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Tag Archives: oil

Brent oil falls below $50 as Nigeria ups production

Singapore, Singapore | AFP | Oil prices retreated in Asia Tuesday, with Brent easing below $50 on news of increased production from Nigeria following the repair of infrastructure damaged in militant attacks. Bloomberg News reported Tuesday that Nigeria, Africa’s biggest oil producer, pumped an average 1.53 million barrels a day …

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Total’s GAPCO acquisition

Final touches are being made on a deal in which Total will take over all GAPCO operations in the region. The development follows months of intense negotiations between the two for Total Outre Mer SA, the retailing arm of Total, to acquire all the Gulf Africa PetroleumCorporation (Gapco) assets in …

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IMF offers oil-dependent Angola $4.5 bn loan

Luanda, Angola | AFP | The International Monetary Fund said Tuesday it had offered Angola $4.5 billion in loans as the country, which was wracked by civil war until 2002, has been badly impacted by falling oil prices. “Angola can receive a maximum $4.5 billion (4.0 billion euros)… the loan …

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Wapakhabulo appointed CEO of Uganda National Oil Company

Josephine Wapakhabulo, has been appointed the Chief Executive Officer (CEO) of Uganda’s National Oil Company (UNOC). Her appointment announced by company’s board chairman, Emanuel Katongole on Wednesday June 1, comes weeks after The Independent reported that she was being considered for the job. In his statement, Katongole noted that Wapakabulo …

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Mozambique explains $1.4 bn hidden debt

Maputo, Mozambique | AFP | Mozambique on Tuesday said most of $1.4 billion in previously hidden loans had been used to fund maritime security and shipyards, a week after the IMF suspended the country over the undisclosed sum. The Washington-based International Monetary Fund last Wednesday called off a staff mission …

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Saudi unveils plan to live without oil by 2020

Riyadh, Saudi Arabia | AFP | Saudi Arabia said Monday it would create the world’s largest wealth fund and sell shares in state energy giant Aramco as it unveiled a vast plan to transform its oil-dependent economy. The announcement of the long-term reform programme, dubbed “Saudi Vision 2030”, marks the …

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