North Africa may be “the next big opportunity” after North America for oil and gas production from shale, if drilling costs can be reduced, said Repsol (REP) SA Geological Studies Director Eduardo Negri.
Billionaire Dan Gertler is looking for partners to develop oil blocks in the Democratic Republic of Congo after seismic studies revealed “a lot” of oil, the director of Gertler’s Oil of DR Congo sprl said.
Nigeria’s Bodo community in the southern Delta has rejected a compensation offer from Shell for two oil spills in 2008 that devastated the mangrove and fishing area, lawyers and the company said Friday.
Shell officials on Monday will begin talks in Nigeria’s southern city of Port Harcourt with representatives for the Bodo community on compensation and cleanup five years after one of the worst oil spills in Nigeria’s history.
A company run by Africa’s richest man received a loan toward a $9 billion project that will give Nigeria its largest oil refinery and petrochemical and fertilizer complex, reducing the country’s reliance on international markets.
Nigeria risks losing $185 billion within 10 years as higher taxes proposed by a new law will deter investment in the country’s oil industry, an association of energy companies including Exxon Mobil Corp. (XOM) said.
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