Price drop puts the squeeze on African projects
Many new projects in Africa will be delayed as a result of the oil price drop, Rystad Energy has said.
Total, Chevron terminate Valaris rigs off Angola
Total and Chevron have cancelled rigs contracted from Valaris, working in Angola, the drilling company has announced.
Despite Woodside cuts, Sangomar continues
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 buys Total Sierra Leone, Liberia
Conex Oil and Gas Holdings has signed an agreement to buy Total’s fuel marketing businesses in Liberia and Sierra Leone.
Blockade keeps pressure on NOC revenues
Libya’s National Oil Corp. (NOC) has reported revenues of $555 million in February, down 68.6% from January’s $1.21 billion.
Oil’s 60% crash is the tip of an iceberg. The reality is worse
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.
Vaalco nears rig release
Gabon-focused Vaalco Energy has completed the South East Etame 4H well at 2,200 barrels per day of oil.
Africa Energy plans four wells this year
Drilling is expected to go ahead as planned at South Africa’s Block 11B/12B, with the first Luiperd well due in June.
FAR under strain with Sangomar financing
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 cuts Maersk rig in Ghana
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 pushes back licence round
South Sudan has postponed its licence round as a result of the coronavirus, officials have said.
Gulf Keystone puts the brakes on
Gulf Keystone Petroleum has taken steps to shore up its financial position, with a knock-on impact to its predicted 2020 production.
Tlou to save gas, save cash in Botswana
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 cuts price for AAOG purchase
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%.
Report criticises South Africa’s Inga folly
South Africa should reconsider its role in the ambitious Inga III hydropower project in Congo Kinshasa, a report has argued.
African states scramble for coronavirus response
Coronavirus has begun to spread in Africa, triggering governments to impose lockdowns and take steps to tackle the pandemic.
Militants seize town near Mozambique LNG
A town in northern Mozambique near major LNG construction works has been seized by Islamist militants, according to local reports.
Polarcus scraps another seismic shoot
Seismic provider Polarcus has noted another project cancellation, this time in West Africa.
Seplat touts resilience, shift to gas
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.
Finding the Aquaterra Energy sweet spot
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’s COO under investigation
Eskom has launched an investigation its COO following accusations of corruption, stemming from an employee.
BP’s Angolan numbers slide
BP’s Angolan production continued to decline in 2019, extending the trend of the last few years.
Energean’s 2020 capex up 22%
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.
Coronavirus drives Liberia licence round online
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 Energy Chamber calls for tax holiday
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.