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Oil & Gas News

DTI to support South African companies participating in Africa Oil Week

By: Tasneem Bulbulia     20th May 2019 The Department of Trade and Industry (DTI) will, for the first time, showcase 15 to 20 local companies in the South African National Pavilion at the Africa Oil Week, which will be held in Cape Town from November 4 to 8.   With the event focused on Africa’s upstream oil and gas sector, the DTI... 

Nigeria's economic growth slows in Q1 as oil sector shrinks

By: Reuters     20th May 2019 Growth in Nigeria's fragile economy slowed to 2.01% in the first quarter as the country's dominant oil sector shrank, the National Bureau of Statistics said on Monday. The annual pace dropped from the previous quarter's 2.38%, when activity was likely to have been boosted by state spending in the... 

East African company Société Pétrolière expands LPG business

By: Simone Liedtke     14th May 2019 East African Société Pétrolière (SP) has, through the installation of eight liquified petroleum gas (LPG) storage and cylinder filling plants, doubled Rwanda’s LPG storage and filling capacity. Each of these facilities has a storage capacity of 20 m3 and is capable of filling about 1 000 bottles... 

Global energy investment out of step with security of supply, climate needs  

By: Terence Creamer     14th May 2019 A new report on global energy investment in 2018 points to an ongoing misalignment between approved expenditure on new fuel and power projects and meeting the twin goals security of supply and decarbonisation. The International Energy Agency’s (IEA’s) ‘World Energy Investment 2019’ report,... 

Global energy investment out of step with security of supply, climate needs
IEA executive director Fatih Birol

South Africa urged to use seasonal advantage to secure lower LNG prices from Mozambique 

By: Terence Creamer     13th May 2019 South Africa is failing to fully grasp the energy and economic significance of the impending development of the enormous gas reserves discovered in northern Mozambique since 2010, Standard Bank oil and gas specialist Paul Eardley-Taylor argues. Between 150- to 200-trillion cubic feet of gas has... 

South Africa urged to use seasonal advantage to secure lower LNG prices from Mozambique

Vivo performs well in Q1 on the back of added Engen business

By: Marleny Arnoldi     7th May 2019 African fuel retailer Vivo Energy had a “strong start” to this year, with volumes for the first quarter having increased by 7% year-on-year to 2.4-billion litres. CEO Christian Chammas said in a statement on Tuesday that volume growth had resulted from good underlying growth in Vivo’s existing... 

Agri SA launches court proceedings against granting of shale gas exploration rights

By: Simone Liedtke     7th May 2019 Agricultural organisation Agri SA has launched court proceedings in the Pretoria High Court against the granting of environmental authorisations and explorations rights for shale gas to Africa-focused oil and gas exploration and development company Rhino Oil and Gas. Although the authorized... 

Anadarko accepts Occidental bid; Chevron may now respond

By: Bloomberg     7th May 2019 Anadarko Petroleum’s board has declared Occidental Petroleum’s sweetened $38-billion takeover “superior,” giving Chevron until May 10 to either boost its offer or walk away from the oil industry’s biggest deal in at least four years. The announcement by Anadarko, which had rebuffed several prior... 

Total to buy Anadarko’s Africa assets for $8.8bn if Occidental bid succeeds 

By: Simone Liedtke     6th May 2019 French integrated oil and gas company Total has reached a binding agreement with Occidental Petroleum to acquire Anadarko’s assets in Africa for $8.8-billion in the event of the successful completion of Occidental’s takeover bid for Anadarko. The transaction hinges on Occidental entering into and... 

Total to buy Anadarko’s Africa assets for $8.8bn if Occidental bid succeeds

Top oil buyers rue global chaos bringing back seller's market

By: Bloomberg     6th May 2019 The world’s biggest oil buyers are being forced to go on the defensive once again. US President Donald Trump’s sanctions on Iran and Venezuela, the Opec+ coalition’s output curbs, and disruptions from Nigeria to Libya are all handing crude sellers the upper hand in negotiations. With refiners in... 

South Sudan says agrees oil exploration deal with South Africa

By: Reuters     6th May 2019 South Sudan and South Africa will sign a production sharing agreement for an untapped exploration block in the East African country, whose production has been hampered by civil war, South Sudan's petroleum ministry said on Monday. The Exploration Production Sharing Agreement for Block B2 will be... 

Eni to focus on saving African forests to offset CO2 emissions

By: Bloomberg     3rd May 2019 Eni's plan to offset emissions from its oil and gas operations will focus on working with African communities to prevent deforestation. The project is part of the Italian energy giant’s goal of removing the equivalent of 20-million tons a year of carbon dioxide (CO2) from the atmosphere by 2030.... 

Nigeria's NNPC reveals 132 firms companies bid for oil swaps

By: Reuters     3rd May 2019 Nigerian State oil company NNPC said that 132 companies had bid for the right to swap the nation's crude oil for fuels as a tender for the deals closed on Thursday. The tender for the one-year contracts, dubbed direct sale, direct-purchase, was issued in March. NNPC extended the 2018 contracts... 

Former BP and Equinor executive to lead African Energy Chamber in Angola

By: African News Agency      3rd May 2019 The African Energy Chamber says it has appointed former BP and Equinor executive Sergio Pugliese as its president for Angola with effect from May 1. In a statement issued on Thursday, the chamber said Pugliese would support its partners in unlocking value in Angola’s multi-billion-dollar oil and... 

Dutch court to hear case vs Shell brought by widows of hanged Nigeria activists

By: Reuters     2nd May 2019 A Dutch court said on Wednesday it has jurisdiction to hear a damages suit brought against Royal Dutch Shell by four widows of activists executed by the Nigerian government in 1995. In a preliminary decision, judges at the Hague District Court said they would allow the suit to go forward, a rare... 

Buffett invests $10bn in Occidental for Anadarko bid

By: Bloomberg     30th April 2019 Warren Buffett’s Berkshire Hathaway will invest $10-billion in Occidental Petroleum to help the oil producer in its $38-billion bid for Anadarko Petroleum. Berkshire will receive 100 000 shares of preferred stock in Occidental, according to a statement Tuesday. Buffett’s intervention, which is... 

Anadarko board to consider Occidental bid as Chevron unmoved

By: Bloomberg     29th April 2019 Anadarko Petroleum plans to resume talks about a potential $38-billion takeover by Occidental Petroleum, a move that threatens to scupper a previously agreed deal with Chevron Corp. In a unanimous decision, Anadarko’s board of directors determined the Occidental bid "could reasonably be expected... 

Libya's NOC says it strongly condemns militarisation of energy infrastructure

By: Reuters     29th April 2019 Libya's National Oil Corporation (NOC) condemned the militarisation of the country's energy infrastructure, following a number of incidents in the past week involving the capture of an airfield, the attempted requisition of tug boats, and use of oil terminals by warships and other military... 

Nigeria revives plan to double oil output, triple refining

By: Bloomberg     26th April 2019 Nigeria plans to almost double oil production and triple its refining capacity within six years, reviving previous pledges that turned out to be too ambitious. The OPEC member is looking to pump 4 million barrels a day by 2025 and increase refining capacity to 1.5-million barrels daily, Maikanti... 

Stable oil price drives investment in burgeoning African oil, gas sector

By: Nadine James     25th April 2019 Africa is likely to experience continued oil and gas investment over the next three to five years as the stabilisation of crude prices above $60/bl, coupled with the continent’s rapidly expanding population, lure oil producers to one of the last remaining energy investment frontiers, Standard... 

Stable oil price drives investment in burgeoning African oil, gas sector
DELE KUTI

ExxonMobil acquires more exploration acreage off Namibian coast

By: Nadine James     25th April 2019 US oil giant ExxonMobil will increase its exploration acreage in Namibia by about 28 000 km2 following the signing of an agreement with the Namibian government and State-owned National Petroleum Corporation of Namibia (Namcor) for blocks 1710 and 1810, and farm-in agreements for blocks 1711 and... 

South Sudan invites investment in agriculture, mining, oil

By: Marleny Arnoldi     24th April 2019 Since its official independence from Sudan in 2011, South Sudan has ripened the environment for investment in the country, which was apparent when the country’s Ministers on Wednesday met with South African investors and businesspersons during a roadshow, in Sandton, to discuss investment... 

Renergen publishes prospectus for proposed ASX listing

By: Creamer Media Reporter      24th April 2019 AltX-listed alternative and renewable energy business Renergen has, ahead of its planned listing on the ASX in May, announced a further increase in reserves at its subsidiary Tetra4’s Virginia project, in South Africa’s Free State province. The company, which on Wednesday published its prospectus... 

Occidental makes Anadarko bid, seeks to derail Chevron deal

By: Bloomberg     24th April 2019 Occidental Petroleum is starting a bidding war for Anadarko Petroleum, making a $38-billion counteroffer in attempt to break up the proposed takeover by Chevron. Occidental said Wednesday it’s offering $76 a share in cash and stock, a premium of about 20% over Chevron’s April 12 agreement to buy... 

Bank report points to transport being next decarbonisation frontier 

By: Terence Creamer     24th April 2019 Newly released research by international banking group HSBC outlines a scenario for reducing transport emissions by 76% by 2040 through combining technology and regulation in a way that results in electricity, hydrogen and biofuels replacing oil as the primary fuel feedstock across transport... 

Bank report points to transport being next decarbonisation frontier

Sonangol plans to downsize to focus on core business

By: Reuters     23rd April 2019 Angola's State oil company Sonangol plans to divest 52 joint ventures, reduce staff and focus on its core business, part of an ongoing reorganisation and package of reforms designed to lure back investors, its chairman said on Friday. "We are going to sell, close or put out of our group a lot... 

Sasol reports stabilisation in synfuels output  

By: Terence Creamer     18th April 2019 Chemicals and energy group Sasol reports that output at its Secunda Synfuels Operations (SSO) stabilised in the third quarter, following the total shutdown of the West factory during the first half of its 2019 financial year, which had negatively affected production. In a note to shareholders,... 

Sasol reports stabilisation in synfuels output

Nigeria court orders arrests over Shell, Eni Malabu oil deal

By: Bloomberg     18th April 2019 A court in Nigeria ordered the arrest of two former ministers and others allegedly connected with illegal payments leading to the 2011 acquisition of what is considered one of the biggest oil fields in the West African country. Former Justice Minister and Attorney General Mohammed Adoke, ex-Oil... 

Activists push South African pension funds to tally climate costs  

By: Bloomberg     15th April 2019 Pension funds in South Africa have a legal obligation to account for the financial effects of climate change on their investments, according to two groups lobbying money managers to pay closer attention to the issue. Shareholder activists Just Share and environmental law organisation ClientEarth... 

Brulpadda field unlikely to support a globally competitive chemicals industry, more exploration needed – experts

By: Marleny Arnoldi     12th April 2019 Energy veterans Stephen Clark and Wikus van Niekerk, with Jim Petrie and Dave Wright, have unpacked finer details of Total’s Brulpadda gasfield discovery, estimating its likely size, potential development and broader impact on South Africa’s hydrocarbon fuel security. Total entered into the... 

Brulpadda field unlikely to support a globally competitive chemicals industry, more exploration needed – experts
Brulpadda drilling rig

Seplat, NNPC to raise $700m for gas plant due in 2020

By: Bloomberg     12th April 2019 Seplat Petroleum Development and Nigeria’s State oil company will raise $700-million for a joint gas project scheduled to start production next year as the government steps up plans to reduce the country’s reliance on oil. The project, known as Assa North-Ohaji South, is one of seven to boost gas... 

Chevron to acquire Anadarko for $33bn in stock, cash

By: Bloomberg     12th April 2019 Chevron Corp will acquire Anadarko Petroleum Corp for $65 a share, the company said in a statement. Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share. Chevron will issue 200-million shares and pay $8-billion in cash. The company will also... 

IEA says oil market tightening, but global demand may falter

By: Bloomberg     11th April 2019 Global oil markets are tightening as Opec supply falls, the International Energy Agency said, while warning it could lower demand forecasts because of economic threats. Crude inventories are set to decline for the rest of the year as Saudi Arabia and its partners curb production, while exports... 

Oil holds near five-month high

By: Bloomberg     9th April 2019 Oil in New York held near the highest level since late October as an escalation of geopolitical tensions in Libya and Iran fanned concerns over supplies. West Texas Intermediate futures were little changed, after gaining 3.7% over the previous two sessions. Libya’s eastern-based warlord Khalifa... 

Cost of decarbonising global energy system falls sharply, new report shows 

By: Terence Creamer     9th April 2019 Rapidly falling renewable-energy costs, together with emerging opportunities to electrify other energy end-uses such as transportation and heating, are continuing to reduce the investment premium associated with placing the world on a more climate-friendly path, a new international report... 

Cost of decarbonising global energy system falls sharply, new report shows

Glencore announces finalisation of Astron acquisition

By: Creamer Media Reporter      9th April 2019 Glencore South Africa Oil Investments on Monday announced the close of its acquisition of 75% of Astron Energy in South Africa and 100% of Astron Botswana – the two businesses previously owned and operated by Chevron South Africa. Glencore said it was looking forward to working with the Astron... 

Glencore announces finalisation of Astron acquisition

SRK outlines environmental considerations for Brulpadda gas extraction

By: Marleny Arnoldi     5th April 2019 SRK Consulting environmental assessment practitioner Sue Reuther says although news of the large Brulpadda gas find off South Africa’s southern coast holds economic potential, the project could take ten years to reach production and all environmental risks would first need to be considered for... 

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