Exxon-related jitters cause Mozambique international bonds to tumble
Mozambique’s only international bond fell on Thursday, after ExxonMobil executives cancelled abruptly a media appearance the day before with the president of the country. Investors said that the cabinet's approval of Alvarez & Marsal as a firm to help with a "public-debt restructuring" also alarmed some on the market. The bond fell more than three cents, to 85.5 cents per dollar, before recovering to a loss of 2.2 cents.
EBRD may lend up to $1,5 billion for Central Asia Hydro Plant
The European Bank for Reconstruction and Development (EBRD) could lend up $1.5 billion for an Central Asian hydropower station, according to its president. He also noted that the demand for renewable energy is increasing despite some resistance to funding green energies. Kambar-Ata 1 is one of Central Asia's largest renewable energy projects, with a combined 1,860 megawatts. Megawatts of power is expected to boost agricultural output in Kyrgyzstan and Kazakhstan, and provide electricity.
EBRD aims to increase support for Ukraine Naftogaz
President of the European Bank for Reconstruction and Development said that the bank is looking to increase its support for Ukraine’s state oil and natural gas company Naftogaz after Russian attacks this month on the country’s energy infrastructure. The coordinated and large-scale Russian air strikes on Ukraine's energy infrastructure in early October forced Ukraine to suspend operations at several major gas installations.
Minister: Colombia and Germany in discussions over debt swaps
HAMBURG - On Monday, the Foreign Minister of Colombia, Luis Gilberto Murillo, said that the country is in discussions with Germany about a debt for nature swap to help fund a $40 billion plan by the country to move away from fossil fuels while protecting the environment. Last month, Colombia launched a new portfolio of investments for its climate-adaptation plans. It hopes to attract $40 billion. He declined to provide a timetable for the possible agreement but said that there was "tremendous" political will.
Mozambique's election winner faces financial strain
The economy of Mozambique will be impacted by the worsening cyclones and insecurity as well as delays to gas projects, high debt levels, and delayed gas projects. Daniel Chapo, the candidate of the ruling party, is currently the frontrunner. However, there are also three other candidates who want to succeed Felipe Nyusi in the role of president for the nation. Mozambique is under pressure to adopt fiscal discipline due to rising borrowing costs, especially as it has run out of options for refinancing its debt.
OPEC, Russia Extend Record Oil Cuts
OPEC, Russia, and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.OPEC+ had…
Nigeria Launches Licensing Round for Marginal Oilfields
Nigeria has launched its first licensing round for marginal oilfields in nearly 20 years, the Department of Petroleum Resources (DPR) said on Monday, despite court rulings last week that barred some of the fields from being auctioned.Marginal fields are smaller oil blocks that are typically developed by indigenous companies. The new licensing round is the first marginal field round since 2002, which the country hopes will…
Nigeria Announces Offshore Oil Worker Restrictions to Battle Coronavirus
Nigeria's petroleum regulator has ordered oil and gas companies to reduce their offshore workforce and move to 28-day staff rotations as part of measures to curb the spread of the coronavirus, according to a circular seen by Reuters.Health experts fear a widespread outbreak in Africa's most populous country, which has about 200 million inhabitants, and the country is keen to protect oil production, which provides 90% of much…
Nigeria LNG Inks FID for Train 7
Nigeria LNG (NLNG) signed a long-awaited final investment decision on its Train 7 processing unit in Abuja on Friday, taking a step forward in increasing its liquefied natural gas production.NNPC and partners Eni, Total and Shell attended the signing ceremony for Train 7, which is expected to boost Nigeria's LNG output by 35% to 30 million tonnes per year.The agreement is a bright spot for Nigeria, a nation rich in oil and gas that has been working for years…
Nigeria Commits to OPEC Agreements
Nigeria is committed to full implementation of agreements among OPEC and non-OPEC members, its minister of state for petroleum said on Sunday, ahead of an OPEC meeting in Vienna.Timipre Sylva said he had told Saudi Energy Minister bin Salman that Nigeria's compliance had improved substantially since August. Prince Abdulaziz serves as chairman of the OPEC and non-OPEC joint ministerial monitoring committee.OPEC ministers meet among themselves in Vienna on December 5…
Ghana Energy Official Calls for Regulatory Changes
Ghana's Deputy Energy Minister Amin Adam said on Wednesday that domestic laws must be changed to allow companies already producing to further explore offshore areas for more oil."We're changing our law to allow companies that are already producing in a certain area to continue with exploration. We have in our laws provisions that constrain investment," he said.(Reporting by Libby George Editing by Tim Cocks)
Chevron Seeks to Shrink Nigerian Presence
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.
Angola Hopes Reforms Will Aid Oil Assets Sales
Angola is hoping sweeping economic reforms will smooth an ambitious plan to sell key state assets, including stakes in oil company Sonangol, a share of Puma Energy and more than 100 other enterprises.Africa's second biggest oil exporter is in a rush for cash as it struggles to cope with moribund crude prices, slumping output and years of mismanagement that left Sonangol bloated and inefficient.In August, the government published an extensive list of assets that will be offered to investors via public offerings…
Nigerians Pursue Shell Spill Case in the UK
The Supreme Court in London will hear an appeal by Nigerian farmers and fishermen to pursue claims in England against oil major Shell over oil spills in the Niger Delta, lawyers for the two affected communities said on Wednesday.The decision to hear the appeal re-opens the possibility for British multinationals to be held liable at home for their subsidiaries' actions abroad.
Foreign Oil Workers Kidnapped in Nigeria
Gunman kidnapped two foreign workers from an oil rig in Nigeria's Delta region on Saturday, the military said - the second abduction there in less than a week.The attackers raided the rig owned by Niger Delta Petroleum Resources at around 8 a.m. (0700 GMT), the spokesman for the area's military operations, Major Ibrahim Abubakar, said.Troops were searching surrounding swamps, he added.The Niger Delta produces the bulk of Nigeria's crude.
New Rules on Ship Emissions Herald Sea Change for Oil Market
New rules coming into force from 2020 to curb pollution produced by the world's ships are worrying everyone from OPEC oil producers to bunker fuel sellers and shipping companies.The regulations will slash emissions of sulfur, which is blamed for causing respiratory diseases and is a component of acid rain that damages vegetation and wildlife.But the energy and shipping industries are ill-prepared, say analysts, with refiners…
Oil Surges to Fresh Highs on Growing Supply Worries
Brent jumps to over $75/barrel as WTI rises above $70/barrel. The continuting economic crisis in Venezuela threatens its oil exports. Oil prices rose to their highest levels since late-2014 on Monday, boosted by Venezuela's deepening economic crisis and a looming decision on whether the United States will re-impose sanctions on Iran. Brent crude oil futures were at $75.67 per barrel at 1126 GMT, up 80 cents from their last close. Earlier in the session they touched their highest since November 2014 at $75.89 a barrel. U.S.
Vivo Energy IPO Launches with 2 bln Pound Valuation
Largest Africa-focused IPO since 2005; Vivo to join FTSE 250 index. Vivo Energy PLC launched on the London Stock Exchange on Friday with a valuation of nearly 2 billion pounds ($2.7 billion), the largest London IPO so far this year and the largest Africa-focused IPO in more than a decade. The initial offer price for the just under 30 percent of the company floated was set at 165 pence per share and the shares advanced to 169.50 pence in conditional trading.
Oil Slips as OPEC, Iran Worries Balance U.S. Output
Potential of new U.S. sanctions against Iran keep market on edge as OPEC cuts bolstered by Venezuelan declines also support. Oil prices slipped on Thursday as swelling U.S. crude inventories and record weekly U.S. production clashed with OPEC supply cuts and the potential for new U.S. sanctions against Iran. Brent crude oil futures were at $72.91 per barrel at 1113 GMT, 45 cents below their last close. U.S. West Texas Intermediate (WTI) crude futures were 10 cents lower at $67.83 per barrel.
Oil Stumbles, but Iran Uncertainties Support
Israel presses U.S. to scrap nuclear deal with Iran. Oil prices slid on Tuesday as the dollar remained near a four-month high, but worries that U.S. President Donald Trump will pull out of the Iran nuclear deal underpinned the market. Brent crude for July delivery was trading 58 cents lower at $74.11 by 1157 GMT. The June contract expired on Monday, settling up 53 cents at $75.17. U.S. West Texas Intermediate crude for June delivery was 70 cents down at $67.87 a barrel, after settling 47 cents higher on Monday.