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.”
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.
Tullow Oil has discovered hydrocarbon shows at its Kodos-1 exploration well in Kenya. It has been undertaking a series of exploration and appraisal activities in Blocks 10BB and 13T onshore in East Africa.
An independent oil and gas consulting firm has confirmed there is “significant” gas potential at the Kechoula structure in Morocco. GLJ Petroleum consultants carried out the evaluation work for PetroMaroc of the Undiscovered Petroleum Initially in Place (UPIIP)
Shell has made a major gas find offshore Gabon in West Africa.
Respol has confirmed an oil find offshore Angola.
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.
A marine intelligence company said piracy in the waters around South East Asia could rise within the coming months.
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.
Africa Oilfield Logistics is looking to close in on acquiring Ardan Logistics Kenya Limited in full. The firm’s board exercised the call option to acquire all of Ardan’s share capital. Africa Oilfield Logistics made an initial investment in Ardan earlier this year as a part of a strategic bid to target East Africa.
A strike over pensions came to an end after successful talks were held between Nigeria’s oil unions and its Petroleum Minister.
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 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 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.
DOF Subsea has landed a multi-million pound contract for work on two construction projects in West Africa.
Statoil has resumed operations at the In Amenas plant 19 months after a brutal terrorist attack left 40 people dead.
Two decades ago Ledum Mitee escaped being hanged while campaigning against corruption in Nigeria’s oil industry. Today, as head of a government transparency initiative, he says little has changed.
Atlantic-focused explorer Chariot Oil & Gas has secured more time to seek partners for its Namibia exploration campaign after being re-awarded two of its relinquished licences.
A man who contracted Ebola in Nigeria evaded surveillance and infected a doctor who later died, health authorities say.
Africa-focused explorer Tullow Oil has deemed its Kenyan exploration and appraisal campaign a success after a number of its onshore wells struck oil.
Royal Dutch Shell, Europe’s largest oil company, is advancing plans to sell four fields in Nigeria to meet a $15billion asset-sales plan.
Energy giant BG Group has reinforced its drive to develop a gas hub offshore southern Tanzania following a successful well test on the firm's latest appraisal well in the country.
The longstop date to finalise the farm-out of Cameroon's Etinde licence has been extended, the permit owner Bowleven has announced.
General Electric will invest about $2billion in Africa by 2018 and double the local workforce in what chief executive Jeffrey Immelt calls one of the world’s most-promising markets.
Growing demand for electricity and falling costs for wind and solar power mean more renewable- energy projects will be commissioned this year in sub-Saharan Africa than were added from 2000 through 2013.