Oil and Gas |

Nigerian Oil Executives’ Firms Ordered to Pay $680 Million

LAGOS (Capital Markets in Africa) – Nigerian oil executive Wale Tinubu and his deputy at Oando Plc were dealt a court defeat as firms they own or part-own were ordered to pay $680 million in a dispute over corporate shareholdings. The legal battle revolves around ownership of a holding company that ultimately controls a majority stake in Lagos-based oil and gas producer Oando, which is being investigated over claims of financial mismanagement and had its shares temporarily suspended…

Libyan Forces Hand Oil Ports to East-Based Energy Company

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TRIPOLI (Capital Markets in Africa) – Forces of Libyan Commander Khalifa Haftar handed control of oil ports in the east of the divided nation to a state unit rivaling the internationally recognized National Oil Corp. based in the capital Tripoli, in a surprise move that could create uncertainty among buyers. “All oil facilities, all oil ports — not just the ones in the oil crescent but even Hariga port — all oil sectors, oil pipelines, all facilities…

Exxon Sparks IMF Concern With Weighty Returns in Tiny Guyana

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LAGOS (Capital Markets in Africa) – Exxon Mobil Corp. got such a “favourable” deal from Guyana, home to the biggest new deepwater oil play, that the tiny South American country should rewrite its tax laws, the International Monetary Fund said. While Guyana should honour the existing deal, future contracts should ensure the state gets a higher portion of crude proceeds, the fund said in a report seen by Bloomberg News. The country, South America’s third poorest with an…

Exxon Punished for Departing From Big Oil’s Austerity Hymnal

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LAGOS (Capital Markets in Africa) – Exxon Mobil Corp. is ramping up capital spending even as the rest of Big Oil preaches prudence. Investors punished the outlier. The world’s biggest publicly-traded oil company by market value unveiled an aggressive revamp of its upstream portfolio on Wednesday, lifting cash outlays by at least 25 percent to more than $30 billion a year in the early 2020s. That’s in stark contrast to rivals such as Chevron Corp. which…

Equatorial Guinea Energy Outlook Suffers Double Whammy This Week

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GUINEA (Capital Markets in Africa) – OPEC member Equatorial Guinea suffered a double blow this week to its ambition of revitalizing its energy industry. The International Energy Agency said on Monday the West African nation’s crude production is on a “downward slope,” with capacity expected to drop 15 percent over the next six years to 110,000 barrels a day. That’s little more than a third of its peak output of 300,000 barrels a day in…

Africa’s Richest Woman Denies Illegal Transfer at Oil Firm

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LUANDA (Capital Markets in Africa) -Isabel Dos Santos, the billionaire fired as chairwoman of Angola’s state oil company last year, denied any wrongdoing in the transfer of $38.2 million from the company and said the allegations were politically motivated. The allegations, made by Sonangol’s Chairman Carlos Saturnino are the latest salvo in a crackdown on the interests of the family of former President Jose Eduardo Dos Santos, who ruled the continent’s second-biggest oil producer for almost four decades….

U.S. Offers Mozambique Help as Attacks Roil Gas-Rich North

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MAPUTO (Capital Markets in Africa) – The U.S. government is offering Mozambique help to end fatal attacks by suspected militants in the gas-rich Cabo Delgado region, the top American diplomat in the country said. Police have arrested more than 300 people since October after raids in Mocimboa da Praia in the country’s northeast, the first of which targeted police stations and the government blamed on a “radical Islamic sect.” Sporadic attacks have continued, including this month on…

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