Total has signed an MOU (Memorandum of Understanding) with Angola's Sonangol. The move is seen as one of the first steps towards opening fuel stations in the region. Angola is Africa's second biggest oil exporter and has been planning for a couple of months to reorganise it soil sector.
The government of Angola, sub-Saharan Africa’s second-largest crude producer, cut spending by half this year following a plunge in oil prices, Vice President Manuel Vicente said.
Technip has won a deal with ENI to supply umbilicals to an offshore development in Angola.
Angola risks losing investment from foreign oil companies as costly government regulations and low world prices make the country, vying to be Africa’s largest producer, less attractive to operate in, an industry executive said. A series of measures introduced by Angola’s government in recent years has pushed production costs up as much as $500 million annually, said Jean-Michel Lavergne, general manager for Total E&P Angola, the country’s biggest driller. Oil companies want talks with the Angolan government to press home the threat posed by regulatory costs, Lavergne told reporters on Friday at a monthly business forum in Luanda.
Power supplier APR Energy has made progress in clawing back payments and equipment from terminated projects in the Middle East - which is likely to help its upcoming half-year results.
Total has started production from a new development on its deep offshore operated Block 17 off the coast of Angola. Dalia Phase 1A is expected to develop additional reserves of 51Mb (million barrels) and will help contribute 30,000 barrels per day to the block’s production. Arnaud Breuillac, president of exploration and production, said: “The Dalia FPSO came on stream nearly nine years ago and with the addition of Phase 1A will still produce around 200,000 b/d. It is the latest milestone in the success story of Block 17, Total’s most prolific license with cumulative production reaching two billion barrels in May 2015.
Angola's state oil firm Sonangol on Monday requested prequalified bidders to submit bids for ten onshore oil blocks as Africa's second largest crude exporter aims to open up new exploration opportunities. U.S. oil major Chevron, Italy's ENI, commodities trader Glencore and Portugal's GALP were among the prequalified companies who could operate the blocks, Sonangol said in a press release. Bid proposals must be submitted by September 18.
Oil production in Nigeria is forecast to falter due to underinvestment according to analysis from research and consulting firm GlobalData. Despite more than 37 billion barrels remaining in proven reserves the country faces challenges with need for reform and transparency to reverse this trend. However Young Okunna, an upstream analyst covering Sub-Saharan Africa, said Nigeria’s gas sector could be rejuvenated by capitalising on the chance to rebuild investor confidence following the election of President Muhammadu Buhari.
Algeria, Angola, Iran and Nigeria are interested in blending their light oil with Venezuela's heavy oil to get better a price for their crude, the president of Venezuelan state oil company PDVSA said on Monday.
Total said it has achieved its first significant milestone after producing a cumulative two billion barrels from block 17 offshore Angola. The group currently operates four FPSO (Floating Production Storage and Offloading) units on the major production zones of the block – Girassol, Dalia, Pazflor and CLOV.
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.
Eni has obtained a three-year extension to complete exploration on Block 1506 in Angola. The company acquired the block in 2006 following an international bid round. It has since completed 24 exploration and appraisal wells, and discovered more than three billion barrels of oil and 850 million barrels of reserves.
Eni has started production of first oil from its West Hub development project in waters off Angola. The field is currently producing 45,000 bopd (barrels of oil per day) through the N’Goma FPSO which is expected to increase to 100,000 bopd in the coming months. The 15/06 development project was awarded in 2006, with Eni drilling 24 exploration and appraisal wells.
Statoil has cancelled its Stena Carron rig contract making a loss of $350million after disappointing well results in the Kwanza basin in waters off Angola. The company said it will complete its work commitments in the Statoil-operated blocks 38 and 39. The rig contract ended today, Statoil has said.
Oil giant ConocoPhillips has abandoned a dry hole in the Kamoxi-1 exploration well in Block 35 offshore Angola. The company has earmarked an after tax charge of $140million as a dry hole expense in the fourth quarter of 2014.