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Petrobras, BTG Pactual to sell their Nigerian oil venture

November 12, 2017 | Asset Acquisitions & Divestitures, Nigeria

London, UK | –  Brasil’s state-controlled oil company Petroleo Brasileiro SA (Petrobras) is leading an effort to sell Petrobras Oil and Gas BV (Petrobras Africa), after being joined in the sale by shareholders Grupo BTG Pactual SA and Helios Investments, it said on Thursday. Heavily indebted Petrobras announced plans this week to sell its 50 percent stake, and began sending information on the company to potential investors. It has been joined in the sale by BTG Pactual E&P BV, a subsidiary of investment bank Grupo …

Algeria’s Sonatrach, Baker Hughes form JV to build Algeria plant

November 12, 2017 | Algeria, Company Operations, Oilfield Services

Algiers, Algeria | – Sonatrach, Algeria’s state energy producer, has signed an agreement with Baker Hughes, a GE company (BHGE), to set up a 2,000-sq-m oilfield equipment manufacturing facility in Arzew Industrial Zone aiming to strengthen Algeria’s position in the upstream oil and gas market to meet local demand. The agreement was signed in the presence of the Minister of Energy, Mustapha Guitouni, at a ceremony hosted by Sonatrach in Algiers. Sonatrach and BHGE will have 51 per cent and 49 per cent ownership respectively, …

Ugandan, Tanzanian Presidents launch start of work on 1,445km Hoima-Tanga oil pipeline

November 10, 2017 | Construction & Installation, Pipelines, Tanzania, Uganda

Mutukula, Uganda | –  President Museveni and his Tanzanian counterpart John Magufuli on Thursday laid the second foundation stone at one of the proposed corridors for the proposed East African Crude Oil Pipeline (EACOP), a gesture for political will, and to charm international lenders expected to pool 70 per cent of the project capital expenditure. The 1,445-kilometre pipeline, planned to run from Hoima District in mid-western Uganda to Tanzania’s southern Tanga Port on the Indian Ocean coast, was earlier projected to cost at least $3.55b …

Gambia to market oil blocks disputed by African Petroleum

November 10, 2017 | Government & Regulations, Licensing & Concessions, West Africa

London, UK | – Gambia plans to market two offshore oil blocks that African Petroleum says it still legally holds, the country’s minister of justice said on Friday. Norwegian-listed African Petroleum said in October it had launched arbitration proceedings against the Gambian government to defend its exploration rights. Licenses for the two blocks expired in September 2016 but the oil company had been in talks with the government until earlier this year to extend the exploration period. African Petroleum has previously said the terms of …

Halliburton opens new oil and gas training and research centre in Nigeria

November 10, 2017 | Company Operations, Nigeria, Oilfield Services

Uyo, Akwa Ibom, Nigeria | – American multinational oilfield service corporation Halliburton announced today that it worked with the Akwa Ibom state government  to inaugurate and open Nigeria’s first oil and gas training centre fully-equipped with oilfield operations tools. The Akwa Ibom Oil and Gas Training and Research Centre will provide courses in field development, drilling and completions engineering, well intervention solutions and digital technologies to local energy employees and students. Halliburton Landmark will provide the training curriculum, instructors, software, workstations and tools to be …

Chad considers handing over $1.4billion oil deal to Exxon

November 02, 2017 | Chad, Government & Regulations, Legal

London, UK | – A disputed debt restructuring plan is leading Chad to reconsider its oil supply deal with Swiss trader Glencore, according to a new report by Reuters. Government documents show Chad is keen on handing over the $1.4 billion oil marketing contract to ExxonMobil, which produces the most oil in the country. Sources close to the matter on behalf of Glencore believe the contract cannot be handed over as planned. Heavy pressure from the International Monetary Fund (IMF) has caused the African nation to …

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 …

34 firms bid to secure NNPC’s downstream assets in Nigeria

November 02, 2017 | Company Operations, Contracts, Nigeria

Abuja, Nigeria |  — The Nigerian National Petroleum Corporation (NNPC) has described the bid by a total of 34 firms to provide security services for its assets across the country as efforts to consolidate on steady supply and distribution of petroleum products in the country. A statement from the Corporation said the public opening of bid is part of the Corporation’s commitment to transparency as a Focused, Accountable, Competitive and Transparent organisation, conducting its business with Integrity (FACTI) as reported by Nigerian newspaper Leadership. The …