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Nigeria Reassures Investors on New Lekki Greenfield Oil Refinery

Dec 11

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Oil RefineryNigeria’s state-run oil firm Nigerian National Petroleum Corporation (NNPC) on Friday reassured Oando, ONGC Mittal Energy (OMEL), and other oil firms that it fully supported building the OPEC member’s first crude refinery in more than 20 years.

Mohammed Barkindo, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), said NNPC will partner investors to develop the Lekki Greenfield Refinery near the commercial capital Lagos with the aim of starting production in 2017.

Nigeria’s four state-owned refineries have failed to keep pace with surging domestic demand for electricity and gasoline, forcing Africa’s biggest energy producer to import 85% of its fuel needs. Read the rest of this entry »

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Careers in Africa: International Firms to Converge in London Seeking Top African Talent

Oct 27

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Global Career CompanyAs an indication of optimism in the market, leading companies like Ecobank, Halliburton, and Total will be congregating in London to secure talented professionals for their operations across Africa at the Careers in Africa Recruitment Summit from 30 October to 1 November.

This will be the second edition of the Summit this year following a very successful event in May. Kabeho Solo, Chief Human Resources Officer at National Microfinance Bank of Tanzania says “This event continues to be a source of high caliber talent from diverse backgrounds.” Read the rest of this entry »

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Sinopec & CNOOC to Buy Marathon Oil’s Stake in Angola Block for $1.3 Billion

Jul 17

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Oil RigChina Petroleum & Chemical Corporation (Sinopec), China’s largest refiner, and CNOOC Ltd. agreed to buy a 20% stake in Angola’s offshore deepwater Block 32 for $1.3 billion from Marathon Oil Corp. Marathon Oil, the fourth-largest U.S. oil company, will keep a 10% interest in the block, site of 12 announced petroleum discoveries, after the sale, which is expected to close by year- end, the companies said today in separate statements.

It would be the fourth and largest divestiture this year of an exploration and production stake by Houston-based Marathon Oil, the largest U.S. Midwest oil refiner, after it announced an asset review in March 2008. Marathon had initially sought an Angola transaction valued at more than $2 billion, said Mark Gilman, an analyst at The Benchmark Co. in New York. “Marathon’s thoughts as to the value of this interest, at least in our view, were way out of line previously,” said Gilman, who has a “hold” rating on Marathon shares and owns none. “It’s still a good price for them.” Lee Warren, a Marathon Oil spokeswoman, said the Angola deal “indicates substantial value that we’re receiving.” She declined to comment on whether Marathon sought a price higher than $1.3 billion.

Marathon Oil has said its review and sale of assets would generate $2 billion to $4 billion on a pretax basis. The company said April 30 that it had announced transactions valued at about $1.6 billion. Marathon said in June that it agreed to sell its stake in an offshore Ireland natural-gas project to Vermilion Energy Trust for at least $235 million. Marathon Oil also has completed the sale of U.S. oil and natural-gas fields for $181.1 million to Apache Corp. It sold an Irish unit to Petroliam Nasional Berhad, or Petronas, Malaysia’s state-owned oil company, for $180 million in April. Today’s announcement brings the total value of announced asset sales by Marathon Oil to more than $3 billion since March 2008. Read the rest of this entry »

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