Home » Archives by category » Business » Petroleum (Page 13)

Exxonmobil Unveils Plans to Drill LB-13

Exxonmobil Unveils Plans to Drill LB-13

Canadian Overseas Petroleum and ExxonMobil are reportedly planning the next steps for the LB-13 drilling project. Exxon says it is committed to drilling an offshore well and the Liberian authorities will extend the PSC’s exploration period if necessary. In a release posted on the company’s website on Tuesday, June 2, 2015, the Canadian Overseas Petroleum […]

Ghana to halt oil exploration

Ghana to halt oil exploration

Until a maritime territorial dispute between Ghana and Ivory Coast is resolved, any new offshore oil exploration must stop, says the International Tribunal for the Law of the Sea. Both Ghana and Ivory Coast claim the waters as their own and a final decision on this dispute could take two years. From Ghana’s oil city […]

Oil rush in Uganda slow but promising

Oil rush in Uganda slow but promising

Before the discovery of large amounts of oil in Lake Albert, Hoima was a forlorn and remote town in Western Uganda, whose main sources of income were farming and the trickle of tourists heading to nearby national parks. A decade later, an oil-fuelled boom is transforming the town nearest the lake, with smart new office […]

Angolan industrial sector experiencing cost of cheap oil

Angolan industrial sector experiencing cost of cheap oil

At the beginning of the year, Fibrex, a Luanda-based manufacturer, took delivery of a new $1m Chinese machine to boost its production of the large polyethylene pipes critical to sewerage and water networks With an eye on the Angolan government’s planned infrastructure spend for 2015, the company was expecting a bumper year and the kit […]

Missing Oil Billions – Forensic Audit of NNPC Reveals U.S.$1.28 Billion Missing

Missing Oil Billions – Forensic Audit of NNPC Reveals U.S.$1.28 Billion Missing

Outgoing President Goodluck Jonathan has released the audit after president-elect, Muhammadu Buhari, pledged to issue the report and crack down on corruption in the energy body once in office. FOLLOWING a Presidential directive, the Federal Ministry of Petroleum Resources, yesterday, released the Forensic Investigative Audit conducted by PriceWaterCoopers into the allegations of unremitted Funds into […]

Uganda rewards a $4bn oil refinery deal to sanctions hit Russia’s Rostec

Uganda rewards a $4bn oil refinery deal to sanctions hit Russia’s Rostec

Uganda has rewarded a $4bn oil refinery deal to a subsidiary of Russia’s Rostec, whose CEO has been subject to US sanctions.Uganda and RT Global Resources will now negotiate the terms of a joint venture to engineer and finance the $2.5bn refinery plus a product pipeline and associated infrastructure. The decision to award the contract […]

$1.48 billion stolen from Nigeria’s oil revenues

$1.48 billion stolen from Nigeria’s oil revenues

At least $1.48 billion is missing from Nigeria’s oil revenues, according to an international audit that found much less unaccounted for than the $20 billion alleged by the former Central Bank governor.The report by PricewaterhouseCoopers covering January 2012 to July 2013 is an indictment of the accounting of the state-owned Nigerian National Petroleum Corp., which […]

Shell to pay £55m as compensation for oil spills

Shell to pay £55m as compensation for oil spills

Shell Oil Company has paid the sum of £55m (N15.4bn) as compensation to communities devastated by oil spills in the Niger Delta region of the country. Amnesty International and the Centre for Environment, Human Rights and Development, yesterday, said the payment of compensation which was long-overdue, was an important victory for the victims. The oil […]

Widgetized Section

Go to Admin » appearance » Widgets » and move a widget into Advertise Widget Zone