Shell, Eni executives named in $1billion Nigeria bribery suit


Royal Dutch Shell Plc and Eni SpA face additional corruption allegations over a Nigerian oil deal, after the West African country’s government said in a London lawsuit that it believes a handful of executives, including CEOs, were tied to more than $1billion in bribery payments.


Financing risks remain for Mozambique’s LNG projects


While Mozambique is presently recovering from the destruction caused by Cyclone Idai, it has the potential to produce close to 10% of the current global market or 6x the LNG production of Angola.


Total drilling for oil in world’s fastest ocean


Total SA’s discovery of South Africa’s first oil in deep water could prove to be a bonanza for a country lacking crude reserves of its own and prompt a rush from other majors. That’s if they’re able to solve the engineering challenges of operating in one of the fastest ocean currents in the world.


Eni reveals major oil find off Angola


Italian oil firm Eni today announced a major discovery off Angola. The Agogo discovery is thought to hold 450-650 million barrels of oil. The well was drilled by the Poseidon drillship. Agogo follows other commercial discoveries at Kalimba and Afoxé. Eni operates the block with a 36.8% stake. Its partners are Sonangol and SSI Fifteen.


Oil and gas investment landscape in Nigeria


Nigeria is the largest economy in Africa and one of the most popular sub-Saharan states to have received foreign investment from European, US and Chinese investors over recent years. It is one of the world’s larger oil producing countries, with daily production of nearly two million barrels, more than twice that of the UK. It has been a member of the Organisation of Petroleum Exporting Countries (OPEC) since 1971.


Abubakar to divest Nigeria’s ‘mafia’ oil firm if he wins


Nigeria’s main opposition presidential candidate, Atiku Abubakar, said he’ll sell the state oil company, which he called a “mafia organization,” and attract private investors to drive economic growth and create jobs if he wins office next month.