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Oil & Gas News

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... →

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... →

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... →

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... →

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,... →

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 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... →

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... →

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... →

Sapia granted extended exemption for what is normally cartel conduct

By: Marleny Arnoldi 5th April 2019 The Competition Commission has extended the petroleum industry’s exemption of industry activities to June 30, following an application by the South African Petroleum Industry Association (Sapia). Ordinarily, the activities of Sapia members would be considered cartel conduct, says the commission. →

Oando sells 25% stake in Nigerian gas company to private equity firm Helios

By: Reuters 5th April 2019 Oando has sold its 25% stake in Nigerian gas and power company Axxela to majority investor Helios Investment partners for an undisclosed amount, Axxela said on Thursday. The private equity firm now owns 100% of Axxela following Oando's divestment, the gas company said. →

Nigeria to build seaports to ease gridlock on Lagos's shore

By: Bloomberg 4th April 2019 Nigeria is building a new deep-sea port and considering two additional facilities to ease congestion in the main harbors of the commercial capital, Lagos, which currently handle about 80% of all shipping traffic in Africa’s biggest oil producer. A new facility is already under construction in the... →

Oil nears $70 as Opec tightens supply, hopes for trade deal grow

By: Bloomberg 3rd April 2019 Oil rose near $70 a barrel in London, a level last breached in November, as global crude supplies tightened while hopes for an end to the US-China trade impasse lifted financial markets. Brent crude’s rapid recovery this year -- with the biggest quarterly gain in almost a decade -- is a victory... →

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