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AIM-listed Savannah Petroleum has finally completed the acquisition of Seven Energy’s assets, with the appointment of administrators to Seven Energy International Limited. The complex transaction, first announced in July 2017, involves the acquisition by Savannah of Seven Energy’s assets and the restructuring of Seven Energy’s debt. Seven had run into financial difficulties related to the closure of the Forcados terminal and non-payment for its gas supply to power stations, but the company’s assets in south-east Nigeria are a rare example of a project to monetise stranded gas for the domestic market instead of for exports.

Nigeria
Free

Operator BG Group has begun drilling the Sunbird-1 deep-water exploration well on Block L10A offshore Mombasa. The well is being drilled by the Deepsea Metro 1 drillship to a target depth of 3,000 metres below sea level in water depths of 721 metres, with an option to extend to 3,700 metres. Partner Pancontinental Oil & Gas said Sunbird-1 was the first test of a Miocene Pinnacle Reef offshore East Africa

Kenya
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Lake Kivu methane specialist Michel Halbwachs has taken on a new methane to power project in Democratic Republic of Congo, with a new company, Limnological Engineering. Halbwachs, whose Rwandan project collapsed following an intellectual property dispute between his former company, Data Environnement, and Rwanda Investment Group, has been recruited by a consortium that was awarded a block on the Congolese side of Lake Kivu last year. The consortium is made up of Tunisia’s Engineering Procurement and Project Management (EPPM), Swede Energy DRC and Kenya’s Transcentury Ltd.

DR Congo | Rwanda
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Italy’s Ansaldo Energia announced on 27 April that it has signed an engineering, procurement and construction contract worth €240m ($282m) with Société Tunisienne de l’Electricité et du Gaz for a 625MW combined-cycle gas project in Mornaguia. The contract includes a long-term service agreement. The plant will use two AE94.3A gas turbines. Construction is expected to take 22 months from receipt of notice to proceed.

Tunisia
Issue 362 - 01 February 2018

Mozambique: CTRG refinancing

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The 175MW Central Térmica de Ressano Garcia (CTRG) thermal power plant has been refinanced by a group of lenders who provided a debt package totalling $189m. The International Finance Corporation (IFC) provided $55m on its own account together with a syndicated loan of $42m, half each from the Emerging Africa Infrastructure Fund and the Netherlands’ FMO. Proparco and Absa Bank (as arranger) provided parallel loans.

Mozambique
Issue 363 - 15 February 2018

Cameroon: Rig for Etinde drilling

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Jersey-registered New Age (African Global Energy) has contracted the Topaz Driller jack-up rig from Vantage Drilling for appraisal wells on the Etinde licence. The rig has been contracted for 150 days. Planning for the appraisal wells is ongoing and partner Bowleven said it expected the IM-6 well to spud during Q2 2018 to test the potential of the Intra Isongo play opened by the IM-5 well.

Cameroon
Subscriber

Despite Egypt’s continued political instability, a consortium of Italy’s Maire Tecnimont and the Netherlands’ Archirodon Group has signed a contract worth up to $1.95bn with Carbon Holdings for utilities and offsite facilities as part of the Tahrir petrochemical complex in Ain Sokhna. Carbon Holdings, founded by Basil El-Baz, is a privately owned Egyptian company which develops and operates downstream oil and gas projects. On completion, the Tahrir complex is expected to boost Egypt’s annual exports by more than 25%. The contract is for engineering, procurement, construction and commissioning activities worth between $1.7bn and $1.9bn.

Egypt
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Despite estimated probable reserves of 5tcf domestic natural gas and a strategic location in the Gulf of Guinea, Ghana suffers power shortages that have for decades hampered economic growth. Even when the long-awaited infrastructure is finally completed, offshore gas will only meet a fraction of the country’s power needs, and the government is considering other options, such as importing coal and liquefied natural gas (LNG). “Load shedding in Accra is now approaching 18 hours off/12 hours on,” an Accra-based energy analyst told African Energy. “It’s an economic and political catastrophe – a huge embarrassment to the current administration. That’s why, right now, everything is in play.”

Ghana
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Aminex has announced a one-year extension of the Mtwara licence in the Ruvuma production-sharing agreement, which was due to expire in December 2016. Tanzania Petroleum Development Corporation (TPDC) has also agreed for the company to transfer drilling obligations in the norther Lindi licence to the southern Mtwara licence, which contains the Ntorya discovery. Aminex intends to drill the Ntorya-2 appraisal well and, if it is successful, to apply for a 25-year development licence.

Tanzania
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The government is planning a new law that will separate parts of its regulations governing oil and gas from legislation governing the mining industry. “The plan involves separating from the mineral regulatory framework those elements that relate to the petroleum value chain,” energy minister Tina Joemat-Pettersson told parliament in a budget speech on 11 May. Proposed amendments to the Mineral and Petroleum Resources Development Act had been criticised by the oil and gas industry for attempting to treat mining and hydrocarbons exploration in the same way.

South Africa
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Tanzania Petroleum Development Corporation (TPDC) has asked the Energy and Water Utilities Regulatory Authority for a tariff of $4.178/mBtu for gas from the Songo Songo field. TPDC is in the final stages of building a pipeline to transport gas from Mtwara and Songo Songo to two processing plants in Madimba, Mtwara, and Songo Songo Island. A new Chinese-funded pipeline has been built to supplement the old 12-inch pipeline between Songo Songo and Dar es Salaam, which reached its capacity of 140mcf/day around 2007-08.

Tanzania
Subscriber

Cenpower Generation Company Limited has announced the financial close of $900m of project finance for the Kpone independent power plant (IPP) at Tema. The 340MW combined cycle gas turbine plant is due on stream in 2017 and will be Ghana’s largest IPP, accounting for some 10% of total installed capacity and 20% of available thermal generation capacity. The project finance comprises two components: a $650m debt tranche and a $250m equity tranche. The debt is being funded under export credit cover by a consortium of South African commercial banks and international development finance institutions (DFIs).

Ghana
Subscriber

The $2bn award in favour of Unión Fenosa Gas (UFG) made by the World Bank’s International Centre for Settlement of Investment Disputes at the end of August means that liquefied natural gas (LNG) exports from the Segas terminal at Damietta could resume very soon. The Spanish company claimed that state-owned Egyptian Natural Gas Holding Company (Egas) breached its contract when it suspended gas supplies to the terminal in 2012. Unusually, the terminal was reliant on gas supplied by the national grid rather than production from a particular field.

Egypt
Issue 340 - 16 February 2017

Naming ceremony for Sankofa FPSO

Subscriber

Singapore’s Keppel Shipyard held a naming ceremony on 3 February for the John Agyekum Kufuor floating production, storage and offloading (FPSO) vessel for Eni’s Sankofa oil and gas development (AE 337/1). Keppel Shipyard will deliver the vessel to Yinson Production (West Africa) Pte Ltd, which is chartering it to Eni Ghana Exploration & Production Ltd to process oil and gas from the Offshore Cape Three Points block.

Ghana
Subscriber

Victoria Oil & Gas (VOG) remains in informal talks with Bowleven despite the termination of a farm-out agreement for the Bomono gas permit, and both sides are hopeful that a solution can be found. Announcing its H1 results on 29 March, Bowleven said the farm-out transaction terminated on 31 December 2017 following the parties’ inability to meet a number of conditions, including regulatory approval. The Bomono farm-out was announced shortly before Bowleven’s previous management was ousted by activist shareholder Crown Ocean Capital in March 2017.

Cameroon