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Lagos to Commence Oil Production by 2014

Lagos to Commence Oil Production by 2014

AFRICANGLOBE – Lagos offshore oil field, Aje gas and condensate field, is set to begin oil production by 2014, the United States Energy Information Administration’s website reported. According to information on the website, the oilfield which lies in Oil Mining Lease 113 in the Benin Basin

Nigerian Oil Company Oando to Acquire Conoco Phillips Nigerian Business for $1.79 Billion

AFRICANGLOBE – Nigeria’s leading indigenous energy group, Oando PLC, has announced its affiliate Oando Energy Resources (OER), which is listed on the Toronto bourse (TSX), has entered into agreements with ConocoPhillips (COP) to acquire its entire business interests in Nigeria for an estimated cash of $1.79 billion including customary adjustments.

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Ecobank to Buy Investment Bank, Venture Into Oil, Gas Deals

AFRICANGLOBE - Ecobank Kenya is taking steps to purchase an undisclosed Kenyan investment bank as part of plans to facilitate Ecobank involvement in oil, gas and energy deals. According to chief executive officer of Ecobank Anthony Okpanachi, the bank hopes to launch an investment banking branch to maximise on the rising potential of the oil and mining [...]

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Engen Becomes Largest Oil Retailer In Kenya

AFRICANGLOBE – In what is expected to diminish the influence of foreign energy companies on oil price fixing in Kenya, Engen, an African petroleum group with operations in 19 countries, has signed a strategic partnership with the Kenya Independent Petroleum Dealers Association (KIPEDA). Under the deal, Engen is expected to supply (as the sole supplier of [...]

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South Sudan Oil Output Expected to Rise

AFRICANGLOBE – Sudan plans a budget of between 20 and 30 billion Sudanese pounds ($7 billion) in 2013, boosted by higher oil output and gold exports, it was announced on Monday. This announcement came at a time when Sudan’s currency sagged to a historic low against the dollar on the key black market. Dealers said [...]

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Tullow Oil Discovers More Oil in Kenya

AFRICANGLOBE – Tullow Oil plc says it has discovered 30 metres of net oil pay at the Twiga South-1 well in Block 13T, which is about 22 kilometres to the north of Ngamia-1 where other deposits were discovered earlier in the year. The London-based firm however says it encountered a tight fractured rock section with [...]

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South Sudan: U.S. Disappointed By Delays in Oil Production

The United States government on Monday expressed concern over delays in resumption of South Sudan’s oil production, claiming the move deprives the two Sudan’s of the revenue required to uplift their economies. South Sudan, on Sunday, announced it had rescheduled plans to resume oil production and exports out of neighboring Sudan, until a consensus over [...]

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Nigeria Struggles to Stop Billion-Dollar Crude Oil Theft

AFRICANGLOBE – Nigeria Africa’s largest oil exporter has a major problem with Crude oil theft. A report just released by the International Energy Agency says Nigeria loses more than five billion euros to crude oil theft annually. The product is normally stolen from pipelines in the oil-producing Niger Delta region and loaded into ships in [...]

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Nigerian Navy Intercepts 17 Vessels Suspected of Carrying Stolen Oil

Seventeen ships laden with tens of millions of barrels of crude oil suspected to have been stolen were arrested by the navy. The ships were intercepted by the Nigerian Navy Ship (NNS) Thunder and seven other naval vessels during a joint military fleet evaluation exercise named Exercise Farauta (hunting) near Bonny and Bonga oil platforms, [...]

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