Monthly Archives: February 2011

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As much as a quarter of Libyan oil output has been shut down, Reuters calculations showed on Wednesday, as unrest prompted oil companies to warn of production cuts in Africa's third-largest producer. Austria's OMV said on Wednesday it might be heading for a full production shutdown in Libya. Total, Repsol, Eni, and BASF have also said they are either slowing…

Junior oil and gas explorer, Exile Resources Inc., said it received a formal exploration licence for its project in northeastern Zambia. Exile Resources, which has an investment licence for Block 26, is currently reviewing data and undertaking geochemical surveys to study the potential for oil and gas in Zambia. The Toronto-based company, which is focused on the acquisition and development…

Kenyan agricultural producer, Sasini, faces an uncertain future because of drought and rising oil prices, but plans to diversify its revenue streams to buffer its main business, its head said on Wednesday. Meteorologists have warned the East African nation is likely to have a drought, causing jitters in the agricultural sector. "We have a drought, we do not know how…

The people of the Amazonian region of Ecuador could not have wished for a better Valentine Day's gift as a court there slammed an $8 billion fine on Chevron for heavily polluting the area through serial oil spills. Texaco spewed the spills into the fragile ecosystem between 1964 and 1990. You may be wondering why Chevron should be caught in…

Shell Petroleum Development Company (SPDC) has declined to speak on the progress of the bidding process of its oil blocks that have been offered for sale. Although names of interested companies have already been mentioned in newspapers, local and foreign, the bidding process for the sale of its oil blocks have started, and the planned sale of some oil blocks…