Africa Oil and Gas 

Crude oil closes high, Nigeria to comply with output cut

Petroleum rates finished with a weekly gain of about 10% on Friday, as the sudden drop in U.S. production output of petroleum, together with OPEC output cuts, provides hope that the oil glut in the market will reduce significantly. International standard, Brent crude closed at $42.20 for a 9.5% weekly gain, after it opened on Monday at $38.80 a barrel. West Texas Intermediate (WTI) likewise completed the week on an excellent note, as it closed at $39.98 a barrel with an 11% weekly boost, after starting the week at $36.03…

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Africa Oil and Gas 

Nigeria now in full compliance with everyday oil output

The increasing cost of Nigeria’s debt profile breached a brand-new milestone with the country’s financial obligation service as a percentage of income rising to 99% in the first quarter of 2020. This is contained in the Medium-Term Expense Framework and Financial Technique (MTEF/FSP) report recently released by the Federal Ministry of Finance, Budget Plan, and National Planning A general review of the data acquired from the MTEF/FSP report shows that in Q1 2020, Nigeria sustained a total amount of N943.12 billion in debt service while the federal government retained income…

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Africa Oil and Gas 

Producers hopeful of $50 oil cost, business sustainability from cuts Business

Although OPEC concurred at the weekend to extend 9.7 million barrels cuts in daily crude oil production through completion of July, providing oil rates some support, operators in the exploration market are enthusiastic that the cuts would be sustained to help production and organisation sustainability. In the course of international lock down, the occurring energy imbalance impacted oil manufacturers and rates such that service sustainability was threatened and capability to service over N3.4 trillion loans damaged. With the lock down raised and oil costs rebounding, African Energy Chamber thinks that…

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Oil and Gas 

INTERVIEW: Nigeria doesn’t need PIB to deregulate oil sector – NNPC GMD

The coronavirus pandemic has ravaged the global economy and impacted the international oil market. But, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, says Nigeria is on course to realising its targets in the oil and gas industry. In this interview, Mr Kyari said the government does not need the Petroleum Industry Bill (PIB) to proceed with deregulation of the downstream sector of the petroleum industry. PT: The coronavirus pandemic has thrown the global economy into disarray. How is it impacting the Nigerian oil and…

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Africa Covid19 Energy Oil and Gas StockMarket 

Shares of Sasol Surge as South Africa Eases Lock down Restrictions

South Africa’s response to the coronavirus pandemic and international demand for petroleum products has actually struck Sasol’s company hard. A little over a month earlier, it revealed it was suspending operations at its Natref petroleum center and was lowering the production of synthetic fuel (a gasoline-like product produced from coal by 25%. These moves all came at a time when the company was dealing with an extraordinarily high debt load. Today, though, the South African federal government revealed it was relocating to what it calls level 3 of its lockdown…

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