Budget & Investment

Sonatrach, Turkish Rönesans to invest $1.2 billion in petrochemical plant

November 30, 2018 | Algeria, Budget & Investment, Petrochemicals

London, UK| – Turkish conglomerate Ronesans  Holding and Algeria’s Sonatrach have announced they will invest $1.2 billion to build a petrochemical facility in southern Turkey. In a press conference in Istanbul on Nov. 28, the companies said that the facility would be built in the Ceyhan industrial zone in Adana in a bid to produce polypropylene; a product on which Turkey is highly dependent on imports. Industry and Technology Minister Mustafa Varank said that the facility would produce 450,000 tons of polypropylene annually when it becomes fully operational in 2023; more …

Algeria’s Sonatrach signs offshore exploration deals with Total, Eni

October 30, 2018 | Algeria, Budget & Investment

Algiers, Algeria | – Algeria’s state energy firm Sonatrach on Monday signed deals with France’s Total and Italy’s Eni for the first oil explorations off the North African country’s Mediterranean coast. Last month Sonatrach announced it aimed to start exploratory drilling in the waters from early 2019 as Algeria looks to stem a decline in its overall oil output. The deals inked Monday cover the “exploration and evaluation of the oil potential of the eastern and western parts of the Algerian offshore basin”, Sonatrach said …

Shell moves ahead with £23bn Canada LNG project

October 05, 2018 | Budget & Investment, LNG & LPG, United States & Canada

London, UK | –  Two of Royal Dutch Shell’s Asian partners in a liquefied natural gas venture in western Canada approved their share of the investment, pushing the multibillion-dollar development one step closer to a final approval. The board of PetroChina, the nation’s largest oil and gas company, approved its $3.46 billion share of the LNG Canada project, the company said in a filing to the Hong Kong stock exchange Friday. Korea Gas Corporation made a similar announcement in Seoul about its stake. All the …

NNPC, International Banks sign $3bn finance deals for oil & gas industry

August 08, 2018 | Budget & Investment, Government & Regulations, Nigeria

Abuja, Nigeria | – The Group Managing Director of Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, said, yesterday, that the corporation had signed a third party financing deals with international banks to the tune of $3 billion for the development of oil and gas industry. Baru, who stated this at the 42nd Nigeria annual international conference and exhibition of Society of Petroleum Engineers, SPE, in Lagos, also said Nigeria needed to leverage on its vast mineral wealth in terms of the 37 billion barrels …

NNPC, Shell, others to take FID on Bonga SW deepwater oilfield in 2019

August 08, 2018 | Budget & Investment, Company Operations, Deepwater, Nigeria

Lagos, Nigeria — The Shell Nigeria Exploration and Production Company (SNEPCo)  Tuesday said it hoped to conclude negotiations soon on a commercial framework for the expansion of the Bonga deepwater oil field, after which a final investment decision will be taken to start the project, billed to add around 1 billion barrels to Nigeria’s oil reserves. Shell previously said it expects to take the FID on the Bonga Southwest/Aparo field development project in 2018, but this seemed increasingly unlikely after legal disputes between Shell and …

Algeria’s Sonatrach to invest $250million to boost output at Tinhert gas field

March 15, 2018 | Algeria, Budget & Investment

Tinhert, Algeria |  – Algerian state energy firm Sonatrach will invest $250 million to boost output at the Tinhert gas field to 20 million cubic metres (mcm) per day by 2020 up from 5 million cubic metres, its CEO said on Monday. “This is an important project that will push our gas output up,” Sonatrach’s CEO Abdelmoumen Ould Kaddour told reporters on the site located in Algeria’s southeast not far from Libya’s borders. Algeria’s total gas output is around 100 billion cubic metres per year, …

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 …