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Issue 434 - 11 March 2021

South Africa: Renergen finds more gas

Subscriber

Natural gas and helium producer Renergen has announced a significant gas strike at its Virginia gas project in Free State with the P007 exploration well, which was testing resources for a Phase 2 development. Renergen said the well was significant because it was located outside the Phase 1 development area but close to the gas-gathering system.

South Africa
Subscriber

Houston-based Vaalco has named George Maxwell as chief executive. A non-executive director since last June, UK-based Maxwell replaces Cary Bounds at the Gabon-focused company’s head. With a dual listing on the London Stock Exchange, the Vaalco board said it intends to open a business development office in London and appoint a chief financial officer to be based in the UK.    

Gabon
Subscriber

The government is committed to ending gas flaring, but the main initiative to do so is in danger of stalling once again after delays to potential projects, lack of data and apparent official lack of concern which have frustrated bidders, writes Ajay Ubhi.

Nigeria
Subscriber

Chevron subsidiary Noble Energy on 26 February announced first gas from the Alen gas monetisation project in the Douala Basin. The project consists of a 70km pipeline built by Saipem with a capacity of 950mcf/d, carrying gas from the Alen field to be processed through existing facilities at Punta Europa.

Equatorial Guinea
Subscriber

The Ministry of Mines and Hydrocarbons, Ophir Energy, Golar-Schlumberger joint venture OneLNG and GEPetrol have named Gunvor Group as their preferred offtaker from the Fortuna floating liquefied natural gas project. All parties have agreed the main commercial terms subject to finalising a sale and purchase agreement for the offtake ahead of the final investment decision (FID) on the Fortuna FLNG project, expected later this year.Gunvor is committed to taking the full contract capacity of the Gandria FLNG vessel of 2.2m t/yr, which will be purchased on a Brent-linked, free on board basis for a ten-year term.

Equatorial Guinea
Issue 350 - 14 July 2017

South Africa: Gas TCPs for Tosaco

Subscriber

The Petroleum Agency of South Africa has granted local company Tosaco Energy three onshore technical cooperation permits to explore for gas in Mpumalanga province. Tosaco, a sister company of the Tosaco Holding Company which owns 25% in Total South Africa, is a majority black-owned South African exploration and production company focused on developing onshore gas.

South Africa
Subscriber

As Tunisia’s new administration beds in, Entreprise Tunisienne d’Activités Pétrolières (Etap) is looking beyond its traditional status as an under-resourced department of government to take a more hands-on role in oil and gas development, underpinned by revisions to the hydrocarbons code that are calculated to stimulate an upsurge in foreign investment. The revised law is scheduled for National Assembly approval later this year, and officials are confident the amendments will pass following two years of work to overcome resistance from parliament and civil society activists.

Tunisia
Issue 338 - 19 January 2017

Egypt: New licence agreements signed

Subscriber

Egyptian Natural Gas Holding Company (Egas) has signed concession agreements for blocks awarded last year from its 2015 international bid round. Italy’s Eni will operate the North El Hammad Block in the Nile Delta with a 37.5% stake, alongside BP with 37.5% and Total with 25%. The block covers an area of 1,927km2 to the west of the Abu Madi West and Baltim/Baltim South development areas, where Eni recently made the Nooros and Baltim South West discoveries .BP will operate the North Ras El Esh Block with 50%, while Eni holds the other 50%. The block, which covers an area of 1,389km2, is located north of Damietta and southwest of the Temsah and Port Fouad development areas.

Egypt
Issue 332 - 18 October 2016

Ghana: $500m l/c for Sankofa gas

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HSBC and Standard Chartered have issued a $500m letter of credit for Ghana National Petroleum Corporation (GNPC). The banks said the facility would guarantee GNPC’s payment obligations to Vitol and Eni for the sale of gas from the Sankofa field. GNPC will have a 20% stake in the project. “The Sankofa integrated oil and gas project will be Ghana’s third operating field in quick succession. Gas from the field will provide baseload fuel to generate about 1,100MW of electricity in Ghana for 15 years,” said GNPC acting chief executive Alexander Mould. HSBC France is acting as agent on the stand-by credit facility, and co-issued $250m alongside Standard Chartered.

Ghana
Issue 331 - 04 October 2016

Tanzania: Aminex secures rig

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London-based Aminex has secured the Caroil 2 drilling rig to drill the Ntorya-2 appraisal well in the Ruvuma Basin. The contract is for one firm well with an option for a second well. The well is located 1,500 metres south-west of the Ntorya-1 discovery well, which flow tested at 20mcf/d with 139 b/d of associated condensate. Aminex says it remains on track to spud Ntorya-2 during Q4 2016. Aminex’s partner Solo Oil announced on 16 September that it had raised £2m ($2.6m) to fund its share of the well through the issue of 1.1bn new shares on London’s AIM to Australian investor Epsilon Pty.

Tanzania
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Brazil’s Petrobras and France’s Total on 24 October signed a memorandum of understanding in Rio de Janeiro, setting out the general framework for a strategic alliance covering upstream and downstream activities in Brazil and internationally. In the first phase, the companies intend to focus on upstream and gas to power. Petrobras will offer opportunities to Total to partner in projects in Brazil, while Total will offer Petrobras opportunities outside Brazil, enabling the companies to combine their expertise in deep-water development.

Subscriber

The reunification of the management of Libya’s rival national oil corporations after more than a year of division is an important victory for the Tripoli-based chairman Mustafa Sanalla. His authority over Libya’s oil industry is now unquestioned even in Cyrenaica, which until recently was making repeated efforts to set up its own oil export deals and to establish an independent stream of oil revenue.

Libya
Subscriber

Schlumberger subsidiary OneSubsea has been awarded an engineering, procurement and construction contract worth more than $170m from Belayim Petroleum Company (Petrobel) to supply the subsea production systems for the first stage of the Zohr gas field development. Petrobel, a joint venture between Egyptian General Petroleum Corporation and Eni, is responsible for development and operations at Zohr.

Egypt
Subscriber

AIM-listed Aminex has announced a share placing and open offer to raise £19.5m ($25.4m) with Oman’s Zubair Corporation acting as cornerstone investor. The fundraising follows the start of gas production at the Kiliwani North field in April. Proceeds will be used principally to finance the drilling of the Ntorya-2 appraisal well and the Ntorya-3 exploration well on the Ruvuma licence. The Ntorya-1 discovery drilled in 2012 tested 20mcf/d of gas, with 139 b/d of associated condensate.

Tanzania
Subscriber

Eni has announced a gas discovery in the Baltim South licence in the offshore Nile Delta. The Baltim South West 1X well penetrated approximately 120 metres of gross gas column and 62 metres of net pay in Messinian-age sandstones. The well was drilled in a water depth of 25 metres, 12km from the coast and 10km north of the Nooros field, discovered in July 2015. Production from Nooros reached 65,000 boe/d in May and is expected to reach 120,000 boe/d by year-end.

Egypt