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French Total pays $3.9 billion for Anadarko’s Mozambique LNG interest

September 30, 2019 | Asset Acquisitions & Divestitures, LNG & LPG, Mozambique

Paris, France | – French multinational integrated oil and gas company Total S.A has closed the acquisition of Anadarko’s 26.5% operated interest in the Mozambique LNG project for a purchase price of $ 3.9 billion. This closing comes after Total reached a binding agreement with Occidental on May 3, 2019, to acquire Anadarko’s assets in Africa (Mozambique, Algeria, Ghana and South Africa) and signed the subsequent Purchase and Sale Agreement on August 3, 2019. This first transaction follows receipt of all requisite approvals by the …

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 …

US warns Europe not to develop barter system to evade Iran sanctions

July 26, 2019 | Government & Regulations, Legal, Middle East, Nuclear

As the remaining signatories to the Iran deal — China, Russia, Britain, France, Germany, and the EU are due to meet in Vienna on Sunday London, UK | – American officials have issued a warning to European nations that they risk falling foul of sanctions on Iran if they press ahead with a barter system that could allow the export of Iranian oil. Last week, Russia signalled it was interested in joining the mechanism, known as Instex, as part of an effort to resuscitate a …

Nigeria has no plans to renew expired oil block licences

July 25, 2019 | Company Operations, Government & Regulations, Licensing & Concessions, Nigeria

NNPC withholds payments to Eni Abuja, Nigeria | – The Nigerian government has no immediate plan to renew the expired oil block licences, particularly those belonging to international oil companies (IOCs) operating in the country, the Group Managing Director of the Nigerian National Petroleum Corporation, Mr Mele Kyari, has said. Nogtec Abuja bureau gathered that the IOCs operating some oil blocks with expired licences in various locations in the Niger Delta had been making enquiries on when the government would renew the licences. Commenting on …

Tullow reduces oil production outlook again on Ghana faults

July 24, 2019 | Company Operations, Energy Trading & Markets, Ghana

London, UK | – Tullow Oil reduced its 2019 production forecast for the second time in three months as technical glitches in Ghana continued to cast a shadow. Full-year output is now seen at 89,000 to 93,000 bpd, reflecting delays in well completion at the African country’s TEN project, Tullow said Wednesday. It’s a further setback for a company that relies on the continent for more than 90% of its revenue. “The main issue is down to these last couple of wells at Enyenra, which …

Kenya to offer electricity to South Sudan in exchange for gas

July 03, 2019 | Energy Trading & Markets, Kenya, Sudan & South Sudan

• Kenya and South Sudan are pursuing a deal that would open up the export of electricity to the latter in exchange of gas. • Kenya will offer electricity from geothermal in exchange for gas from the tens of oil fields in South Sudan Nairobi, Kenya | – Kenya and South Sudan are pursuing a deal that would open up the export of electricity to the latter in exchange for gas. Kenya will offer electricity from geothermal in exchange for gas from the tens of …

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 …