News / International
World Bank Reports Decline in MENA’s Economic Growth
A World Bank's recently published report on the Middle East and North Africa stated that 2015 economic growth in the region came to only 2.6%, falling short of a 2.8% forecast in October, as war, terrorism, and cheap oil took their toll.
US Major Shale-Gas Producers Halt Drilling
As US natural gas prices collapse to 1990s-era lows, producers in four shale plays have halted the drilling, yet production is not declining.
Fierce Opposition to Uganda’s Latest Bid Round
The Ugandan Government has granted approval to 16 companies to bid for oil exploration rights for 6 blocks in an environmentally sensitive area around Lake Edward, but it has sparked a fierce opposition.
Nigeria’s National Oil Company Announces $1.3b in Losses
NNPC, the state oil company in Nigeria, Africa’s biggest producer of crude, made a $1.34b loss for 2015, dragged down by its refining division.
Morocco Switchs on First Phase of World’s Largest Solar Plant
King Mohammed VI on Feb. 4 inaugurated Morocco's first solar power plant, a massive project that the country sees as part of its goal of boosting its clean energy output.
IMF is Ready to Lend to African Oil Producers, No Requests Made
The IMF said it stands ready to help sub-Saharan Africa's oil exporters cope with plunging crude prices and growing fiscal pressures but has not received any new funding requests.
Nigeria to End Oil Swaps from March
Nigeria will replace crude oil swap agreements in March with a system under which it will directly sell crude oil to refiners and purchase refined oil products from them.
US Gas Firm Anadarko Cuts Capital Expenditure by 50% in 2016
The third-largest US natural gas producer, Anadarko Petroleum Corp., cut its spending plans by almost 50% to $2.8b in 2016, after recording a net loss of $1.25b in Q4 of the last year.
