Eni makes oil discovery in Congo


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.


Energy resources could ‘revive’ Mozambique

Mozambique’s booming energy prospects could bring a turn-around in the country’s outlook amid a ceasefire between its opposing political parties. Frelimo and former rebel group Renamo signed a peace treaty in August which could improve the energy rich nation’s prospects ahead of the elections on October 15.


Nigerian privatization yet to benefit power-starved businesses


Award-winning Nigerian sculptor Olu Amoda took eight months to complete The Sunflower, a giant artwork of steel and metal spoons, in his studio in Lagos, Africa’s biggest city, because of electricity shortages. Amoda could have finished the piece in several weeks if he lived in a country with a steady power supply, such as the US, where he has presented works at the New York Museum of Art and Design. But he lives in Nigeria, which produces a 10th of the amount generated in South Africa even though its population of 170 million is more than three times larger. Blackouts are a daily occurrence. “In some places people ask ‘how’s the weather’,” he said. “Here my friends ask, ‘how is electricity in your area’.”


Kenya sees oil resources almost double with more drilling


Kenya expects its estimate of oil resources to almost double to 1 billion barrels as well-drilling climbs and the government forges ahead with plans to build an export pipeline, an energy ministry official said. Tullow Oil and its partner Africa Oil Corp. have discovered an estimated 600 million barrels of oil in the South Lokichar Basin since announcing the country’s first crude find in March 2012. The discovery has spurred the East African nation to accelerate infrastructure-development plans, including construction of an oil pipeline that will link Uganda to a planned port in the Kenyan coastal town of Lamu.


South Sudan to split oil concession as lawmakers question award


South Sudan plans to split an oil block awarded to Star Petroleum SA, a Luxembourg-registered company, as part of a review of a concession criticized by the country’s lawmakers, Petroleum Minister Stephen Dhieu Dau said. Block E, which covers 45,000 square kilometers (17,375 square miles), will be divided into two, Dau said in an interview on Sept. 9 in the capital, Juba. The terms were reviewed because the concession was awarded in 2010, the year before South Sudan gained independence from Sudan, he said. A draft agreement is being assessed by the country’s Petroleum and Gas Commission. “The terms that were given when we were one country, some are not favorable to our interests regarding the environment and the economy,” Dau said. Two years ago, South Sudan split Block B, an oil concession in which Total SA had a controlling stake, into three parts to encourage more foreign investment in its oil industry. Total signed exploration and production-sharing agreements for the block with the Sudanese government before South Sudan seceded. Exxon Mobil Corp., the U.S.’s largest oil company, in April ended exploration plans with Total in South Sudan.