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DR CONGO: Oil Ministry to meter production; EQUATORIAL GUINEA: CNOOC rig contract; ETHIOPIA: Aero survey plans; LIBYA: More RWE discoveries; LIBYA: Hellenic sells up; LIBYA: Punj Lloyd rig contract; NAMIBIA: Seismicl plans; SIERRA LEONE: Elixir hits snag on SL-4; TUNISIA: Ashtart upgrade contract

DR Congo | Namibia | Sierra Leone | Libya | Ethiopia | Equatorial Guinea | Tunisia
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Nigeria has sold a $1bn US dollar bond on the international market, finance minister Ngozi Okonjo-Iweala announced on 3 July. It is the country’s first move into the international capital market since selling a €500m Eurobond in 2011. The US dollar bond offered in two categories, a $500m five-year bond at 5.375% interest rate and a $500m ten-year bond at 6.625%, was four times oversubscribed.

Nigeria
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Sonatrach’s ability to supply enough gas to meet its international contracts continues to be the subject of speculation in the international markets. Sales to southern Europe have fallen sharply in recent years, mainly as a result of mutually agreed reductions in offtake. So the extent to which production bottlenecks may create greater problems for Algeria’s clients in Italy, Spain and elsewhere in Europe continues to be a matter of conjecture. However, what is certain is that pipeline exports are relatively far down Algeria’s list of priorities for gas usage. The current focus for concern over supplies is Spain. A financial source warned African Energy in early June that “infrastructure issues and local demand” might “start to impact gas exports from Algeria into Spain quite meaningfully”.

Algeria
Issue 398 - 30 August 2019

South Sudan: CNPC finds oil in Block 3

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A consortium led by China National Petroleum Corporation (CNPC) has announced an oil discovery near the Adar oilfield in Block 3. New oil minister Awow Daniel Chuang told Platts the discovery was estimated to contain 300m barrels of recoverable oil.The discovery could potentially be tied back to the nearby Adar production facilities, from where oil is sent to a central processing plant at Paloch, then piped north to Port Sudan for export.

South Sudan
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Higher oil revenues and settlements with vulture funds have given Republic of Congo the space to bow to Bretton Woods demands for more transparent accounting for petroleum income, writes Paul Melly.

Congo Brazzaville
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Operator Cairn Energy has recovered oil samples in the Fan-1 exploration well. Partner FAR said elevated gas and fluorescence had been encountered in a shallow secondary target and the presence of oil was confirmed by an intermediate logging programme. Oil samples from a thin sand were collected for further analysis. On 27 August, the well had reached a depth of 4,402 metres, and was drilling ahead to planned total depth of 5,000 metres. Cairn expects to complete the well by the end of September, then move the rig to the SNE-1 well location, the second well of a two-well programme offshore Senegal.

Senegal
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Licence holders and developers are still awaiting clarification on how bidding for the first round of tendering under the Renewable Energy Feed-in Tariff (Refit) mechanism for renewables projects will work, weeks after officials suggested that competitive bidding based on price, rather than the expected fixed tariff formula, might now apply

South Africa
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President Nana Akufo-Addo has described energy supply as the most difficult problem facing Ghana, and has announced a review of existing power purchase agreements (PPAs). In his first state of the nation address on 21 February, Akufo-Addo told parliament the sector’s key problem was the cost of energy, and highlighted the growing debt burden of the various state companies. He said that, while power from the Akosombo dam cost $0.03/kWh to produce, the business tariff of $0.42/kWh was more than ten times the average in West Africa.

Ghana
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Three of the biggest exploration programmes planned in Libya over the next period are now under way.

Libya
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National Oil Corporation (NOC) chairman Mustafa Sanalla has unveiled a $60bn five-year investment plan to increase crude oil production from 1.25m b/d now to 2.1m b/d by 2024 and gas output to 3.5 bcf/d. Speaking at the Libyan British Business Council in Tunis on 26 November, he said that LYD15bn ($10.5bn) would come from state budgets and the remaining 80% from strategic investors.The first step is to spend a relatively modest $1.2bn to raise production to 1.5m b/d in 2020.

Libya
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Subsea, pipeline and riser engineering and management contractor Wood Group Kenny (WGK) has been awarded an engineering services contract to support Tullow and its partners through the execution phase of the Tweneboa, Enyenra and Ntomme (TEN) project in the Deepwater Tano licence.

Ghana
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Licence awards to unknown companies have caused a storm in Sierra Leone, with government officials blaming a ‘transparent’ process imposed on them by external consultants for the controversy. Thalia Griffiths and Eleanor Gillespie investigate the exploration boom in an emerging Transform Margin play.

Sierra Leone
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A total of 53 individuals and companies have now been charged over corruption at Kenya Power in a case that has become increasingly politicised. Among those charged are 11 current and former managers, including former managing director and chief executive Ben Chumo and current acting managing director and chief executive Ken Tarus. Tarus has been replaced by Jared Omondi Othieno, who had been acting general manager for street lighting. Another five managers have been suspended.

Kenya
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Fiscal reforms lie at the centre of amendments to Algeria’s hydrocarbons law, which prime minister Abdelmalek Sellal’s new government approved in late September, but which still must be published and passed by parliament

Algeria
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Kampala-based off-grid solar company SolarNow has closed a $9m receivables financing facility arranged by specialist debt arranger SunFunder. The facility used SunFunder’s structured asset finance instrument, with money raised from co-lenders responsAbility and Oikocredit.

Uganda