With spending cutbacks already taking their toll on global upstream activity, oil companies are being forced to rethink their approach to Africa’s vulnerable high-risk, high-reward exploration frontiers.
Posts Tagged ‘Africa’
By Robert Perkins | February 23, 2015 12:01 AM Comments (1)
By Jacinta Moran | January 23, 2015 08:30 AM Comments (2)
West Africa has suffered one of its most difficult years in 2014. and 2015 is shaping up to be an even more difficult year for that region. While the deadly Ebola virus will eventually wind down, the disruptions caused by the outbreak will continue to cripple the economies of Liberia, Guinea and Sierra Leone.
The political landscape across west and east Africa remains delicate as nations across the region continue to grapple with insecurity and terrorist threats. Africa in 2014 faced intensified terrorism in Nigeria, increased attacks by al-Shabab in Kenya and civil war in the Central African Republic and South Sudan.
By Jacinta Moran | December 16, 2014 12:01 AM Comments (0)
Plummeting oil prices coupled with a significant increase in terrorism, and regime instability pose a direct threat to several sub-Saharan African countries the next year.
2015 will ask searching questions for Nigeria’s political climate as the country heads into a crucial election in February. Campaigning comes against a backdrop of sliding crude prices which have crushed an economy which relies on oil for 70% of its income. Opposition in the north to president Goodluck Jonathan’s re-election has deepened because of a deadly insurgency by Boko Haram Islamists in the region.
By John Kingston | October 13, 2014 10:24 AM Comments (4)
Phil Verleger has a long memory.
Phil is a veteran energy economist, and he and I have been emailing each other over the course of the last week, recalling the oil price collapse of the mid 1980’s. As he noted, there are a dwindling number of of people still in the industry who remember that. But I had just joined Platts when the great collapse of 1985-1986 took place. On April 1, 1986, WTI plunged to less than $10 and no, it wasn’t an April Fool’s joke. (It remains the only day in the history of the WTI contract, launched in 1983, that the price ever “printed” a number less than double digits. It has never settled at less than $10.)
In his latest weekly report, Phil recalls that fall, as well as the collapse of 1998-1999. While WTI prices didn’t drop below the $10 level in the late 90’s, the levels of that period, after adjusting for inflation, were the lowest in history.
By Jacinta Moran | October 3, 2014 11:28 AM Comments (0)
After two years of sporadic clashes, Mozambique’s Frelimo government and Renamo, the main opposition party signed a peace agreement in August, improving prospects for the October elections in the gas-rich southern African nation.
The presidential and parliamentary elections on October 15 will mark the end of president Armando Guebuza’s second and final term in office.
The election takes place as Mozambique becomes an attractive investment destination following huge gas discoveries by Italy’s Eni and US’ Anadarko. The discoveries, estimated at 100 trillion cubic feet have the potential to transform Mozambique into one of the world’s leading LNG exporters.
By Elizabeth Bassett | August 4, 2014 04:05 PM Comments (3)
It can often feel as though many of the big issues or trends in the oil industry are happening on a level unseen by the general public. July, though, brought some big news stories straight to the mainstream media and a wider audience, and these were developments our oil editors and analysts at Platts were watching closely.
Welcome to the latest iteration of The Oil Big Five, when we ask our Platts oil insiders what they believe are the biggest trends or issues in the global oil industry. These are topics we spent a lot of time researching, writing about and analyzing in July, as well as issues we’re keeping an eye on for August.
By Jacinta Moran | July 18, 2014 10:55 AM Comments (3)
Mozambique and Tanzania are locked in a race to be first to export gas from East Africa, so much so that the region may emerge as a strong competitor to Qatar and Australia in the battle to capture key export markets in Asia.
Geographically, East Africa is ideally placed to supply LNG to Japan, China, India and South-East Asia all of whom rely heavily on LNG imports.
LNG from East Africa should be cheaper than from Australia but such an advantage may be wiped out if Mozambique and Tanzania are unable to develop their potential before a glut of other new supplies depress prices.
By Elizabeth Bassett | July 8, 2014 03:49 PM Comments (2)
You’ve read about the big topics our Platts experts think are most interesting for July, and now we want to turn our attention to our readers.
In our monthly The Oil Big Five feature, we poll our global oil experts for what they consider the most pressing or interesting aspects of the oil industry at the moment. We follow each post by rounding up some of the comments, and below you can see (in no particular order) some of the reactions we had from our readers, both on the blog as well as on social media.
By Elizabeth Bassett | July 1, 2014 04:45 PM Comments (3)
Welcome to The Oil Big Five for July 2014, where we list the big issues that are keeping our Platts oil experts busy around the globe. You can find our last posting here, which had the problem of not posting comments for a short time when it first went up. We really appreciate everyone who commented on the blog once it was fixed, though, as well as those who sent us feedback on Twitter. The latest round-up of reader comments can be found here, and be sure to comment again for the follow-up to this post.
Here are the biggest oil issues or trends that our editors and experts nominated to be a part of the post this month. Read the rest of this entry »
By Jacinta Moran | February 21, 2014 02:29 PM Comments (1)
President Goodluck Jonathan Thursday sacked the central bank governor Lamido Sanusi, a move critics say is a warning to whistleblowers in the run-up to presidential elections in Africa’s biggest oil producer.
Jonathan accused Lamido Sanusi of “financial recklessness and misconduct” and suspended him four months before his term was to end in June.
Sanusi had recently told a senate committee that out of $67 billion of oil sold between January 2012 and July 2013, $20 billion had not been accounted for by the state-owned NNPC.