TotalEnergies consolidates its position in Namibia with the Galp asset exchange
TotalEnergies cemented its position in Namibia by agreeing on an asset exchange with Portugal's Galp, which makes the French company the operator for the Mopane exploration. Galp will receive a 10% stake in Total's PEL56 license, which holds the Venus discovery. It will also get a 9.4% share in the PEL91 license. The three licenses are all next to one another. Total will cover half of Galp’s exploration and appraisal costs on Mopane. However, Galp must pay back this amount from future cash flows from the field. QatarEnergy holds the second largest stake in PEL56 and 91.
Document shows that Shell has been approved as the majority partner of PetroSA in the block offshore South Africa.
A document obtained by revealed that South Africa's national oil company PetroSA has approved the deal for Shell Offshore to receive a 60% share in Block 2C off its west coast. The agreement, if it is successfully concluded, will increase Shell's exposure in the Orange Basin. This area has been dubbed one of the most sought-after exploration zones around the globe after the major oil discoveries made in Namibia. In a short note, PetroSA's priority programs stated that the company approved the farm-in agreement…
Sources say that Total and Chevron are leading the race to purchase Galp's Namibian oil discovery.
LISBON/PARIS/CAPE TOWN - Four sources have confirmed that TotalEnergies, Chevron and other oil majors are the frontrunners for a 40% stake in Galp Mopane's Namibian discovery. After a series of high-profile oil discoveries, oil companies are flocking to Namibia. The country has no hydrocarbons and could be a top-15 producer in the next decade. Mopane's estimated resources are at least 10 billion bbls. Galp hopes to announce the winner by year end. TotalEnergies & Chevron have declined to comment. The negotiations regarding Namibia are moving forward with a list of preferred bidders that is strongly aligned to Mopane…
Sources say that TotalEnergies and Chevron are leading the race to purchase stakes in Mopane, owned by Galp, in Namibia.
LISBON/PARIS - Four sources have confirmed that TotalEnergies, Chevron and other oil majors are the frontrunners for a 40% stake in Galp Mopane in Namibia. Galp said that it would announce the winner of Mopane's estimated resources by year-end. Namibia has attracted international oil companies, despite the fact that it does not produce hydrocarbons, following a series of high-profile finds beginning in 2022, indicating the country's potential to be among the top 15 oil producers by 2035. This is according to NAMCOR, the state-owned oil company in Namibia. TotalEnergies & Chevron have declined to comment commercially.
BW Energy reports encouraging preliminary results for Kharas well offshore Namibia
BW Energy announced on Friday that the preliminary results of its Kharas-1 well, which was drilled offshore Namibia in the Kudu license, were encouraging and indicated the presence hydrocarbons. The results come after a series of discoveries made by oil companies including TotalEnergies and Shell, which have transformed the small Southern African nation into a hotspot for exploration. BW Energy said that the appraisal well had provided geological data for a wider petroleum system. BW Energy is developing the Kudu gasfield, which was discovered a few decades ago. It contains approximately 1.3 trillion cubic foot of proven gas.
South Africa plans to revive its small-nuclear reactor technology
The electricity and energy Minister said that South Africa expects its Pebble Bed Modular Reactor to be removed from the status of care and maintenance by the first quarter next year, or even sooner. South Africa, once considered a leader in the field of small modular reactors (PBMR), halted research on PBMR in 2010, after spending over 10 billion rand (577 million dollars) and without building a planned demo model. Kgosientsho RAMOKGOPA, the minister of electricity and energy told a press briefing that "we are far advanced (in) our internal processes" to make the case for lifting the care and maintenance to the PBMR.
Portugal's Galp is in advanced discussions to select partner for Mopane by this year
Galp, a Portuguese oil company, is in advanced discussions with several major oil companies to sell a 40 percent stake in the offshore Mopane field located in Namibia. The company expects to select a partner before the end of this year. Galp wants to sell half its 80% stake in the Mopane field to a company who would operate it. Bastos stated that "the interest is enormous", adding that Galp was looking for "a partner who accelerates the Mopane development as quickly as possible...to get the first oil". It's important to know who the best partner is.
Chevron hires TotalEnergies to shake up its exploration team
Chevron named a new global exploration head on Tuesday as CEO Mike Wirth strives to improve the track record of the company in discovering new oil and gas sources. Kevin McLachlan, vice president of exploration, will succeed Liz Schwarze in November, after she retires from Chevron in February, following 36 years. McLachlan's experience includes senior vice presidents of exploration for several oil companies, including TotalEnergies. He has also held positions at Murphy Oil and Nexen. Wirth is disappointed with the recent exploration results. Chevron has oil and gas reserves.
RWE withdraws $10 billion Namibia Green Hydrogen Project
RWE, the German energy utility, announced on Monday it was withdrawing from Namibia's $10 Billion Hyphen green ammonia Project. This is a blow for Namibia's ambitions of becoming a hydrogen hub. The pullback represents the latest example where companies are reconsidering their investments in a new technology that costs a lot to develop. RWE signed an initial non-binding Memorandum of Understanding with Hyphen in 2020 to take approximately 300,000 tonnes of ammonia per year - a compound that is mainly used to make fertilizer - starting 2027.
South African court cancels TotalEnergies' oil exploration permit
The court's decision, which was seen by, showed that a South African court had revoked the environmental authorization granted to TotalEnergies for its joint venture with Shell to explore oil in a block near the Cape Coast. The court did say that TotalEnergies was given the chance to correct the deficiencies found, such as a failure properly to assess the socio-economic impact of any oil spills or to take climate change into account. In her ruling of August 13, Western Cape High court Judge Nobahle Lockwood stated that "Total should be given the opportunity to submit revised or new assessments...
Galp Energia expects to find a partner in Namibia
Galp Energia, a Portuguese company, raised its target profit for the year following a stronger-than-expected second quarter performance. It also said that it expected to find a new partner to help develop a promising offshore oil discovery. In mid-day trading on Monday, shares were up by 2.5%. Galp has raised its forecast for the adjusted earnings before taxes, depreciation, and amortization this year from 2.5 billion euros to over 2.7 billion dollars. The increased forecast is due to the contributions of its gas-trading business…
Shell receives permission to drill on the west coast of South Africa
Shell announced on Friday that it has received environmental approval to drill five deepwater wells near the west coast of South Africa. Oil majors applied for authorization last year, and plan to drill appraisal or exploration wells at depths between 2,500 metres (8.200 ft), and 3,200 metres (10.500 ft), in the Northern Cape Ultra Deep Block of the Orange Basin. TotalEnergies and other oil companies are planning to drill near the west coast of South Africa, where the Orange Basin extends down into the waters. They hope to replicate the significant discoveries that were made in Namibia.
Andy Home: Metal smelting will be the next major mineral crisis for the West.
The impact of China’s export controls on rare earths has already caused global supply chains to reel, but a more critical mineral threat is imminent. Western metal smelters face a crisis. China's rapid expansion in processing capacity is reducing margins for all metals. Recently, copper smelters located in Namibia and Philippines were placed under care and maintenance because their processing fees had fallen. There are more at risk. Glencore warned that the Mount Isa Copper Smelter in Australia was no longer financially viable after mining activities stopped this month.
Andy Home: Metal smelting will be the next major mineral crisis for the West.
The impact of China’s export controls on rare earths has already caused global supply chains to reel, but a greater threat from critical minerals is imminent. Western metal smelters face a crisis. China's rapid expansion in processing capacity is reducing margins for all metals. Recently, copper smelters located in Namibia and Philippines were placed under care and maintenance because their processing fees had fallen. There are more people at risk. Glencore warned that the Mount Isa Copper Smelter in Australia was no longer financially viable after mining activities ceased this month.
Sierra Leone is West Africa's new oil and gas frontier
A senior government official announced on Thursday that Sierra Leone would wait to see the results of its recently launched offshore 3D seismic study, its first for over a decade. This will allow it to open its next round of oil and gas licenses later this year. GeoPartners, in partnership with the petroleum directorate of the government, began the six-week survey last month to reduce the risk associated with exploration in the offshore basin of Sierra Leone. Foday Mansaray is the director general of the Sierra Leone Petroleum Directorate. He said that the reprocessing was taking place with TGS.
Andy Home: Copper smelters face both a market and pricing crisis.
Copper smelters have become so desperate for raw materials that they pay miners to convert their concentrates into refined copper. The so-called treatment-and-refining-charges (TCRC) are supposed to be a major revenue source for copper smelters, but the spot charges have been in the negative since the beginning of the year. The copper bull narrative is that there are too few mines. However, the current collapse in processing fees can be attributed to too many smelters and too much demand. The imbalance is unsustainable…
Rhino Resources to drill new exploration well off Namibia
A company spokesperson announced on Tuesday that Rhino Resources, an African energy exploration firm, and Azule Energy its partner will drill the Volans-1X offshore Namibia at the end of July or beginning of August. Volans is being explored soon after Rhino Resource struck light oil at its second successful exploration, Capricornus 1X, which was drilled off Namibia's coastline in April. A company spokesperson stated that testing Volans was a priority in order to explore a possible fast-track option. He added that the morphology of Volans could make it easier for developers to exploit.
South Africa's $5.8 billion Project Aims to Produce Low-Cast Green Ammonia
A $5.8 billion project on South Africa's east coast seeks to use the country's infrastructure and cheap renewable power to make some of the world's cheapest green ammonia for clients in Europe and Asia, an executive said.South Africa is vying with other African nations, including Egypt, Morocco and Namibia, to meet rising demand in the European Union and Asia for hydrogen and ammonia described as green because they are produced from renewable energy.Ammonia is used in making fertiliser and by the chemical industry and it is also the means to deliver hydrogen, which is sought after to reduce carbon emissions but is very difficul
South Africa's Hive project, worth $5.8 billion, aims to be the leader in low-cost ammonia production
An executive revealed that a $5.8 billion South African project located on the east coast aims to use cheap renewable energy and the country's infrastructure to produce some of the cheapest green ammonia in the world for clients from Europe and Asia. South Africa competes with other African nations including Egypt, Morocco, and Namibia to meet the growing demand for green hydrogen and ammonia in Europe and Asia. These products are described as "green" because they're produced using renewable energy. Ammonia can be used to make fertiliser, by the chemical industry, and to deliver hydrogen.
Petrobras CEO: Africa will be the main exploration region for Petrobras outside Brazil.
Petrobras wants to develop Africa as its primary region outside Brazil. The CEO of the state-run oil company said this in a broad interview on Thursday. Petrobras CEO Magda Chabriard said that Ivory Coast extended the "red-carpet" to Petrobras when it granted the company the preference for buying nine offshore exploration blocks on Wednesday. She said that Nigeria, Angola and Namibia also expressed an interest in working with Brazil's giant. Chambriard said, "We are experts on the eastern margins of Brazil," citing similar geological features between the region and Africa.