Oil | - Part 5

Angola’s Sovereign Wealth Fund Plans to Finance Deep-Sea Port

LUANDA (Capital Markets in Africa) – Angola’s sovereign wealth fund committed $180 million to building a deep-sea port in a bid to boost trade as oil prices remain low. The port will include a 630-meter (2,070-foot) terminal, ship-repair facilities and a free-trade zone, Fundo Soberano de Angola, known by its Portuguese acronym FSDEA, said in an e-mailed statement on Tuesday, without saying where the port will be built. The commitment, which will lead to the creation of 20,000 jobs,…

Goldman Hails Global Rebound as Currie Sees Commodity Demand

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LONDON (Capital Markets in Africa) – Commodities will be supported in the months ahead by a global rebound spanning the U.S., Europe, and China that’s buttressing worldwide demand for raw materials, according to Goldman Sachs Group Inc. “We’re seeing a cyclical uptick in global economic activity and that’s driving demand, not only for oil but all commodities,” Jeffrey Currie, head of commodities research, said in Hong Kong on Tuesday. “That’s the core reason why we upgraded our outlook…

OPEC Shrugs Off Threat Trump’s America Will Cut Oil Imports

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LAGOS (Capital Markets in Africa) – OPEC’s two biggest suppliers to the U.S. shrugged off a vow by President Donald Trump to end dependence on the group’s oil, saying the world’s biggest economy would continue to need crude from abroad. The U.S. is “closely integrated in the global energy market,” Saudi Arabia’s Energy and Industry Minister Khalid Al-Falih said, while his Venezuelan counterpart Nelson Martinez said he expects his country’s crude exports to the world’s top consumer to remain stable. “The…

Equatorial Guinea Offers to Join OPEC After Agreeing to Oil Cuts

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MALABO (Capital Markets in Africa) – Equatorial Guinea said it has offered to become a member of the Organization of Petroleum Exporting Countries after agreeing to cut oil output in cooperation with the group and several other major producers. “There is a consensus amongst producers that an oversupply of oil has been dragging down the price of the barrel,” Minister of Mines, Industry, and Energy Gabriel Mbaga Obiang said in a statement Monday. “We firmly believe that Equatorial…

Africa’s Biggest Bank Chasing Nigerian Deals After Oil Slump

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LAGOS (Capital Markets in Africa) – The crisis in Nigeria is throwing up opportunities for Africa’s largest bank. FirstRand Limited, which is seeking an acquisition of mid-sized lender in the continent’s most populous nation, is also considering one other target after ending talks with two lenders because of differences over price, Chairman Laurie Dippenaar said. The Johannesburg-based company would prefer an institution with a big branch network, though is unlikely to buy any of the country’s large banks,…

Nigeria to Partner Schlumberger on Chad Basin Oil Exploration

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LAGOS (Capital Markets in Africa) – Nigeria’s state oil explorer said it’s on the verge of a deal with Schlumberger Ltd. to help in its search for commercial deposits in inland basins away from the restive Niger River delta region. Nigerian National Petroleum Corp. and the world’s largest oil-services provider will carry out joint exploration and risk assessment studies in the frontier basins, including the Chad basin, Babatunde Adeniran, chief operating officer in charge of ventures, said…

Oil Falls as OPEC Output Curbs Offset by Growth in U.S. Drilling

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LONDON (Capital Markets in Africa) – Oil fell for the first time in four days as an increase in U.S. drilling activity fanned speculation that OPEC production cuts could revive output in North America. Futures slid as much as 2.1 percent in New York after rising 3.2 percent the previous three sessions. Gulf oil producers Saudi Arabia, the United Arab Emirates, Qatar, Oman and Kuwait are implementing the cuts they promised, Nawal Al-Fezaia, Kuwait’s OPEC governor,…

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