International banks are increasingly reluctant to commit to African projects, although domestic banks are growing with an eye on filling this gap.
As a final investment decision (FID) looms on Uganda’s oil plans, opposition is targeting financial sources for the export pipeline.
Shell Petroleum Development Co. (SPDC) has sold its 30% stake in OML 17 to TNOG Oil and Gas, for $533 million.
The United Bank for Africa (UBA) has participated in a consortium to lend $1.5 billion to Nigerian National Petroleum Corp. (NNPC) and its upstream Nigerian Petroleum Development Co. (NPDC) unit.
Despite challenges thrown up by the coronavirus outbreak, BP’s production in Africa was largely unchanged, although exploration and development has been pushed back.
Nigeria is under particular strain as a result of the low oil price crisis, industry participants said during a webinar, demonstrated by a government decision to plan for $20 per barrel oil.