In the wake of the discovery of shale gas in the USA and China, oil producing African nations such as Nigeria are predicted to be at risk of losing 25 to 40 % of oil revenue by reduced demands and the subsequent effect of lower oil prices.
I have been making the point about crude oil production and capex absolutely CONTROLLING the energy space right now and through 2013 and this week's entry is perfect to point that out again through the released quarterly reports of EOG Resources (EOG) and
No one would doubt that the taxation of severed mineral interests as well as oil and gas production is an important issue as governments hope to capitalize on this burgeoning industry, while maintaining an attractive environment for business expansion. In
We continue with the serialization of our core strategy document the Nigeria Strategy report. Today, our discussion centres on a review of the recent drivers of oil prices, incorporating our expectation in 2013 and possible impact for naira assets.
It's actually a very timely conversation as most eyes in the energy world (and investors) are tuned to Africa as being the next oil and gas exploration hot spot very big things are expected in 2013. The hottest spot in Africa at present is Kenya
One month after its operations were shut down, Capital Oil and Gas Industries Ltd Thursday resumed normal business activities
The premises of the company was shut down following an order of an Abuja Federal High Court that the Assets Management Corporati
Asset Management Company of Nigeria, AMCON, said yesterday it would not yield possession of the assets of Capital Oil and Gas Industries Ltd, temporarily forfeited to it by virtue of a Federal High Court order of November 13 this year.
2012 has been a stellar year for oil and gas. From East Africa to North America , new technology, major new discoveries, an unparalleled appetite for exploration and a metamorphosing perception of risk have changed the playing field.
OPEC decided to maintain its oil production ceiling of 30 million barrels a day, in a move that was widely expected, though it was unclear whether the group would say anything to address the fact that it is currently producing well above that target, acco
The fuel subsidy bill for 2012 hit N1.05 trillion as President Goodluck Jonathan yesterday admitted that he had underestimated the cost of subsidising fuel. The President said this while submitting a request to the National Assembly to approve N161 billio
Angolan state oil firm Sonangol’s strong profit growth for 2011 is highlighting the broken model of Nigeria’s state controlled oil company, the NNPC, which is hobbled by corruption, poor management and political interference.
There's been plenty of talk about potentially radical US foreign policy changes as a result of the shale boom. While one shouldn't expect any dramatic US foreign policy move away from the Middle East, factors are influencing a greater focus on Asia.
In furtherance of his declared commitment to doing all within his powers to ensure greater accountability, probity and transparency in Nigerias oil and gas industry, President Goodluck Ebele Jonathan today established three committees to prepare draft Wh
Managing Director, Coscharis Group of Companies, Dr. Cosmas Maduka, has vowed to ensure that he collects back all the money due to him that Managing Director, Capital Oil and Gas Industries Limited, Mr. Ifeanyi Ubah, has allegedly fraudulently appropriate
Capital Oil and Gas Industries Limited, an operator in the downstream petroleum industry, has refuted the unfounded allegations by the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments headed by the Managing Director and C
Two other committees set up by the Federal Government earlier this year on different aspects of the country’s petroleum industry are to also present their reports to President Goodluck Jonathan on Friday, November 2, 2012.
The activities of the oil marketers in Nigeria have been bedevilled with allegation and counter-allegations on subsidy payment in recent time. Clearly the energy space is a great business to be in. Demand is growing, supplies are limited (hence one can ch
In furtherance of the administration’s commitment to transparency, probity, and accountability in the petroleum sector, President Goodluck Jonathan has directed that a comprehensive report of the Petroleum Revenue Special Task Force chaired by Mallam Nuhu
ABUJA (Reuters) - Nigeria has lost at least a fifth of its oil output in recent weeks due to severe flooding and oil theft, government oil officials said on Wednesday, in comments that helped push oil prices higher.
CALGARY, ALBERTA Oando Energy Resources Inc. ("OER" or the "Company") (TSX:OER), today announced that the Ebendo 4 well, in which OER has a 42.75% working interest has been brought on production at 2,000 bopd (855 bopd net to OER).
A surge in unconventional U.S. energy production has been a boon for the world's largest oil-consuming economy, but it could come at a significant cost to Nigeria, which needs to find new buyers for its light, sweet crude as American demand tumbles.
Since after the Arab oil embargo of 1973, net oil importing countries developed the agenda for substituting fossil fuel and to date, renewable energy has become a major power source for most countries.
Please see below the updated list of oil marketers recommended for criminal investigation. The updated number is 25, four more than the list of 21 released earlier. The number has been confirmed by the Presidential Committee on Verification and Reconcilia
In line with the commitment of the Federal Ministry of Finance to manage fuel subsidy payments in a transparent manner that protects and enhances the interests of the Nigerian people, below are two tables which detail the current status of payments on ver
CALGARY, ALBERTA October 15, 2012 Oando Energy Resources Inc. ("OER" or the "Company") (TSX:OER), a company focused on oil exploration and production in Nigeria, today announced the spudding of the EB-5 well in the Ebendo Field (OML 56), located onshore
Crude prices steadied on Tuesday as traders struggled to explain a mysterious overnight plunge in New York, analysts said.Brent North Sea crude for delivery in November eased eight cents to $113.71 a barrel in London midday trading.
Saudi Arabia, the world’s biggest crude exporter, risks becoming an oil importer in the next 20 years, according to Citigroup Inc. Oil and its derivatives are used for about half of the kingdom’s electricity production, which at peak rates is growing at a
We have just finished a superb interview with the world's leading energy economist Professor James Hamilton. We have interviewed quite a few high profile and knowledgeable people in the past - but this is undoubtedly the clearest and I believe most usef
Shoreline Natural Resources Limited (?Shoreline?) has reached an agreement with Shell Petroleum Development Company of Nigeria Ltd (?SPDC?), Total E&P Nigeria Ltd (?Total?) and Nigeria Agip Oil Company (?Agip?) to acquire a 45% participating interest in a
Criminals in the country’s oil sector, who claim to have privileged access to crude oil, are offering the commodity at huge discounts to interested traders. Oil traders, however, view the deals as too good to be genuine, as documents from the criminals’ c
Iran announced this week that it's made its first oil discovery in the Caspian Sea in more than 100 years. The semiofficial Fars News Agency reports the find, in ultradeep waters, may hold the equivalent of 7 percent of the country's known national reserv
PIB Bill includes plans to partly privatize and list the state oil firm, tax oil company profits at 20 percent for deep offshore and 50 percent for shallow or onshore, and give the oil minister supervisory powers over all institutions in the industry