Nigeria’s Unemployment Rate Drops Sharply to 4.1% About three-quarters of Nigeria’s workers were employed as the jobless rate fell to a record low in the first quarter, the statistics office said, after it revised the methodology for computing the data “in line with international best practices”. The unemployment rate stood at 4.1% in the first…
Eni Begins Oil and Gas Production at Ivory Coast Baleine Field Italy’s Eni (ENI.MI) has begun oil and gas production at the giant Baleine field in deep waters offshore Ivory Coast, the energy group said on Monday, confirming a previous announcement by the Ivorian energy ministry. The Italian energy group, whose presence in the African…
BRICS Bank can help African Countries Tackle Urgent Challenges The New Development Bank created by BRICS countries in 2015 can help finance African countries’ projects to tackle their most urgent challenges, the bank’s president Dilma Rousseff said recently. The BRICS countries are “good partners” for Africa, former Brazilian President Rousseff said in a speech in…
LNG Tanker Prices Soar Earlier Than Usual Ahead Of Winter The pre-winter seasonal rally of LNG tanker charter prices has started earlier than in previous years amid expectations of high demand for the winter and uncertainties over a potential strike in Australia that could curtail 10% of global LNG supply. Spot LNG charter rates for…
Court Upholds Host Communities’ Recognition in NOGICD Act, PIA The Federal High Court sitting in Abuja has upheld that the community where the operational activities of an oil and gas firm are taking place, reserves the hosting rights in such circumstance and should be engaged in that regard by the firm carrying out such operation….
Gabon Blue Bond Swap Raises Hopes for African Debt-For-Nature Deals A $436 million “debt-for-nature” swap by Gabon to fund marine conservation has backers hoping for more such money-saving environmental deals, but some investors still see room for improvement in the increasingly popular transactions. The central African country, whose beaches and coastal waters are home to…
Nigeria Lost $46 Billion Worth Of Crude Oil to Theft In the decade to 2020, Nigeria lost to oil theft more than 619.7 million barrels of crude oil valued at $46.16 billion, representatives for the Nigeria Extractive Industries Transparency Initiative (NEITI) said at a forum this week. During the period 2009 to 2020, Nigeria’s losses…
Oil Gives Up Gains despite Large Crude Draw – EIA Crude oil prices moved slightly lower today after the Energy Information Administration reported an inventory decline of 6 million barrels for the week to August 11. That change compared with a build of 5.9 million barrels for the previous week, which in turn followed the…
Angola: Luena Photovoltaic Plant With 88% Completion The construction of the Luena Solar Energy Park, in eastern Moxico Province, of Angola whose delivery is scheduled for March 2024, is at 88% completion. The well-known “clean and cheap” energy park will have 43,000 solar panels, with an installed capacity of around 26.9 MW, with capacity to…
Non-OPEC oil supply to expand by 1.5mb/d in 2023 — OPEC The Organisation of the Petroleum Exporting Countries (OPEC) says, its Non-OPEC oil supply is expected to expand by 1.5 million barrels per day (mb/d) in 2023. This is a slight upward revision from the previous assessment of 1.4mb/d. OPEC said this in…
