All posts tagged featured

Weston To Launch Ghana’s Local Content Fund In August

By Paul Kelechi, West Africa Correspondent

Ghanaian firm Weston Capital has moved the launch date for Ghana Local Content Fund to August 20, 2014.
Aimed at supporting majority-owned Ghanaian companies that provide services for the oil and gas industry, the fund raising campaign slated to launch in mid-June 2014 was postponed because of the ongoing FIFA World Cup event.

The investment firm seeks to raise $17Million (or GH¢50million) to support local firms who do not have the fund to break into the oil and gas industry. “Ghanaian companies participating in the industry are finding it hard to get the needed money to meet the demands of the business,” says Frederick Ofori-Mensah, CEO of Weston Capital. “It takes billions to enter upstream and millions into the downstream.”

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With New Gasoline Prices, Egyptians Still Pay Less than Angolans and Nigerians

….and less than a quarter of what South Africans and Ghanaians pay to fill their tanks

By Mohammed Jetutu, in Cairo

Egyptians are now buying a litre of 92 octane gasoline for $0.36 (or 2.6 Egyptian pounds) and 80 octane gasoline for $.22 (or 1.6 Egyptian pounds). A litre of diesel in the country’s filling stations now sells for $0.25 (or 1.8 Egyptian pounds), effective July 5, 2014. The prices are the result of a dramatic assault on the country’s subsidy system, which sucks 30 percent of the country’s national budget. Newly elected President Abdel Fattah al-Sisi, an ex-army chief, has clearly opted to narrow the deficit.

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Half the Domestic Gas Market Will Be In ‘Nigerian Hands’ By 2018

By Fred Akanni

Nigerian independents will be responsible for 1.5Billion Cubic Feet Per Day (1.5Bcf/d), or half of the total supply of natural gas in the Domestic market by 2018, in the opinion of Austin Avuru, managing director of Seplat Petroleum.

These companies will produce 500,000Barrels of Oil Per Day, or about 20% of the Nigerian output, by that same year, Avuru contends. “The ongoing divestment by Shell and other IOCs, including Chevron, is transferring significant asset holdings to Nigerians”, Avuru said at the June 2014 edition of the periodic Q+A session of the Lagos Oil Club last week. He pointed out, however, that these figures can only be reached and sustained by the local minnows if they focus on strong corporate governance, which allows quality planning and delivery and policy consistency, leading to long term sustainability

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Ghana’s Local Contractor, Hydra Offshore, Is Involved In Subsea Engineering On The TEN Project

Ghanaian company Hydra Offshore is to be involved in every aspect of Wood Group Kenny’s subsea engineering services contract for the Tullow-operated Tweneboa, Enyenra and Ntomme (TEN) project, offshore Ghana. The local contractor works along on the project with the UK based  Wood Group Kenny until first oil is achieved in mid-2016.

The TEN project is Ghana’s next big thing after the Jubilee field. At peak, this cluster of fields, located in the  Deepwater Tano area, is expected to deliver 80,000BOPD. The Government of Ghana approved the Plan of Development in mid -2013 and the conversion of The Centennial Jewel trading tanker to an  FPSO is currently going on at Jurong Shipyard in Singapore.

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‘Egypt Is Not Short Of Natural Gas’- Former Oil Minister

Osama Kamal says the country could gain added value by producing chemicals with natural gas than generating power…

“We don’t have a shortage in natural gas”, a former Egyptian Minister of Petroleum has declared, in a statement that’s contrary to mainstream perception. “We are maintaining the same production rates”, Osama Kamal told Egypt Oil & Gas Web Portal ( Kamal oversaw the crucial ministry under the deposed President Mohammed Morsi.

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IOCs’ Divestments Reduce FDIs Into Nigeria

UNCTAD cites Mozambique’s gas sector as a booster..

Foreign Direct inflows to Nigeria fell from $7.1-billion in 2012 to $5.6 Billion in 2013 as a result of the retreat of foreign transnational corporations (TNCs) from the country’s oil industry, a United Nation Agency claims.

The World Investment Report 2014, released by the United Nations Conference on Trade and Development (UNCTAD) says that Nigeria led West Africa’s 14% decline within the period, to $14.2-billion, whereas in Southern Africa, flows almost doubled to $13 billion, mainly due to record-high flows to South Africa and Mozambique, where investments in the gas sector played a role.

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Tullow Will ‘Test Four New Basins’ In 2Q 2014


By Toyin Akinosho

British explorer Tullow Oil says that “four new basins in Kenya and Ethiopia are being tested”, via the drill bit, “during the second half of the year”. It adds:  “Five further basins will be tested in Kenya and Ethiopia during 2015”.

The company reiterates its excitement about its Kenyan assets in its latest interim operational update, released July 1, 2014. “Exploration and appraisal success in Kenya has further de-risked the 600MMBO discovered resources”.

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Oando Shoots Indies’ Output Close To 168,000BOPD


By Fred Akanni

Oando’s imminent take -over of  ConocoPhillips ‘s assets in Nigeria will add between 17,000 and 21,000 Barrels of Oil to the company’s average net daily output, increasing it to between 21,000 and 24,000 BOPD. It will also top up Oando’s gas production by about 138MMscf/d.

The take-over will thus ramp up the aggregate equity production of Nigerian independents in the country by 14% at the most, from 147,668BOPD to 167,668BOPD. The top five of such producers and their equity production include Seplat (27,050BOPD), Shoreline (18,540BOPD), Famfa (15,000BOPD), Conoil (10,100BOPD) and Sapetro (10,000BOPD). The figures are all from May 2014 data.

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High Oil Prices Fail To Lift Returns On Capital-IHS

Oil prices have risen substantially, for close to a decade, but corporate returns on capital invested have not recovered since 2001, according to results of studies by IHS, the global firm of industry scouts.

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First Client For Tanzania’s Oilfield Supply Base

By Saad Bashir

Altus Oilfield Services FPZ has become the first “customer” to pay for its site on Tanzania’s first formal Oil Field Supply Base.

The company handed in a $526,280.00 cheque in mid June, 2014 for its tenancy in a 10 hectare area, part of the Mtwara Freeport Zone (MFPZ) being developed by the Tanzania Export Processing Zones Authority (EPZA) in Southern Tanzania. That area is in itself, part a 110 hectare area that has been designated by the government for investment purposes.

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