Tag Archives: oil

  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 …

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 …

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 …

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 …

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 …

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 …

London, United Kingdom | AFP | Nigerian President Muhammadu Buhari said Wednesday that he did not want an apology from Prime Minister David Cameron for calling his country “fantastically corrupt”, but said Britain could return assets stolen by officials who fled to London. “I am not going to demand any …

Chairman Uganda Chamber of Mines & Petroleum Elly Karuhanga has warned that the level of preparedness in the local oil sector is below par. “The level of preparedness is still low since only 25 firms were found eligible to supply the industry. Local suppliers aren’t equal to the task to …

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 …

  After formally bagging the new oil pipeline from the Ugandan oilfields through Tanzania to the port of Tanga, yet more good news emerged for Tanzania today. The proposed railway extension from the inland dry port of Isaka to Kigali and Bujumbura will after all be built, providing a safe, …