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Africa

Fires put out at three oil tanks at Libya’s Es Sider Port

29/12/2014

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.

Africa

Oil rebounds as Libyan conflict offers relief from glut

29/12/2014

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.

Africa

Chariot farm-out deal gets Moroccan approval

24/12/2014

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.

Africa

APR Energy continues suspension in Libya

23/12/2014

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.

Africa

OPEC oil market defence eludes Libya as production drops

23/12/2014

Fighting in Libya that’s pushed oil production below consumption in the holder of Africa’s largest reserves is a reminder that not all OPEC members are in a position to defend market share by maintaining output. As Iraq plans to boost supplies next year amid repeated pledges by Saudi Arabia and the United Arab Emirates to keep pumping the same amount of crude, Libya’s National Oil Corp. said output has dropped to a “very low point.” Conflict between the government and Islamist militias has spread to the region of Mellitah, where the country’s fourth-largest oil port is located, after disrupting two other export terminals, according to the state-run company.

Africa

Libya oil production drops as fighting spreads to port

22/12/2014

Libya’s oil output fell below its own consumption as fighting spread to Mellitah, a region that hosts the country’s fourth largest oil port, the state petroleum company said. National Oil Corp. already this month declared force majeure at two export terminals, Es Sider and Ras Lanuf, after an attempt by Islamist militias to capture them. Force majeure is a legal status that protects a company from liability when it can’t fulfill a contract for reasons beyond its control.

Africa

Oil producer Afren receives preliminary offer from Seplat

22/12/2014

Oil producer Afren has seen a boost in its shares following a preliminary offer from Seplat Petroleum Development. The company’s shares rose 10.5% on the London Stock Exchange to 50.82pence. The company’s shares rose 10.5% on the London Stock Exchange to 50.82pence.

Africa

South Sudan hires former Blackwater chief to restore war-hit oil

18/12/2014

The former head of US security company Blackwater USA, Erik Prince, was hired by South Sudan to help repair damaged oil facilities and boost output cut by a year of civil war. Prince’s Frontier Services Group Ltd. (500), a Hong Kong-listed logistics and transportation company, is being paid 18.7 million euros ($23.3 million) by South Sudan’s Ministry of Petroleum to transport supplies to and perform maintenance on the production facilities at the oil fields, Chief Executive Officer Gregg Smith said. About 30 employees including pilots, engineers and logistics technicians have been using helicopters and airplanes to reach South Sudan’s oil fields since September, Smith said.

Africa

Algeria’s Sonatrach says low oil won’t deter investments

08/12/2014

Algeria will press ahead with its $90 billion investment plan in the North African country’s oil and gas industry even with crude prices trading near five-year lows, said the head of state-run energy producer Sonatrach. Sonatrach will invest $22 billion in natural-gas field development as part of the $90 billion program for 2015-19, said Sahnoun, the company’s interim chief executive officer, said at the North Africa Oil & Gas Summit conference in Algiers yesterday. Oil prices have declined about 40% from a June peak amid overproduction and slower demand growth. Brent crude ended last week at $69.07 a barrel.

Africa

Heirs Holdings partner to expand African footprint

04/12/2014

General Electric (GE) and Heirs Holdings (HH) have agreed to expand their business relationship and pursue opportunities in Nigeria's oil and gas sector. The pair have identified an opening in the country's upstream sector and domestic demand for oil and gas in the country. The firms' collaboration was initially focused on the Nigerian power sector and the expansion of Transcorp Ughelli, Nigeria's biggest power station.

Africa

Nigeria looks to rake in $1billion in gas flare fines

27/11/2014

Nigeria, Africa’s biggest oil producer, is now using a satellite tracking system in a bid to raise more than $1billion in fines annually for illegal gas flaring. The major oil producer struggles to support the country’s energy needs and fails to even keep the lights on for more than three hours a day in some parts of the country. However, it’s hoped by tracking illegal flaring the country has a better chance of harnessing its gas potential which can eventually feed into supporting Nigeria’s flagging energy security.

Africa

Libya National Oil strives to keep control as feuds split nation

14/11/2014

Libya’s National Oil Corp. issued a notice warning its customers not to purchase crude from any other entities in the North African nation, where oil fields have been seized by armed groups and control is split between two feuding governments. “This notice has been issued protectively to make sure that no shipment is done outside National Oil Corp.’s control,” Ahmed Shawki, the company’s head of marketing, said by phone from Tripoli. “NOC is neutral, its main concern is to secure the resources of the Libyan people.” Libya is divided after its internationally recognized government, led by Abdullah al-Thani, sought refuge in the country’s east after Islamist militias took over Tripoli in July. Omar al-Hassi set up a rival government in the capital with the backing of the militants. The country’s largest oil field, Sharara, was seized last week by a group loyal to the Islamists, according to consultant Eurasia Group.

Africa

Ophir Energy continues takeover talks with Salamander

03/11/2014

Takeover talks for Salamander Energy are still ongoing, after the board of Ophir Energy confirmed it has sent a letter outlining its vision for a potential deal. Ophir Energy said it there is a “compelling strategic logic” for the two businesses to work together. In a statement the company said a deal would create enhanced operating capability in both Africa and South East Africa.

Africa

Falcon wins shale licence in Karoo Basin

03/11/2014

Irish explorer Falcon Oil and Gas has been awarded a shale gas exploration licence in South Africa’s Karoo Basin. The company announced its application had been approved by the Petroleum Agency of South Africa (PASA). In December 2012, the company announced it would be working exclusively with Chevron Business Development South Africa for a period of five years on jointly obtaining exploration licences.

Africa

Angola strengthens tax abilities amid budget crunch

31/10/2014

Branches of companies operating in Angola, Africa’s second-largest crude oil producer, face a new tax on profits sent home to headquarters. The new levy, approved in an Oct. 20 decree by President Jose Eduardo dos Santos, will charge 10 percent when it comes into effect Nov. 19, according to the government gazette. The tax will be cut for a limited time to 5 percent in some cases, it said. Angola is updating tax laws in use since before Portugal ceded independence to the southwest African nation in 1974 to improve revenue, broaden collection and streamline procedures. The government faces a budget crunch this year after crude prices and production plunged.

Africa

Iran’s oil revenue falls 30% because of global price decline

30/10/2014

Iran’s revenue from crude sales, the OPEC member’s biggest export, dropped 30 percent because of the recent decline in global oil prices, according to President Hassan Rouhani. “International conditions are such that the country’s main source of income, i.e. oil revenues, has been cut by some 30 percent,” Rouhani said in remarks to parliament published yesterday on Shana, the Oil Ministry’s news website. “We have to deal with the new conditions and the global economic conditions.”

Africa

Eni makes oil discovery in Congo

30/10/2014

Eni has announced its third quarter results alongside the discovery of up to one million barrels of oil in the Congo. The company posted its third quarter results, which showed net profit of €1.71billion was down by 57% since the same time last year.

Africa

Genel Energy hits oil in Morocco

20/10/2014

Genel Energy has hit oil during drilling at a well on the Sidi Moussa Block off the coast of Morocco. The discovery was made by the oil and gas explorer along with its partners San Leon and Serica Energy.

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