Nigeria | Egypt Oil & Gas - Part 39
Shell Postpones Deep Water Project in Nigeria
Royal Dutch Shell has announced it would postpone the Final Investment Decision (FID) on the $12b Bonga South-West oil project in deep-water Nigeria amid the sustained drop in oil prices. The company informed that its...
Nigeria’s National Oil Company Announces $1.3b in Losses
The Nigerian National Petroleum Corporation (NNPC), Nigeria’s state oil company and Africa’s largest producer of crude, made a $1.34b loss in 2015, dragged down by its refining division, WorldOil reported. “The ...
IMF is Ready to Lend to African Oil Producers, No Requests Made
The International Monetary Fund (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 fr...
Nigeria to End Oil Swaps from March
Nigeria will replace crude oil swap agreements beginning of March 2016 with a system under which it will directly sell crude oil to refiners and purchase refined oil products from them, the state oil company announced...
Nigeria Asks for $3.5b Emergency Loans from World Bank, AfDB
Nigeria has asked the World Bank (WB) and the African Development Bank (AfDB) for $3.5b in emergency loans to fill a growing gap in its budget in the latest sign of the economic damage being wrought on oil-rich nation...
Militants Bomb Another Crude Pipeline in Nigeria
A crude oil pipeline in Nigeria’s southern state of Bayelsa was attacked on the 28th of January. The attack came a few days after another attack on a pipeline in Gbaramatu kingdom Delta state, in Nigeria, report...
Nigeria to See Rise in Crude Exports in March
Nigeria is to see an increase in its crude oil exports in March, as Eni has lifted its force majeure on Brass River crude and Shell has reopened the Trans Niger pipeline, Oil Review Africa reported. The scheduled expo...
Nigeria Increasing Efforts against Oil Vandals
Nigerian officials are implementing greater measures to combat theft and vandalism of Nigeria’s oil pipelines, Platts reported. Thieves steal an estimated 250,000 b/d of oil and an estimated $6b a year in revenue – cr...
