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Subscriber

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.

Mozambique
Subscriber

London AIM-listed Helium One Global has entered an agreement with Australian Securities Exchange (ASX)-listed Noble Helium “to co-operate in sourcing and securing a suitable drilling rig” for drilling operations in the Rukwa Basin.  Helium One said its Rukwa project is the “largest known primary helium resource in the world”.

Tanzania
Free

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.

Mozambique
Subscriber

Chariot Energy sees its Anchois gas discovery as a potential new gas province in Morocco’s Atlantic offshore zone, where many other upstream players have previously failed to make a definitive commercial find. A farm-in opportunity beckons.

Morocco
Subscriber

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.

Subscriber

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.

Issue 478 - 17 February 2023

ExxonMobil beats forecasts

Subscriber

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%.

Subscriber

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.

Cameroon
Subscriber

Having undergone leadership changes – Wael Sawan taking over as chief in 2022 – Shell is in the middle of a period of transition, in which the London-domiciled company’s Integrated Gas and Upstream Oil businesses will be combined, to be headed by current Upstream director Zoe Yujnovich. 

Subscriber

After some two years in suspension, the Mozambique LNG (MLNG) project is expected to restart very soon. One source suggested work could resume as soon as March, while others canvassed by African Energy said it would certainly go ahead in the coming months, whatever the findings of an investigation commissioned from prominent French medic and diplomat Jean-Christophe Rufin.

Mozambique
Subscriber

The host government agreement (HGA) for the $30bn Lindi liquefied natural gas (LNG) project – also known as Tanzania LNG – remains under discussion, according to Tanzania Petroleum Development Corporation (TPDC) officials.

Tanzania
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The latest data from Kenya Power indicates that spare power capacity fell to just 4% in December, the first time in over a decade the reserve margin had slipped below 10%. The regulator is concerned and the authorities are eyeing up the potential for bigger imports from Ethiopia and possible gas supply from Tanzania or beyond, writes Neville Otuki in Nairobi.

Kenya
Subscriber

After more than ten years of political uncertainty and unrest, during which upstream activity has stagnated, Italian major Eni and National Oil Corporation (NOC) have agreed Libya’s biggest hydrocarbons investment commitment since Eni’s original investment in the Western Libya Gas Project (WLGP) in the early 2000s.

Libya
Subscriber

Karmol, the joint venture between Turkey’s Karpower and Japan’s Mitsui OSK Lines has secured finance of up to $71m for a floating storage and regasification unit (FSRU) that will supply Karpower’s floating power plant in Senegal.

Senegal
Subscriber

The floating production, storage and offloading vessel (FPSO) for the $4.8bn Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) development has set sail from Qidong, project partners BP and Kosmos Energy have announced.

Mauritania | Senegal