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)
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.
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.
Shell: Nigeria Payments, Oil Theft Climbed in 2017
Shell's payments to the Nigerian government grew to $4.32 billion in 2017, up nearly 19 percent from $3.64 billion in 2016, according to its annual sustainability report released on Monday. The bulk of the payments, $3.197 billion, went to state oil company NNPC for production entitlement. Crude oil theft from pipelines of Shell's Nigerian subsidiary SPDC increased by some 50 percent, rising to roughly 9,000 barrels per day (bpd) in 2017 from 6,000 bpd in 2016, the report said.
JP Morgan Knew Ex-minister Linked to Firm in Nigeria Oilfield Deal
JP Morgan Chase has acknowledged it knew a former Nigerian oil minister convicted of money laundering would benefit when it transferred over $800 million of government funds to a company he controlled, according to a court document seen by Reuters. JP Morgan made the acknowledgement in its legal response to a lawsuit filed by Nigeria over transactions made by the U.S. bank when Royal Dutch Shell and Eni bought offshore oilfield OPL 245 from Malabu Oil and Gas in 2011.
Shell Targets Former Senior Executive in Nigeria Graft Complaint
Royal Dutch Shell has filed a criminal complaint against a former senior employee over suspected bribes in the $390 million sale of an oilfield in Nigeria, where the company is already under investigation over a separate deal. Dutch prosecutors confirmed they had received the complaint against Peter Robinson, a former vice president for sub-Saharan Africa. They said it would be included in an ongoing investigation into Shell and Italy's Eni over the acquisition of a different Nigerian oilfield, known as OPL 245.
Gunvor's Rotterdam Oil Storage is for Sale
Trading house Gunvor is looking to sell a stake in more of its Rotterdam oil storage, two sources told Reuters, after offloading a chunk last year to a subsidiary of state oil giant Saudi Aramco. Gunvor acquired a significant amount of storage in Rotterdam, Europe's deepest port and a hub for its oil trading, when it purchased the 88,000-barrels-per-day Rotterdam refinery from Kuwait Petroleum International in 2016. It sold…
Oil Up After Sell-offs and Trump-Kim Meeting Hopes
Crude oil futures rose on Friday after two days of sell-offs amid optimism over a planned meeting between North Korea's Kim Jong Un and U.S. President Donald Trump. Kim also pledged to refrain from further nuclear or missile tests, lifting Asian stock markets and pulling crude oil futures along with them. Brent crude was at $64.02 per barrel at 1032 GMT, up 41 cents, or 0.64 percent, from its previous close. U.S. West Texas Intermediate (WTI) crude futures were at $60.42 a barrel, up 30 cents, or 0.5 percent.
First Vessel Due to Pump Angola's Kaombo Oil Block Heading to Africa -Total
The first vessel that will pump and store oil for Angola's 230,000 barrel per day Kaombo project is en route to the West African nation, operator Total said on Thursday. The Kaombo oil block will produce its first oil this summer, Total said. Once it is fully up and running, it will add roughly 14 percent to the OPEC member nation's average 2017 output of 1.632 million bpd. The Kaombo Norte floating production, storage and offloading (FPSO) vessel left Singapore earlier this week, Total said.
