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Oil & Gas News

AFC provides $100m for Ghana oil project

By: Tasneem Bulbulia     17th July 2019 Africa Finance Corporation (AFC) on Tuesday announced that it had financed Aker Energy, a subsidiary of Aker ASA, by investing in $100-million of convertible bond notes. The funds will be used by Aker Energy to finance the development of the Deepwater Tano Cape Three Points (DWTCTP) block, which... 

Nigeria's State oil firm awards oil-for-fuel swap deals – sources

By: Reuters     16th July 2019 Nigerian State oil firm NNPC issued award letters on Monday for highly sought-after contracts to exchange crude oil for imported fuel, oil industry sources told Reuters. A total of 15 groupings, with at least 34 companies in total, received award letters, four sources with knowledge of the deals... 

IEA sees oil market oversupplied in 2019 on US production

By: Reuters     12th July 2019 Surging US oil output will outpace sluggish global demand and lead to a large stocks build around the world in the next nine months, the International Energy Agency (IEA) said on Friday. The forecasts appear to predict the need for producer club Opec and its allies to reduce production to balance... 

Mozambique delays raising $2.3bn for Anadarko gas project

By: Bloomberg     9th July 2019 Mozambique has put on hold plans to raise funds for its portion of Anadarko Petroleum’s $20-billion gas project, as the government tries to limit its debt sales following a default about three years ago. Empresa Nacional de Hidrocarbonetos EP, the national oil company, will revive efforts to... 

Italy widens probe into alleged obstruction in Nigeria graft case

By: Reuters     5th July 2019 Italian prosecutors are widening an investigation into suspected obstruction of justice by officials of oil group Eni, sources said, threatening to open a new legal front for the company as it defends itself in a major corruption trial. The inquiry is preliminary and has been overshadowed by the... 

AfriForum, TKAG win appeal to set aside petroleum exploration, production regulations

By: Simone Liedtke     4th July 2019 AfriForum and the Treasure the Karoo Action Group (TKAG) have succeeded in their appeal to have Mineral Resources and Energy Minister Gwede Mantashe, and Environment, Forestry and Fisheries Minister Barbara Creecy set aside the regulations on petroleum exploration and production. The regulations... 

Oil plunges in worst reaction to Opec since 2014 on demand woes

By: Bloomberg     2nd July 2019 Oil had its worst reaction to an Opec meeting in more than four years, with prices sliding just after the cartel agreed to prolong production curbs as fears about the global economy mount. Futures closed down 4.8% in New York, the steepest decline since May 31 and the biggest drop after an Opec... 

How to sink the pirates plaguing West Africa

By: Bloomberg     2nd July 2019 Remember those Somali pirates? Earlier this decade, they brazenly hijacked giant oil tankers, demanded ransoms in the millions of dollars, and gave Tom Hanks yet another chance to play the everyman overcoming a life-defining crisis. Now, thanks to a multinational naval crackdown and tighter... 

Opec+ is close to finalising a charter for long-term cooperation

By: Bloomberg     30th June 2019 Opec+ nations are close to finalizing a “charter” for a long-term alliance, with a document likely to be signed as soon as this week, said two delegates. Members of the group received a revised draft of the document on Sunday that appeared to have broad support, one of the delegates said, asking... 

South Africa’s oil reserves safe for now – Outa

By: Simone Liedtke     28th June 2019 The Organisation Undoing Tax Abuse (Outa) on Friday reported that the Central Energy Fund (CEF) and multinational commodity trader Glencore had agreed not to proceed with their case, which had been scheduled to be heard in the Cape High Court on Friday. The CEF had filed an affidavit earlier this... 

South Africa working on new oil, gas policy to enable growth 

By: Bloomberg     26th June 2019 South Africa is working on a policy to govern the development of oil and gas resources after calls by potential investors to shield the industry from a long-running debate over laws that apply to mining exploration. The finalising of oil legislation has become more urgent since Total announced... 

South Africa working on new oil, gas policy to enable growth
Mineral Resources and Energy Minister Gwede Mantashe

Outa calls on Mantashe to intervene to save crude oil reserves 

By: Marleny Arnoldi     25th June 2019 The Organisation Undoing Tax Abuse (Outa) says a Cape High Court case on Friday will determine the fate of South Africa’s strategic crude oil reserves that are worth more than R9.3-billion. Outa states that, between December 2015 and January 2016, South Africa’s strategic oil reserves had been... 

Kibo signs PPA with Statkraft

By: Marleny Arnoldi     25th June 2019 JSE-listed Kibo Energy’s UK-based subsidiary MAST Energy Developments (MED) has signed a five-year power purchase agreement (PPA) with Statkraft Markets for MED’s planned 5 MW gas-fuelled Bordersley Reserve power generation project. MED plans to commission the project by the end of the first... 

Campaign groups accuse Total of breaching French corporate duty law in Uganda

By: Reuters     25th June 2019 French and Ugandan campaign groups including Friends of the Earth have filed a legal notification with Total, claiming it has failed to address the human and environmental impact of its Ugandan operations as required by French law. Under France's Corporate Duty of Vigilance regulation, large... 

Kenya government, Tullow Oil, Africa Oil and Total sign deal to develop crude oil facility

By: Reuters     25th June 2019 Kenya's government, and oil firms Tullow Oil, Total and Africa Oil Corp have signed agreements for the development of a 60 000 bbl/d to 80 000 bbl/d crude oil processing facility for oil discovered in the country's north west, the Petroleum and Mining Ministry said on Tuesday. The ministry said... 

Glencore cuts out agents and dealmakers as scrutiny grows 

By: Bloomberg     25th June 2019 Glencore is cutting out many of its intermediaries – the agents and dealmakers once essential to cracking the toughest markets – amid growing scrutiny of its operations around the world. Under pressure from its compliance division, Glencore is dismantling much of its global network of trading... 

Oil steadies as Iran tensions mingle with economic concerns

By: Bloomberg     25th June 2019 Oil steadied after rallying almost 8% in three days as investors weighed the risks of a supply disruption in the Middle East against concerns over the global economy and demand. Futures were little changed near $58/bl in New York. President Donald Trump imposed sanctions on Iran’s supreme leader,... 

Nigerian court adjourns Oando case against securities regulator to 22 July

By: Reuters     24th June 2019 A federal court in Lagos on Monday adjourned until 22 July a case brought by local oil firm Oando to halt management changes the country's securities and exchange commission is trying to enforce. The SEC's action followed an investigation in which it allegedly found evidence of financial... 

Mozambique gas riches near as $25bn LNG plant approved

By: Bloomberg     19th June 2019 Anadarko Petroleum approved a $25-billion liquefied natural gas (LNG) project in Mozambique that could help transform the economy of one of the world’s poorest countries. CEO Al Walker signed off on what he called the biggest ever foreign investment in Africa. Anadarko sees potential for... 

Mozambique gas riches near as $25bn LNG plant approved

Oil set for weekly drop as tanker attacks can't dispel trade woes

By: Bloomberg     14th June 2019 Oil headed for a weekly decline as the tanker attacks in the Middle East provided only a relatively small boost to prices that have been hammered by a deepening trade war and swelling US stockpiles. Futures in New York were steady after rising 2.2% Thursday. The White House blamed Iran for the... 

Hydrogen offers pathway for lowering hard-to-abate carbon emissions – IEA 

By: Terence Creamer     14th June 2019 Hydrogen and hydrogen-based fuels could help facilitate the decarbonisation of a range of sectors where the pathway for achieving meaningful emission reductions is currently uncertain or difficult, a new global study argues. Released by the International Energy Agency (IEA) at a meeting of G20... 

Hydrogen offers pathway for lowering hard-to-abate carbon emissions – IEA

Oil demand signals are flashing red as price dives toward $50

By: Bloomberg     12th June 2019 Oil demand is shriveling as the trade war between the US and China trips up the global economy. Estimates for March and April are pointing to year-on-year declines in regions that account for almost half of global oil demand, according to Morgan Stanley. Indicators including the profit from... 

Erratic weather boosts energy demand, denting climate goals – BP 

By: Reuters     11th June 2019 Extreme temperatures around the globe drove a sharp acceleration in energy demand and carbon emissions last year, oil giant BP said on Tuesday, issuing a stark warning that the world risks losing the battle against climate change. And while 2018 saw another sharp pick up in renewable power such... 

Senegal's justice ministry calls for inquiry into energy contracts

By: Reuters     11th June 2019 Senegal's justice ministry asked prosecutors on Monday to launch an inquiry into the country's energy contracts after a report alleged that the President's brother was involved in fraud related to two offshore gas blocks being developed by BP. After the publication of the investigation by the BBC... 

Renergen dual listing to provide benefit of Australian research, understanding 

By: Simone Liedtke     10th June 2019 Emerging liquid helium and liquid natural gas (LNG) producer Renergen’s recent listing on the ASX will benefit the company by giving it access to Australian research and industry understanding, CEO Stefano Marani tells Engineering News Online. Renergen, which is also listed on the JSE’s AltX,... 

Renergen dual listing to provide benefit of Australian research, understanding
Renergen CEO Stefani Marani discusses the company’s recent ASX-listing and the company’s Virginia gas project with Engineering News Online. Video & Editing: Creamer Media’s Darlene Creamer 10.6.2019

Nigeria's securities regulator suspends Oando's annual shareholder meeting

By: Reuters     10th June 2019 Nigeria's securities regulator has ordered the suspension of Oando's annual shareholder meeting due to be held on June 11, the Securities and Exchange Commission (SEC) said on Monday. The regulator said the suspension was due to ongoing litigation after it set up an interim management team and... 

Russia’s latest great game in Africa: energy

By: African News Agency      10th June 2019 Vladimir Putin has made no secret of his intention to return Russia to its previous glory as a world power by all means available to him, not least of which has been military aggression such as in Crimea. But on the African continent, where Russia has no colonial hangover like Europe or the... 

Asia demand to prop up growth in the global gas industry

By: Tasneem Bulbulia     7th June 2019 Global demand for natural gas is set to keep growing over the next five years, driven by strong consumption in fast-growing Asian economies and supported by the continued development of the international gas trade, the International Energy Agency (IEA) says. Demand for natural gas grew by 4.6% in... 

Sasol secures $1.8bn for Lake Charles project 

By: Marleny Arnoldi     7th June 2019 JSE-listed petrochemicals company Sasol announced on Friday that its subsidiary Sasol Financing USA had entered into new US dollar-denominated senior unsecured credit facilities, comprising a $1.6-billion term loan facility and a $150-million revolving credit facility. The facilities have a... 

Sasol secures $1.8bn for Lake Charles project
Sasol's Lake Charles Chemical Project

Renergen trades at up to A$1.02 apiece on first day on ASX

By: Marleny Arnoldi     6th June 2019 On its first day of listing on the ASX on Thursday, AltX-listed Renergen had more than 290 000 shares traded, at an official listing price of A$0.80 apiece. “On day one, we saw the price trade up to A$1.02 at the close, or up 27.5% from [the] listing [price], with encouraging volume in total... 

Renergen trades at up to A$1.02 apiece on first day on ASX
Photo by Creamer Media
Renergen CEO Stefano Marani

Senegal President says truth of BP gas deal will be established

By: Reuters     6th June 2019 Senegalese President Macky Sall said on Wednesday the government would find out the truth after a report alleged his brother Aliou Sall had been involved in fraud related to two major offshore gas blocks operated by BP. Making his first comments since the BBC published its report on Monday, the... 

Nigeria's oil thieves roar back as militants kept in check

By: Bloomberg     5th June 2019 Just as Nigeria gets to grips with militants who brought the nation’s oil industry to its knees a few years ago, another group of longstanding foes are slowly making a comeback: thieves. Saboteurs including thieves caused an 80% increase in the number of spills in 2018, Royal Dutch Shell, the... 

Companies lag in climate-related disclosures – G20 Task Force

By: Reuters     5th June 2019 Companies are failing to disclose sufficient detail about how exposed they are to the potential risks of climate change, a global task force said in a report on Wednesday. Many investors have called on companies to provide better communication on how climate change could impact their businesses,... 

Companies lag in climate-related disclosures – G20 Task Force

ANC says ten sectors to be prioritised under ‘re-imagined industrial strategy’  

By: Terence Creamer     4th June 2019 The African National Congress (ANC) has unveiled what it describes as a “re-imagined industrial strategy” as part of a broader five-year programme of action agreed at the party’s three-day lekgotla, which concluded in Gauteng on Tuesday. In a statement released following the gathering, the ANC... 

ANC says ten sectors to be prioritised under ‘re-imagined industrial strategy’

Efora reports ‘disappointing’ full-year results

By: Nadine James     3rd June 2019 A below-par performance from its key business, Afric Oil, resulted in “disappointing” financial results for JSE-listed oil and gas company Efora Energy for the year ended February 28. The company on Monday reported a net loss of R579.9-million, a loss per share of 69.91c and a headline loss a... 

Nigeria financial watchdog sets up interim management team at oil firm Oando – statement

By: Reuters     3rd June 2019 Nigeria's Securities and Exchange Commission (SEC) has set up an interim management team to oversee local oil company Oando, the financial watchdog said on Sunday. It said in a statement the team would conduct an extraordinary general meeting on or before July 1 to appoint new directors. 

Renergen raises $10m in Australia IPO for South Africa gas project 

By: Marleny Arnoldi     29th May 2019 JSE-listed Renergen has raised $10-million in its secondary listing on Australia’s stock exchange, the emerging liquid helium and liquid natural gas (LNG) producer announced on Wednesday. The company, which is developing South Africa’s first commercial LNG project, said it had raised $10-million... 

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