US lawmakers block IMF Central Africa Support over Oil Fund Dispute
U.S. legislators have introduced legislation to block International Monetary Fund assistance for certain Central African countries in order to protect billions of dollars oil companies are required by law set aside for environmental restoration. The bill highlights the standoff between foreign investment on one hand and Central African monetary authority on the other, who are trying to tighten capital controls in extractive industries so as to replenish depleted reserves. The bill, introduced by U.S. Republican Reps.
US lawmakers block IMF Central Africa Support over Oil Fund Dispute
U.S. legislators have introduced legislation to block the International Monetary Fund's (IMF) assistance for certain Central African countries. This is in order to protect billions of dollars which oil companies are required by law set aside for environmental restoration. The bill highlights the standoff between foreign investment on one hand, and Central African monetary authority trying to tighten capital controls on extractive industry to shore up depleted reserve on the other. The bill, introduced by U.S. Republican Reps.
Vaalco Eyes Equatorial Guinea Block
Houston-based Vaalco Energy said that it is in talks to serve as operator for three Equatorial Guinea (EG) oil blocks recently awarded to Levene Hydrocarbon.Vaalco Energy Mauritius (Vaalco EG), the subsidiary of the company, is in preliminary talks to become a contract operator for offshore block 19 and two onshore concessions but would not own any interest in the blocks.Mauritius subsidiary currently holds a 31% participating interest in Block P, located offshore Equatorial Guinea.On November 26…
BW Offshore to Fully Own FPSO Petroleo Nautipa
Following to BW Offshore's announcement of 9 July 2014, BW Offshore has signed a sale and purchase agreement with Yinson to take 100% ownership of the FPSO Petroleo Nautipa, owned through Tinworth Pte. Ltd. Tinworth, and correspondingly the FPSO, has been 50/50 owned between BW Offshore and Yinson Holdings Berhad through their respectively wholly owned Norwegian subsidiaries. The price for the 50% stake acquired from Yinson is USD 49.3 million, plus approximately USD 10 million consideration for the working capital in Tinworth.
