December 16, 2017

Chevron Corporation To Sell Stakes In Nigerian Oil Blocks: Here’s Why

Chevron Corporation (NYSE:CVX) is planning to sell 40% stakes in two Nigerian Shallow water offshore oil blocks, Oil Mining Leases (OML) 86 and 88. As reported by Reuters Africa, Chevron highlighted the latest development on Wednesday. Recently, energy companies are planning to wrap up their operations in Niger Delta area. The area has a lot of problems, which make it difficult to operate. Problems such as oil thefts, destruction of pipelines, and other uncertainties such as tax rules have prompted companies to withdraw their investments from the country. The San Ramon-based company in early February sold its 40% stake in two…

Chevron hits out at British documentary on oil pollution in Ecuador | Environment | The Guardian

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The US oil giant Chevron has attacked the British makers of a short art-house documentary film about oil pollution in the Ecuadorean Amazon featuring the actor Julie Christie reading a Pablo Neruda poem for ignoring the environmental record of the country’s own state oil producer. The 13-minute film, follows the unresolved, 22-year-long series of legal fights in the US, European and Latin American courts over the dumping by US oil company Texaco of 18bn gallons of toxic wastewater and crude oil in the forest near the town of Lago Agrio between 1964 and 1992. It has no commentary except for Neruda’s 42-line poem recited…

Chevron to release documents in lawsuit over Nigerian oil leases

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Chevron USA and BNP Paribas agreed recently in District Court in Texas to turn over documents and correspondence between the two companies and other entities to the Nigerian oil company that has sued Chevron over the sale of three oil mining leases in the Niger Delta. The agreement came during a hearing April 27 in a lawsuit filed in Houston by Brittania-U Nigeria Limited. In the lawsuit, Brittania-U accuses Amni International Petroleum Development Company Limited, Belema Oil Producing Limited and other entities of ‘tortious interference’ for allegedly raising questions about Brittania-U’s ability to pay for the leases during a bidding…

Africa set for an oil and gas boom

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PM News Africa’s energy industry could boom in the coming years, with Mozambique and Tanzania set to emerge as new frontiers if they can attract enough badly needed investment, a report said Wednesday. Six of the top 10 global discoveries in 2013 were made in Africa, with more than 500 companies now exploring across to the continent, according to a study by PriceWaterhouseCoopers. Large gas finds in Mozambique and Tanzania would make the world “take note of east Africa as an emerging player in the global industry,” said the report’s advisory leader, Chris Bredenhann. The boom has brought investment opportunities,…