A study indicates that two new basins in Ethiopia could contain more than two billion barrels of oil. But getting at that oil wealth means overcoming colossal hurdles. Ethiopia has no pipelines and major investors are scarce.
West Africa deepwater drilling activity is on the rise and Houston offshore equipment companies are happy beneficiaries, judging from multi-million dollar orders for services equipment that came through this week.
An Algerian official says that the country’s security forces will take over the job of securing the country’s oil and gas facilities, instead of private companies, following a massive terrorist attack in January.
Tullow Oil Plc (TLW), the U.K. explorer that found Kenya’s first crude a year ago, is about to find out whether the resources extend into neighboring Ethiopia, a nation dependent on agriculture that’s yet to discover any petroleum.
Nigeria, Africa’s top oil producer, needs a balanced industry law favorable to the government and energy companies that pump the country’s crude, said Mutiu Sunmonu, chairman of Royal Dutch Shell Plc’s local unit.
Nigeria is a fascinating country, with so much potential yet so many challenges. It is the largest oil producer in Africa, and has 37 billion barrels of proven oil reserves (10th largest in the world). It is also the holder of the largest natural gas reserves in Africa. For all intents and purposes it is also a […]
Fines amounting to $8 billion sought by Nigeria from Royal Dutch Shell Plc (RDSA) and Chevron Corp. (CVX) for oil spills are not backed by law, said Bukola Saraki, chairman of the country’s Senate Committee on Environment.
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