Gains from low oil prices can be substantial for developing-country importers if supported by stronger global growth, says a World Bank Group analysis of the oil price decline, contained in the latest edition of Global Economic Prospects.   The decline in oil prices reflects a confluence of factors, including several years of upward surprises in oil supply and downward surprises in demand, receding geopolitical risks in some areas.... Read more »

Posted on : Wednesday , 14th January 2015

 Content analyst at Infield Systems Limited, Catarina Podevyn, says Africa is expected to hold a 15% share of offshore capital expenditure over 2015, up 10%, led by developments offshore Angola. In West Africa, offshore Ghana and Congo will also see increasing expenditure, she adds. "Total's giant, the Egina development offshore Nigeria, is anticipated to be the single most capital intensive project offshore West Africa over 2015,.... Read more »

Posted on : Tuesday , 13th January 2015

 Anglo Energy Refining Corporation, a UK-based petroleum firm, has set up base in Kenya with an eye on bulk importation of oil and possibly setting up a refinery.The UK firm’s debut makes Nairobi its African headquarters. The oil company in December received a licence to operate and import oil under the Open Tender System (OTS), the centralised oil distribution system, from the Energy ministry, and says it is ready to bid for.... Read more »

Posted on : Tuesday , 13th January 2015

 Africa's energy industry could boom in the coming years, with Mozambique and Tanzania set to emerge as new frontiers if they can attract enough badly needed investment, a report said recently. Six of the top 10 global discoveries in 2013 were made in Africa, with more than 500 companies now exploring across to the continent, according to a study by PriceWaterhouseCoopers. Large gas finds in Mozambique and Tanzania would make the world.... Read more »

Posted on : Tuesday , 13th January 2015

 Egypt has signed six new oil and gas exploration contracts worth hundreds of millions of dollars with foreign and Egyptian companies, the oil ministry said on Friday. The agreements provide for the drilling of some 41 discovery wells in the western desert and Gulf of Suez, the ministry said in a statement via the official news agency. Among the major companies selected are Shell, ENI, BP and Canada's TransGlobe Energy.   Egypt has.... Read more »

Posted on : Monday , 12th January 2015

 A research by Schlumberger’s strategic management consulting arm Schlumberger Business Consulting (SBC) says there is a better appreciation by the oil and gas industry of the need for local content participation.   This follows the outcome of a local content forum by SBC dubbed “Optimizing Local Benefits from Oil & Gas Projects”   that brought together E&P operators, regulatory bodies, EPC contractors,.... Read more »

Posted on : Friday , 9th January 2015

Block 2B operator Taipan Resources through its subsidiary Lion Petroleum has announced that the GW-190 rig has spudded Badada-1 well with the well planned to be drilled to a total depth f between 3000 and 4000 meters.   The well which will take 70 days to complete will test tertiary age reservoirs similar to those in Block 10BB, 13T in the Lokichar basin where Tullow and its partner have discovered oil.   According to Taipan CEO.... Read more »

Posted on : Friday , 9th January 2015

Mozambique could become the third world’s largest Gas producer after Australia and Qatar should it secure the needed foreign investment in the range of $20Bn to $25Bn according to a study by PriceWaterhouseCoopers.   The study released this week says East Africa will become a focus of the global gas industry with Mozambique and Tanzania leading as the new gas frontiers in the region.   “Large gas finds in both African.... Read more »

Posted on : Wednesday , 7th January 2015

 Nigerian energy firm Taleveras Group said on Monday it had signed a deal with the government of Equatorial Guinea to build a giant oil storage hub in the central African country. The Bioko Island facility will have a total capacity of 1.34 million tonnes of storage for crude oil and products such as gasoline, naphtha, jet fuel and fuel oil, the firm said.   It will be the largest crude and products storage facility in.... Read more »

Posted on : Wednesday , 7th January 2015

 Internet Service Provider Callkey Networks has said it will be giving special focus to players in the oil and gas industry by providing specially customized products that suits the various needs identified in the region.   In special focus will be the provision of guaranteed services that meet data demands recognized by companies already carrying activities surrounding exploration and seismic acquisition.   Under the Callkey.... Read more »

Posted on : Tuesday , 6th January 2015

Eni has started production from Nené Marine field, offshore Congo, just eight months after obtaining the production permit and 16 months following the exploration discovery. The field is located in Marine XII Block, approximately 17 km from the coast.   The start of production reflects another important success for Eni in Congo, a few days after the announcement of the excellent results of the test of Minsala Marine 1 well, also.... Read more »

Posted on : Tuesday , 6th January 2015

 Eco (Atlantic) Oil & Gas Ltd. (TSX-V:EOG) (NSX:EOG) is decreasing its near- to mid-term financial obligations by farming out part of its offshore Namibian licenses for carry and cash, and has revised and reduced its next-year work program in Namibia. Through its wholly owned subsidiary, Eco Oil and Gas (Namibia) (Pty) Ltd. (Eco Namibia), Eco Atlantic has entered into an amended and restated farm-out agreement with AziNam Ltd.,.... Read more »

Posted on : Tuesday , 6th January 2015