Few companies are paying down debt while staying bullish on exploration plans, but Africa Oil is an exception.
Nigerian National Petroleum Corp. (NNPC) has signed a heads of terms with Cnooc Ltd and South Atlantic Petroleum (Sapetro) to bring to an end a dispute on OML 130.
Africa Oil paid down $45.2 million of its debt during the first quarter, after receiving $87.5mn from its stake in three major Nigerian oilfields.
Petrobras has concluded the sale of its 50% stake in Petrobras Oil & Gas BV (POGBV), through which it held stakes in Nigeria’s Egina and Agbami fields.
A VLCC offshore Nigeria has been attacked and 19 crewmembers seized. This appears to be the first time such a ship has been targeted in this region.
Africa Oil will go it alone in the acquisition of stakes in major fields offshore Nigeria after its partners, Delonex Energy and Vitol Investment Partnership, both withdrew.
Nigerian President Muhammadu Buhari has set out a plan of passing legislation overhauling the country’s hydrocarbon industry by the end of 2020.
Total has started up production from the Egina field off the coast of Nigeria.
French oil major Total, operator for the Egina oil field offshore Nigeria, has successfully installed acoustic specialist Sonardyne's Fusion 6G subsea positioning network to support its development of the $15billion project.