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Nigeria inks deal with consortiums to renovate oil refineries

Nigeria’s state oil firm NNPC has completed talks with two consortiums to revamp Africa’s biggest crude producer’s rundown refineries. According to Reuters, the two consortiums would be paid via the offtake of refined products rather than cash, obliging them to revive the refineries and keep them running smoothly. Speaking at the ongoing Nigerian International Petroleum […]

Ghana to build new oil refinery for $4 billion

Ghana is set to establish a refinery in the central region of the West African nation, to refine 150, 000 barrels of oil per-day, Energy Minister, Boakye Agyarko said on Thursday. According to the Minister, the project will reduce significantly, the amount of oil the country imports to meet its demands, and to attain the […]

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Angola: Jose dos Santos Jr dismissed from sovereign wealth fund

Angola’s president, João Lourenço, has sacked his predecessor’s son, José Filomeno Dos Santos, as the head of the country’s sovereign wealth fund. The dismissal of Filomeno comes two months after Lourenço sacked Isabel dos Santos as chair of the state oil company Sonangol. Lourenco won the August 2017 presidential election, running on The People’s Movement […]

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Libyan oil revenues up sharply in 2017 – Central Bank

Libyan oil revenues have sharply increased in 2017, the central Bank said last weekend. According to a statement released by the central Bank, the North African nation earned $14 billion in oil revenues in 2017, nearly three times more than the previous year. The war-torn nation’s budget deficit for 2017 stood at 10.6 billion Libyan […]

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Oil-dependent Gabon economy grew 0.8% in 2017 – IMF

The International Monetary Fund on Thursday downgraded Gabon’s economy growth forecast of 2017 form 1 percent to 0.8 percent. The international lender expects growth to rebound to 2.7 percent next year due to recovering oil prices. The central African oil-rich nation has been hard hit by a more than 50-percent drop in oil prices since […]

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Isabel Dos Santos fired from Angola’s state oil firm

Angola’s President Joao Lourenco on Wednesday sacked Isabel dos Santos, the chair of the state-run oil company Sonangol. The swift move comes a month after the dismissal of other heavyweights from the previous administration, such as Vice President Manuel Vicente and Minister of State Manuel “Kopelipa” Hélder Vieira Dias Jr. Isabel dos Santos was replaced […]

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Uganda eyes up to $20 bln oil sector investment by 2020

Uganda’s petroleum authority on Tuesday said it expect investments of $15 billion to $20 billion in its oil industry in the next three to four years. Ernest Rubondo, executive director of Uganda’s petroleum authority made the statement during a conference in Cape Town, South Africa. The discovery of large oil reserves in Uganda led to […]

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Nigeria seizes $21mln and property of former oil minister

Nigerian authorities have seized about $21 million and property belonging to former Nigerian Oil Minister Diezani Alison-Madueke amid public Fund embezzlement and corruption scandals in the West African nation. The seizure comes after an investigation conducted by the Economic and Financial Crimes Commission (EFCC). According to the commission, accounts were opened in local banks by […]

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Drop in Oil Prices Unveils Vulnerability of Algerian Economy

Algerian authorities have finally been compelled to face the reality and admit the failure of their economic model based on crude oil exports and trade. Global oil prices have fallen sharply over the past years, leading to significant revenue shortfalls in many energy exporting nations, including Algeria, member of the OPEC. The falling prices of […]

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Algeria’s Foreign Exchange Reserves fall to $109 bln in February 2017

Algeria is on course of depleting its coffers as its foreign exchange reserves continue to dwindle to stand at $109 billion dollars at the end of last February, said governor of Algeria’s central bank, Mohamed Loukal. Battered by the slump in oil prices, Algeria’s reserves followed a decreasing trend from $194 billion in 2013, $178 […]

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