Senegal’s Oil Projects Devastated by Virus–President The ripple effects of the COVID-19 pandemic have been devastating for the oil and gas dreams of Senegal, the Macky Sall has finally admitted. As he puts it: “We have seen major oil companies who are no longer capable of meeting their commitments in production. They cannot raise the…
Biden Presidency: Impact on Petroleum, Especially in Texas Friday, June 12, 2020 Based on a survey of Texas Oil and Gas Association members, electing Democrat Joe Biden to the presidency this November would threaten their companies’ economic well-being. Based on a survey of Texas Oil and Gas Association (TXOGA) members, electing Democrat Joe…
Will Coronavirus Finally Sink the Expected Riches in Africa’s “Frontier” Oil & Gas Markets? The crash in oil and gas prices, triggered by the coronavirus pandemic and the slump in economic activity, has dealt a blow to the plans and public finances of major oil- and gas-producing countries. But a group of countries in…
Angola Renews Reforms, to Privatize More Than 70 State-Owned Companies Angola plans to privatize 74 state companies over the next few years, predominantly those in the industrial sector, according to the prospectus sent to investors as part of the country’s Eurobond issuance. Africa’s second-largest crude producer has been battered by a fall in the price…
Forte Oil (Nigeria) Pivots Away From Upstream and Power Amid Rising Uncertainties By Onome Ohwovoriole Last week, Forte Oil informed the investing public of its decision to sell off its upstream and Ghanaian units, as well as its stake in the Geregu power plant. The company attributed its decision to a need to focus on…
Oil Is Booming Again, So Is OPEC Power The slump that characterized the oil market between the middle of 2014 and the middle of 2016 has been replaced by what looks like the beginning of a boom. LONDON, April 24 (Reuters) – The slump that characterised the oil market between the middle of 2014 and…
South Sudan’s Kiir under siege over civil war, economic flop South Sudan President Salva Kiir is a man under siege as the country’s economy teeters on the brink of collapse while civil war rages. In Summary On the domestic front, he is facing defiance from some of his ministers and military personnel, forcing him…
Why Saudi Aramco International Listing Might Not Happen – Sources Saudi Arabia is increasingly looking to just float oil giant Saudi Aramco locally; but Reuters (16 March 2018) reports that plans for an initial public offering (IPO) on an international exchange, such as London or New York hang in the balance. This speculation is based on sources…
Mohammed bin Salman Isn’t Wonky Enough Saudi Arabia’s crown prince knows his country needs an economic overhaul, but his plans don’t add up. BY STEFFEN HERTOG Saudi Arabia has moved from political paralysis to rapid action under the de facto leadership of Crown Prince Mohammed bin Salman. He has introduced a raft of ambitious economic reform…
How Nigeria’s Oil Industry Went Local The Unintended Benefits of Graft By Matt Mossman The biggest real-estate foreclosure in Manhattan’s history began with a Nigerian jet-fuel binge. Kola Aluko, now in hiding from the authorities of multiple countries, allegedly spent so much money on jet fuel that he could no longer pay the mortgage on his Midtown penthouse,…