria adopts U.S.$11 billion Dangote refinery under new petroleum policy

August 03, 2017 | Economy, Government & Regulations, Nigeria

Abuja, Nigeria | – The Nigerian government has adopted the U.S.$11 billion Dangote refinery, under its new National Petroleum Policy in order to add value to crude oil, reduce high dependence on imported petroleum products and conserve foreign exchange for other developmental projects. Consequently, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, will lead a government delegation to inspect the progress of work at the 650,000 plant expected to come on stream in 2019. Investigations showed that the visit would enable the government …

Nigeria to compel oil firms to lower high oil production cost

August 03, 2017 | Commodities & Oilprice, Government & Regulations, Nigeria

Abuja, Nigeria |  – The Federal Government of Nigeria  is set to compel international oil companies (IOCs) to cut the cost of producing oil in Nigeria. Minister of State for Petroleum Resources, Dr. Emmanuel Kachikwu, who confirmed the plan said at the present low price of crude oil, it makes economic sense to cut cost. Consequently, he stated that the cost, which the National Petroleum Policy put at $28.99 per barrel, would be reviewed downward with the IOCs in order to arrive at an acceptable …

Russia’s largest oil producer says new US sanctions are going to backfire

August 03, 2017 | Eastern Europe & Russia, Government & Regulations

Nizhnebureisky, Russia |  – New U.S. sanctions imposed on Russia will have negative consequences for the United States and backfire on U.S. energy majors, Igor Sechin, chief executive officer of Russia’s largest oil producer Rosneft , said on Thursday. U.S. President Donald Trump grudgingly signed into law new sanctions against Russia on Wednesday, a move Moscow said amounted to a full-scale trade war and an end to hopes for better ties with the Trump administration. “The sanctions are beginning to backfire on those who are …

Exxon sues U.S. over $2 million fine for breach of Russia sanctions

July 21, 2017 | Eastern Europe & Russia, Government & Regulations, Legal, United States & Canada

London, UK | – American multinational oil supermajor, Exxon Mobil Corporation must pay a $2 million fine for showing “reckless disregard” for U.S. sanctions on Russia while Secretary of State Rex Tillerson was the oil giant’s CEO, the Treasury Department said Thursday. Exxon sued the U.S. government to stop the fine. Treasury said that Exxon violated sanctions when it signed contracts in May 2014 with Russian oil magnate Igor Sechin, chairman of government-owned energy giant Rosneft. The U.S. blacklisted Sechin, Tillerson’s longtime business associate, as …

Egypt prepares to handle first state-owned IPO in 12 years

July 06, 2017 | Egypt, Government & Regulations, Licensing & Concessions

Cairo, Egypt | – Egypt has picked a consortium led by CI Capital to act as lead managers and bookrunners for a stock market listing of oil company Engineering for the Petroleum and Process Industries (ENPPI), the country’s first initial public offering (IPO) of a state-owned company in 12 years. The consortium also includes Jefferies International Limited and Emirates NBD Capital Limited, the Investment Ministry said on Wednesday. The government is launching an IPO program that will offer shares in dozens of state-owned companies over …