Source: Reuters LAGOS/LONDON (Reuters) – Chevron is seeking to sell several Nigerian oilfields as part of a global drive to reshape its portfolio as it focuses on growing its U.S. shale output, banking and industry sources said. Chevron joins rivals including Exxon Mobil and Royal Dutch Shell in a drive by foreign oil companies to reduce their footprint in Africa’s
Source: Reuters OPEC has granted Nigeria a higher oil output target under an OPEC-led deal to limit oil supply in a move unannounced by the group, following efforts by Africa’s largest exporter to tweak the agreement to accommodate its expanding oil industry. The country’s allocation was increased to 1.774 million barrels per day (bpd) from 1.685 million bpd at the
From Reuters The rising tide of light U.S. shale oil has largely swept away comparable grades of Nigerian oil from American shores and is putting them under pressure in Europe. But steady Indian and Indonesian demand has helped lift price indications for two of Nigeria’s top grades to near five-year highs, according to traders and shipping data. “It’s only because
From Reuters Exxon Mobil recently held talks on the sale of a suite of oil and gas fields in Nigeria as the company focuses on new developments in U.S. shale and Guyana, industry and banking sources told Reuters. The potential disposals are expected to include stakes in onshore and offshore fields and could raise up to $3 billion, two sources
From Reuters Nigeria’s main opposition candidate for president said on Wednesday he would seek to privatize the state oil company and other government assets if elected next month, while removing a costly petrol subsidy, to revive the economy. Atiku Abubakar, a businessman who served as vice president between 1999 and 2007, has promised to double the size of Nigeria’s economy
From Bloomberg More than a decade in and the U.S. shale boom keeps breaking output records, with fields from Pennsylvania to Texas producing more natural gas than the country needs. That has triggered billions of dollars of investments to ship liquefied natural gas overseas. Yet the U.S. is still importing LNG from places such as Russia and Nigeria. There are
From Reuters Total SA said on Wednesday it had started production from the Egina oilfield off Nigeria’s coast, part of a shift by the French energy firm toward deepwater oil and gas projects to its drive cashflow. Output from Egina, which is located in waters about 1,600 meters (5,250 ft) deep, is expected to plateau at 200,000 barrels per day
Pushing the limits: following a $10 billion refinery and petchem plant and a $2.5 billion fertilizer plant, billionaire wants to acquire oil fields that will deliver 250,000 barrels of oil production daily From Bloomberg Aliko Dangote has made a fortune out of cement and food processing. Now, Africa’s richest person is embarking on a bigger challenge: a $15 billion investment in
From The Cable Goood news: oil prices hit $80 a barrel on Thursday for the first time since November 2014. Bad news: Shell Petroleum Development Company (SPDC) on Thursday declared force majeure on the exports of Nigeria’s major crude oil, the Bonny Light, effectively cutting off sales of around 250,000 barrels per day (b/d) of the country’s crude from the market. Brent crude,
From Vanguard News Nigeria Nigeria and China have signed a currency-swap agreement worth $2.4 billion to boost commercial ties and reduce the need to use dollar in their bilateral trade. Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, led CBN officials while Governor of People’s Bank of China (PBoC), Dr. Yi Gang, led the Chinese team at the
Erin Energy Corporation (ticker: ERN) announced unaudited financial and operational results for the year ended December 31, 2017. Full year 2017 revenues were $101.2 million, increasing by approximately 30% from $77.8 million in 2016. Fourth quarter 2017, revenues were $21.7 million compared to $21.1 million for the same period in 2016. Erin Energy reported a net loss of $151.9 million
Frank Ingriselli, independent director and chairman of Erin Energy (ticker: ERN) discussed the Oyo-9 well and related activity on Erin’s prospects offshore Nigeria during the company’s Q3 call last week. Frank Ingriselli: This is my second earnings conference call after my election as Chairman of Erin Board last May. At that last call, I acknowledged that it is an honor
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