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Issue 387 - 28 February 2019

Tunisia: Steg confronts liquidity crisis

Subscriber

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
Issue 280 - 01 July 2014

Ghana: Bids sought for Takoradi 4

Subscriber

The Volta River Authority is seeking bids for the engineering and design, supply, installation and commissioning of the Takoradi 4 project, a 186MW gas turbine combined cycle power plant at the Takoradi thermal power station site. The bidding document specifies a 30-month completion period. A mandatory site visit and pre-bid meeting is scheduled for 7 July, and bids are due by 25 July. Eligible bidders should offer funding support from the export credit agencies of the countries in which they plan to source equipment and services.

Ghana
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
Subscriber

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

Statoil and Exxon Mobil announced a gas discovery on 14 October with the Giligiliani-1 exploration well on Block 2. Operator Statoil said the discovery of an additional 1.2tcf of natural gas in place in the well brought total in-place volumes up to approximately 21tcf in the block. The discovery was made in Upper Cretaceous sandstones along the western side of Block 2 at a 2,500-metre water depth. “This discovery has proven the gas play extends into the western part of Block 2, which opens additional prospects.

Tanzania
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
Subscriber

BP Egypt has announced a second gas discovery in the North Damietta Offshore concession in the East Nile Delta. BP said on 9 March the Atoll-1 deep-water exploration well, drilled by the semi-submersible rig Maersk Discoverer, had reached 6,400 metres depth and penetrated 50 metres of gas pay in high-quality Oligocene sandstones. Expected to be the deepest well ever drilled in Egypt, the Atoll well still has another 1km to drill to test the same reservoir section found to be gas bearing in the 2013 Salamat discovery, 15km to the south.

Egypt
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
Subscriber

Over the past several years, power cuts have become a standard feature of Egyptian summers. This year, nation-wide blackouts started in mid-March, indicating the country may be heading towards one of the most difficult peak demand seasons ever. Interim prime minister Ibrahim Mahlab has demanded that Egyptian Electricity Holding Company accelerate the completion of an additional 2,400MW of generation capacity, to bring it on stream by June instead of August. The government has also returned to plans that it rejected last year to commission a temporary floating regasification unit to allow it to import liquefied natural gas (LNG).

Egypt
Subscriber

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
Subscriber

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
Issue 305 - 24 July 2015

Egypt: Nile Delta gas find for Eni

Subscriber

Eni on 20 July announced a gas discovery on the Nooros exploration prospect in the Abu Madi West licence in the Nile Delta. The Italian company said the Nidoco NW2 Dir NFW well was drilled to a total depth of 3,600 metres and encountered a 60-metre gas-bearing sandstone interval of Messianian age. The discovery is estimated to contain 15bcm of gas in place, with associated condensates. The new discovery will be put into production in two months’ time through a tie-in to the Abu Madi gas treatment plant, 25km to the south-east.

Egypt
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
Subscriber

Sound Energy announced on 8 June that it had submitted a development application to the Ministry of Energy for the Tendrara gas discovery in eastern Morocco. The application for the Phase 1 development of Tendrara covers the technical and commercial aspects of the field development plan and the outline of the development area. Sound expects the discovery to produce some 60mcf/d of natural gas, to be produced through a future 120km spur to the Maghreb-Europe gas pipeline (GME), which runs from Algeria’s Hassi R’Mel fields to Spain.

Morocco