African Oil and Gas

OPEC, Allies Are Said to Mull New Ways to Measure Oil Stockpiles

LAGOS (Capital Markets in Africa) OPEC and allied oil producers including Russia are discussing new ways of measuring global crude stockpiles, signalling a possible decision that could affect production cuts they’re making to ease a global glut. The oil market should re-balance in the second quarter due to improved compliance by producers with their pledged cuts and to summer demand for crude and refined products, according to people with knowledge of talks between OPEC and…

Oil Traders Buy Fast, Sell Fast in World’s Newest Futures Market

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Less than two months since trading started, China’s oil futures are proving a hit, but it seems mainly with short-term speculators. So short-term, in fact, that they’re holding contracts on average for an estimated two hours. That compares with more than 60 hours for London’s Brent crude and 47 hours for West Texas Intermediate in New York, the global benchmarks that China hopes the Shanghai futures will one day rival. It’s a pattern that’s repeated…

MRPDA Amendment Bill: Key Amendments for the South African Oil and Gas Industry

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The principal South African upstream oil and gas legislation, the Mineral and Petroleum Resources Development Act, 28 of 2002 (MPRDA), has been in flux since 2013 when the first draft the Mineral and Petroleum Resources Development Amendment Bill, 15 of 2015 (the Bill) was published. On 16 December 2015, following the Bill’s passage through the South African National Assembly (the lower house of Parliament), the President exercised the power…

Nigerian Oil and Gas Sector: Regulations and Incentives

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria is currently facing significant challenges in its petroleum industry because of the volatility of oil prices1, pipeline vandalism and illegal refining. It is clear that the country must reduce its reliance on crude oil income by developing its midstream and downstream sectors and leveraging on its natural gas reserves. The existing petroleum regulatory framework however discourages investment in the sector and has proved to lack the requisite comprehensiveness…

Mozambique Oil and Gas: Regulations and Opportunities

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Mozambique has being recently placed among the global major players in the oil & gas sector. This new position is due to significant natural gas discoveries in the country’s northern Rovuma Basin. Despite having activity in the hydrocarbons sector for many decades, just in 2012 these massive offshore started to transform Mozambique’s reality. They added ambitious expectations to the country to become a key player in the LNG global…

Gabon 2018 Hydrocarbons Law Reform: Appetite for New Incentive

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Gabon is a Central African country based in the Gulf of Guinea, located on the Atlantic side of the African continent and crossed by the equator. Gabon became independent in 1960 and has since developed a stable and peaceful environment attracting major international investors for, in particular, oil and gas, mines, forests, agro-industry which remain the main sources of revenue for Gabon. Gabon is among the top five crude…

Angola’s Oil and Gas Sector: Regulation and Law Insight

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Angola holds almost 9.5 billion barrels of proved crude oil reserves and 308.1 billion cubic meters of natural gas reserves, according to the latest estimates from the 2017 Annual Statistical Bulletin of the Organisation of the Petroleum Exporting Countries. Angola is the second-largest oil producer in Sub-Saharan Africa, behind Nigeria. In the oil and natural gas industry, the focus is on inter alia ensuring the “Angolanisation” of upstream activities;…

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