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ALGERIA: Sonatrach makes two Illizi finds; ALGERIA: Petroceltic raises $120m in share placing; ANGOLA: Sinopec buys overseas upstream assets; EGYPT: Aegean Energy widens horizons; NAMIBIA: Block 1711 extension; NIGER: CNPC to drill again; TUNISIA: Two new licences for Shell; UGANDA: Dominion to drill in June
Dominion Petroleum says it has secured a rig to drill the first well in the Lake Edward Basin of the Albertine Rift. Dominion Uganda has signed a letter of intent with Oil and Gas Exploration Cracow (OGEC), subject to government approval, for a rig to drill Ngaji-1 on Block 4B. The rig is expected to be mobilised in May, with drilling to start in June on the Ngaji (silverback gorilla) prospect. Success will lead to a rapid expansion of exploration and appraisal activity in EA4B and potentially the neighbouring Block 5 in Democratic Republic of Congo (Dominion 46.75%).
Tower Resources subsidiary Neptune Petroleum has plugged and abandoned a second well, Avivi-1, on its Block 5 at the northern end of the Albertine Graben, and is debating whether to enter the third exploration period.
Tullow Oil has indicated it could bring in more partners to develop the planned pipeline and refinery components of its Ugandan oil project.
Oil sector financiers are anticipating another busy year, led by the need for new money in the hydrocarbons sectors in East and West Africa, writes Kevin Godier
Tullow’s pre-emption of Heritage’s deal to sell its Ugandan holdings to Italy’s Eni is far from a done deal, even though Tullow was comfortably able to raise £925m ($1.5bn) in a share placing on 27 January. Tullow wants to buy the stakes and bring in a partner of its choosing so that it can follow a development strategy for the entire basin. “The board ofTullow has concluded that it is in the interests of shareholders for Tullow to pre-empt the sale of HOGL’s Ugandan assets and bring in a partner to deliver a unified basinwide development plan which will be significantly value accretive to all stakeholders as a result of accelerated and materially higher production,”Tullow said.
SUDAN: Khartoum refinery expansion deal this year; UGANDA: Foster Wheeler in refinery study
The latest political settlement looks promising but Guinea is still not plain sailing for Hyperdynamics, which has yet to finalise its farm-in deal with Repsol
The discreet but intense battle between Tullow and Eni over the sale of Heritage Oil’s Uganda acreage, and investigations and mud-slinging around Ghana’s Jubilee field show how politics can severely complicate the oil industry’s approach to new frontiers, write Thalia Griffiths, Our Accra Correspondent and Jon Marks
DR CONGO: Snel management contract; EGYPT: Power plant switchboards tender; EGYPT: Ain El Sokhna tender; REGIONAL: Power line progress; SIERRA LEONE: Worker demonstration; SOUTH AFRICA: Renewable energy boost; SUDAN: Egyptians mobilise cement plant project; UGANDA: Tariff cuts criticised for being too limited; ZAMBIA: Solar energy gets funding
Tullow Oil has exercised its pre-emption right over Heritage Oil’s stakes in blocks 1 and 3A in Lake Albert, blocking their sale to Eni, which announced an agreement with Heritage last year.
EGYPT: Fuel subsidies remain big drain on budget; LIBYA: Turkey asks for direct crude sales; KENYA: Vitol to buy Mombasa storage terminal; UGANDA: Foster Wheeler wins refinery feasibility study; VOPAK/ZAMIL: Mena region LNG venture
Upstream E&P has escaped the worst of the global downturn, and buoyed up by the excitement over Ghana and Uganda, plus several gas developments, more activity is expected in 2010, writes Thalia Griffiths
Heritage Oil has entered into a letter of intent with Eni for the sale of its 50% interests in Uganda blocks 1 and 3A, and at the same time terminated merger talks with Turkey’s Genel Energy. The amount comprises cash of $1.35bn and a deferred consideration of $150m in cash or an interest in a mutually agreed producing field.
Equipment sought for mini hydro project; Zizabona project tender; : Consultant sought for wind farm project; Coal ambitions scaled down; Micro HEP approved, bigger project could follow; New AFESD funds for Ghannouch plant; Consultants sought for renewables projects