South Africa’s Sasol has today announced plans to cut jobs and end its West African oil operations as part of a major business revamp. The petrochemicals producer has been contemplating its rising debt levels, falling oil and chemical prices and lower global demand due to the...
Total has secured US$14.4 billion in funding for its liqified natural gas (LNG) project in Mozambique, according to two sources close to the matter. One of the sources said the French energy giant has reached a financing agreement with a group that includes around 20 lenders...
Chemicals and fuels group Sasol has issued a request for information (RFI) on the prospect of potential bidders supplying its heavily polluting South African operations with 600MW of renewable energy. The news comes just a day after the JSE-listed company was excluded from the portfolio of...
French energy major Total has confirmed the sale of assets in Sierra Leone, Liberia and Brunei for a total value of over US$400 million. In West Africa, Total signed a deal to sell its marketing and services businesses in Liberia and Sierra Leone to Conex Oil...
Nigeria will reduce the size of its record budget in response to sharp declines in the price of crude oil, according to the Ministry of Finance. The 2020 budget figure of US$34.6 billion, adopted in December last year, was calculated assuming crude oil production of 2.18...
Total SA’s chief executive Patrick Pouyanne has said his company’s planned acquisition of US oil firm Anadarko’s African assets is ‘perfectly fitting’ with its overall strategy. The French energy giant agreed to buy all of Anadarko’s oil & gas assets outside the US for US$8.8 billion,...
Nigerian oil producer Oando is aiming to raise fresh capital over the next two years in order to repay debt used to acquire Conoco Phillips’ Nigerian assets, according to chief executive Adewale Tinubu. Oando acquired Conoco Phillips’ Nigerian assets for US$1.5 billion in 2013 but struggled...
Patrick Pouyanne, chief executive of French oil giant Total, has revealed the company will approve plans to proceed with the Ikike project in Nigeria in the coming months. The 60,000 barrels per day (bpd) offshore facility is one of several projects owned by Total in Nigeria....