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Gas supply talks with Croatia; Refinery valuation tender

Big oil companies like BP and Royal Dutch Shell are taking a long-term view of the current low oil price, vowing to maintain capital expenditure even if it means increasing borrowing. The good news is that major projects in Angola, Nigeria and other key locations are set to continue despite the credit crunch.

There was dramatic confirmation that Nigeria’s power sector is bracing to undergo another period of political flux when, on 4 February, it was announced that respected regulator Ransome Owan and other officials had been held on corruption charges. The EFCC’s swoop came as new Power Minister Rilwan Babalola is seeking to stamp his mark on the troubled sector and add those missing gigawatts to the national grid as quickly as possible – even if it means challenging other key players, write Jon Marks and Leo Lawal.

The government has cancelled the award of two deep-water oil blocks to a South Korean consortium claiming that the group failed to make the necessary payments.

ADDAX: Onshore Nigeria find; PROSAFE: Drilling FPSO heads for Murphy’s CONGO-B field; ROC OIL/MAREX: Mozambique Channel block; PERENCO: Gabon find

Oando Exploration and Production Ltd has announced the payment of $197m to Agip for a 15% stake in OML 125 and OML 134, which it said made it the first indigenous company to participate in a producing deep offshore oil block.

While Nigerians have been speculating once more about the future of ailing President Umaru Musa Yar’Adua, his new Petroleum Resources Minister Rilwanu Lukman has shown a taste for decisive action that has been largely missing in recent months, when promises to restructure Nigerian National Petroleum Corporation (NNPC) and other key energy bodies were let slip (AE 152/24, 149/24).

The announcement that a Dubai company is to ‘invest $16bn’ in Nigeria serves as a reminder of the extent that Gulf investors have sought out new business in Africa.

The presidents of Nigeria and São Tomé & Príncipe have called on oil companies with acreage in the Joint Development Zone to move ahead with exploration.

EX-IM BANK: Still open for Nigeria; MOZAMBIQUE: IFC finances mining exploration; MENA REGION: IFC supports CTI Group

The safest pair of hands in the Nigerian oil industry, Rilwanu Lukman, has finally stepped down from his formal industry role as chairman of fast-rising, AIM-listed independent Afren

CAMEROON: Andritz VA Tech Hydro wins refurb order; EGYPT: AfDB loan for Ain Sokhna; EGYPT: Bechtel gets nuclear design and consultancy contract; EGYPT: Transmission order for KEC; GHANA: Gas-to-power plans; MOZAMBIQUE: EU-backed capacity-building TA work; NAMIBIA: NamPower tenders Ruacana IV civil works; NAMIBIA: EIB/EU support for NamPower, Caprivi interconnector; NIGER: Areva to mine Imouraren uranium; NIGERIA: Business lobby plans 30MW wind farm; SUDAN: Talks on co-operation with Iran; TOGO: Opic funding for Lomé plant

Local content guidelines issued by a number of governments are helping to drive up the value and profit of the insurance underwritten by the Nigeria-based African Oil and Energy Pool, writes Kevin Godier.

Rilwanu Lukman’s candidacy to become energy minister, probably with a much-expanded portfolio, has been accepted by parliament, and will be welcomed by many in the industry. He will be asked to deliver on President Umaru Musa Yar’Adua’s key policy goals, in a government promising action on all fronts, including over the stalled Niger Delta peace process

Seadrill rig contract; IPR scores Jurassic discovery in Western Desert; Sea Dragon drills on Dahab North; Kiarsseny farm-in deal; Hyedua appraisal success; Taoudeni drilling to start next year; JV proposed with UAE company; Second gas find for Circle; Data facility; EAX in exploration deal; Kingfisher appraisal success