Dragon Oil drops Petroceltic bid

Dragon Oil has walked away from another bid approach, announcing on 1 December that it had dropped plans to make an offer for Petroceltic, citing “prevailing market conditions”. Dragon approached Petroceltic in July, when the oil price was still around $110/barrel. The company carried out due diligence, and confirmed to Petroceltic ...

READ MORE

GNPC to take over Ghana National Gas Company

Ghana National Petroleum Corporation (GNPC) is to take over the Ghana National Gas Company (GNGC) to create a new gas subsidiary as part of its expansion plans, finance minister Seth Terkper told parliament on 19 November.The minister said the consolidation would reduce the financing conditions imposed by investors. He said ...

READ MORE

Libya faces massive budget deficit

The fall in the global oil price to below $80/bbl combined with limited production, currently around 700,000 b/d, means Libya faces a potential budget deficit of $25bn this year, Central Bank of Libya governor Ali Hibri told African Energy on 1 December. This means the 53.2bn dinars ($42bn) official state budget ...

READ MORE

Ophir buys Salamander

Ophir Energy is buying Salamander Energy, giving it additional acreage in south-east Asia. Salamander was co-founded in 2005 by Ophir managing director Nick Cooper, and Ophir said its portfolio offered an attractive balance to its existing African operations.The all-share deal values London-based Salamander at £314m ($528m). On completion, Salamander shareholders ...

READ MORE

South Africa: More bad news for Eskom as profits tumble

Eskom has reported a 24% fall in H1 profit, to R9.3bn ($863m) from R12.2bn in 2013. Announcing figures for the six months to 30 September, Eskom said full-year profits were expected to decline to R500m. “This is because, traditionally, revenue in winter is much higher than during summer due to ...

READ MORE

Call for rethink amid delays to South Africa’s renewables procurement

The announcement of preferred bidders in the fourth round of South Africa’s multi-billion dollar renewable energy independent power producer procurement (REIPPP) programme has been put back after third-round preferred bidders suffered further delays reaching financial close. The announcement had been scheduled for 24 November. The 17 REIPPP3 preferred bidders were announced ...

READ MORE

Nigeria: Azura IPP nears financial close

With meetings and signings planned across London, several participants at the Africa Investment Exchange: Energy (AIX) meeting on 24-25 November had their eyes on the long-awaited financial close of the Azura-Edo independent power project (IPP)....

read more

ICA finds rise in infrastructure finance commitments, but implementation patchy

Reports of significantly increased commitments for energy and other projects across the continent have been given substance by the Infrastructure Consortium for Africa (ICA) annual report, unveiled in Cape Town on 25 November. The ICA reports that,...

read more

Rwanda: Africa’s first peat power plant

Africa’s first peat power plant is expected to be operational by February, and should be followed by other projects, making peat Rwanda’s second source of electricity generation after hydropower by 2017.The 15MW plant, built by China’s Shengli...

read more

Libya: Tobruk threatens to bring NOC to east

The Tobruk-based government of Abdullah Al-Thinni has appointed its own National Oil Corporation (NOC) chairman and is attempting to attract enough experienced officials or former officials to recreate a new headquarters for the company in the Sirte...

read more

Tanzania gas bill to be put to parliament

Tanzania’s draft gas bill is set to be put before parliament, which began its final session of the year on 4 November. The legislation will provide a regulatory framework for the downstream sector based on the natural gas policy passed late last...

read more

South Africa sets out Inga III roadmap

On 4 November, the South African parliament’s Energy Portfolio Committee recommended ratification of the Grand Inga Hydro Project Treaty, which was signed in October 2013 in Kinshasa and approved by South Africa’s cabinet on 22 August 2014.The...

read more

Archive

See more:

Perspectives

A selection of free articles from African Energy's extensive database

Namibia: NamPower sees Kudu meeting supply deficit

With a final investment decision on the Kudu gas project’s upstream development expected in mid-2014, offtaker NamPower is pushing to conclude gas sales agreements by June and reach financial close by December to allow construction to start on the power plant, managing director Paulinus Shilamba said on 11 March. Completion by 2018 of the Kudu combined-cycle gas turbine plant is now ...

Issue 274 - 28 March 2014

Kenya: Lake Turkana Wind Power signs financing agreements

After eight years in the pipeline, the 300MW Lake Turkana wind power project finally signed financing agreements worth €498m ($687m) on 24 March. The much-publicised project, described as the largest private investment in Kenyan history, has the support of a wide range of financiers, led by a revitalised African Development Bank (AfDB), but the time taken to reach financial close highlights ...

Issue 274 - 28 March 2014

Tanzania lines up new private power projects, IPTL saga drags on

Irish-registered Kibo Mining is in the early stages of planning a 300-350MW mine-mouth plant at the Rukwa coal field in the Mbeya region. Chief executive Louis Coetzee told African Energy the proposed open-cast mine method and on-site development should keep generation costs low, with power then fed into the national grid to help tackle Tanzania’s growing power supply ...

Issue 274 - 28 March 2014

Ghana: Parliament ratifies two new exploration deals

Parliament has ratified petroleum agreements for the South Deepwater Tano and East Cape Three Points blocks. South Deepwater Tano has been awarded to a new Ghana National Petroleum Corporation (GNPC) subsidiary, GNPC Exploration and Production Company (Explorco), which will jointly operate the block with a 79% stake, while AGM Petroleum Ghana will hold the other 21% interest. AGM Ghana is a subsidiary ...

Issue 267 - 5 December 2013

Libya oil spat threatens fresh conflict

The oil terminal blockaders who exported crude from As Sidrah port on 12 March are bracing for possible armed conflict while also lining up further autonomous sales, according to Political Bureau of Cyrenaica (PBC) spokesman Osama Buera. Speaking by telephone from the border between east and west Libya, he told African Energy that Cyrenaican forces had erected a barrier at Wadi ...

Issue 273 - 13 March 2014

IOCs, Morocco find business-friendly interpretation of Western Sahara resources stand-off

Total and Kosmos Energy have both signed a Joint Declaration of Principles with the Moroccan government setting out commitments regarding exploration and any eventual development in the disputed Western Sahara. Kosmos said the declaration signed on 19 December 2013 outlined commitments on exploration activities and the key principles under which development would proceed if commercially viable hydrocarbon deposits were discovered. It stated ...

Issue 273 - 13 March 2014

Tullow declares force majeure ahead of planned well in Guinea

Hyperdynamics Corporation said on 12 March that Tullow Oil had declared force majeure over its Guinea acreage. The announcement followed a guilty plea by French national Frédéric Cilins to obstructing a US criminal investigation in connection with a bribery probe into how Beny Steinmetz’s BSG Resources (BSGR) acquired mining rights in Guinea.On 30 September, the US Department of ...

Issue 273 - 13 March 2014

Nigeria: Oando denies planning sale of drilling arm

Oando has denied reports that it plans to sell its Oando Energy Services (OES) drilling subsidiary as it finalises the purchase of ConocoPhillips’ Nigerian assets by Oando Energy Resources (OER). “We wish to explicitly state that OER has successfully acquired all funds required to complete the acquisition, and is awaiting the consent of the minister of the Federal Ministry of ...

Issue 272 - 4 March 2014

South Africa: Nuclear may be back in contention

South Africa’s nuclear procurement saga saw another twist after President Jacob Zuma appeared to recommit the government to procuring 9,600MW of nuclear capacity in his State of the Nation address on 13 February, although the updated Integrated Resource Plan (IRP) only closed to public comment on 7 February and is not expected to be approved by Cabinet until March. The draft ...

Issue 272 - 3 March 2014

Namibia: Shell re-enters offshore

Royal Dutch Shell has acquired blocks 2913A and 2914B in the Orange Basin from Signet Petroleum, which is 42% owned by AIM-listed Polo Resources. Shell has bought Signet’s 90% interest in the blocks, with National Petroleum Corporation of Namibia retaining its 10% carried interest. The acreage borders Shell’s Orange Basin Deep Water Block off the west coast of South Africa, where ...

Issue 272 - 28 February 2014

Malawi: Audit reports corruption losses of $32m in six months

The audit, funded by the UK’s Department for International Development, was contracted following revelations of the so-called “cashgate” scandal that caused President Joyce Banda to sack her cabinet in October and led to the suspension of $150m of aid by major donors, including the UK and European Union. The first three of some 70 people who have been charged appeared ...

Issue 272 - 28 February 2014

Ecowas grants for Gambia, Mali, Sierra Leone

The Economic Community of West African States (Ecowas) has signed grant agreements for Gambia, Mali and Sierra Leone under the Emergency Regional Programme for Improved Electricity Supply Facility. Gambia will receive $31.9m, Mali $54.34m and Sierra Leone $21.8m. Ecowas commission chairman Kadré Désiré Ouédraogo said the support, granted in response to requests from the three countries, would ensure ...

Issue 271 - 14 February 2014

South Africa: Renewables ticking over but no announcement on third round

Renewable energy projects are making progress as the industry waits for a government decision on whether to increase the capacity allocated to the third round of the renewable energy independent power producers procurement programme (REIPPP) and the outcome of public consultation for the revised Integrated Resource Plan (AE 268/5). While energy minister Dikobe Ben Martins barely mentioned the issue in a ...

Issue 271 - 13 February 2014

Liberians file complaint over failed biomass scheme

Liberian farmers, charcoal producers and workers have filed a complaint with the US Overseas Private Investment Corporation (Opic), accusing it of failing to monitor investments made to a failed biomass project. Between 2009 and 2011, Buchanan Renewables (BR) received $216.7m from Opic for a project to harvest rubber trees for biomass, rejuvenate family farms and generate sustainable energy for Liberia. Opic’s ...

Issue 271 - 13 February 2014

Angola: New pre-salt find for Cobalt

Cobalt International Energy has announced a first discovery in the syn-rift interval in the Bicuar #1A pre-salt deep-water exploratory well on Block 21. The well was drilled to a depth of 5,739 metres and encountered 56 metres of oil and condensate pay from multiple pre-salt intervals. This is the fourth deep-water pre-salt discovery offshore Angola by Sonangol and Cobalt, and the first discovery ...

Issue 270 - 4 February 2014

Morocco: A pragmatic approach to achieving sustainable long-term vision

With big programmes to develop solar and wind generation, and several major thermal projects planned, Moroccan officials can demonstrate a dynamic business environment. Mustapha Bakkoury, head of solar agency Masen, can point to the $9bn Projet Solaire Marocain (PSM) development plan financed by international banks and agencies, local markets and equity. Along with a huge wind power programme and plans ...

Issue 270 - 30 January 2014

DR Congo postpones debate on oil law

National Assembly chairman Aubin Minaku on 22 January ordered the suspension of debate on Democratic Republic of Congo’s new oil law, which was approved by the Senate last year. There is still a long way to go, as only 20 articles have been discussed and approved, of a total 127. According to the United Nations-sponsored Radio Okapi, the debate should resume at ...

Issue 270 - 30 January 2014

New Algeria round will test IOC enthusiasm for new law

Algeria’s energy authorities have staked their upstream strategy and their international credibility on the largest licensing round ever held in the country. It is the first to be held since amendments to the hydrocarbons law were passed in January 2013, so will test whether commercial terms have been improved enough to attract substantial international interest. The perimeters on offer include ...

Issue 270 - 23 January 2014

Gambia: Government cancels licences

The government has cancelled licences awarded to African Petroleum and Oranto Petroleum for “failure to meet the licence obligations by the licensees”. A statement by the Office of the President in Banjul said the government’s decision was in accordance with the provisions of the country’s petroleum laws. African Petroleum farmed into blocks A1 and A4 held by Canada’...

Issue 269 - 16 January 2014

Côte d’Ivoire: Lukoil drills Indépendance appraisal well

Russia’s Lukoil Overseas has drilled a successful appraisal well on the Indépendance discovery on Block CI-401 in the Tano Basin. The well was drilled to a total depth of more than 4,500 metres in 1,600 metre water depths using Ocean Rig’s Eirik Raude semisubmersible rig. Lukoil said the well had proven oil presence in the Turonian sands of the ...

Issue 269 - 16 January 2014

Ethiopia announces ambitious power generation expansion programme

The Ethiopian government has announced ambitious plans to expand its generation capacity to 37,000MW by 2037 from 2,300MW now, to meet growing domestic demand and supply the region. Ethiopia already exports 60MW to Djibouti and 100MW to Sudan, and is constructing a 500kV interconnection with Kenya, capable of exporting 2,000MW. However, under the new programme, the government aims to export 4,000MW ...

Issue 269 - 16 January 2014

Uganda: Refinery project bidders shortlisted

The government has shortlisted six bidders to build an oil refinery on the shores of Lake Albert. According to the Ministry for Energy and Mineral Development, following a request for qualification launched in early October, the government received responses from 75 interested parties. Eight companies or consortia submitted detailed qualification statements, and of the six to be shortlisted, the winner will ...

Issue 268 - 20 December 2013

South African resource plan puts flexibility at heart of power sector

A draft of the updated integrated resource plan (IRP) 2010-2030 has been released by South Africa’s Department of Energy (DoE) for public comment. The document revises downwards the 2030 electricity demand forecast from 454TWh in the 2010 IRP to 345-416TWh, with significant implications for nuclear power strategy. This means that peak generation will be 61,200MW rather than 67,800MW, at the ...

Issue 268 - 20 December 2013

South Africa’s regulatory uncertainty overshadows exploration optimism

Controversial proposals to amend South Africa’s minerals law have attracted fresh criticism from the country’s respected regulator. In an uncharacteristically emotional address to Global Pacific & Partners’ Africa Upstream conference on 29 November, Petroleum Agency SA resource evaluation manager Dave van der Spuy observed that the Mineral and Petroleum Resources Development Amendment Bill, which is presently before parliament, provided for ...

Issue 267 - 5 December 2013

South Africa: City Power cleared of fraud and corruption

Johannesburg utility City Power has been cleared of all allegations of fraud and corruption relating to a tender awarded to Edison Power Group for advanced metering infrastructure in 2012. An independent review panel chaired by Vuyani Ngalwana concluded that they could find “no evidence of improper interference in the bid evaluation process” and “no evidence of irregularity in the award of [...

Issue 266 - 25 November 2013

ExxonMobil to resume Madagascar exploration

ExxonMobil is resuming exploration on its three offshore licences following the approval of extensions to its production sharing contracts. The company said on 6 November that it had received decrees formalising the extensions that were signed on 17 July by President Andry Rajoelina, and its subsidiaries intended “to resume exploration work and environmental assessments for shore-based and offshore operations in preparation for ...

Issue 266 - 23 November 2013

See more:

Hydrocarbons exploration in Liberia, Sierra Leone and Guinea

read more

Electricity infrastructure in DR Congo

read more

Egypt's power infrastructure map

read more

Algeria's oil and gas exploration and production infrastructure map

read more

Angola's oil fields and export infrastructure

read more
Register Now Buy credit to view African Energy articles Search Archive News Alerts Request a Free Trial

African Energy View

Despite industry upturn, details continue to bedevil SSA power projects

Judging by the headlines, 2014 has been a significant year for improving electricity supply in sub-Saharan Africa (SSA),...

read more

Majuba incident exposes fragility in South African power industry

South Africa’s energy security remains fragile as load shedding continues to weigh on GDP – which is forecast to be...

read more

Momentum builds as heavyweights get behind infrastructure

The momentum behind a multinational effort to build the infrastructure that can transform sub-Saharan African economies is...

read more
SEE ALL POSTS
Powering Africa:Summit

Events

20-22 January

Offshore West Africa, Nigeria

20-21 January

Oil & Gas International Licensing 2015 Summit

26-27 January

Middle East and North Africa Energy: The Dynamics of Power, Leadership and Production, London

28-30 January

Powering Africa: Summit, Washington DC

4-5 February

Ethiopia Summit, Ethiopia

12-13 February

2015 SAVCA Private Equity Industry Conference, South Africa

5-6 March

Africa Australia Infrastructure Conference 2015

16-17 March

African Extractives: New Actors and Alliances to Overcome Enduring Challenges, London

16-19 March

Nigeria Oil & Gas Conference & Exhibition, Abuja

19-20 March

Bonds & Loans Africa, Cape Town

SEE ALL EVENTS
Web Design by FDC