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Italian major Eni has announced a new find on Block CI-205, which it called the second-largest hydrocarbons discovery to date in Côte d’Ivoire, following its Baleine discovery in 2021.

Côte d'Ivoire
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Vaalco Energy’s purchase of Svenska Petroleum Exploration will give the US indie a 27.4% interest in Block CI-40, which holds the producing Baobab field offshore Côte d’Ivoire, in a deal that further reduces beleaguered Saudi-Ethiopian tycoon Sheikh Mohammed Al-Amoudi’s business empire.

Côte d'Ivoire
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A degree of pressure has been lifted from President William Ruto, as his government secured $1.65bn from a dollar eurobond, as well as over $1bn from multilaterals, allowing Nairobi to avert the threat of default on its big repayment due in June. The shilling has emerged stronger, but the economy remains fragile, while the electricity supply industry is in need of a significantly improved performance. President Ruto is focused on reducing the cost of electricity and has devised a three-point plan to invest in transmission and distribution, develop LNG import facilities and accelerate geothermal power. His government may also try to lower end-user tariffs by slowing down the granting of PPAs or putting pressure on the regulator.  

Kenya
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New Lixus licence operator Energean expects the gas play’s speedy monetisation, with appraisal drilling slated for later this year at the 18bcm Anchois field. The project's developers point to considerable existing gas-to-power and industrial demand, while the nearby GME pipeline could allow for some modest export sales to Europe.

Morocco
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President Macky Sall’s decision to postpone the 25 February presidential election until 15 December exacerbated an already poisonous atmosphere in Senegal. His 19 February decision to reverse that decision should lead to an election being held very soon, but political tensions will persist. African Energy’s Risk Management Report focuses on political risk indicators in a country that has long been favoured by donors and investors, and whose natural resources industries are booming as offshore oil and natural gas exports beckon. With attention firmly directed towards gas-to-power development, most other aspects of electricity industry reform, such as the unbundling of utility Senelec and introduction of wheeling have been left on hold – and further delays are likely.

Senegal
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Italy’s Eni and London- and Tel Aviv-listed Energean may get the first results from their Orion well in the North East Hap’y offshore block within a month, it what could be a transformative discovery for Energean, while also providing an early indicator of Egypt’s future as a gas producer.

Egypt
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London AIM-listed indie Chariot is planning an initial two-well exploration drilling campaign, but has approval for 17 other candidate well locations and re-entry of an existing gas discovery.

Morocco
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The arrival of floating production storage and offloading (FPSO) vessel the Léopold Sédar Senghor to the Sangomar site brings Senegal a significant step closer to realising its first offshore oil project.

Senegal
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French energy major TotalEnergies plans to add 14,000 b/d of condensate output by mid-2024 and up to 4 mcm/d of gas by 2028 from the south-eastern Nigerian field.

Nigeria
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Construction is expected to restart in mid-2024 at Mozambique LNG, with a revived financing package expected to be put in place after nearly three years of force majeure, and as the adjacent Rovuma LNG project is also resuming work.

Mozambique
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An oversubscribed Eurobond issue in January indicated that Côte d’Ivoire’s strong economic performance – including 6.5% GDP growth, big infrastructure investments and Eni’s major Baleine oil and gas field – has been enough to allay investors’ concerns over the presidential succession and wider regional instability. These issues feature in the first of African Energy’s new series of Risk Management Reports (RMRs), which will provide updates, analysis and context on key political, social, economic and energy trends in countries across the continent. In line with the model established by African Energy’s sister publication Gulf States Newsletter (GSN), a ‘risk grade’ (explained below) is assigned to each country. A full list of African risk grades will follow soon.

Côte d'Ivoire
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Italian major Eni has completed its acquisition of assets from Norway’s Neptune Energy Group, in a transaction that brings with it natural gas assets in Algeria, Egypt, Europe and the Far East.

Algeria
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Independents Afentra and Serinus emerged as the main overseas winners from Angola’s latest 12-block licensing round, after being named as preferred bidders for onshore blocks in the Lower Congo and Kwanza basins.

Angola
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Toronto Stock Exchange-listed Africa Oil Corporation has received official approval to acquire a 6.25% interest in offshore Block 3B/4B from Eco, taking its total holding in the Orange Basin acreage to 26.25%. A drilling campaign is being planned for the area, where Africa Oil is looking to farm-out a share.

South Africa
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Shell’s creation in 1907, as a rival to American behemoth Standard Oil, produced an Anglo-Dutch company looking for global reach. Its presence in Nigeria dates back to 1936, when Shell D’Arcy was established, which was followed by a joint venture with another major, BP’s precursor company.

Nigeria