Singapore, Singapore | AFP | Oil prices fell in Asia Friday as the prospects of higher output from Libya and Nigeria further fuelled oversupply concerns, cutting short a nascent rebound. Both contracts rose Thursday on news that 6,000 barrels of gasoline had leaked from the Colonial pipeline that carries fuel …
Read More »Traders selling dangerously dirty fuel across Africa
Geneva, Switzerland | AFP | European oil companies, especially Swiss commodity traders, are exploiting weak African fuel standards by selling toxic diesel and gasoline across the continent, a campaign group said Thursday. A three-year investigation published by Switzerland-based environmental and economic group Public Eye did not accuse oil companies of …
Read More »Thousands stranded as third Nigerian airline grounded
Lagos, Nigeria | AFP | Thousands of passengers across Africa have been left stranded after Nigeria’s largest airline said Tuesday it had suspended operations and might remain grounded for several days. Arik Air attributed the “temporary disruption” to “pending approval of aircraft documentation related to insurance renewal… a challenge due …
Read More »Now or never for Lagos tourism sector
Lagos, Nigeria | AFP | Traffic jams may clog the city and the beaches look like garbage dumps, but for the Lagos state government developing tourism is now a do or die matter. Nigeria has survived almost exclusively on oil revenues for decades, but the plunge in crude prices …
Read More »VIDEO: Uganda awards Oil Production Licences to Tullow, Total
VIDEO: The Ministry of Energy and Mineral development has awarded 8 petroleum production licences to oil companies– with production work expected to start within 18 months. The licenses that have been awarded to Tullow Uganda operations and Total E&P will see three partner petroleum companies start oil production in a total …
Read More »Uganda issues oil production licences, targets 2020
Uganda on Tuesday issued oil production licences to the French group Total and British company Tullow. Energy Minister Irene Muloni said first oil production is now expected in 2020. Experts say the government hopes to earn $1.5 billion a year from oil exploitation, particularly from taxes, royalties and a 15% share of the benefits …
Read More »Oil continues decline on supply glut
Singapore, Singapore | AFP | Oil prices fell for a third day in Asia trade Thursday after figures showing high US crude stockpiles and increased Saudi production. Official US data on Wednesday showed a jump in crude inventories, taking by surprise investors who expected a drawdown in supply, pushing prices …
Read More »Museveni tours Chad oil facilities
President Yoweri Museveni started his two-day visit to Chad by touring their oil facilities on Sunday. In N’Djamena for the swearing-in ceremony of President Idriss Deby to his fifth term in office, Museveni jumped on a helicopter to inspect the country’s oil refinery. Over 15 heads of state are expected to …
Read More »World oil prices sink further as glut worries return
Singapore, Singapore | AFP | Oil prices fell further towards the $40 mark in Asia Friday, extending losses to a seventh-straight day on renewed worries about a global supply glut, increased production. The commodity has slipped nearly 20 percent since its 2016 peak above $50 in early June as …
Read More »Nigeria ‘talking to’ oil rebels: Buhari
Abuja, Nigeria | AFP | Thursday Nigeria’s President Muhammadu Buhari on Thursday said the government was in talks with oil rebels whose attacks have hit production, as the head of the state-run energy firm laid bare damage to the sector. Buhari said in a statement that “his administration is talking …
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