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Issue 412 - 26 March 2020

Oil companies tighten belts again as crude price falls

African oil explorers are rapidly revising budgets to take account of the latest market developments. Global oil demand is forecast to fall by 6m b/d in April as countries shut down in an attempt to control the spread of the Covid-19 pandemic. At the same time, the collapse of...

Issue 412 - 26 March 2020

Africa

Issue 412 - 26 March 2020

Nigeria: Economy wilts under oil price, coronavirus

Recession and a potential public health crisis will test Nigeria’s social cohesion and fragile health system as the oil-dependent economy struggles with falling demand and sharply lower crude prices. Net oil revenue is expected to slump to $11bn this year from $45bn in 2019,...

Issue 412 - 26 March 2020

Africa

Issue 412 - 26 March 2020

Liberia: Bid round moves online

The Liberia Petroleum Regulatory Authority (LPRA) has announced that its licensing round launch event on 15 April will now be conducted via a webinar to prevent the spread of Covid-19. The round is expected to offer nine blocks numbered LB-25 to LB-33 in the Harper Basin and...

Issue 412 - 26 March 2020

Liberia

Issue 412 - 26 March 2020

São Tomé and Príncipe/Equatorial Guinea: Joint exploration zone

The governments of São Tomé and Príncipe and Equatorial Guinea have agreed to establish a joint exploration zone and to develop cross-border oil and gas reserves that may lie in the blocks bordering each country’s national waters.A statement on 18 March said the decision was...

Issue 412 - 26 March 2020

São Tomé and Príncipe, Equatorial Guinea

Issue 412 - 26 March 2020

Angola: ANPG postpones local companies’ meeting

The National Oil, Gas and Biofuels Agency (ANPG) has announced the postponement of an information session for Angolan oil companies on the 2020 licensing round that was scheduled to take place on 25 March. The postponement is in line with government measures to control the...

Issue 412 - 26 March 2020

Angola

Issue 411 - 12 March 2020

Somalia: Shell/Exxon agreement

Following the passing of a new petroleum law in early February, the Ministry of Petroleum and Mineral Resources said on 2 March it had agreed an initial roadmap to convert pre-1991 offshore concessions owned by a Shell/ExxonMobil joint venture into production-sharing agreements....

Issue 411 - 12 March 2020

Somalia

Issue 411 - 12 March 2020

Angola: Eni raises Agogo reserves estimate

Eni has raised its reserves estimate for the Agogo field on Block 15/06 to 1bn barrels of oil in place following the drilling of the Agogo-3 appraisal well. Earlier estimates had put reserves at around 650m barrels. Eni said further upside remained to be tested in the northern...

Issue 411 - 12 March 2020

Angola

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