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Fund manager The Capital Group Companies has increased its holding in Ophir Energy to 14.02%. This follows the sale on 7 February of a combined 9% stake by two early backers, Lakshmi Mittal’s Mittal Investments and US hedge fund Och-Ziff Capital Management.

The start-up of the troubled Angola LNG plant at Soyo has hit fresh delays due to technical problems. Sonangol board member Baptista Sumbe told a press briefing on 25 February a new start date for the $10bn project would be announced in six weeks once repairs had been completed.

Kase Lawal’s CAMAC Energy has signed an agreement with Canada’s Sander Geophysics to shoot airborne gravity and magnetic geophysical surveys over the whole of its onshore Lamu Basin blocks L1B and L16. The results of the survey will be used to plan upcoming 2D seismic. CAMAC expects the company to start work in Q2 2013 and provide initial results in Q3.

Edinburgh-based Bowleven says the IM-5 well has validated sufficient gas reserves to meet the requirements of its proposed fertiliser plant venture with Ferrostaal. The company, which has struggled to find a workable development plan for its Etinde permit, submitted an exploitation authorisation application to the government in November, and announced a tie-up with UK oil services group Petrofac, which will invest up to $500m towards the first stage of the development.

Africa Oil Corporation has converted its joint study agreement for the Rift Valley Block into a production-sharing agreement. The agreement covers the 42,519km2 Rift Basin Area, north of the Tullow Oil-operated South Omo Block, where the Sabisa-1 well spudded on 13 January.

The long-awaited Petroleum Industry Bill is no closer to becoming law as the various industry stakeholders expose the gulf in opinions over key areas such as tax rates and sanctity of contracts. And there are fears of further delays as the legislative process slows in the run-up to the 2015 presidential election, writes David Slater in Abuja.

Gas producer Circle Oil plans a six-well drilling programme for H1 2013 in Morocco’s onshore Sebou and Lalla Mimouna permits, targeting 40-45bcf of gross recoverable resources. Gas delivery during 2012 rose from 2.0-2.5mcf/d to 4.5mcf/d, and a third small offtaker was added in late December 2012. Offtake is expected to increase further in Q1 2013, with daily supplies rising to 6.5-7.5mcf/d.

Zimbabwean firm Associated Consultants in Africa (Ascon Africa) has confirmed to African Energy that it has signed a contract to conduct the environmental impact assessment for the 30MW Gairezi hydroelectric power project in Nyanga, Zimbabwe.

There is speculation in Ghana that US independent Hess Corporation may farm out part of its offshore assets as it repositions its operations and spending priorities. The company is focusing increasingly on unconventional shale resources ($2.7bn in 2013 alone) and is under pressure to restructure from activist US investors including billionaire Paul Singer and the Elliott Associates hedge fund.

There is a curious disconnection between Egypt’s dire political and financial straits and the relatively upbeat assessments from the international oil companies (IOCs) developing assets there. In spite of the continued closure of Eni and Union Fenosa’s Damietta LNG export terminal and the substantial debt owed by Egyptian General Petroleum Corporation (EGPC) to domestic gas producers, long-term prospects still appear to justify investments.

Five more projects have broken ground in recent weeks, including two of the largest wind farms approved so far under the renewable energy independent power producers (REIPP) procurement programme. News flow from first-round developers beginning construction on their projects forms a positive backdrop as the Department of Energy and second-round developers gear up to meet financial close next month.

BP Angola has given Technip a five-year contract for engineering and modification services for the Greater Plutonio and Plutão, Saturno, Venus and Marte (PSVM) floating production, storage and offloading (FPSO) units in blocks 18 and 31.

The Islamic Development Bank signed a $200m loan agreement on 11 February to support the construction of the 45MW M’Dez and 125MW El Menzel hydroelectric power stations. The two plants form the M’Dez El Menzel complex, which is a key development for the Upper Sebou River.

The need for increased security and impact of sovereign rating downgrades by Standard & Poor’s and Fitch Ratings due to the political crisis following the assassination of opposition figurehead Chokri Belaïd on 6 February and resignation of prime minister Hamadi Jebali on 19 February – leaving another Ennahda politician, former interior minister Ali Laarayedh, to form a government – will add to the costs of operating in Tunisia, according to international oil companies canvassed by African Energy

A major ongoing concern for international oil companies (IOCs) is cash-strapped parastatal Nigeria National Petroleum Corporation (NNPC)’s continuing inability to fund its share of joint venture projects and its transformation into a national oil company (NOC). Shell Petroleum Development Company managing director and Shell Nigeria country chairman Mutiu Sunmonu said a lack of funding was constraining growth, and that the government needed “a new approach to funding” and to be “more flexible in its thinking”