Eni CEO urges OPEC to act now, warns of oil spike to $200/bbl

The head of Italian energy company Eni Spa urged OPEC on Wednesday to act to restore stability in oil prices, which he warned could overshoot to $200 per barrel several years down the road because of low investment now.

Presidential shake-up of top brass at Nigeria’s State oil firm

It will be difficult for the international oil industry, and the world at large, to swallow the official line that Nigerian president Jonathan Goodluck’s replacement of the four top executives at the Nigeria National Petroleum Corporation (reported here by Reuters) is a “routine” matter. The fact is that there has been consistent pressure on government … Read more

Nigeria’s Oando converts $218.9m loan to Canadian unit to equity

LAGOS (Reuters) – Nigeria’s Oando Plc has converted a $218.9 million loan to its Toronto-listed unit Oando Energy Resources to equity, to increase its stake in the subsidiary by 1.6 percent to 93.6 percent, it said on Thursday. Oando said the debt is part of a $1.2 billion facility it approved for its subsidiary in February to help finance … Read more

Citibank: Foreign investors shrug off Nigeria security risk

By Chijioke Ohuocha LAGOS (Reuters) – Worsening security in Nigeria has not deterred foreign investors from buying its assets, Citigroup’s country head said on Wednesday, citing $1.1 billion worth of Eurobonds it had traded for three local lenders so far this year. But any spread of attacks further south or to the commercial hub of Lagos could start to put … Read more