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Fitch Ratings on 26 August revised Gabon’s long-term foreign-currency issuer default rating to positive from stable and affirmed the rating at B-. The revised outlook reflected improvements in Gabon’s fiscal position, given higher oil revenue and “continued restraint with current spending, anchored by an IMF programme,” Fitch said.

Houston-based independent Vaalco Energy is to acquire Canada’s TransGlobe in an all-share transaction valued at $307m, creating a larger Africa-focused independent exploration and production company.

With over 7.4GW of engine capacity installed across 45 countries, Helsinki-headquartered Wärtsilä reports progress on its own co-developed power projects in four sub-Saharan markets – Nigeria, Gabon, Mozambique and Malawi – as well as for a range of engineering, procurement and construction (EPC) work for gas-to-power (GTP) schemes.

London (LSE)-, Irish- and Ghana Stock Exchange-listed Tullow Oil’s merger with Capricorn Energy (ex-Cairn Energy) brings together two FTSE250 independent exploration and production companies to create an Africa-focused entity with a bigger portfolio and longer pockets. Capricorn’s balance sheet complements Tullow’s regional depth, but questions remain over who gains most from the merger and the deals promised to follow.

Nigeria and Angola are responsible for the vast majority of the Organisation of the Petroleum Exporting Countries (Opec) supply shortfall that is helping to sustain high global oil prices. Above-ground issues including theft and sabotage continue to contribute to a large deficit from the two sub-Saharan oil giants.

Houston-headquartered Vaalco Energy has secured a five-year reserve-based lending (RBL) facility from Glencore Energy UK of $50m, which could be expanded to $100m. 

Output has been rising in Gabon, helped by the final two wells of the Tortue phase 2 field coming on stream in late 2021. More increments are expected, but industry executives say there is still a need to revive capital investment programmes that were put on hold during the pandemic, writes James Gavin.

Solen Energy has signed a framework agreement to develop the Ayémé solar PV project in two 60MW phases; the unit’s commercial operations are slated to start in 2023. Energy and water resources minister Alain Claude Bilié-By-Nze said the Ayémé project, in Estuaire province, would “reduce the problem of load shedding”.

Oil output in Algeria remains below the amount allowed under the Opec+ arrangement – something which is also the case for several other big African producers, as shown by the cartel’s Monthly Oil Market Report for March. According to their official filings, almost all African producers are producing below their agreed quota.

Former Gabon Oil Company (GOC) director-general Christian Patrichi Tanasa Mbadinga, appeared before the Cour Criminelle Spéciale (CCS) in Libreville on 21 March, charged with misappropriating FCFA85bn ($143m) from the state oil company.

Houston-based Vaalco Energy has announced the completion of the Etame 8H-ST development well targeting the Gamba reservoir, offshore Gabon.

TotalEnergies EP Gabon has reported a sharp fall in its share of oil production in 2021, with an 11% year-on-year decline to 22,900 b/d.

With oil prices rising above $100/bbl as geopolitical tensions in Ukraine ratchet ever upwards, exploration and production companies in Africa are enjoying a boom, but the prospects for merger and acquisition deals are mixed. Companies that had been planning to offload assets can be reluctant to let go of a lucrative earner, while buyers have an incentive to wait for prices to fall before agreeing a deal.

TotalEnergies said on 9 December it had finalised the $350m sale of the Cap Lopez Terminal and the assets of its 58%-owned affiliate TotalEnergies EP Gabon.

TotalEnergies formally transferred its interest in the Hylia II production-sharing contract (PSC) to Perenco Oil and Gas on 11 November, advancing the French major’s disposal programme, announced in July 2020.