Tag Archives: oil

On Aug. 01, 2016, the Ministry of Energy and Mineral Development announced the completion of evaluation of seven bids for the first competitive licensing round and invited four of them to negotiate for Production Sharing Agreements (PSAs). The government will eventually issue five exploration licenses upon successful completion of the …

  Lagos, Nigeria | AFP |  Chevron and Total on Friday failed to have a court throw out a case implicating them in the alleged failure to declare billions of dollars of crude exports from Nigeria. The US and French companies are among up to 15 oil majors reportedly targeted …

New York, United States | AFP |  US and European markets moved higher on Wednesday as oil producing countries reached a surprise deal to cut oil production, causing crude prices to jump more than five percent. Following the agreement reached in Algiers by members of the Organization of the Petroleum …

Foreigners could take lion’s share of oil and gas jobs as Uganda lags behind in building local capacity The government recently issued eight production licences to Tullow Uganda Operations Pty Ltd and Total E&P Uganda BV, a development that gives the oil companies the green light to finally proceed with …

Algiers, Algeria | AFP |  The world’s top oil producers “must take a decision” to stabilise prices, Algeria’s energy minister said on Sunday ahead of an OPEC meeting on Wednesday in Algiers. Oil prices are already depressed after two years of oversupply amid deep disagreements between members of the Organization …

NEWS ANALYSIS: Experts dissect the government’s target of oil finally flowing by 2020 The government of Uganda on Aug. 30 finally issued oil production licenses to Tullow Uganda Operations Pty Ltd and Total E&P Uganda B.V. The move ended a long wait for the oil companies caused by disagreements with the …

New York, United States | AFP |  A big drop in US crude stockpiles sent oil prices sharply higher Wednesday. The US benchmark West Texas Intermediate for delivery in November jumped $1.29 to $45.34 a barrel in New York trade. In London, Brent North Sea oil for November delivery advanced …

Benghazi, Libya | AFP | An oil tanker left the Libyan port of Ras Lanouf for Italy on Tuesday, an official said, the first shipment since fighting erupted over control of the “oil crescent” two years ago. Oil is war-ravaged Libya’s key asset, and rival administrations have been vying for …

The Hague, Netherlands | AFP | Kenya on Monday rebuked Somalia for dragging it before the UN’s top court to defend a maritime border dispute that could decide the fate of potentially lucrative Indian Ocean oil and gas reserves. In a hearing at the UN’s International Court of Justice, Kenya …

Nairobi, Kenya | AFP |  Kenya’s fight to hold on to potentially lucrative Indian Ocean oil and gas reserves, threatened by a maritime border spat with Somalia, goes before the UN’s top court in The Hague on Monday. The hearings, due to last through the week, are the first stage …