Wednesday, May 29, 2024

Africa News

Production from Nigeria's Ikike Field to Start

Image courtesy TotalEnergies

TotalEnergies, OML99 operator (40%) in partnership with the Nigerian National Petroleum Corporation (NNPC, 60%), announces the start of production from the Ikike field, in Nigeria.Located 20 kmoff the coast, at a depth of about 20 meters, the…

Woodside Says It's on the Lookout for Acquisitions

(Photo: Woodside)

Australia's Woodside Petroleum is looking for acquisitions, ideally close to its existing assets or offering it control over assets that are already producing or close to producing, its boss said on Thursday."We're clearly scanning the landscape very closely looking for opportunities," Chief Executi

OPEC+ Meets to Decide on Oil Output Cuts Easing

Image by Maksym Yemelyanov - AdobeStock

OPEC and allies such as Russia meet on Wednesday to decide oil output policy from August amid broad market expectations the group will ease supply curbs as the global economy slowly recovers from the coronavirus pandemic.The Organization of the Petroleum Exporting Countries and allies…

Libya's NOC to Lift Force Majeure at Es Sider Oil Port

Libya's National Oil Corporation (NOC) said on Wednesday that it is ready to lift force majeure at Es Sider oil port, allowing a tanker on standby to load crude from storage.The state oil company urged all Libyan parties to support it and called…

Angola Resisting Pressure to Taper Oil Output

Angola is resisting pressure by OPEC's de-facto leader Saudi Arabia for a steeper oil output cut to comply fully with record supply curbs, OPEC and industry sources said.The Organization of the Petroleum Exporting Countries and allies, known as OPEC+…

OPEC Production in June Cut by 1.25 mbpd

Image by Maksym Yemelyanov - AdobeStock

OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies, according to estimates from tanker-tracking company Petro-Logistics.OPEC and its allies…

Nigeria Launches Licensing Round for Marginal Oilfields

Image by Jan / AdobeStock

Nigeria has launched its first licensing round for marginal oilfields in nearly 20 years, the Department of Petroleum Resources (DPR) said on Monday, despite court rulings last week that barred some of the fields from being auctioned.Marginal…

Price Drop Triggers Haggling Over Oil and Gas Deals

The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced.At a time when most oil companies are slashing budgets…

Total Secures $14.4 Bln Funding for Mozambique LNG

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French energy major Total has secured $14.4 billion funding for its Mozambique liquefied natural gas project in Mozambique, two sources said on Wednesday.A source with knowledge of the matter said Total has reached a financing agreement with…

EXIM Bank Amends Mozambique LNG Loan. Earmarks $1.8B for Offshore Work

File Photo: Total

The U.S. EXIM Bank has amended its previously approved September 2019 direct loan supporting U.S. exports for the development and construction of the Total-operated LNG project located on the Afungi Peninsula in northern Mozambique.The original…

New JV to Explore Floating Wind Farm Development in South Africa

Illustration; Image Credit - Hexicon

Swedish floating windfarm developer Hexicon has teamed up with South African wind developer Genesis Eco-Energy Developments to explore the development of offshore wind in the country.For this purpose, two companies have established a joint venture…

Angola Says Producer Cuts Insufficient, More Action Needed

(File photo: Total)

Angola sees an oil production curb by OPEC, its allies and other top producers as insufficient to balance global markets, state news agency ANGOP quoted resources and petroleum minister Diamantino Azevedo as saying on Friday."It is up to everyone to understand that, despite the measures taken by OPE

Nigeria: Union Suspends Strike after Exxon Workers Freed

Illustration; Offshore workers / Image by - wanfahmy - AdobeStock

A major Nigerian oil union has suspended planned industrial action after 21 Exxon Mobil Corp. employees quarantined last week after their arrest for violating coronavirus-related movement restrictions were freed, it said on Sunday.The governor of southern oil hub Rivers State…

New Offshore Acreage Licensing to Drop 60% in 2020, Rystad says

An offshore drilling rig - Image by Namthip - AdobeStock

Newly licensed offshore oil and gas exploration acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, Rystad Energy has said, as the Norwegian energy market analytics company expects more than half of the…

BP Issues Force Majeure Notice for Golar FLNG Unit

(Image: BP)

Golar LNG Ltd said on Tuesday that it received a force majeure notice from a BP Plc unit seeking to delay taking delivery of a floating liquefied natural gas facility by a year.The notice is the latest force majeure claim issued in the LNG sector…

Global Petroleum in Offshore Namibia 'Data for Equity' Deal

Image credit: Global Petroleum

Oil company Global Petroleum has exchanged part of its stake in offshore Namibia Block, 2011A (PEL0094), with NAMCOR, for a right to get access to pre-existing 3D seismic data over the block."This key data, acquired by previous licensees in 2010…

Lekoil 'in Process' of Paying $2M to Optimum

Image credit: Lekoil

Nigerian oil company Lekoil has said it is in the process of paying $2 million to Optimum Petroleum, its partner in an offshore block in Nigeria.The 2 million payment was agreed in January, and it is the first of two installments Lekoil is due…

Mozambique Army, Islamist Insurgents Battle Near Gas projects

Map of Total's LNG plant under construction and offshore gas fields - Credit: Total

Mozambican troops battled Islamist insurgents in a town in a northern town on Monday close to billion-dollar gas projects being developed by ExxonMobil and Total, police said.The General Commander of Mozambique's police, Bernardino Rafael, said…

Angola May Seek International Arrest Warrant for Isabel dos Santos

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Angola could issue an international arrest warrant for billionaire Isabel dos Santos if she fails to cooperate with a fraud investigation in which she has been named as a suspect, its chief prosecutor was quoted as saying.Angola has named dos Santos…

Tullow to Axe a Third of Its Workforce

Tullow Oil plans to cut a third of its staff to slash its administration costs by a fifth, or around $20 million, a source with direct knowledge of the matter said, after weak output in Ghana, delays in East Africa and lower-than-hoped-for oil quality in Guyana.The move would shrink Tullow…