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Subscriber

Oando Energy Resources (OER) has finally completed its acquisition of ConocoPhillips’ Nigerian upstream oil and gas business for $1.5bn plus a deferred consideration of $33m, in a deal that will increase Oando’s production tenfold. The onshore assets consist of Phillips Oil Company Nigeria Limited, which holds a 20% non-operating interest in oil mining leases (OMLs) 60, 61, 62 and 63, as well as related infrastructure and facilities in the Nigerian Agip Oil Company (NAOC) joint venture with Nigerian National Petroleum Corporation with a 60% interest, and NAOC (20% and operator).

Nigeria
Subscriber

Greek company Mytilineos signed an engineering, procurement and construction (EPC) contract with General Electricity Company of Libya (Gecol) for a new dual-fuel power plant in Tobruk to be built by its Metka unit. The agreement was signed in Tripoli on 27 September. One of the most important questions over the realisation of the 650MW open-cycle plant is whether Tripoli-based Gecol will be able to reliably finance and manage a large and expensive infrastructure project in eastern Libya while its authority is being continually challenged by an alternative power company based in the Cyrenaica city of Al-Baida.

Libya
Issue 269 - 16 January 2014

Tanzania: Ophir hits dry well in Block 7

Subscriber

London Stock Exchange-listed Ophir Energy has announced that its high-impact Mlinzi Mbali-1 well in offshore Block 7 failed to find hydrocarbons. The Deepsea Metro I drillship is now drilling the Sunbird well on Kenyan Block 10A for BG Group. It will then return to Tanzania, where wells are planned on Block 1 and on the Ophir-operated East Pande Block during H1 2014. Broker Investec said that, while Mlinzi was “a disappointment, the well was a high-risk prospect and only the first well in a 2014 programme that now includes up to ten wells, seven of which represent play openers”.

Tanzania
Free

Despite governance shortfalls and a number of crises, President Filipe Nyusi’s government has reassured investors with its support for transformational LNG schemes, leading towards final investment decisions and financial close in the months to come. This is a major success for an African gas industry where smaller projects seem to be making more impact than the majority of big-ticket schemes. Mozambique’s progress reassured CbI Meetings’ 2-3 May Africa Investment Exchange: Gas event in London that the African industry can deliver world-scale projects.

Tanzania
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A draft of the updated integrated resource plan (IRP) 2010-2030 has been released by South Africa’s Department of Energy (DoE) for public comment. The document revises downwards the 2030 electricity demand forecast from 454TWh in the 2010 IRP to 345-416TWh, with significant implications for nuclear power strategy. This means that peak generation will be 61,200MW rather than 67,800MW, at the upper end of the demand forecast. The reduced demand forecast means that a decision on nuclear power can be delayed until the costs and alternatives are better understood.

Subscriber

Houston-based Endeavor Energy has entered into a joint development agreement with Ivorian company Starenergie2073 to develop the 375MW Songon gas-to-power project using imported liquefied natural gas (LNG). The project will include a combined-cycle gas turbine plant, purpose-built LNG import infrastructure and a floating storage and regasification unit (FSRU), along the lines of Endeavor’s Ghana 1000 project.Endeavor said it would own a majority of the project equity, and provide construction management, fuel management and commercial management services. The project is expected to reach financial close in December.

Côte d'Ivoire
Issue 387 - 28 February 2019

Tunisia: Steg confronts liquidity crisis

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Société Tunisienne d’Electricité et du Gaz (Steg) is determined to retain its central role in power generation despite its financial weakness and government efforts to promote independent solar projects and the liberalisation of the sector. It is seeking a capital injection and is looking at ways of increasing revenue to resolve a severe liquidity crisis.

Tunisia
Subscriber

Total on 17 July announced the signing of a $14.9bn senior debt financing agreement for Mozambique’s first onshore LNG development. The project financing for the $20bn development is the biggest ever secured in Africa and includes direct and covered loans from eight export credit agencies (ECAs) and 19 commercial bank facilities, and a $400m loan from the African Development Bank.

Mozambique
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Many individual elements of a plan to fix Egypt’s energy problems are now coming into focus – including a politically controversial proposal to import gas from Israel. But important details are still missing, not least the commercial terms for imports and how these will relate to the terms under which domestic producers will sell their gas. It is also far from certain that the administration of President Abdel Fattah Al-Sisi has a coherent plan to address fundamental economic concerns, such as the need to abolish subsidies, which are currently being alleviated by massive injections of Gulf finance.

Egypt
Subscriber

While minister of mines and hydrocarbons Gabriel Mbaga Obiang Lima is clearly in a hurry to bring more oil and gas resources into production and to raise the profile of his country within the global hydrocarbons industry, he is also holding out for the best deals he can get. Market speculation is focused on a prospective deal for London-based independent Trident Energy – which is led by former Perenco executives and describes itself as an expert in reviving mid-life oil and gas assets – to take over ExxonMobil’s Zafiro oil and gas field, which started production in 1996.

Equatorial Guinea
Issue 323 - 13 May 2016

Morocco plans more gas imports

Free

The much-anticipated national LNG development plan is going ahead with a strengthened advisory team and revised targets, working to new bid deadlines, which take account of the ambitious integrated project’s scale and follow officials’ analysis of input from potential investors. Some of the heads of state who have lobbied King Mohammed VI, and among the 100-plus potential liquefied natural gas (LNG) suppliers who have lined up to see Ministry of Energy, Mining, Water and Environment senior adviser Abdellaziz El Gamah, may find it worth the wait: the long-term quantity of gas required at the new Jorf Lasfar terminal is now expected to be 10bcm/yr, double the original forecast.

Morocco
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Finance minister Calle Schlettwein is caught between debt concerns and political pressures as he argues the case against developing the Kudu gas field in a debate that has pitted the ruling Swapo party’s patronage networks against financial prudence.Following mines and energy minister Obeth Kandjoze’s decision in June to cancel the Xaris standby power plant as a result of a doubling in the price tag, President Hage Geingob tasked Schlettwein to find a solution to a projected 250MW shortfall in electricity supply in 2016.

Namibia
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New Eskom interim CEO Brian Molefe has said that his short and medium term aims were to end load shedding and ensure efficiency and security of coal power supply, but that “in the medium to long term [our priority is] to increase alternative sources of energy, to systematically reduce our reliance on coal over a period of time”. His statement, taken with energy minister Tina Joemat-Pettersson’s announcement of “expanded and accelerated” independent power producer (IPP) procurement programmes, is widely viewed as signalling government recognition that Eskom will not provide new generation capacity within a timeframe or at a cost that can be justified in light of the success of the renewable energy IPP procurement (REIPPP) programme.

South Africa
Subscriber

Egypt-focused SDX Energy has signed non-binding heads of terms with Circle Oil to acquire the troubled company’s Egypt and Morocco assets. The agreement, announced on 11 January, has a 30-day exclusivity period. “Circle’s assets present an attractive opportunity to add material production and reserves at an attractive price,” SDX chief executive Paul Welch said in a statement. Circle has the producing Sebou permit and the Lalla Mimouna permit in Morocco, and the Al Amir and Geyad permits in Egypt’s Gulf of Suez, but has run into substantial financial difficulties due to payment arrears built up by Egyptian General Petroleum Corporation.

Egypt | Morocco
Free

The global LNG market has been undermined just when ExxonMobil was expected to reach a final investment decision on its 15.2m t/yr Rovuma LNG scheme – the biggest of three projects aiming to channel at least $50bn of foreign investment (and possibly much more) into Mozambique over the next decade.The gas boom was expected to drive spectacular levels of economic growth, but while Mozambican economic planners and their allies contemplate the LNG project’s start-up being delayed possibly until 2030, the government is confronted with a burgeoning Islamist insurgency and huge economic pressures.

Mozambique