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Issue 318 - 25 February 2016

West Africa: Kosmos cuts capex

Subscriber

Kosmos Energy has announced a 2016 capital expenditure budget of $650m, a reduction of nearly 20% over 2015’s $780m. Some $200m of the total is expected to be spent in Ghana, primarily on the completion of the Tweneboa-Enyenra-Ntomme (TEN) project, where first oil is planned for Q3 this year. Announcing its Q4 and full-year results, Kosmos said it expected to spend $250m in Mauritania and Senegal related to the appraisal of the Ahmeyim discovery, the drilling of an oil test in Senegal, and the acquisition of additional seismic.

Subscriber

Gabon Special Economic Zone has issued the first CFAF14.3bn ($24.6m) tranche of its CFAF33bn corporate bond programme, which is intended to finance investment in logistics infrastructure. The facility is guaranteed by Private Infrastructure Development Group member GuarantCo, which said it was the “first ten-year tenor local currency infrastructure bond in Gabon, the Cemac region and Francophone Africa”.

Gabon
Subscriber

Zarara Oil & Gas has invited proposals by 23 December from US consultants to develop a feasibility study to evaluate the technical, financial and environmental aspects of the Lamu gas-to-power project. The wholly owned subsidiary of Midway Resources International holds a 75% working interest in onshore natural gas blocks L4 and L13 in Lamu County and plans to develop gas production and treatment facilities to generate electricity.

Kenya
Subscriber

In a new report, the US government’s Energy Information Administration (EIA) has identified seven major chokepoints for the worldwide maritime transit of oil, which accounted for about 61% of global petroleum and other liquids production movements in 2015 (when total world supply was about 96.7m b/d). The Strait of Hormuz in the Gulf and the Strait of Malacca, which links the Indian and Pacific oceans, are the most important strategic chokepoints by volume of oil transit.

Free

Nearly a decade of quiet British diplomacy and adroit Libyan manoeuvring left Scottish Justice Minister Kenny MacAskill with no realistic option but to return convicted Lockerbie bomber Abdelbasset Ali Mohammed Al-Megrahi to Libya. Any alternative would have thrown into question the whole logic of rapprochement with Libya – one of the UK’s few notable international triumphs of recent years.

Libya
Issue 415 - 14 May 2020

Chinese companies debarred

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TheWorld Bank on 6 May announced the 20-month debarment of China-based Liaoning-EFACEC Electrical Equipment Company Limited (LEEEC) in connection with fraudulent practices as part of the Lusaka Transmission and Distribution Rehabilitation Project. The announcement came a week after the African Development Bank (AfDB) announced a similar move against Sinotec Company. The World Bank said LEEEC had failed to disclose a conflict of interest and misrepresented its past experience to meet the requirements of a contract under the project.

Free

Launched by President Barack Obama in Cape Town one year ago, the US Power Africa initiative has been making bold claims about its early successes in a campaign to boost sub-Saharan Africa’s installed generation capacity by some 10GW and connect some 20m more homes and businesses to the grid by 2020 (AE 258/5). Power Africa claims it will make some $7bn available in financial support and loan guarantees from 12 government agencies, led by the Export-Import Bank of the United States (Ex-Im Bank), Overseas Private Investment Corporation and US Trade and Development Agency (USTDA).

Subscriber

Oil minister Irene Muloni has said she expects the government to intervene to resolve a tax dispute that has prevented Tullow Oil selling part of its stakes in three Lake Albert licences. Speaking at a thinly attended London roadshow to promote Uganda’s second licensing round, she said it had not been possible to resolve the issue before the sale and purchase agreement (SPA) expired in late August. Total announced the expiry of the SPA on 29 August, saying the parties had been unable to reach agreement on the tax terms.

Uganda
Issue 294 - 13 February 2015

South Africa: Grassridge wind start-up

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EDF Energies Nouvelles subsidiary InnoWind has commissioned the 61.5MW Grassridge wind farm in Eastern Cape Province. The wind farm, in the Nelson Mandela Bay Metropolitan Municipality, consists of 20 Vestas V112 wind turbines, each with a unit capacity of 3.075MW. The Grassridge wind farm is the first of three projects awarded to EDF Energies Nouvelles in 2012 under the government’s renewable energy independent power producer procurement (REIPPP) programme. The Grassridge wind farm is 60% owned by InnoWind, an 80%-held subsidiary of EDF Energies Nouvelles, and 40% owned by local partners.

South Africa
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Tullow Oil has confirmed an oil discovery with the Twiga South well in the Lokichar Basin on Block 13T. The well encountered 30 metres of net oil pay in the same reservoir as Ngamia, and a potential new play type deeper down in a thick section of tight fractured rock which had extensive hydrocarbon shows over an 800-metre interval. Morgan Stanley said in a research note that, while the 30 metres at Twiga South compared to 100 metres at Ngamia, this was because Twiga was located to test the deeper reservoir sections.

Kenya
Subscriber

Italy’s Enel Green Power has begun construction of three solar photovoltaic (PV) plants, Aurora, Paleisheuwel and Tom Burke, with a total installed capacity of 231MW. The 82.5MW Aurora plant is in Northern Cape Province, the 82.5MW Paleisheuwel plant is in Western Cape Province, and the 66MW Tom Burke plant is in Limpopo Province.

South Africa
Issue 350 - 13 July 2017

Japan offers up to $6bn for energy

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The government of Japan and the African Development Bank (AfDB) have signed a letter of intent to launch the Japan-Africa Energy Initiative to support the New Deal on Energy for Africa which aims to achieve universal access to energy by 2025. The AfDB said Japan was prepared to provide up to $6bn in concessional and non-concessional finance to support the provision of electricity for homes, schools, hospitals, agriculture, industries and clean cooking.

Issue 357 - 09 November 2017

Net closes on Al-Amoudi’s empire

Subscriber

The 4 November arrest on corruption charges of some of the most celebrated members of the Saudi elite netted princes with global business interests, led by celebrated dealmaker Prince Alwaleed Bin Talal and including Islamic banking pioneer Saleh Kamel and Saudi-Ethiopian billionaire Mohammed Al-Amoudi. Supported by the many Saudis who long to see action over the kingdom’s legendary commission culture and spotty governance, the purge was also widely interpreted as another power play by Crown Prince Mohammed Bin Salman (MBS), who may now replace his father King Salman Bin Abdelaziz sooner rather than later.

Subscriber

Kosmos Energy has taken three blocks offshore Equatorial Guinea and a stake in the Ceiba and Okume fields, marking a return for the team that discovered the fields nearly 20 years ago. Kosmos is acquiring Block EG-21, Block S and Block W and the production assets as part of a 50-50 joint venture company with Trident Energy, a new exploration and production company founded by former members of Perenco senior management and backed by Warburg Pincus.

Equatorial Guinea
Free

The Agence Française de Développement is financing a turnkey contract for the supply, installation and commissioning of units with combined generating capacity of 30MW at Zouerate. Société Nationale Industrielle et Minière de Mauritanie (Snim), the recipient of the funds, has begun prequalification of companies with submissions due by 24 December. The request for proposals is expected to be issued by 1 March 2016.

Mauritania