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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 will cut crude oil output to conform to OPEC target

October 01, 2019 | Nigeria, OPEC

Fujairah, United Arab Emirates | – Nigeria will make cuts to its crude oil output to comply with OPEC output targets, Mele Kolo Kyari of the Nigerian National Petroleum Company (NNPC) said on Tuesday. Nigeria’s September crude oil and condensate output was 2.1-2.2 million barrels per day (bpd), the director of its state oil company said on Tuesday. “We will (cut) across the assets. The OPEC quota (is) on crude production only, not on condensate, so it doesn’t affect the condensate,” he told reporters at …

IPO for South African fuel giant Engen planned for 2020

October 01, 2019 | Downstream, Refining & Processing, South Africa

London, UK | – Petroliam Nasional BHd and its South African partners plan to conduct an initial public offering in their fuel retailer Engen to fund the upgrade of a refinery in the coastal city of Durban and to expand its network of gas stations. A yet to be decided amount of shares in the company, which is South Africa’s biggest fuel retailer, will likely be sold on the Johannesburg Stock Exchange in the first half of next year, according to people familiar with the …

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 …

Kenya plans to begin oil exports in Q3 this year

July 25, 2019 | Company Operations, Kenya

Nairobi, Kenya | – Kenya is expected to begin oil exports in the third quarter 2019, British multinational oil and gas exploration company Tullow oil said on Wednesday. Mark MacFarlane, executive vice president for east Africa of Tullow Oil, said in a statement that in May the Early Oil Pilot Scheme (EOPS) production was increased from 600 barrels of oil per day (bopd) to 2,000 bopd and, to date, more than 200,000 barrels of oil have been delivered to the port of Mombasa. “Tullow expects …

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 …

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