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The Zambian authorities have opened talks with oil marketing companies (OMCs) to refinance the $600m they are owed as a result of a now-ended fuel subsidy scheme. African Energy spoke to energy minister Peter Kapala in Lusaka.

Algerian state giant Sonatrach has been courting international oil companies to capitalise on the potential to ramp up deliveries to Europe, but African Energy’s soundings suggest there are plenty of reasons for caution, despite the improved investment climate since hydrocarbons sector reforms were unveiled.

Zambian energy minister Peter Kapala has confirmed the time frame for completion of work to convert the Tanzania Zambia Mafuta (Tazama) pipeline from its previous role of handling imports of commingled crude feedstock.

Negotiations with Shell and Equinor for the estimated $30bn Lindi liquefied natural gas (LNG) project (also known as Tanzania LNG) have been completed, and contracts are being written up, energy minister January Makamba said on 6 March.

Marathon Oil Corporation has been talking up plans for its 3.7m t/yr Punta Europa liquefied natural gas (LNG) plant on Bioko Island, where it is looking to generate $1bn in profits in 2024, when it can drop the US Henry Hub indexation that has curbed its earnings potential.

Shell has underlined Mauritania’s rising profile by signing a production sharing contract for offshore Block C2. While one supermajor plans to start initial exploration, BP and partners have agreed their preferred development concept for phase two of the Mauritania/Senegal Greater Tortue Ahmeyim integrated LNG project – finally moving that scheme towards a final investment decision, write James Gavin and Marc Howard.

Shortly after selling up its Angolan upstream interests, Portugal’s Galp Energia is fielding reports that it wants to sell its 10% interest in Mozambique’s highly prospective Rovuma LNG project.

Perenco’s move to install a production unit will usher in small-scale export LNG production in Gabon for the first time, as well as promoting butane self-sufficiency.

Saipem chief executive Alessandro Puliti has announced the date he expects onshore work to “gradually restart” for the TotalEnergies-operated Mozambique Liquefied Natural Gas (MLNG) project.

TotalEnergies’ full year earnings of $36.2bn are a company record, even though adjusted net income of $7.6bn in Q4 2022 was down by 23% on the previous quarter.

Chevron Corporation delivered record earnings and cashflow last year, with adjusted net Q4 2022 income of $7.4bn. The US major has got its debt down to $5bn, leaving an impressive gearing rate of just 3% at end-2022. Capital spending (capex) last year was $15.7bn, about $4bn more than the guidance. The company is looking at $17bn capex for 2023.

The $7bn Niger-Benin Export Pipeline (NBEP) is now 70% complete, Nigerien energy minister Mahamane Sani Mahamadou was told on 7 February, during a site visit to what is being promoted as Africa’s longest oil pipeline.

Southern Africa’s highest pump prices, with increases averaging 70% over the last year, have accelerated Lusaka’s turn to blended fuels, with petroleum comprising 10% domestically-produced bio-ethanol (known as E10 in Europe) to be sold nationwide from Q3 2023.

ExxonMobil reported adjusted net income of $14bn in Q4 2022, beating most forecasts and contributing strongly to the $59bn annual earnings record. This surplus has allowed the ‘Big Unit’ to drive down debt (to the tune of nearly $30bn last year) reducing gearing down to just 5%.

Nasdaq- and London Stock Exchange-listed Golar LNG said on 8 February that it would acquire New York-headquartered New Fortress Energy (NFE)’s stake in the floating liquefied natural gas (FLNG) vessel Hilli Episeyo. Golar will purchase NFE’s 50% interest in Hilli Episeyo’s trains one and two in return for $100m in cash and the 4.1m NFE shares it holds. The transaction is scheduled to close in Q1 2023.