Many new projects in Africa will be delayed as a result of the oil price drop, Rystad Energy has said.
Total and Chevron have cancelled rigs contracted from Valaris, working in Angola, the drilling company has announced.
Woodside Petroleum has slashed its spending this year by 50%, to around $2.4 billion, but Senegal’s Sangomar development should progress as planned.
Conex Oil and Gas Holdings has signed an agreement to buy Total’s fuel marketing businesses in Liberia and Sierra Leone.
Libya’s National Oil Corp. (NOC) has reported revenues of $555 million in February, down 68.6% from January’s $1.21 billion.
As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are worse still.
Gabon-focused Vaalco Energy has completed the South East Etame 4H well at 2,200 barrels per day of oil.
Drilling is expected to go ahead as planned at South Africa’s Block 11B/12B, with the first Luiperd well due in June.
Australia’s FAR has temporarily suspended plans for drilling offshore The Gambia, in response to the coronavirus pandemic, while the oil price crash has made talks on securing debt for Senegal’s Sangomar development harder.
Tullow Oil has terminated a drilling contract with the Maersk Venturer in Ghana, in line with the operator’s plans to save cash amid a difficult year.
South Sudan has postponed its licence round as a result of the coronavirus, officials have said.
Gulf Keystone Petroleum has taken steps to shore up its financial position, with a knock-on impact to its predicted 2020 production.
London-listed Tlou Energy has set out plans to trim its running costs, in response to problems in the world’s financial markets, while competitor Kalahari Energy has received support from the US Trade and Development Agency (USTDA) for its power plans.
Zenith Energy has tweaked the terms under which it was to acquire the Congolese unit of Anglo African Oil & Gas (AAOG), reducing the price by 20%.
South Africa should reconsider its role in the ambitious Inga III hydropower project in Congo Kinshasa, a report has argued.
Coronavirus has begun to spread in Africa, triggering governments to impose lockdowns and take steps to tackle the pandemic.
A town in northern Mozambique near major LNG construction works has been seized by Islamist militants, according to local reports.
Seismic provider Polarcus has noted another project cancellation, this time in West Africa.
Seplat Petroleum’s revenue fell 6.5% in 2019 while cash flow from operations fell 32.7%, but the company was keen to highlight its resilience to the current macroeconomic shock.
Construction and installation of subsea structures can be challenging in countries with limited local capacity, and Aquaterra Energy aims to fill a niche with its conductor supported platform (CSP).
Eskom has launched an investigation its COO following accusations of corruption, stemming from an employee.
BP’s Angolan production continued to decline in 2019, extending the trend of the last few years.
The purchase of Edison E&P will provide Energean with insulation from oil price volatility, although the company has trimmed its capital expenditure plans in 2020.
The Liberian government is seeking interest from local companies on participating in the offshore licence round, which is due to open on April 10, while moving the launch event online in order to restrict coronavirus transmission.
African states need to take urgent action to protect local oil and gas businesses, providing a three-month tax holiday, the African Energy Chamber has said.