Uganda will begin blending ethanol and petrol in January
The energy ministry announced on Tuesday that Uganda will begin requiring fuel distributors to mix locally produced ethanol with all petrol sold within the country in January next year. This could help reduce the nation's oil import bill. Uganda imports petroleum products worth about $2 billion annually. In 2023, it gave exclusive rights to supply all these products to an energy trading unit of the global energy company Vitol.
Russell: What is not happening in Middle East crude oil supply matters more.
It can be useful to consider what isn't happening in the Middle East when tensions are rising. On the crude oil markets, this means that we should focus on the fact there has not been a single barrel lost. All parties are interested in this situation. Crude oil prices increased again during early Asian trade on Monday. Brent futures, the global benchmark, gained 2.1% and traded at $75.76 per barrel.
Russell: What is not happening in Middle East crude oil supply is more important than what is.
In times of increased tensions in the Middle East, it's more important to focus on what isn't happening than to fixate on the dramatic headlines about tit-fortat air and rocket strikes between Israel and Iran. This means that from the perspective of the crude oil market, it's important to focus on the fact that not a single barrel of crude supply has been lost. It is also in the interest of all parties involved that this continues to be the case.
Tanzania announces that it will launch a round of oil exploration licensing in May
Tanzania announced on Thursday that it would launch its fifth round of oil and gas licensing in May, in which 26 explorations blocks will be auctioned to attract new investment to the hydrocarbon sector in east Africa. Charles Sangweni of the Petroleum Upstream Regulatory Authority in Tanzania (PURA), the director general, said that 23 blocks are located offshore in the Indian Ocean, while three others are in Lake Tanganyika.
Tanzania hopes to complete talks on LNG project by June
Tanzania has begun discussions with investors about tax incentives for a project that is stalled to build a $42 billion plant of liquefied gas in the country. Energy Minister Doto Biteko announced this on Tuesday. He added the talks might be concluded by June. The mega-gas project in Tanzania is operated by Equinor, Shell, Pavilion Energy, Medco Energi, and Tanzania's National Oil Company TPDC.
Financial Times - Jan 15
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. The French state auditor said that the French nuclear company EDF shouldn't make a final decision on its investment in Britain's Sizewell C project until they have reduced their exposure to Hinkley Point C, its other British project.
July: Earth's Hottest Month Ever Recorded
According to the latest monthly climate report from the U.S. National Oceanic and Atmospheric Administration (NOAA), July 2019 was hottest month on record for the planet and Polar sea ice melted to record lows.Much of the planet sweltered in unprecedented heat in July, as temperatures soared to new heights in the hottest month ever recorded. The record warmth…
Tullow Oil Returns to Net Profit
Africa-focused Tullow Oil reported its first annual net profit in five years on Wednesday and said it would resume dividends with a 4.8 cent per share payout as it sets its sights on East African projects and drilling in Guyana.As flagged in November, Tullow will pay out at least $100 million to shareholders from this year, while aiming to shrink its $3.1 billion…
Middle East Oil & Gas Shipping Routes are at Risk
Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea after Yemen's Iran-aligned Houthis attacked two crude tankers, underscoring risks caused by the conflict in the world's top oil exporting region.Iran, in its row with the United States over sanctions, has also threatened to block the Strait of Hormuz, the other major strategic shipping…
China's CNOOC Sees Ugandan Oil Production Starting in 2021
Oil production in Uganda is likely to start in 2021 at the earliest, China's CNOOC said, giving a later date than the government's 2020 target.CNOOC, which is developing the fields in the west of the country with Britain's Tullow Oil and France’s Total , is aiming for a final investment decision this year so development can start, CNOOC spokeswoman Aminah Bukenya said."If we have the final investment decision taken this year…
Kenya's National Oil, Schlumberger Ink Field Development Deal
Kenya's National Oil Corporation and U.S. oil services company Schlumberger have agreed to finalise a field development plan on behalf of the government for oil blocks in the northwest of the country. The East African nation discovered commercial oil reserves in its Lokichar basin in 2012. National Oil said in a statement seen by Reuters on Friday that the agreement…
Kenya Plans $1 Bln Dual Listing of National Oil Corp
Kenya plans to raise $1 billion by listing its National Oil Corporation at home and on the London Stock Exchange by early 2019, to buy a share of two oil blocks held by Tullow and its partners, a senior government official said on Wednesday. The East African country discovered oil in 2012 and full production is expected in 2021 after the completion of a $2.1…
Uganda, Tanzania Constructing $3.5 Bln Oil Pipeline
The leaders of Tanzania and Uganda laid a foundation stone on Saturday for the construction of a $3.55 billion-crude export pipeline that would pump Ugandan oil for international markets. The 1,445 km-project - set for completion by 2020 - will stretch from landlocked Uganda's western region, where crude reserves were discovered in 2006, to Tanzania's Indian Ocean seaport of Tanga.
Armed Piracy in West African Waters Rise
Bulk of attacks occurred off Nigeria. Armed attacks on ships in West African waters nearly doubled in 2016, with pirates increasingly focused on kidnapping their crew for ransom off Nigeria's coast, a report said on Tuesday. A recent spate of attacks off Somalia, meanwhile, may also indicate a resurgence of piracy in East Africa as a result of less vigilance, the Oceans Beyond Piracy (OBP) project said.
Uganda, Tanzania Award Crude Pipeline Design Contract
Uganda and Tanzania have awarded a contract for designing a crude oil pipeline running through both east African countries to U.S. based firm Gulf Interstate Engineering, an official document seen by Reuters on Wednesday showed. Early last year, Uganda agreed with Tanzania to jointly develop a $3.55 billion pipeline to help ship Uganda's crude to international markets.
South Africa's proposed nuclear power plant unsafe
South African power provider Eskom has proposed building a nuclear power station on a site that may be at risk of surge storms and tsunamis, a geological report suggests, but the state-owned utility disputes the findings. South Africa has the continent's only nuclear power station and plans to expand nuclear power generation to meet growing electricity demand in Africa's most industrisalised country.
Shell, Vitol Boost UAE Storage to Handle Iraqi Crude
Royal Dutch Shell and trading house Vitol are stepping up their operations in the port of Fujairah to store Iraqi crude as production from the OPEC member rises, industry sources said. Iraq is OPEC's second largest producer after Saudi Arabia and its output has almost doubled since the start of the decade at 4.7 million barrels per day (bpd). With a target of 5.5-6 million bpd by 2020…
La Nina Forecast Downgraded: Kemp
Sea surface temperatures in the central Pacific have been significantly below the seasonal average for the last 10 weeks, consistent with the formation of mild La Nina conditions. But U.S. government forecasters have cut the probability of La Nina occurring this winter to 36%, down from an estimated probability of 76% at the time of their May forecast. The U.S.
Uganda Central Bank Warns of Distress if Oil Revenues Delayed
Uganda could face "debt distress" in as little as two years if a start to oil production is delayed further, after ramping up its foreign borrowing in recent years, a top central bank official told Reuters on Wednesday. Adam Mugume, executive director for research at Bank of Uganda, told Reuters the debt load could become problematic if Uganda does not begin exporting crude soon.
Bomin Launches Physical Operation in Mauritius
The Bomin Group, a leading global physical supplier and trader of marine fuel oil, today announced that it is launching a physical operation in Port Louis, Mauritius, effective from July 12, 2016. The expansion significantly strengthens Bomin’s position in a growing and important region, and continues the company’s ambitious plans for growth throughout 2016. Bomin (Mauritius) Ltd.
