Oil | - Part 4

South Sudan Seeks New Oil Investors After Total Talks Collapse

LAGOS (Capital Markets in Africa) – South Sudan’s government opened negotiations on two of its biggest oil blocks to new investors after discussions with Total SA collapsed. Discussions about blocks B1 and B2 with the French oil company over the past two weeks reached an impasse over the proposed exploration period and “cost-recovery limit,” Petroleum Minister Ezekiel Lol Gakuoth said in a statement he forwarded by email on Monday. Total didn’t immediately respond to an emailed request for…

Shell says it knew some payments for Nigeria oilfield would go to Malabu

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Royal Dutch Shell has said it knew that some of the payments it made to Nigeria for the rights to an oil field would go to Malabu Oil and Gas, a company associated with a former Nigerian oil minister and convicted money launderer. Shell spokesman Andy Norman said the group had known the Nigerian government “would compensate Malabu to settle its claim on the block”. Shell previously had said…

War-Ravaged South Sudan Draws $500 Million Oranto Oil Bet

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LAGOS (Capital Markets in Africa) – Nigeria’s Oranto Petroleum International Ltd. plans to bet half a billion dollars that Africa’s newest nation can end a three-year civil war and create the conditions to revive its oil industry. Oranto, a closely held company part-owned by the Eze family that also has assets in Equatorial Guinea and Nigeria, plans to invest $500 million to develop the oil block awarded by South Sudan earlier this month. “We have faith that the differences in…

Exxon stumps up $2.8 bln for Mozambique gas gateway to Asia

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MAPUTO (Capital Markets in Africa) – Exxon Mobil Corp, the world’s biggest publicly traded oil producer, has agreed to pay Italy’s Eni $2.8 billion for a 25 percent stake in a giant Mozambique gas field to strengthen its position supplying rich Asian markets. Eni is currently the operator of Mozambique’s Area 4 licence which, with 85 trillion cubic feet of gas in place, is one of the world’s largest gas discoveries in recent years. The…

IEA says record OPEC cut compliance helps oil market rebalance

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LAGOS (Capital Markets in Africa) – Global oil output plunged in January as OPEC and non-OPEC producers curbed supply to accelerate a market rebalancing following one of the largest oil gluts in a generation, the International Energy Agency said on Friday. Oil supplies fell by around 1.5 million barrels per day last month, including by 1 million bpd for OPEC, leading to record initial compliance of 90 percent with a six-month output-cut deal reached in December…

West Africa Oil Floods to Asia in Latest Sign of OPEC Impact

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LAGOS (Capital Markets in Africa) – West African oil producers will next month send the most crude to Asia in at least five years, the latest sign of how refineries in the world’s biggest demand region are scouring the world to replace supplies cut by OPEC’s Middle East producers. Shipments on the trade route, among the longest for supertankers, are set to soar to 2.19 million barrels a day in February, the highest level since…

Libya’s NOC Says Oil Output Is at Three-Year High and Rising

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TRIPOLI (Capital Markets in Africa) – Libya is pumping 715,000 barrels a day of oil, the most since 2014, and is on track to keep boosting output this year as the country restores much of the production lost amid political chaos and conflict, the state oil company’s chairman said. Blockades at the North African state’s main oil ports have ended, and output may reach 1.25 million barrels a day by year-end of 2017, National Oil…

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