Current Affairs

Current Affairs Categories

Libya’s NOC warns of ‘catastrophic’ consequences if Sharara oilfield halted

December 09, 2018 | Libya, Politics & Social Unrest

Tripoli/Benghazi, Libya | – Libya’s National Oil Corporation (NOC) warned on Sunday of “catastrophic consequences” if the El Sharara oilfield is brought to a complete halt by a tribesmen protest. Should the 315,000 barrel-a-day field shut down, it would take a long time to bring it back on stream and production from another field would also be affected, the state oil firm said. “Shutting down production at the El Sharara field will have catastrophic, long-term consequences, it would take a long time to resume production …

Nigeria oil minister expects green light for Bonga oilfield by February

December 09, 2018 | Budget & Investment, Nigeria, OPEC

Vienna, Austria | – Nigeria’s oil minister expects a final investment decision (FID) on its Bonga Southwest offshore oilfield by February next year, he said on Friday on the sidelines of an OPEC meeting. The project, one of the country’s largest with an expected production of 180,000 barrels per day, will generate profit at below $50 a barrel, according to Royal Dutch Shell which operates the field. “Negotiations (are) still going on. The contractual dynamics (are) still being perfected …,” Emmanuel Kachikwu told reporters. “Shell …

OPEC, Russia reach deal to slash oil production from January 2019

December 07, 2018 | Commodities & Oilprice, Energy Trading & Markets, OPEC

London, UK |  – OPEC and its Russia-led allies agreed on Friday to slash oil production by more than the market had expected despite pressure from US President Donald Trump to reduce the price of crude. The producer club will curb output from January by 0.8 million barrels per day (bpd) versus October levels, while non-OPEC allies will contribute an additional 0.4 million bpd of cuts, in a move to be reviewed at a meeting in April. Oil prices jumped about 5 percent to more …

Nigeria, Saudi Arabia hold talks on oil market stability

November 30, 2018 | Nigeria, OPEC

London, UK | – Ahead of the 175th meeting of the Organization of Petroleum Exporting Countries (OPEC) members slated for December 6, in Vienna Austria, Nigeria and Saudi Arabia have met to strategise on how to ensure oil market stability To this effect, Nigeria’s Minister of State for Petroleum Resources, Dr Ibe Kachikwu, and Saudi Arabian minister of oil and energy, HE Khalid Al-Falih, met in Abuja on Wednesday to discuss how both countries would help to ensure price stability at the upcoming OPEC meeting …

World Bank sees Nigerian 2018 GDP growth at under 2 percent

November 30, 2018 | Economy, Government & Regulations, Nigeria

Lagos, Nigeria | – The World Bank expects Nigeria’s economy to grow slightly less than 2 percent this year, largely driven by the non-oil industry and services sectors, as the approach of elections keeps foreign investors away, it said on Wednesday. Nigeria emerged from a recession last year but growth remains fragile, with the government borrowing both at home and abroad to help fund its budget. It has raised almost $9 billion from the eurobond market since 2017 to boost growth. “Nigeria’s emergence from recession …

Iran says U.S. sanctions will have “severe consequences” for world order

October 30, 2018 | Economy, Energy Trading & Markets, Government & Regulations

London, UK | –  U.S. sanctions against Iran will have “severe consequences” for the world order, Iranian Foreign Minister Mohammad Javad Zarif said on Tuesday, days before new sanctions on Tehran’s oil exports take effect. Washington reintroduced sanctions against Iran’s currency trade, metals and auto sectors in August after it pulled out from a multinational 2015 deal that lifted sanctions in return for limits on Iran’s nuclear programme. A new set of sanctions on Iranian banking and energy sectors are to take effect Nov. 5, …

Afren former executives sentenced for fraud and money-laundering

October 30, 2018 | Company Operations, Legal, Management

London, UK |  – The former CEO and COO of collapsed upstream company Afren were sentenced to up to six years in prison on Monday after they were convicted of fraud and money laundering over a $300 million business deal, Britain’s Serious Fraud Office (SFO) said. Former Afren Chief Executive Osman Shahenshah and former Chief Operating Officer Shahid Ullah laundered more than $45 million, some of which was used to buy luxury properties in Mustique and the British Virgin Islands, the SFO said. “The significant sentences …

Angolan President approves Sonangol restructuring

October 05, 2018 | Angola, Government & Regulations, Management

Luanda, Angola | – Angolan President João Lourenço has approved the restructuring plan for Angolan National Oil Company  Sonangol, local media reported Thursday. The statement from the presidency said the measure would help to make Sonangol more competitive and profitable, Nogtec Bureau reported. Details about the planned  restructuring were not included. In April 2016, the Angolan  Ministry of Oil announced that Sonangol would be restructured.  While in a December 2016 interview with the Financial Times, the former  Sonangol chair Isabel dos Santos said the NOC would be …