Oil’s 60% crash is the tip of an iceberg. The reality is worse
As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are worse still.
Nigeria
African states scramble for coronavirus response
Coronavirus has begun to spread in Africa, triggering governments to impose lockdowns and take steps to tackle the pandemic.
Nigeria puts its foot on the gas
While the big goal of tackling its sclerotic oil industry is still languishing, Nigeria has been racking up progress in its gas sector.
Sabotage, flaring rise for Shell in Nigeria
Spills in Nigeria for Shell increased to 2,000 tonnes in 2019, from 157 sabotage incidents, the company has disclosed in its annual report. This was up from 1,600 tonnes from 111 incidents in 2018.
Supply booms, demand languishes: all are punished
Oil price falls below $40 per barrel spell problems throughout the industry, with companies and countries alike facing tough times.
Pirates attack again offshore Benin
The Minerva Virgo product tanker has been attacked offshore Benin, with one seaman believed to have been kidnapped.
Nigeria plans budget review after Covid-19 hits oil prices
Nigeria may have to adjust its budget this year after fears of coronavirus pandemic dragged the price of crude under the target set in its 2020 spending plan.
Sasol’s Lake Charles pain continues
Scrapping its dividend, Sasol laid out a tough set of results with earnings down 72% at 4.5 billion rand ($297 million) with its Lake Charles project in the US continuing to drag the South African company down.
Pompeo talks energy and corruption in Africa
US Secretary of State Mike Pompeo has wrapped up a trip to three African states this week, where he noted the importance of deepening trade ties and the struggle against corruption.
Yinson to supply FPSO to Aker Energy
Aker Energy has signed a letter of intent (LoI) on a floating production, storage and offloading (FPSO) with Yinson Holdings Berhad.
Nigeria shortlists gas flare companies
Nigeria’s Department of Petroleum Resources (DPR) has held a bidders’ conference for those interested in tackling gas flaring in the country.
West African flows squeezed as China dials down demand
The reduction in Chinese oil demand as a result of the coronavirus has taken its toll on African exports.
ICS calls for Nigeria focus to tackle piracy
Kidnappings of crewmembers in the Gulf of Guinea during 2019 was up by more than 50%, according to the International Chamber of Shipping (ICS), driven by piracy stemming from Nigeria.
Trafigura to finance ADM’s upstream plans
ADM Energy has signed up support from Trafigura, with the oil trader agreeing to support “investment opportunities” in African energy.
Insurance out of step with African piracy risk
Higher insurance premiums for maritime work in the Indian Ocean is out of step with reality, according to Dryad Global’s annual report.
Oil investing in a carbon-averse world
The world continues to need investment in the oil and gas sector, according to most forecasts, but this is an increasingly difficult pitch for investors given concerns over carbon emissions.
Lagos pipeline explosion blamed on thieves
An explosion in a Lagos neighbourhood has been extinguished, but it has left five dead, according to local reports.
Equatorial Guinea plans modular refinery move
Equatorial Guinea has expressed interest in emulating Nigeria’s modular refinery initiative, led by Waltersmith Petroleum.
We were had, Lekoil admits
London-listed Lekoil was the victim of a scam that has all the hallmarks of a classic advance fee fraud case, the company admitted at the close of January 13.
Lekoil suspends shares on questionable Qatari financing
Lekoil’s plans in Nigeria have been thrown into doubt, and trading in the company’s shares suspended, as a finance deal that was supposed to have been signed with the Qatari Investment Authority (QIA) appears to have been bogus.
NPDC looks deeper at OML 49
Nigerian Petroleum Development Co. (NPDC) has issued an invitation for companies to pre-qualify for work on OML 49, where the subsidiary of Nigerian National Petroleum Corp. (NNPC) works with Chevron.
Lekoil lines up Qatari support for Ogo appraisal
Lekoil has set out plans to raise a $184 million loan from the Qatar Investment Authority (QIA) to fund work on the OPL 310 area, offshore Nigeria.
LNG carrier attacked offshore Sao Tome
Piracy continues to threaten shipping approaching Nigeria’s maritime space, with the LNG Lokoja vessel attacked on December 28, Dryad Global has reported.
Making progress with Progressive TSL
Working in different locations presents various logistical problems for companies – a problem Progressive TSL aims to tackle.
Lekoil goes local to pay off Shell debt
Lekoil has paid off its debt to Shell Western Supply and Trading through the raising of a new loan from FBNQuest Merchant Bank.