CWC
CWC
CWC

All posts tagged featured


Egypt Loses Grip Of Gasfired Power Generation

Egypt

The thermal power plant has been at the heart of the country’s surge in domestic gas use in the last decade.
By Mohammed Jetutu, in Cairo

Egypt has a problem that most of Africa wishes they could have: its teeming population benefits directly from the energy beneath its feet.
The land of the pharaohs has gas resources in abundance-the third largest reserves on the continent- and it has converted so much of it to a range of domestic and industrial uses that it has depleted the tanks. Now it can hardly feed its export plants and it has called for import.

The country is diverting gas meant for LNG export into the domestic market. One of the two LNG projects has been mothballed. The second is struggling with output.

→   Read the rest of this entry


South Africa Not In A Hurry To Build Mthombo Refinery

By Sully Manope

PetroSA’s proposed 300,000 BOPD crude refinery could be developed in 2021/22, but an investment decision would have to be made in 2017, it is official.

Sizwe Mncwango, chief executive of the Central Energy Fund, the parent body of the state hydrocarbon company PetroSA, says that the project, considered a medium term priority, is “viable on a standalone basis” and that there were “a lot of suitors out there who would like to associate themselves with these kinds of programmes”. Project Mthombo is to be located in the Coega industrial development zone, in the country’s Eastern Cape.

→   Read the rest of this entry


Tullow Makes The Fourth Discovery Onshore Kenya

Prospects of first oil before Uganda look better

Tullow Oil’s latest  discovery onshore Northern Kenya high-grades the prospect of a fast-tracked exploration-to-development in the country.

Results of drilling, wireline logs and samples of reservoir fluid in the company’s  operated Ekales-1 wildcat, located in Block  13T, “indicate a potential net oil pay in the Auwerwer and Upper Lokone sandstone reservoirs of between 60 and 100 metres”, the company said in a release yesterday. “Future flow testing aims to confirm productivity from these zones”.

→   Read the rest of this entry


Mould Takes Hold of GNPC

Alexander Mould

Ghana’s president, John Dramani Mahama, has replaced Nana Asafu-Adjaye with  Alexander Mould as head of  Ghana National Petroleum Corporation (GNPC), the state hydrocarbon company.

No reasons were given for the sack of  Asafu-Adjaye, the career earth scientist and former Country Manager for Vanco Energy who took charge of the organization in 2009 and led GNPC to first oil from the Tullow operated Jubilee Project (110,000BOPD) in the Christmas period of 2010.  Before his elevation Mr. Mould, a charismatic finance and energy specialist, was director of downstream regulator National Petroleum Authority. He superintended the successful weaning away of the country from petroleum import subsidy in early 2012.


Nigerian Companies Await The Result of Marginal Field Bid

Lekoil

First Exploration and Production, Lekoil and Vertex are among the several Nigerian independent companies awaiting the announcement of the winner of a quiet bid for a 40% stake, as well as technical partnership, in Ubima and Otakikpo fields, two marginal oil fields located in the Eastern Niger Delta basin, onshore Nigeria. Seplat was also on the bid list, but has since opted out.
FBN Capital, the investment arm of First Bank, the country’s largest lender, is midwifing the transaction. “Some of the bids are as high as $30Million, even though these are mere marginal fields”, says a source close to the transaction.

→   Read the rest of this entry


Marathon Leaves Angola Entirely, Cashes Out With $2Billion

Marathon Oil's Visionarium

By Sully Manope, in Windhoek.

Three years after it got into a public spat with the Angolan government, over its intended sale of two-thirds of its 30% stake in the deepwater Block 32, Marathon is exiting Angola entirely, disposing of its remaining stakes in both Blocks 31 and 32.

The company’s press release on September 10, 2013, indicating a planned sale of its remaining 10% interest in Block 32 offshore Angola for approximately $590 million confirms Marathon Oil’s final exit from the country.
The American independent already sold, in 2010, 20% stake in the block to Sonangol, the Angolan state hydrocarbon company, for $1.0003Billion, after Sonangol excercised a right of first refusal over Marathon’s plans to sell the asset to the Chinese.

→   Read the rest of this entry


Renaissance Says 2012 was the year of African E&Ps

Egbert Imomoh

Exploration and Production companies, especially Independent western companies with significant exposure in Africa, have outperformed most of their peers during 2012, in the opinion off Renaissance Capital, the Russia based firm of financial analysts.

The company attributes this ‘outperformance’ to three main factors (‘themes’) of 2012:

A.     Acceleration of divestments by majors – deals such as the $1.8bn sale of ConocoPhillips’ blocks to Oando, $154MM sale of OML40 by Shell, Total and ENI to Eland as well as $850MM acquisition of OML30 by Heritage from Shell. These divestments provided reasons for the market to expect continued expansion of independent players.

→   Read the rest of this entry


Nigeria is Africa’s Busiest Drilling Site

Nigeria Rig Count

Nigeria’s rig count of 43 in August 2013 accounts for more than a third of Africa’s total rig count of 125 for the month.
Of the details provided by the Nigerian chapter of the International Association of Drilling Contractors, Shell, the country’s largest operator, utilized nine rigs in all, with eight (8) on onshore locations (three in swamp, five on land) and one drilling a deepwater well.

→   Read the rest of this entry


Lukoil Spuds Sierra Leone Well, Bullish On The West African Transform Margin

Lukoil Office

Russian operator Lukoil has spud a well on the Savannah Prospect in the SL-5-11 block located in deepwater off the coast of Sierra Leone in West Africa. The Eirik Raude drilling rig is expected to drill the well to a target depth of 4,700 meters below the sea bed. The water depth at the drilling location is more than 2,000 meters.

Eirik Raude is the largest 5th generation self-propelled offshore drilling rig in the world. The rig has a height of 122 m, width of 85 m, deadweight of 52,500 tons and transit speed of  seven knots, with a crew of 120 people.

→   Read the rest of this entry


The World Is Drilling Less

August 2013 Rig Counts

The global oil patch has put fewer rigs on location in August 2013, than it did around the same time last year. This is official.

Worldwide rig count for August 2013 was 3,416, up 54 from the 3,362 counted in July 2013, and down 113 from the 3,471 counted in August 2012, according to Baker Hughes, the company whose data on such things are considered the industry reference. The company, however warns that the Middle East rig count, in its statistics, excludes rigs in Syria for June July and August 2013.

→   Read the rest of this entry

© 2018 Festac News Press Ltd..