Tanzania is in final stages of evaluating bids for oil and gas blocks it offered in its latest bidding round and plans to pick the winners before the end of this year, its upstream regulator said on Friday. East Africa is a new hotspot in hydrocarbon exploration after substantial deposits of crude oil were found in Uganda and major gas reserves were discovered in Tanzania and Mozambique. "The evaluation of bids is in the final stages and.... Read more »

Posted on : Saturday , 18th October 2014

 Kenya, Uganda and Rwanda are in the final stages of deciding on a consultant to oversee building a pipeline to pump the region's new oil bonanza to the coast for export, a senior Kenyan energy ministry officials said on Thursday.   In June, the three countries invited bids for a consultant to oversee a feasibility study and initial design for the construction of a 1,300-km (808-mile) oil pipeline to transport crude to the Kenyan.... Read more »

Posted on : Saturday , 18th October 2014

 Maersk Drilling announced Thursday that Cabinda Gulf Oil Company Limited, a Chevron subsidiary in Angola, has extended the current contract for the Maersk Deliverer (UDW semisub) expiring in June 2015 by two years. Mærsk Deliverer has since 2012 been working for Chevron and its partners on the Tombua Landana field offshore Angola. With the contract extension the rig will be on contract until June 2017. The estimated revenue potential.... Read more »

Posted on : Saturday , 18th October 2014

    The Federal Government is to spend the sum of N971 billion to subsidise the supply of petrol to Nigerians in 2015, an indication that the administration has no plan to do away with subsidising petrol.   In the same vein, the government plans to give out a total of N260 million to the Subsidy Reinvestment Programme, SURE-P, for intervention in various development agencies.   This is contained in the 2015-2017 Medium.... Read more »

Posted on : Friday , 17th October 2014

The Federal Government will halt the importation of petroleum products into the country in the year 2018. The Minister of Industry, Trade and Investment, Olusegun Aganga, gave this hint in Ilorin, Kwara State, when he paid a pre-commissioning visit to the Steel Cold Rolling Complex of Kam Industries Limited.   According to him, a minimum of about $14 billion has been committed to the petrochemical sector by foreign and local investors.... Read more »

Posted on : Friday , 17th October 2014

    Mart Resources and co-venturers, Midwestern Oil and Gas Company and SunTrust Oil Company has confirmed completion of repairs on the damages Umugini pipeline in Rivers State.   The partners in a statement issued at the weekend, stated that the 51-kilometre Umugini pipeline tie-in at the Eriemu flow station and other start-up activities have been successfully completed with required line fill process to ship oil to the Trans.... Read more »

Posted on : Thursday , 16th October 2014

 Sonatrach, an energy company in Algeria, will invest $3.48 billion in establishing new gas pipelines throughout the country to improve capacity of existing pipeline network, its interim CEO said in a conference on gas industry held in the western province of Oran.   He added that the new gas pipelines under construction will be ready by July 2016, and will help deliver some 20 billion cubic meters annually.   The country has.... Read more »

Posted on : Wednesday , 15th October 2014

 The World Bank has advised the federal government to increase its fiscal buffers by raising the excess crude account (ECA) to $6.3 billion.   Finance Minister, Dr. Ngozi Okonjo-Iweala, disclosed this in Washington DC, saying the World Bank tasked the Federal Government on the need to increase its fiscal buffers by building external reserves to about $6.3 billion, up from the present level of $4.1 billion.   Speaking to.... Read more »

Posted on : Wednesday , 15th October 2014

    Nearly 3% of global oil production is vulnerable to cuts if prices fall to $80 per barrel, making some projects in Canada, Angola, Brazil and Norway unprofitable, the International Energy Agency said.   The estimate was included in a monthly report in which the IEA also cut its forecasts for oil demand and said prices may drop further. A tumble in the price from the year's high above $115 per barrel to below $90 has.... Read more »

Posted on : Wednesday , 15th October 2014

Spectrum and OMNIS in Madagascar have signed an agreement where Spectrum assumes exclusive brokerage rights to the majority of the vintage seismic data located both offshore and onshore Madagascar.   The various datasets total over 69,000 km. The Agreement also grants Spectrum the right to reprocess any of the seismic datasets and to license these to interested oil companies on a Multi-Client basis.   The data complements.... Read more »

Posted on : Wednesday , 15th October 2014

 Solo Oil plc has announced that it has signed binding heads of agreement to acquire an initial 6.5%  interest in the soon to be producing Kiliwani North Development License in Tanzania from Ndovu Resources Ltd. for a total consideration of US$3.5 million (“Initial Acquisition”).   Solo also has a 45 day option to increase its interest in the KNDL by a further 6.5% to 13% (“Second.... Read more »

Posted on : Wednesday , 15th October 2014

  Algeria announced its intention to move forward with exploration plans in the North of the country, also adding it plans to begin shale gas production by 2022. "We have a great hydrocarbon exploration potential in the country's North and we seek to encourage energy investment through partnership," Energy Minister Youcef Yousfi said on Sunday as reported by Algeria Press Service. Yousfi made clear that Algeri will try to promote.... Read more »

Posted on : Wednesday , 15th October 2014