The Federal Government may soon revoke Royal Dutch Shell Plc oil license in Ogoniland area of River State, although the timing has not been officially decided.Agency reports yesterday quoted an Assistant Director at the Department of Petroleum Resources (DPR), Mrs. Bamidele Ogedengbe as telling newsmen at an energy conference that: We are going to revoke Shell's license to operate in Ogoniland.
The world can promote development in Africa by supporting the private sector in Africa, as Spanish businesses agreed to do this week, and combating people-trafficking mafias, according to a non-governmental aid group.
The OPEC crude basket price, a daily reference level based on the prices of 11 crudes - dropped to $55.99 on Thursday from $56.23 the previous day.
Elf Petroleum Nigeria Limited (EPNL), a subsidiary of TOTAL, says it has encountered hydrocarbon resources in Usan field discovery in its deep water Oil Prospecting License (OPL) 222.
President Mobutu Sese Seko was said to have sipped pink champagne daily, hired Concorde to fly his family to New York to shop and bought numerous friends in high places, much of it with the help of foreign aid.
African stock exchanges may merge into integrated regional pan-African markets if African financial market leaders have their way. This was one of the main topics at the annual African Stock Exchange Association's three-day annual meeting that started in Johannesburg yesterday.
Shortfall in Nigeria's crude oil output is currently put at about 872,000 barrels per day, owing largely to an increase in the cycle of violence - hostage taking, arson leading to damage of oil production facilities in the Niger Delta, is expected to last for the next six months.
Africa'S deepening engagement with Asia's two economic giants-China and India-holds enormous potential for economic growth in Africa, according to a new report by the World Bank, released September 9.
Oil hovered around $63 a barrel on Friday, near its lowest levels since March, as ample U.S. fuel stocks looked set to meet winter heating demand in the world's biggest consumer.
Oil dipped back below $64 a barrel on Wednesday as traders await the debate among members of the U.N. nuclear watchdog over Iran's atomic work.
New gasoline-rich crude from Azerbaijan and Russia is blunting the impact of oil attacks in Nigeria this year but the relief will be shortlived as the world's available oil becomes ever more sulphurous.
OPEC president Edmund Daukoru met the chief executive of Brazil's state-owned oil company on Tuesday to discuss the country's rapidly growing ethanol industry.
The world can cope for now with the loss of about 1 million barrels per day (bpd) of oil from Alaska and Nigeria, but the pressure is on exporter group OPEC to fill the gap, the International Energy Agency said on Friday.
Nigeria is set to receive a $2.5-billion loan from the US Federal Government to assist government plans to rehabilitate and modernize the country's dilapidated railway system, President Olusegun Obasanjo said on Wednesday.
When Chinese investors bought struggling copper producer Chambishi Mining Plc, miners in this Zambian town gave them a heroes' welcome for averting its closure and for creating more jobs.
Energy and ambition is what World Bank President Paul Wolfowitz says he felt during a recent eight nation tour of Africa which ended late last month.
Nigeria's government must open up talks with community leaders and double the amount of oil revenues the country provides to its 46 states in order to end militant attacks in its delta region, according to a report.
Nigerian Foreign Minister Ngozi Okonjo-Iweala has resigned only days after being replaced as head of the country's economic reform team, the government reported on Thursday.
World Bank President Paul Wolfowitz is optimistic for the future of economic opportunities in Africa after returning from an eight-country trip through the continent.
An oil leak found in a shared pipeline in Nigeria has forced oil companies to shut down their daily production of 180,000 barrels of crude oil.
World Bank President Paul Wolfowitz ended his visit to Liberia by addressing the nation's legislature on Friday where he praised the country's economic progress, but warned there is a need for more improvements.
Africa needs better infrastructure in order to maintain the continent's social and economic balance, former UN ambassador Andrew Young said in an interview with the World Bank on Tuesday.
