Oil & Gas

African heavier oils stay strong on Chinese demand

Jun 1, 2020

Heavier oils from Angola and Congo remained steady at high prices on Friday, while Nigerian oil fared lower amid a large glut of unsold cargoes. A cargo of Congolese Djeno crude was being offered for dated Brent plus $1.50. Angolan Girassol was being offered for $3.30, down about 20 cents from last week. “Numbers are…

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CNOOC elects not to pre-empt the sale of Tullow’s assets in Uganda to Total

May 31, 2020

On 23 April 2020, Tullow announced that it had agreed the sale of its assets in Uganda to Total and that CNOOC had rights of pre-emption to acquire 50% of these assets on the same terms and conditions as Total. CNOOC has now informed Tullow and Total that it has elected not to exercise its…

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Panoro Energy announces first quarter 2020 results in Gabon, Tunisia

May 30, 2020

Panoro Energy has announced the first quarter 2020 financial results and subsequent events: Financial Highlights Gross revenue from continuing operations[1] for 1Q 2020 of USD 3.4 million compared to USD 13.7 million for the previous quarter, due to fewer liftings (70% lower in volume) and lower oil prices EBITDA from continuing operations of USD 0.3 million…

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Niger parliament validates ratification of memorandum with Turkey on oil and energy sectors

May 30, 2020

In plenary session, MEPs agreed on Wednesday May 27, 2020 to ratify a memorandum with Turkey in the energy and hydrocarbon sectors. This agreement, signed on July 11, 2013 in Ankara and July 25, 2013 in Niamey, aims to promote cooperation in the field of energy and hydrocarbons, according to the expertise and development needs…

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Ghanaian consumers say locally produced LPG is more expensive than imported gas

May 29, 2020

In Ghana, the Chamber of Consumers of Petroleum Products (COPEC) held a press conference during which it denounced the high cost of liquefied petroleum gas (LPG) produced locally, compared to the LPG produced import. According to Duncan Amoah, executive secretary of COPEC, the LPG produced in Atuabo is almost always 20, 30 or even 40…

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Petroleum Authority of Uganda gets new Board of Directors

May 29, 2020

The Minister of Energy and Mineral Development, Dr Mary Gorret Kitutu inaugurated a new board of directors of the Petroleum Authority of Uganda (PAU). Four of the seven-member board that was inaugurated on Friday May 15, 2020, are new members. Dr Jane N. Mulemwa, was retained as the Chairperson of the seven-member board. Other board…

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Central Energy Fund refutes media reports of buying Sasol assets

May 29, 2020

The Central Energy Fund (CEF) has dismissed media reports that it is in talks to buying petrol stations belonging to Sasol. According to CEF’s statement, at the recent portfolio committee meeting for Mineral Resources and Energy, the Chairperson of CEF, Dr Monde Mnyande informed the committee that the Group would be embarking on a campaign…

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Libya’s losses from oil blockade since Jan almost $5bn – NOC

May 29, 2020

Libya’s cumulative losses from the current oil blockade imposed by forces allied to eastern commander Khalifa Haftar since Jan. 19 have neared $5 billion, National Oil Corporation (NOC) said in a statement on Thursday. State-run NOC said the blockade caused an unprecedented decline in oil exports, and the country’s revenues are not enough to cover…

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Sonangol completes farm in to oil block in Cuba

May 28, 2020

Farm-in Agreement for Block 9 PSC in Cuba executed with Sonangol, the National Oil Company of Angola and Africa’s 2nd largest oil producer Sonangol confirms it has satisfactorily completed its Confirmatory Due Diligence. The sole remaining outstanding condition is the receipt of Cuban regulatory approvals which have been received and are in the process of…

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Ghana reconsiders crude’s role in its economy as oil prices slump

May 28, 2020

The global slump in crude prices is giving Ghana a chance to rethink its dependence on a sector that was its key driver of economic growth in recent years. Hit by the double-whammy of collapsing oil prices and the coronavirus pandemic, West Africa’s second-biggest economy is forecast to grow at its slowest pace in 37…

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