The problem is that the rate at which Bowleven is using cash will see it run out “most likely before summer 2024”.
“Thanks to our proven know-how and the use of innovative solutions, Perenco has once again demonstrated its ability to transform previously untapped deposits into sources of vital energy production.”
Chad should transfer a 20% stake in COTCO to SNH, the chairman said. This would reduce Chad’s share from 53% to 33.77%, while Cameroon would have 35.17%. Cameroon President Paul Biya backed such a redistribution, he said.
A letter, signed by the Chadian president’s secretary general, Gali Ngothe Gatta, said a number of “Cameroonian personalities” had flocked to Savannah. The company and its backers were interfering with Chadian officials, he said.
SNH and Savannah Midstream also pledged to support each other as shareholders in COTCo.
NFE CEO and chairman Wes Edens said the deal would allow the company to “focus solely on our own FLNG portfolio that we own 100%”.
It took only days for Savannah Energy’s plans for Chad to come unstuck, as the government threw up objections to its ExxonMobil acquisition.
Savannah Energy (LON:SAVE) has completed its acquisition of ExxonMobil’s (XOM) assets in Chad and Cameroon, while launching a new deal this morning to acquire Petronas’ (KLSE:PETGAS) interests in South Sudan.
A London court has ordered commodity trader Glencore to pay £280.97 million in penalties as a result of its bribe paying.
Cameroon has renegotiated its refinery debt with trader Vitol, bringing it into line with an agreement reached last year with domestic banks.
High gas prices represent an opportunity for those already producing, but those working on new supplies are feeling the need to accelerate plans. Floating LNG (FLNG) offers one solution, being faster to market than onshore projects.
Tower Resources has signed up financial support for its Cameroon well from BGFI Bank, putting it on course to drill the NJOM-3 well in the fourth quarter of the year.
Perenco has signed a deal to buy the Etinde stake held by New Age (African Global Energy) for an undisclosed amount, junior partner in the project Bowleven has said.
Glencore has agreed to pay penalties of $1.06 billion to US and Brazilian authorities. More is to come in a UK settlement with the Serious Fraud Office (SFO).
A light aircraft chartered by Cameroon Oil Transportation Co. (Cotco) crashed in a forest close to Nsem, in Cameroon on May 11 with no survivors.
Victoria Oil and Gas has been forced to suspend trading after a tribunal ruled against in relation to a dispute brought by a partner in Cameroon.
Bowleven has warned that the final investment decision (FID) for Etinde is expected in late 2022 but that it will need to raise financing.
Nigeria has signed a memorandum of understanding on processing gas for export at facilities in Equatorial Guinea.
Glencore has reported strong earnings for 2021, although in terms of energy it was largely driven by coal, rather than oil.
The Africa Cup of Nations has tested the footballing mettle of 24 African states – and also Cameroon’s ability to cover the resulting increased power demand.
Savannah Energy has formalised its purchase plans in Chad, striking a $626 million deal with ExxonMobil and Petronas.
Chevron has signed up to explore a block offshore Equatorial Guinea, previously held by South Africa’s PetroSA.
Partners on Cameroon’s Etinde have warned that costs to develop would be much higher than initially thought and exports via Equatorial Guinea may be the answer.
In a resounding defence of the African gas industry, Equatorial Guinea’s minister of energy has set out a number of plans including the resumption of work on an abandoned floating LNG (FLNG) project.
Cameroon Oil Transportation Co. (Cotco) has awarded work on the Kome-Kribi marine terminal to Maersk Supply Service.