Coronavirus: United Kingdom, facing worst recession on record, sees GDP drop 20.4% in Q2

The UK has seen its economy, hit by the coronavirus crisis, suffer a "record" contraction of 20.4% in the second quarter, and is officially facing its worst recession on record, agency figures show National Statistics (ONS), published Wednesday 12 August. 
Economists consider that a country enters a technical recession when it accumulates two consecutive quarters of contraction in its economy. According to the ONS, most of the contraction, which began to be felt in March, occurred in April, an entire month of containment and almost total cessation of activity in the country, which saw production collapsed by 20%.

With a very early recovery in construction sites and manufacturing activity, gross domestic product (GDP) rebounded in May by 2.4% (revised figure), followed by an acceleration in June (+8.7 %) thanks in particular to the reopening of all shops. This is the biggest contraction in the UK economy since the ONS began these quarterly statistics in 1955, he said…

Nigeria: Atlas Petroleum Resumes Drilling Activities at OML 109 Site

OML 109 includes 14 identified and mapped prospects, and a risk-free resource potential of over 500 million barrels of oil.

Atlas Petroleum Resumes Drilling Activities at OML 109 Site

Atlas Petroleum International has just resumed drilling and drilling activities on the wells of OML 109 in Nigeria, in order to improve production at the marginal Ejulebe field. Awarded to Atlas Petroleum International in 1991, the block went into production through the development of Ejubele's discovery in September 1998.

According to Atlas Petroleum, OML 109 includes 14 identified and mapped prospects, and a risk-free resource potential of over 500 million barrels of oil. "Its low cost shallow water operating environment and proximity to existing oil and gas infrastructure such as the Escravos terminal make it one of the most attractive assets in the Niger Delta, with significant potential for unexploited and under-explored oil, "added a press release from the oil company.




"The renewed development of OML 109 will stimulate the growth of local content in Nigeria and support the recovery of the industry after the Covid-19 crisis. As Nigeria steps up efforts to build national capacity and develop Nigerian content, we intend to meet expectations as a major local player in the country, "said Prince Arthur Eze, CEO of Atlas Oranto.

Atlas Petroleum International and Oranto Petroleum are said to represent one of the largest Nigerian and private exploration and production groups in Africa. The companies currently have a large footprint on the African continent, holding 22 oil and gas licenses in 12 jurisdictions.