Nigeria

Glencore's former head of oil Alex Beard has actually been charged with bribery offenses relating to the Swiss commodity trader's operations in Africa, Britain's Serious Scams Office (SFO) stated on Thursday. Beard, 56, is charged with 2 conspiracies to make corrupt payments to government officials and authorities of state-owned oil business in Nigeria in between 2010 and 2014 and in Cameroon between 2007 and 2014, the SFO stated. He is among five ex-Glencore staff members charged with conspiracy to make corrupt payments and is the most high-profile commodity trader to have been charged in Britain for declared corruption. Beard joined...

Eni might pocket more than 8 billion euros ($ 8.7 billion) in net profits from disposals by 2027, CEO Claudio Descalzi stated on Friday after the Italian energy group reported secondquarter outcomes ahead of agreement. We have been performing our disposal plan much faster than anticipated, Descalzi stated, speaking with analysts on a. post-result teleconference. In its updated company strategy to 2027, the group stated it. intended to gather around 4 billion euros from the sale of oil and. gas assets and a similar quantity from minority stake sales and. initial public offerings of its low-carbon systems. The potential customers...

India's monthly oil imports from its greatest supplier Russia slipped partially in June while those from the United States rose to the greatest given that Feb. 2022, information obtained from the industry sources showed. India is the world's third-biggest oil importer and customer, importing more than 80% of its oil needs. Indian refiners had actually positioned orders in May for the majority of the June-arrival oil barrels Refiners in India together delivered in 1.98 million barrels. each day (bpd) of Russian oil in June, down 3.7% from the previous month, the data revealed. However, throughout the very first fiscal quarter...

Nigeria's Dangote refinery is in talks with Libya to protect crude for the 650,000 barrels per day (bpd) plant and will likewise look for Angolan oil, a senior executive stated, as it looks for to overcome issues with domestic supplies. The $20 billion refinery, constructed by Africa's wealthiest man Aliko Dangote on the borders of Lagos is Africa's biggest, and is designed to end Nigeria's dependence on imported fuels because of inadequate refining capacity. Given that Dangote began operations in January, it has been unable to get adequate unrefined supplies in Nigeria, which, although Africa's biggest oil producer, is battling...

Nigeria is broadening the variety of oil blocks slated for auction in its 2024 licensing round in addition to extending the due date for ending the workout amid keen interest in the offer, the oil regulator told on Thursday. Nigeria opened a licensing round in April using an overall of 19 onshore and deepwater oil obstructs to investors. This has now been expanded to include an extra 17 deep offshore blocks to the 2024 licensing round. We have undertaken more exploratory activities and as a. result acquired more information to expand the offer and extend the. due date. This has...

Oil business worldwide last year burnt the most natural gas in five years while likewise increasing the strength of the extremely contaminating practice, a. World Bank report found on Thursday. With only six years left to meet a World Bank objective of. stopping regular flaring, the business burned off an approximated. 148 billion cubic meters of gas in 2023, up 7% from 2022 even as. crude oil production increased only 1% over the same time. Drilling for oil frequently yields natural gas too, and some. companies decide to flare, or burn, this gas rather of catching. and saving it, generally...

Seplat Energy is pursuing a quick conclusion to its $1.28 billion acquisition of ExxonMobil's Nigerian shallow water oil properties, it stated on Friday after being alerted that NNPC had actually halted a legal obstacle to the deal. State oil business NNPC had actually challenged Exxon's sale of the possessions to Seplat, stating it had first right of rejection. The deal was even more held up by regulatory issues. Seplat Energy applauds the open cooperation and development accomplished by all stakeholders, and will vigilantly engage (with). all crucial stakeholders, consisting of the federal government, in advancing. towards a speedy completion of...

Afreximbank has disbursed $925. million to Nigeria's stateowned NNPC, part of a syndicated $3.3. billion unrefined oilbacked prepayment center, the African trade. bank said on Thursday. This brings the overall dispensation to Nigerian National. Petroleum Business (NNPC) to $3.175 billion, African. Export-Import Bank (Afreximbank) said. Afreximbank stated the deal was the largest crude-backed. facility in Nigeria and among the biggest syndicated financial obligations. raised in Africa. The pan-African lender had actually been tapping oil traders to. fund a $3 billion loan to Nigeria's state oil business after. the energy company approached it for the facility last August, to. assist the...

OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to fortify the marketplace amidst lukewarm need development, high rates of interest and rising rival U.S. production. Brent petroleum costs have actually been trading near $80. per barrel in current days, listed below what numerous OPEC+ members need to. balance their budget plans. Concerns over slow need development in top. oil importer China have actually weighed on costs together with increasing oil. stocks in developed economies. The Organization of the Petroleum Exporting Countries and. allies led by Russia, together known...

ExxonMobil is not renewing a 33yearold lease on its expansive workplaces in Lagos's. high end Lekki district which expires on Friday, 3 sources. inside the company informed , as it seeks to reduce. operations in Nigeria. Exxon, Shell, TotalEnergies and Eni. have actually all looked for to leave Nigeria's oil-rich Niger delta. over the last few years, pointing out security issues, however such relocations have. been stalled by regulatory difficulties. ExxonMobil's plan to sell its land and shallow-water assets. to local oil firm Seplat Energy, concurred in 2022, is. nearing close as the local oil sector regulator informed . that...

Nigeria's Dangote refinery is going for a dual listing on the London and Lagos bourses, a. senior executive stated on Tuesday. Previously on Tuesday, local media priced estimate Africa's wealthiest guy,. Aliko Dangote, who constructed the refinery, as saying he could try to. list the business in Nigeria by the end of the year. Asked to comment on Dangote's statement to regional media,. Devakumar Edwin, Dangote refinery executive, informed : We. have actually noted all our services. The NSE (Nigerian Stock. Exchange) will not have sufficient depth to deal with solely the. petroleum refinery. We would need to take it...

Kazakhstan resumed gas exports in May that had actually been on hold since May 2022, sending 2,000 metric tons of the fuel to Georgia in May, 3 market sources familiar with the matter stated on Wednesday. Kazakhstan banned fuel exports 2 years ago to protect its domestic market from fuel lacks. Before the ban was introduced, in April 2022, Kazakhstan delivered some 26,000 tons of gas to foreign markets. Prior to this Kazakhstan likewise suspended fuel exports in 2021, while in 2020 its fuel exports totaled up to 494,000 tons. The Condensate refinery, an independent refinery in Kazakhstan, was granted...

Nigeria's government provided approval on Monday for state oil company NNPC Ltd to offer crude in the naira currency to the mega Dangote refinery efficient right away to assist relieve forex pressure. The $20 billion Dangote refinery, Nigeria's primary oil refinery and billed to be the largest in Africa at complete throttle, began production in January however has actually had a hard time to protected sufficient crude to meet its 650,000-barrel-per-day capacity. Dangote previously needed to buy oil on the worldwide market, however it filed a complaint stating oil majors were blocking its access to locally produced crude by selling...

An executive of the Dangote Refinery said on Sunday oil majors were blocking its access to locally produced crude oil by offering it above market price or claiming it was not available, requiring the company to count on pricey imports. The $20 billion refinery, billed to be the biggest in Africa and Europe at complete throttle, began production in January however has actually had a hard time to find sufficient crude to meet its 650,000-barrel-per-day capacity. It is importing around 10 crude oil freights monthly, oil traders stated. In May, it tendered for two million barrels of West Texas Intermediate...

Venezuela's National Assembly on Monday began discussing a proposition to extend through 2047 a contract in between state oil company PDVSA and U.S. company Chevron to operate a joint venture in the nation's. largest producing area. PDVSA and Chevron have 4 joint endeavors in Venezuela that. are producing some 200,000 barrels per day (bpd) of crude. The companies are requesting an extension for Petropiar in. the Orinoco Belt, the partnership that produces one of the most oil,. Venezuela's deputy oil minister, Elianny Palencia, said during a. discussion at the National Assembly in Caracas. The extension for Petropiar will make an...

The Company of the Petroleum Exporting Countries (OPEC) and allies including Russia are understood collectively as OPEC+ and will fulfill on June 2 to discuss their joint oil production policy. Below are essential truths about OPEC+ and its role. WHAT ARE OPEC AND OPEC+? OPEC was established in 1960 in Baghdad by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela with an objective of coordinating petroleum policies and securing reasonable and stable rates. Now it consists of 12 countries, generally from the Middle East and Africa, accounting for about 30% of the world's oil. There have been some challenges to OPEC's...