In a cliffhanger of a Nigerian election, early returns from half the states showed President Goodluck Jonathan and former military dictator Muhammadu Buhari almost even. The US and Britain warned of “disturbing indications” that the tally could be subject to political interference. Counting stopped just before midnight with Mr Jonathan winning nine states and the tiny Federal Capital Territory to Mr Buhari’s nine states. But Mr Buhari won many more votes - 8.5 million to Mr Jonathan’s 6.48. Another 18 states - including Lagos which has the biggest number of voters of any state - still have to send results to the counting centre in Abuja, electoral commissioner Attahiru Jega announced.
Total has evacuated all expatriate staff from Saana and Kharir in Yemen. The French oil major said its operations on Yemen’s Block 10 have also been reduced , with gas production maintained only for local power generation and supply to nearby communities. It comes after disruption in the region following an overnight military raid by Saudi-led forces against Houthi forces.
Nigerian equities rose to a two-week high as isolated incidents of violence spurred investors to take advantage of the cheapest stocks in Africa before final results from presidential and legislative elections are tallied. The advance extended gains over the past seven days to 4.8 percent, taking the Nigerian Stock Exchange All Share Index to its best level since March 16. The measure is still down almost 12 percent this quarter, the most among 24 African gauges tracked by Bloomberg. It is trading at 9.3 times estimated earnings, the lowest on the continent after Zimbabwe. Investors encouraged by the lack of violence are taking “early positions” should prices rise, Ayodeji Ebo, head of research at Afrinvest West Africa Ltd. in Lagos, said by phone. “They’re cautious, they’re not being very aggressive. But they’re trying to increase their exposure, knowing that if there’s no post-election violence the only direction for the market will be upwards.”
Nigerians are waiting in hope and fear for results of the tightest and most bitterly contested presidential election in the nation’s turbulent history. Collation of results starts at noon local time and winner could be named later today or tomorrow, electoral officials say. One radio station played the song written by entertainment star 2Face Idibia in Nigeria’s colloquial English: “Vote not fight; Election no be war!”
Oil giant Total gas completed the sale of its stake in Oil Mining Lease (OML) 29 in Nigeria for $569million. Along with its exit from OML 24 and OML 18, it brings the French company's share of sale proceeds from these three onshore Nigerian blocks to more than $1billion. Patrick de La Chevardière, chief financial officer at Total, said: “The sale of these non-operated onshore blocks in Nigeria is yet another example of our strategy of dynamic portfolio management, achieved at attractive valuations".
Shell has completed the sale of its OML (Oil Mining Lease) 29 and the Nembe Creek Trunk Line (NCTL) in the Eastern Niger Delta for $1.7billion. The subsidiary, the Shell Petroleum Development Company of Nigeria, said its interests have been assigned to Aiteo Eastern E&P company limited. The divestment is part of the strategic review of SPDC’s onshore portfolio and is in line with the federal government of Nigeria’s aim of developing the country’s upstream oil and gas business.
Fugro has continued its expansion into Africa with the establishment of a new base in Ghana. The company has set up a base in Accra, which will provide it with support as it extends its business into the oil and gas market in West Africa. Fugro has also established a partnership with Lima Oil Services in the region.
Victoria Oil and Gas (VOG) says wholly-owned subsidiary Gaz du Cameroun (GDC) has issued completion certificates to ENEO Cameroon, Cameroon's power utility company, for all pipeline construction work and pressure reduction and metering facilities at two power stations in the port-city of Douala. The work has been completed ahead of the scheduled March 15 target date and GDC is ready to connect to the gas-fired electricity generations sets that are being installed by equipment partner Altaaqa Alternative Solutions Projects.
Oslo-listed, east Africa-focused oil and gas company Wentworth reports a "further significant shift" in its operational status, with independent reserves attributed to its Mnazi Bay gas fields for the first time. Production in Tanzania is now imminent as Wentworth has a gas sales agreement in place and the facilities required to produce these reserves are nearing completion.
A map of the world has been created to help keep oil and gas companies updated on regions that pose the most risks to their staff. International SOS has released its Health Risk Map 2015, which helps oil companies, non governmental organisations, educational institutions and governments understand health threats around the world. For Aberdeen-based oil companies in particular, it helps employers ensure that their staff are safe ahead of overseas assignments.
A US temporary power supply company has signed 106 megawatt of contract extensions in Sub-Saharan Africa. Florida-based APR Energy's Morro Bento plant, in Angola, has been operating since November 2012 and provides crucial base load power to the country's capital city, Luanda.
Power and temperature rental service Aggreko has extended a project in Africa by three years. The Glasgow head-quartered firm confirmed a three year extension to its 200MV gas-fired power project with an option to carry on for a further two.
Victoria Oil and Gas said Gaz Du Cameroun (GDC) has completed laying pipeline to the boundaries of the ENEO Power Station at Bassa and Logbaba. The 20 MW Bassa Power Station is located a short distance from the company’s operating northern pipeline.
Wentworth said it has commenced drilling operations from its Kifaru-1 exploration well in the Rovuma onshore concession in Northern Mozambique. The company, which has an 11.59% net interest in the well, said it has a planned total depth of 4,050metres and will take 70 days to complete. It is being drilled with the Helmerich & Payne rig #243.
Oil major Shell has appointed a new managing director to lead its operations in Nigeria. Osagie Okunbor will lead the company's subsidiary after its current head, Mutiu Sunmonu, announced his retirement. Mr Okunbor has also been named the country chair of Shell companies in Nigeria.
Eni has signed a new concession agreement to operate in the South West Melehia block in the Western Desert of Egypt. It follows the Egyptian General Petroleum Corporation’s (EGPC) 2013 international competitive bid round. The company said the new acquisition adds to the list of exploration successes achieved in the area over the past two years.
Circle Oil has been given receipt of $15million as part of recent special payment distribution by the Egyptian Government. The company said the move had resulted in a significant reduction in the outstanding debt owed to the company.
The Shell Petroleum Development Company of Nigeria Limited (SPDC) has agreed a £55million settlement with the Bodo community. Shell’s Nigerian subsidiary has made the payment in respect of two operational spills in 2008. The SPDC said the compensation will provide an individual payment for those affected who agree to the settlement payment totalling £35million.
Oil and gas exploration firm BG Group received a boost today as it revealed the Egyptian government had paid it £225 million as the state seeks to repay outstanding debts to the energy industry. The group also said it was “working with the government on resolving the outstanding receivable balance” of £592 million. It comes after a year in which Reading-based BG has been dragged down by problems in Egypt as well as the tumbling oil price, and been hit by controversy over pay plans for its new chief executive.
Libyan oil production has fallen below 300,000 barrels a day after Islamist militants shifted attacks to energy facilities including the country’s largest oil export terminal, said Energy Aspects Ltd. Output is the lowest since May and down at least 65% from a recent high of 850,000 barrels a day in October following the assault on the Es Sider terminal, according to the Energy Aspects estimate. Libya holds Africa’s largest oil reserves. The fighting last week marked a turning point in the unrest that followed Muammar Qaddafi’s 42-year rule, according to Energy Aspects and Eurasia Group consultants.
The semi-submersible drilling unit, the Sedco Express, has arrived at the Oyo field in Nigeria. Camac Energy said it had contracted the Transocean Sedco Express to speed up the timing of production tie-in from the Oyo-7 and Oyo-8 development wells.
Libya extinguished fires at three of five oil-storage tanks that started last week at its largest oil port, helping global crude prices to stabilize. Libya is still seeking international assistance because of possible environmental damage, said Ali al-Hasy, a spokesman for the Petroleum Facilities Guard, part of the internationally-recognized government of Prime Minister Abdullah al-Thinni. Es Sider has tanks with a capacity of 6.2 million barrels of oil, compared with current Libyan output of 352,000 barrels, according to National Oil Corp.
Oil advanced for the first time in three days amid speculation that an escalating conflict in Libya will help ease a global supply surplus that’s driven crude into a bear market. Brent futures rose as much as 1.6% in London. Fires have been extinguished at three of five tanks at Es Sider, Libya’s largest oil port, which were set ablaze after an attack by militants, said Ali al-Hasy, a spokesman for the Petroleum Facilities Guard. Algerian Energy Minister Youcef Yousfi called on the Organization of Petroleum Exporting Countries to cut output to boost prices.
A farm-out agreement between Chariot Oil and Gas and Woodside has been approved by the Moroccan Authorities. The company made the deal earlier this year with Woodside who committed to pay 100% of the 3D seismic acquisition and processing costs incurred across the licence by Chariot. A spokesman said a substantial part of the funds had been received bringing its estimated cash balance to $52million.
APR Energy said the suspension of operations in Libya will have an effect on its financial performance for the year. The company decided in November to temporarily suspend on going work in the North African country while it awaited final parliamentary ratification of the contract addendum signed by the customer and Ministry of Electricity in July. It said revenues for the year are expected to be $490million, offset by $30million which has arisen from the planned disposal of two turbines in Uruguay.