Bloomberg Saudi Arabia is in talks to build an oil refinery in South Africa as part of a pledge to invest as much as $10 billion in Africa’s most developed economy. Joint studies for a refinery and petrochemical complex will be conducted by state oil giant Saudi Aramco and South Africa’s Central Energy Fund, energy ministers from the two countries ...

Bloomberg Oil explorers still reeling from the late-2018 price collapse shut down drilling rigs in the biggest US field and elsewhere at the fastest pace in almost three years. The number of working oil rigs plunged by 21 this week to 852, the lowest since late May, according to data released by oilfield-services provider Baker Hughes. A 26 percent surge ...

Bloomberg Nigeria’s state-owned oil company said it’s in talks with financiers to raise as much as $4.1 billion and will seek to sign service deals to increase production from three leases. The Nigerian National Petroleum Corp, or NNPC, is in discussions with Lagos-based Sterling Oil Exploration & Energy Production Co to raise $3.15 billion and CMES-OMS Joint Venture Ltd for ...