Oil explorer Cairn Energy said its oilfields offshore Senegal could hold more than a billion barrels of oil and the company and its partners plan to drill up to six new wells over three years. Edinburgh-based Cairn and its joint venture partners will start drilling work in a new area around its existing SNE-1 discovery well in the fourth quarter of this year, the London-listed oil firm said. “Cairn estimates that the existing two discoveries and the currently identified prospects and leads have an estimated mean risked resource base of more than a billion barrels," the company said.
Gulfsands Petroleum has removed its chief executive. Mahdi Sajjad has been replaced by Alastair Beardshall as executive chairman with immediate effect. The oil and gas company, which operated in the North African region, said Sajjad would remain as a director of the company.
French company Bourbon said three of its crew members were kidnapped from a crew boat off the coast of Nigeria. The incident happened on the Surfer 1440 after pirates boarded the vessel on April 8. A spokesman for the company said:"The 3 crew members of Nigerian nationality have been kidnapped. An emergency unit based in Nigeria has been immediately activated.
Celebrations erupted across northern Nigeria after Muhammadu Buhari clinched victory in presidential elections, ending a 16-year monopoly on power held by the ruling Peoples Democratic Party. Thousands of jubilant youths spilled into streets of Kano, Maiduguri, Yola and other cities, shouting, honking horns and chanting Buhari’s name. Some carried brooms, the symbol of Buhari’s All Progressives Congress party and an emblem of it’s campaign for change. Buhari, a Muslim northerner and former military ruler, won 52.4 percent of votes cast and a majority in 19 of the 36 states, including all the predominately Muslim northern ones.
Retired General Muhammadu Buhari has won Nigeria’s presidential election but fears “tricks” from the government, his spokesman says.
Nigerian stocks gained for an eighth day and bonds extended a rally as former military ruler Muhammadu Buhari took the lead with half of the country’s states reporting results from the March 28-29 general elections. Four shares climbed for every one that fell on the Nigerian Stock Exchange All Share Index, taking the gauge to its highest level since March 10, and paring losses this quarter to 9.3%. Yields on $500 million of Nigerian dollar bonds due July 2023 fell for a ninth day to the lowest level since December 10. “The fact that the voting is behind us now in itself is positive, even though we’re still waiting for results,” Yvonne Mhango, a Johannesburg-based economist at Renaissance Capital, said by phone.
Total is seeking international arbitration regarding a tax disagreement with Uganda. The debate could delay oil production in the east African country further. In 2006 the country struck hydrocarbon deposits along its border with the Democratic Republic of Congo. The country’s crude reserves are estimated to be around 6.5billion barrels by government geologists.
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.