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Companies & Finance

Tullow pre-tax profit

The rising price of oil and an increase in production at a new oilfield in Ghana helped Africa-focused Tullow Oil report a six-fold increase in its full-year pre-tax profit and a doubling of its dividend, the Financial Times reported on Wednesday.

14 March 2012
LNG

Angola LNG partners close to agreement on cargo redirection

Chevron is close to finalising agreements to redirect cargoes from its Angola LNG project away from the United States to higher-paying markets in Asia and Europe.

14 March 2012
Exploration & Production

Will PetroTrans succeed where others failed?

Why should the latest attempt to develop the Calub and Hilala gas fields in Ethiopia be any different from a series of failed ventures since they were discovered in the early 1970s?

13 March 2012
Exploration & Production

Sudan oil and gas exploration

Ten companies have submitted bids to explore for oil and gas in Sudan, State Oil Minister Ishaq Adam Gamaa told Reuters on Sunday.

13 March 2012
Exploration & Production

Anadarko unveils Mozambique flow tests

The first well to be flow tested in Anadarko Petroleum’s block offshore Mozambique recorded an equipment constrained rate of 90 to 100 million cubic feet (2.59-2.83 million cubic metres) per day, the company said on Monday.

12 March 2012
Global Markets

Nigeria strike

The Nigerian Union of Petroleum and Natural Gas Workers has threatened to strike over the government’s refusal to restructure loans granted to members of the Jetty and Petroleum Tank Farm Owners of Nigeria, the Leadership newspaper reported on Friday.

9 March 2012
Exploration & Production

Statoil’s Lund talks up East African prospects

After finding gas in Tanzania, Statoil is hopeful that licence areas across the border in Mozambique will yield more discoveries, the company’s Chief Executive Helge Lund told delegates at the CERA Week conference in Houston.

8 March 2012
Exploration & Production

Chevron Nigeria gas well stops burning

The Funiwa 1A gas well offshore Nigeria has stopped burning almost two months after a fire broke out aboard the KS Endeavor drilling rig on the site, Chevron announced.

7 March 2012
Exploration & Production

Total in Yemen

Total has acquired a 40% stake in the Block 3 exploration licence in Yemen from Oil Search, the French major said in a statement on Monday.

6 March 2012
Exploration & Production

Chariot to drill first Namibia well in April

London-listed Chariot Oil & Gas has secured a drilling rig for a one well programme on the Tapir South prospect offshore Namibia.

6 March 2012
Policy & Regulation

Libya confounds sceptics after civil war

Despite a focus on reviving the all-important oil industry, Tripoli is unlikely to sideline investment plans for the gas sector

5 March 2012
Companies & Finance

ONGC and Gail India may not bid on Cove Energy

Indian state-owned firms ONGC and Gail India may not put in a bid for London-based Cove Energy if the Mozambique government enforces a capital gains tax on the sale of the company, the Times of India reported on Monday, quoting a source familiar with the deal.

5 March 2012
Companies & Finance

Algeria approves $1.8 bln Anadarko tax payout

The Algerian government has approved a change to Anadarko Petroleum’s producing sharing agreement (PSA) that brings to an end a four year dispute over tax, the United States company announced in a statement on Monday.

3 March 2012
Companies & Finance

Cove seeks clarity over Mozambique tax comments

London-listed Cove Energy said it was “seeking clarity” about press reports earlier in the week that raised the possibility of a tax charge on its 8.5% stake in the Offshore Area 1 block in Mozambique.

2 March 2012
Supply & Demand

Kenya-Ethiopia Agreement

Kenya and Ethiopia have concluded a Power Purchase Agreement under which Kenya will import up to 400 MW from Ethiopia annually, AllAfrica.com reported on Friday.

2 March 2012
Supply & Demand

Nigeria power crisis

Nigeria’s power crisis is worsening as total power output in the country fell from 4,400 to 3,775 MW because of a cut in gas supplies to power stations, Nigerian newspaper The Daily Trust reported on Thursday.

1 March 2012
Policy & Regulation

Egypt may turn to imports to meet surging gas demand

Egypt, one of North Africa’s largest gas exporters, may be forced to start importing gas in the medium-term if the government fails to address the country’s soaring energy demand.

1 March 2012
Companies & Finance

Victoria Oil & Gas almost triples net losses

UK-listed Victoria Oil & Gas made a net loss of $2.335 million in the first half of the financial year ending 30 November 2011, the company said in a London Stock Exchange announcement on Wednesday. The loss is 180% larger than the deficit in the same period of 2010.

29 February 2012
Companies & Finance

Bidding war breaks out for Cove

A consortium of India’s ONGC and GAIL is the largest potential bidder for East Africa-focused explorer Cove Energy. The companies, which confirmed on Tuesday that they were interested in Cove, join Thai state-owned group PTT and Anglo-Dutch supermajor Royal Dutch Shell in pursuing the UK-listed independent.

28 February 2012
Exploration & Production

Shell leads South Africa upstream push

Driven by growing domestic demand for gas, the South African government is opening up more offshore and onshore areas for exploration. Anglo-Dutch super-major Royal Dutch Shell is principal among the companies hoping to take advantage of this.

27 February 2012

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