Budget & Investment

South Africa’s Sasol signs $3.9 billion credit facility

November 28, 2017 | Budget & Investment, Company Operations, South Africa

Johannesburg, South Africa | – South Africa’s multinational energy and chemicals group Sasol has signed a $3.9 billion five-year credit facility. According to a note to shareholders issued on Thursday, the initial target was $3bn but due to oversubscription, it increased to $3.9bn. The revolving credit facility includes two further extension options of one year each. Chief financial officer Paul Victor, who was speaking at Sasol’s Capital Markets Day in Sandton on Thursday, said the credit facility would help with liquidity and refining the group’s debt. …

Nigeria’s Kachikwu says IOCs prepared to invest over $15billion in oil projects

November 02, 2017 | Budget & Investment, Government & Regulations, Nigeria

Abuja, Nigeria | – The Nigerian minister of state for Petroleum Resources, Dr. Ibe Kachikwu, on Monday stated that reforms initiated and executed by the federal government in Nigeria’s oil and gas industry within the last two years had earned the sector the confidence of international oil companies (IOCs) who he noted had requested to invest over $15 billion in the sector, Nigerian newspaper ThisDay reports. Kachikwu said in a podcast he released in Abuja that at the moment IOCs were beginning to believe in Nigeria’s …

Nigeria’s NNPC signs MoU to build biofuel plant

November 02, 2017 | Biofuels, Budget & Investment, Nigeria

Lagos, Nigeria | – Nigeria plans to build a 65 billion litres/year biofuel plant to boost supply of clean fuels in the country, state-owned Nigerian National Petroleum Corporation (NNPC), said Wednesday. NNPC signed a Memorandum of Understanding with the Southwest Ondo state government to build the project, which will use cassava as a feedstock. NNPC group managing director Maikanti Baru said the ethanol produced from the plant will be blended with gasoline produced locally or imported by the NNPC to lower the sulphur content in the fuel. …

Saudi Aramco IPO on track for 2018 – Aramco CEO

October 05, 2017 | Budget & Investment, Middle East

Moscow, Russia | –  A plan to list Saudi Aramco in 2018 is on track, senior Saudi officials said in Moscow on Thursday, as Saudi Arabia gears up to sign a string of investment agreements with Russia. The plan to float around 5 percent of Aramco in an initial public offering (IPO) is a centerpiece of Vision 2030, a wide-ranging reform plan to diversify the Saudi economy beyond oil which is being championed by Saudi Crown Prince Mohammad bin Salman. “Work is ongoing to list …

Nigeria’s NNPC in funding deals with foreign partners to develop oil fields

August 03, 2017 | Budget & Investment, Company Operations, Nigeria

London, UK |  – Nigerian National Petroleum Corporation, (NNPC)  said Thursday it had agreed new funding arrangements with four foreign partners to develop new oil fields in the Niger Delta that will substantially increase Nigerian reserves and daily production. The first of the deals, with US major Chevron Corporation, is for development of two offshore oil blocks OMLs 91 and 91 and is expected to add 211 million barrels of oil and 1.9 Tcf of gas to Nigerian reserves, and potential output of 30,000 b/d …

Schlumberger, First E&P, NNPC sign $700 million deal to develop offshore fields in Nigeria

July 05, 2017 | Budget & Investment, Nigeria, Oilfield Services

Anyala and Madu fields will pump 50,000 barrels of oil and 120 million standard cubic feet of gas daily Abuja, Nigeria | –  Nigeria’s state-owned oil company said it signed a deal with Schlumberger to provide $700 million for the development of two oil fields in the country’s crude-rich south. The Anyala and Madu fields, estimated to have reserves of 193 MMbo and 800 billion scfg, will pump 50,000 bopd and 120 MMcfgd on completion of field development in early 2019, the Nigerian National Petroleum …

Chad settles tax dispute with foreign oil firms

June 12, 2017 | Budget & Investment, Chad, Government & Regulations

N’Djamena, Chad | – The Republic of Chad one of the African economies hit hardest by the drop in oil prices, announced that it had reached an accord with a group of foreign energy companies ending a tax dispute. The deal, signed by the government and a consortium of energy companies led by Esso, a unit of US energy giant ExxonMobil, extends the group’s operating licence in the Doba basin until 2050. It also calls for the development of polymer injection technology to increase oil …

Congo Republic to boost oil output to 350,000 bpd in 2018

June 12, 2017 | Budget & Investment, Congo, Government & Regulations

London, UK  | – Oil projects in the Congo Republic will boost output by 25 percent to 350,000 barrels per day in 2018 according to a new report by Reuters. As low oil prices hit economies across Africa, Congo Republic is boosting output and attracting major investment that could make it one of the continent’s largest producers by next year. The former French colony, ruled by President Denis Sassou Nguesso for all but five years since 1979, will become the third-largest oil producer in sub-Saharan …