Hot Spots

Hot Spots Categories

ExxonMobil makes oil discovery in Equatorial Guinea Block EG-06

December 12, 2017 | Equitorial Guinea, Exploration / Discoveries

London, UK | – The Equatorial Guinea Ministry of Mines and Hydrocarbons announced that American multinational oil and gas corporation, ExxonMobil has struck oil with its Avestruz-1 well in Block EG-06. The government of Equatorial Guinea has partnered with ExxonMobil in Block EG-06 through a 20-percent stake held by Equatorial Guinea national oil company GEPetrol. The well was drilled in October 2017. The operator is now assessing potential commerciality. Avestruz-1 is located approximately 160 kilometres offshore Malabo in an exploration area adjacent to ExxonMobil’s Zafiro …

Unfazed by OPEC, Libya and Nigeria seek to boost oil output

December 12, 2017 | Libya, Nigeria, OPEC

London, UK |  – Less than two weeks after OPEC’s decision to extend oil production cuts, Libya and Nigeria – the only two exempt members of the group – are signalling their intent to raise output next year. While several ministers at the November 30 meeting of the Organization of the Petroleum Exporting Countries suggested the two nations had joined the output-curbing deal, both are working to add to their peak production from this year. On Friday, oil company Total said its new Egina field …

Protesters say they briefly shut three ENI oil wells in Nigeria

December 12, 2017 | Company Operations, Nigeria, Politics & Social Unrest

Yenogoa, Nigeria | –  Protesters briefly shut three oil wells owned by Italy’s ENI in the Niger Delta region of south-south Nigeria over the weekend and could try do so again, a community leader said on Tuesday. Timiondi Fabofighe, chairman of the Ikebiri Community Development Committee (CDC), said the protests, against the presence of multinational oil companies in Nigeria’s oil production heartland, took place at ENI’s subsidiary Agip in Bayelsa state. ENI declined to comment. It was not immediately clear if the protests had affected …

Shell helped Nigeria’s military to commit human rights abuses – Amnesty

November 28, 2017 | Health, Safety & Environment, Nigeria, Politics & Social Unrest

London, UK | – Oil giant Shell should be investigated for alleged complicity in” horrific crimes” committed by the military in Nigeria in the 1990s, Amnesty International has said. Shell encouraged a crackdown, which led to killings and the burning of villages in the oil-producing Ogoniland region of Nigeria’s restive Niger Delta, the rights group added. The Anglo-Dutch oil supermajor said the allegations were “without merit”. The region was hit by protests over oil pollution and poverty in the 1990s. It led to a massive …

South Africa’s Sasol signs $3.9 billion credit facility

November 28, 2017 | Budget & Investment, Company Operations, South Africa

Johannesburg, South Africa | – South Africa’s multinational energy and chemicals group Sasol has signed a $3.9 billion five-year credit facility. According to a note to shareholders issued on Thursday, the initial target was $3bn but due to oversubscription, it increased to $3.9bn. The revolving credit facility includes two further extension options of one year each. Chief financial officer Paul Victor, who was speaking at Sasol’s Capital Markets Day in Sandton on Thursday, said the credit facility would help with liquidity and refining the group’s debt. …

Sasol dumps $13-$15 billion U.S. project, to exit Canadian shale

November 28, 2017 | Company Operations, Petrochemicals, South Africa

Johannesburg, South Africa |  – South Africa’s  integrated energy and petrochemical company, Sasol is pulling out of all of its gas-to-liquids (GTL) greenfield projects including one in Louisiana project expected to cost $13 billion to $15 billion, the company said on Thursday. Walking away from the project, which would have been the biggest investment abroad by a South African company, underscores the headwinds the industry is facing in a volatile market with generally depressed prices. “While our current GTL assets are generating good returns and …

Petrobras, BTG Pactual to sell their Nigerian oil venture

November 12, 2017 | Asset Acquisitions & Divestitures, Nigeria

London, UK | –  Brasil’s state-controlled oil company Petroleo Brasileiro SA (Petrobras) is leading an effort to sell Petrobras Oil and Gas BV (Petrobras Africa), after being joined in the sale by shareholders Grupo BTG Pactual SA and Helios Investments, it said on Thursday. Heavily indebted Petrobras announced plans this week to sell its 50 percent stake, and began sending information on the company to potential investors. It has been joined in the sale by BTG Pactual E&P BV, a subsidiary of investment bank Grupo …

Algeria’s Sonatrach, Baker Hughes form JV to build Algeria plant

November 12, 2017 | Algeria, Company Operations, Oilfield Services

Algiers, Algeria | – Sonatrach, Algeria’s state energy producer, has signed an agreement with Baker Hughes, a GE company (BHGE), to set up a 2,000-sq-m oilfield equipment manufacturing facility in Arzew Industrial Zone aiming to strengthen Algeria’s position in the upstream oil and gas market to meet local demand. The agreement was signed in the presence of the Minister of Energy, Mustapha Guitouni, at a ceremony hosted by Sonatrach in Algiers. Sonatrach and BHGE will have 51 per cent and 49 per cent ownership respectively, …