African financing faces mounting challenges
International banks are increasingly reluctant to commit to African projects, although domestic banks are growing with an eye on filling this gap.
Standard Chartered
Banks targeted in StopEACOP campaign
As a final investment decision (FID) looms on Uganda’s oil plans, opposition is targeting financial sources for the export pipeline.
Shell sells OML 17 stake for $533mn
Shell Petroleum Development Co. (SPDC) has sold its 30% stake in OML 17 to TNOG Oil and Gas, for $533 million.
NNPC signs $1.5bn export finance facility
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.
BP backs away from frontier exploration
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 feels the pinch
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.