Oil & Gas

Africa Oil announces Q3 2018 financial and operating results

Nov 14, 2018

Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to announce its financial and operating results for the three and nine months ended September 30, 2018. View PDF version HIGHLIGHTS: The Company ended Q3 2018 with cash of $380.1 million and working capital of $371.5 million; Cash increased by $10.6 million during Q3 2018, primarily due to receiving the third $18.75 million quarterly advance…

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Ocean Rig Poseidon rig starts Eni drilling work in Angola

Nov 14, 2018

Offshore driller Ocean Rig has informed that its drillship Ocean Rig Poseidon has been hired by Eni, and has started drilling in Angola. The drillship recently arrived in Angola following a drilling campaign in Namibia where it had drilled for Chariot and Tullow, where both wells came up dry. According to Ocean Rig, the contract…

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Total preparing to drill in South Africa by December

Nov 14, 2018

South Africa is set to see some drilling action from Total E&P in the near future. The company will be drilling on Block 11B/12B, which could be one of South Africa’s most prospective oil exploration assets in Africa with multi-billion-barrel potential and a high chance of success. Total is the operator of the block. The…

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KenolKobil buys Delta petrol stations in Uganda and Rwanda

Nov 13, 2018

KenolKobil has signed a deal worth more than $10m to acquire 33 fuel retail outlets from Delta Petroleum in Uganda and Rwanda.  The deal, which was signed yesterday in Nairobi, Kenya seeks to increase the Kenyan-based company’s footprint in Uganda and Rwanda. The deal will see KenolKobil take over 23 fuel stations from Delta Petroleum…

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Eni sells 20% stake in Nour North Sinai Offshore concession in Egypt to Mubadala Petroleum

Nov 13, 2018

The Chief Executive Officer of Petroleum & Petrochemicals, Mubadala Investment Company, and Chairman of Mubadala Petroleum, Musabbeh Al Kaabi, and the Chief Executive Officer of Eni, Claudio Descalzi, signed an agreement today for the sale of a 20% participating interest, out of Eni’s share, in the Nour North Sinai Offshore concession, in Egypt, to Mubadala…

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Egypt seeks $10bn in new oil, gas investments

Nov 13, 2018

In a Ministry of Petroleum statement released on November 10, Tarek El Molla, Egypt’s petroleum minister, said the country was looking to attract an estimated $10 billion in new investments during the current fiscal year. The funds will be used in the search for oil and gas and to further the development of discovered fields.…

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Sonatrach seeks to lure foreign firms to help lift Algeria’s gas output

Nov 12, 2018

After persuading oil majors to help explore Algeria’s vast shale gas reserves, state energy firm Sonatrach has started reaching out to a different kind of partner: mystical Sufi preachers. Sonatrach CEO Abdelmoumen Ould Kaddour and his colleagues have been courting Sunni Muslim Sufi masters from communities in areas near prospective southern gas fields to win…

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Rockhopper gives update on Egypt operations

Nov 12, 2018

Rockhopper Exploration, the oil and gas company with key interests in the North Falkland Basin and the Greater Mediterranean region, has provided an operational and corporate update in relation to its Egyptian portfolio. Current production from the Abu Sennan concession is approx. 3,800 barrels of oil per day (‘bopd’) gross (840 bopd net to Rockhopper’s 22% working…

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Total inaugurates the Kaombo project, commits to new investments in Angola

Nov 12, 2018

The Angolan State Minister for Economic and Social Development, Manuel Nunes Junior, the Chairman and CEO of Total, Patrick Pouyanné, and the Chairman of the Board of Directors of Sonangol, Carlos Saturnino, inaugurated the Kaombo project today, which came on stream in July and is located deep offshore on Block 32, 260 kilometers off the…

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Uganda expecting first oil in 2021, refinery by 2023 – Minister

Nov 11, 2018

Uganda expects to start producing oil in 2021, a year later than initially planned, and its refinery should be up and running by 2023, its oil minister said on Thursday. France’s Total is an investor in Uganda’s oilfields, with China’s CNOOC and Britain’s Tullow Oil. “Our initial target was 2020. That seems to have slipped…

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