Budget & Investment

Tullow founder Aidan Heavey secures $1bln for new oil and gas venture

October 01, 2019 | Budget & Investment, West Africa

Boru Energy to headed by Heavey and former Tullow colleague Tom Hickey and will target assets in Africa London, UK |  Former Tullow Oil senior executives Aidan Heavey and Tom Hickey have secured $1 billion (€920 million) in backing from US investment giant Carlyle for a new oil and gas venture in West Africa to be called Boru Energy. The company will target acquisitions of “primarily non-operated interests” in oil and gas assets across several sub-Saharan African countries  Irish Times reports. Mr Heavey, who stepped down as chairman of Tullow – the exploration company …

Nigeria’s NNPC secures $3.15 bn deal to develop oil mining licence

July 27, 2019 | Budget & Investment, Licensing & Concessions, Nigeria

Nigeria to earn $10bn from the new oil financing deal London, UK | – The Nigerian National Petroleum Corporation (NNPC)  said on Tuesday that it had secured a US$3.15 billion financial and technical services agreement with local firm Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) to develop the OML-13 oil license owned by NNPC’s upstream subsidiary NPDC. The deal is part of NNPC’s strategy to develop more resources and increase oil production with the help of financing from third parties to spread out development …

Russian consortium pulls out of $4bn Uganda refinery contract

May 14, 2019 | Budget & Investment, Refining & Processing, Uganda

Kampala, Uganda | – Uganda’s government has suspended its deal with Russian consortium RT Global Resources to build a $4bn oil refinery and has invited alternative bids from a South Korean group. The contract with the state-owned Russian concern has been under discussion since February 2015, when Uganda announced that it had chosen it as preferred bidder for the 60,000 barrel a day plant. A project framework agreement was then signed the following May. There were initially 75 companies and consortiums bidding for the deal, which came …

Nigeria’s NNPC seeks $4.1bn to lift production output

January 22, 2019 | Budget & Investment, Government & Regulations, Nigeria

London, UK | – Nigeria’s state-owned oil company said it’s in talks with financiers to raise as much as $4.1-billion and will seek to sign service deals to increase production from three leases. The Nigerian National Petroleum Corporation, or NNPC, is in discussions with Lagos-based Sterling Oil Exploration & Energy Production to raise $3.15-billion and CMES-OMS Joint Venture for $991.1-million, the company said in a statement. The funds will be used to develop oil leases holding more than 400-million barrels of crude reserves, which are …

New mega refinery near Lagos on schedule, says Dangote

January 22, 2019 | Budget & Investment, Nigeria, Refining & Processing

Lagos, Nigeria | – Nigerian billionaire Aliko Dangote says he is on schedule for the completion by next year of his $15bn oil refinery, which will be one of the world’s biggest, despite analysts saying the timeline is ambitious. “There are quite a lot of challenges, but we’re moving,” Dangote told reporters at a conference in Paris about the plant, which is being built near Lagos, Nigeria’s commercial capital, and is designed to process 650,000 barrels of crude daily. “We’re still targeting next year for commissioning.” …

Total to proceed with Ikike project offshore Nigeria

January 22, 2019 | Budget & Investment, Deepwater, Nigeria, Oilfield Services

London, UK |- French multinational oil and energy group Total will formally approve a decision to proceed with the Ikike project in the OML 99 licence offshore Nigeria. The company has earmarked the 60,000bpd Ikike project for a final investment decision (FID). Other projects earmarked for FID include the deepwater Preowei project, which will have a capacity of 70,000bpd and is expected to help Total increase its oil production. Total CEO Patrick Pouyanne was quoted by Reuters as saying: “There is a huge potential in …

Nigeria oil minister expects green light for Bonga oilfield by February

December 09, 2018 | Budget & Investment, Nigeria, OPEC

Vienna, Austria | – Nigeria’s oil minister expects a final investment decision (FID) on its Bonga Southwest offshore oilfield by February next year, he said on Friday on the sidelines of an OPEC meeting. The project, one of the country’s largest with an expected production of 180,000 barrels per day, will generate profit at below $50 a barrel, according to Royal Dutch Shell which operates the field. “Negotiations (are) still going on. The contractual dynamics (are) still being perfected …,” Emmanuel Kachikwu told reporters. “Shell …

Sudan woos Russia and U.S. firms to build bigger oil refineries

December 09, 2018 | Budget & Investment, Refining & Processing, Sudan & South Sudan

London, UK | –  A year after the US removed a decade-long economic sanctions on Sudan, the country is in talks with American and Russian firms to build a bigger oil refinery at its main port on the Red Sea. Sudan government officials Tuesday revealed that TK Ural Trade of Russia had proposed to build a refinery with the capacity to process 200,000 barrels per day, while Energy Link International from the US offered to build one with 100,000 barrels per day capacity. Sudan’s Petroleum …