MX raises £2.5million, consider portfolio shake-up
MX Oil today confirmed it has successfully raised £2.5million by placing 333,333,333 ordinary shares at a price of 0.75 pence per share.
Nigeria
Shell cash doesn’t bring quick fix after Nigerian oil spills
As canoes glide past mangroves blackened by oil in the Niger River delta, two dozen children splash around in a creek covered by a sheen of crude while families take shelter from the punishing midday sun in half-built houses.
Oil set for 3rd weekly gain as producers plan to meet on freeze
Oil headed for the longest run of weekly gains since May as Nigeria said key members of OPEC intend to meet with other producers in Russia this month to renew talks on an agreement to freeze output.
Nigerian Petroleum Minister says OPEC meeting to go-ahead later this month
Nigeria's Petroleum Minister said some OPEC members plant to meet with other producers in Russia later this month.
Nigerians sue Shell in UK court over oil spill pollution
Tens of thousands of Nigerian fishermen and farmers are suing multinational oil giant Shell in two new lawsuits in a British court alleging decades of uncleaned oil spills have destroyed their lives.
Nigeria deploys troops to protect oil facilities from sabotage
Nigeria is deploying more troops to protect oil installations to curb sabotage after a leak forced crude loadings to be suspended last month at a major export terminal.
MX Oil sells offshore Nigeria stake
MX Oilhas agreed terms on the sale of its investment in the Aje field offshore Nigeria to GEC Petroleum Development.
Bourbon supporting families of abducted crew in Nigeria
French oil services company Bourbon continues to liase with the families of two crew members kidnapped from its Bourbon Liberty 251 supply vessel off the coast of Nigeria.
Nigeria backs oil output freeze while giving Iran way out
Nigeria backed Saudi Arabia and Russia in freezing oil production while giving Iran and Iraq a way out to regain some of their lost market share due to sanctions and war.
Nigeria’s biggest bank targets consumer industry as oil weighs
Guaranty Trust Bank Plc, Nigeria’s largest lender by market value, said it will target the consumer industry and small to medium-sized companies for growth as a plunge in oil prices and foreign-exchange restrictions limit opportunities in the West African nation.
San Leon delays payment of Mart deal for seven days
San Leon Energy will submit its payment for the acquisition of Canada's Mart Resources later than originally planned it confirmed today.
Shell launches investigation into Nigerian oil spill
Oil major Shell has launched an investigation into the source of a crude oil spill observed around water at the Forcados Terminal in Nigeria.
Eland plans workovers to increase well production
Eland Oil & Gas said it aims to significantly improve production from the Opuama field at a low cost by conducting workovers on its existing wells.
Nigeria recommits itself to boosting 2016 oil production
Nigeria has recommitted itself to meeting its target for the year of boosting daily oil production amid its current challenges.
Buhari’s budget riddled with errors puts graft war in doubt
Nigerian President Muhammadu Buhari’s 2016 budget proposals are riddled with errors and provisions that may undermine his anti-graft war, civic groups say. In some instances, the same purchase of vehicles, computers and furniture are replicated 24 times, totaling 46.5 billion naira ($234 million), 795 million naira is set aside to update the website of one ministry, while no purpose is assigned to a 10 billion naira provision in the education ministry’s spending plan, according to Oluseun Onigbinde, partner and co-founder of BudgIT, a Nigerian group that campaigns for transparency in public spending.
MX Oil in line for $18m from sale of Nigerian assets
MX Oil has signed terms with an international oil and gas group to buy its Nigerian assets in the proven offshore Aje field.
Chevron hands asset stake to Seplat after Supreme Court judgement
Oil major Chevron has handed over the producing assets in a number of oil mining leases to Seplat Petroleum Development Company following a Supreme Court judgement.
Nigeria puts burden of rebound on fiscal plan as Naira Peg stays
Nigeria’s government is set to carry the burden of boosting the economy as the central bank signaled it won’t ease currency controls that are hurting businesses. President Muhammadu Buhari is seeking to compensate for plunging oil revenue and the slowest growth in 16 years by boosting spending by a fifth to 6.1 trillion naira ($30.6 billion) this year. With Governor Godwin Emefiele on Tuesday resisting pressure to ease foreign-exchange restrictions and devalue the naira, fiscal stimulus may need to take the lead in sparking a rebound.
Seplat Petroleum boosts production for 2015
Seplat Petroleum has seen its working interest production for last year boosted by more than 40%. The Nigeria and London Stock exchanged firm said its current daily production interest was sitting at around 55,000boepd (barrels of oil equivalent per day) with both its oil and gas rates strong.
Nigeria plans to sell as much as $1bln of Eurobonds to help huge deficit
Nigeria plans to sell as much as $1 billion of Eurobonds to help fund a record budget deficit this year, Finance Minister Kemi Adeosun said. Officials from Africa’s biggest oil producer plan to hold non-deal roadshows to meet investors and explain the government’s policies to revive economic growth, Adeosun said Friday in an interview at the World Economic Forum in Davos, Switzerland.
Nigeria says OPEC may meet soon as oil even hurting Saudis
OPEC will soon make efforts to convene before the next scheduled meeting in June as the slump in oil prices is hurting producers, including the world’s biggest exporter, Saudi Arabia, said Emmanuel Kachikwu, Nigeria’s minister of state for petroleum resources.
Lagarde endorses Nigeria’s efforts to tackle corruption
The head of the International Monetary Fund (IMF) has endorsed Nigeria’s efforts to tackle corruption in the country. Christine Lagarde said the country needed to reduce its reliance on oil as a sharp drop in prices has already taken its toll on the economy.
IMF boss meets with Nigerian President Buhari as weak oil price continues
The head of the International Monetary Fund (IMF) has arrived in Nigeria to meet with President Muhammadu Buhari as the country continues to feel the brunt of low oil price.
Eland co-founder Wilson retires as chairman
Eland Oil and Gas, the West African-focused exploration firm has made several changes to its board of directors, with co-founder Harry Wilson retiring as chairman.
EV Insights: Leadership change marks new phase for Nigerian energy industry
Nigerian's went to the ballot box this year to elect a new leader of the West African country.