Oil & Gas

Cameroon’s national oil firm forecasts 70% drop in oil revenues for 2020

Jun 2, 2020

The National Hydrocarbons Company (SNH) has just informed the government that it can only guarantee 30% of the revenues initially provided for in the 2020 Finance Law. A cyclical downturn which it links to the fall in the crude oil prices, following the Coronavirus pandemic. Clearly, on the basis of this information transmitted to the…

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SA’s RMB commits funding to Mozambique LNG project

Jun 2, 2020

Leading African corporate and investment bank RMB said a liquefied natural gas (LNG) project in Mozambique is expected to receive US$15bn of financing commitments at a signing scheduled for June 2020. The Mozambique LNG project will be led by multinational French oil and gas company Total SA and is expected to generate upwards of US$40bn…

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Danish firm Svitzer secures Egypt LNG contract extension

Jun 2, 2020

Denmark’s Svitzer, the world’s largest tugboat operator, said Tuesday it has won a contract extension to support operations at Egypt’s Idku LNG export plant. Under the extension, Maersk’s unit Switzer will continue to assist the Egyptian LNG-operated plant with four tugs, two mooring boats and one pilot boat. The towage company has been operating at…

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Namibia’s fuel price to remain unchanged this month

Jun 2, 2020

The Ministry of Mines and Energy has resolved to keep countrywide fuel pump prices unchanged for the month of June 2020. The price of 95 octane petrol will remain at N$10,35 per litre while the price of diesel 50ppm remains at N$11,13 per litre. The ministry’s spokesperson Andreas Simon said the decision was made taking…

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West African crude-trading muted as freight steady, contango narrows

Jun 2, 2020

Little trading or price movement occurred on Monday as faster buying earlier in the trading cycle lapsed into a lull. Offers for West African grades, even ones which had recovered significantly in previous weeks, remained stuck at current levels. BP last offered a cargo of Angolan Girassol at dated Brent plus $3.30. Freight rates from…

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Angola renegotiates debt with main lenders after oil rout

Jun 1, 2020

Angola is in talks with key lenders to reschedule debt payments after a prolonged recession triggered by a drop in crude prices raised concerns about the sustainability of the African nation’s finances. The discussions have resumed after an interruption of about three months due to the Covid-19 pandemic, President Joao Lourenco said in a speech…

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Algeria’s SONATRACH acquires additional stake in Medgaz pipeline from Spain’s Cepsa

Jun 1, 2020

SONATRACH has completed a transaction to acquire 19.10% of the shares held by the Spanish company CEPSA in the Medgaz Company. With this major international transaction, SONATRACH increases its stake in Société Medgaz by 8.04%. SONATRACH’s stake thus goes from 42.96% to 51% in the company Medgaz SA, which manages and operates the offshore gas…

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Egypt initials oil & gas exploration contracts in Red Sea

Jun 1, 2020

Petroleum Minister Tarek El-Molla has initialled oil and gas exploration contracts with the companies that won the first international tender for offshore concessions in the Red Sea that was launched in March 2019. The Minister said in a Wednesday statement that all oil exploration and production activities in southern Egypt continue normally according to the…

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Total to dominate Uganda’s oil sector with Lake Albert projects

Jun 1, 2020

French oil major Total stands to dominate Uganda’s oil sector through its ownership of 66.66 per cent of Lake Albert oil projects. They are expected to go into production in 2022/2023, with China National Offshore Oil Company (CNOOC) retaining one-third of the once three-way joint venture with Tullow. Total’s fortunes were shored up by CNOOC’s…

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Angola delays launch of onshore licensing round but releases data package

Jun 1, 2020

The Angola National Agency of Oil, Gas, and Biofuels (ANPG), as the national concessionaire for the exploration and production (E&P) of liquid and gaseous hydrocarbons in Angola, has announced that the Data Package referring to the blocks for oil exploration in the Onshore Basins of the Lower Congo (CON1, CON5 and CON6) and the Kwanza…

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