Ernst & Young recently released the Oil and Gas Business Risk Report 2010: Top Ten Risks, highlighting some of the biggest challenges the industry is currently facing. One of the notable results of the report is that uncertain energy policy has replaced access to reserves as the top risk facing the industry across the globe in 2010.
Investment in exploration of oil and gas is booming in Africa. The continent currently supplies approximately 11% of the world’s oil and untapped reserves are estimated at just under 9% of global proven reserves.
Tuesday, 06 July 2010 10:41

Oil spill containments still not working

BP has been trying to control the oil spewing into the Gulf of Mexico since the large scale oil spill began on 20 April just off the coast of Louisiana. Ruptures in drilling infrastructure below the surface of the waters were caused by an explosion and fire on the deep sea oil rig, which killed 11 people and is causing a major ecological disaster.
Nigerian energy company Oando Plc is planning on raising US$250-million by floating a minority stake (49%) in its local retail arm by September (www.xe.com). Oando Plc is Nigeria’s largest fuel retailer and the 49% stake is valued at US$500-million.
Wednesday, 24 March 2010 12:30

About bunkering

Bunkering, or the refuelling of vessels, is part of a cluster of oil-related activities, and is an essential service. The bunkering industry includes oil and bunker producers, traders, ship owners/operators, managers, boil majors, national oil companies, refiners, bankers, classification societies, maritime lawyers and consultants.
In January2010, the federal government of Nigeria announced it has inaugurated an 18-member committee of experts to investigate ways of making Nigeria the hub of bunkering activities in the world. The committee is set to assess the size and scope of the global bunkering industry in order to determine the potentials of the sector in Nigeria and policy framework that would help the country tap into this market.
Wednesday, 16 September 2009 09:45

Investigating the cause of the Timor Sea oil spill

Seadrill Ltd. has reported that it is working closely with the National Offshore Petroleum Safety Authority to investigate an August oil spill involving the Montara platform off West Australia in the Timor Sea.
Wednesday, 16 September 2009 09:44

Oil training opportunity

Dramatic changes in African markets have meant that not only oil companies but also finance institutions and regulatory bodies are keen to understand the international dynamics of the oil trading business.
Wednesday, 16 September 2009 09:42

West Africa’s oil and gas routes expand

Universal Africa Lines (UAL), an international shipping liner to the West African oil and gas industries, recently opened a South African branch in launch of a fortnightly shipping route to supply West African oil and gas exploration and production bases from South Africa.
Wednesday, 16 September 2009 09:40

Oil discovery in Uganda

Tullow Oil plc (Tullow) has announced that the Ngara-1 exploration well, which is located in the Butiaba region of Uganda Block 2, has encountered over 8 metres of net oil pay.
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