Category: Africa

Nigeria suffers ‘substantial’ revenue loss as oil prices fall

The continent’s largest economy has been hit by the halving in Brent crude prices since the middle of last year as the West African nation prepares for presidential elections next month.  More »

Angola plans 25 percent budget cut as oil revenue plunges

Oil prices have slumped by more than half since June, threatening producers such as Angola, which relies on crude for almost all of its exports and more than two thirds of government income.  More »

Libya Islamists seen capturing oil Field in quest for funding

The militia that captured the Al-Mabruk field Wednesday could be a local branch of Islamic State a spokesman of the national Petroleum Facilities Guard said.  More »

Algeria to boost oil production in face of falling prices

Youcef Yousfi told the parliament Thursday that Algeria was working on dozens of deposits and studying the possibility of boosting production to increase revenues.  More »

Shell to pay $83 million settlement for Nigeria oil spills

Hundreds of spills occur every year in Nigeria, Africa’s top oil producer and largest economy, damaging the environment and destroying the livelihood of fishing and farming communities in the delta region.  More »

Libyan fighter jets bomb Greek tanker ship, killing 2

Libya is split between a United Nations-recognized government in the east and Islamists who control Tripoli in the west.  More »

Commentary: Protecting World Heritage sites should be oil industry resolution for 2015

Only Royal Dutch Shell and Total have publicly committed to not carry out or support extractive activities in World Heritage sites.  More »

Guard of Libyan oil ports calls in strikes on Islamist militias

The fighting last week marked a turning point in the unrest that followed Muammar Qaddafi’s 42-year rule.  More »

Oil strengthens as Libya conflict offers relief from glut

Fires have been extinguished at three of six tanks at Es Sider, Libya’s largest oil port, which were set ablaze after an attack by militants.  More »

Algeria calls for OPEC to cut production

The call by Youcef Yousfi to the Organization of Petroleum Exporting Countries, of which Algeria is a member, comes as the country is struggling to deal with a halving of oil prices from $120 barrel to $60 a barrel.  More »

Oil rises as fighting intensifies around Libya’s biggest port

Libya’s government said its action was prompted by a militia attack on Es Sider where loadings were halted earlier this month.  More »

Libyan Islamists pushed back from attack on oil ports

The fighting caused crude output to decline below Libya’s own consumption, National Oil said Dec. 21, without giving an estimate of the North African nation’s production.  More »

OPEC oil market defense eludes Libya as production drops

Conflict between the government and Islamist militias has spread to the region of Mellitah, where the country’s fourth-largest oil port is located,  More »

Libya oil output drops as fighting spreads to third oil port

National Oil Corp. already this month declared force majeure at two export terminals, Es Sider and Ras Lanuf, after an attempt by Islamist militias to capture them.  More »

Nigeria’s oil unions continue strike that may curtail exports

Any reduction in pumping would coincide with a collapse in the price of Nigeria’s biggest source of revenue.  More »
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