AfrOil - Africa Oil & Gas

US considers wading into Saudi-Russia supply war

Fitch cuts oil price outlook for 2020 from 62.5/bbl to $41/bbl on global recession fears

Fitch Ratings has cut its short and medium-term oil and natural gas price assumptions in expectation of very large market oversupply in 2020.

Nigeria seen cutting Bonny Light, Qua Iboe prices by at least $3 per barrel

Nigeria will reportedly join Saudi Arabia in selling its oil at a significant discount to Brent, one of the world’s main benchmark crudes.

Fuel shortages reportedly continuing in many parts of Sudan

Many cities and towns in Sudan have continued to report fuel shortages, despite the government’s efforts to improve supply conditions.

Uganda tasks state-owned company with bulk fuel sales to local retailers

Uganda’s government has officially tasked a state-owned business, Uganda National Oil Co. (UNOC), with selling bulk quantities of imported petroleum products to local retailers.

Tanzanian energy minister says domestic fuel reserves are adequate

Tanzania’s Energy Minister Medard Kalemani said last week that the country’s fuel inventories were capable of covering domestic demand for at least two months.

Liberia invites local companies to pre-qualify for offshore bidding round

Liberia’s government has indicated that it wants international oil companies (IOCs) to team up with local partners in the country’s upcoming offshore licensing round.

African Energy Chamber urges tax breaks for local oilfield service providers

African oilfield service operators deserve support from the governments of African oil and gas-producing states, a Johannesburg-based industry association has argued.

South Sudan defers plans for first licensing round

South Sudan’s government has postponed the country’s first licensing round.

Work inches forward on Mozambique LNG, Coral South FLNG

New contracts awarded for services related to the Mozambique LNG and Coral South FLNG projects mark steps forward for both facilities in an increasingly uncertain market.

Nigeria under more pressure

The continued fall in oil prices is already having an impact on Nigeria's economy, and there is probably more trouble ahead.

Oil prices collapse as COVID-19 wreaks havoc

Nigeria’s Rivers State moots modular refineries as solution to crude oil theft

The government of Nigeria’s Rivers State is mooting plans for the construction of multiple new modular refineries, saying that such facilities might help deter and reduce the theft and illegal processing of crude oil.

ZERA responds to criticism of new licensing requirements

The Zimbabwe Energy Regulatory Authority (ZERA) has pledged to revise new licensing requirements for retail sellers of refined fuels, following complaints from a key player on the domestic petroleum product market.

Libyan crude production sinks below 100,000 bpd

Libyan oil production has met another grim milestone by falling below the threshold of 100,000 barrels per day

Algeria plans stimulus to help counter the effects of falling oil prices

Algerian President Abdelmajid Tebboune has ordered his government to prepare a supplementary budget to help guard the country’s economy against the steep drop in crude oil prices.