For now, the companies are waiting for a development licence. Aminex confirmed to Energy Voice that this “unlocks activity pertaining to the development of the field". This includes drilling production wells or well workovers.
Galp is drilling the Mopane 2 well, but Bank of America has raised concerns over the implied valuation, amid fears of a Namibia bubble.
While the deal is immediately accretive to Vaalco, the FPSO on Baobab will go offline in early 2025 for maintenance and upgrades. It should be back in production in 2026.
McDermott International faces a claim for “maximum recoverable damages” linked to its failure to complete a contract for BP offshore Mauritania and Senegal.
Panoro Energy expects growth to continue this year, targeting 40% more production than 2023, despite problems around drilling in Equatorial Guinea.
Perenco has begun drilling an appraisal well in Gabon, close to its shallow water Hylia South West discovery from December 2022.
A worrying aspect of the global energy transition now gathering pace is how impoverished countries with large oil and gas discoveries react to wealthy nation rhetoric telling them that they should kiss the chance of making $billions goodbye before they’ve even started harvesting the resource.
Maurel CEO Olivier de Langavant welcomed the “partnership with TPDC that will reinforce the basis for the mutual benefit of the next phase of development at Mnazi Bay”.
“It’s been a long time, for me, it’s been 12 years in the making from the first time we looked at the acreage,” managing director Scott Macmillan explained to Energy Voice. “We had a couple of difficulties at Mukuyu-2 but we finally got there.”
Energean CEO Mathios Rigas described the deal as “an exciting step in the next stage of our development, one that can only enhance our position as the pre-eminent independent natural gas producer listed in London”.
“For the first time, the Federal Criminal Court is called upon to judge the criminal liability of a company for bribery of foreign public officials,” the OAG said.
Traders said the switch will make the cargoes more prone to the kind of volatility that besets wider oil markets.
He said the well had been a long time coming. It is in the “the southern part of the MSGBC basin with significant hydrocarbon potential. We hope this project will contribute to developing our future cooperation with ABL Group,” Alhomouz said.
The Norwegian drilling company flagged problems in Nigeria during its third quarter results, filed on November 28.
Angola Minister of Mineral Resources, Oil and Gas Diamantino Pedro Azevedo said the decision on cuts had not been unanimous.
“The acquisition marks another significant milestone for the Prax Group, and will create unique opportunities across the South African supply chain, meeting the needs of customers and communities for years to come.”
As of the end of October, outstanding receivables had reached $170mn, of which $139mn was overdue.
“Chappal Energies is a committed Nigerian-owned energy company with the ambition to develop the assets further, contributing to the Nigerian economy for years to come.”
“If nothing is done … ONEP will use all legal means, including a strike”, officials said.
"On a domestic political level, however, the reappointment is savvy: Tinubu knew he needed to hand big jobs to northern officials, and it doesn’t get bigger than leadership of NNPC.”
Angola, Africa’s second biggest crude producer, has no plans to leave OPEC+, an official said, following a broader dispute over output quotas that delayed the group’s meeting.
For Shell or its local Shell Petroleum Development Co. (SPDC) to be held liable, “the court must be satisfied that there were no other significant causes which contributed to the claimants’ alleged losses such as spills by other operators or pollution as a result of illegal refining or sabotage”, the spokesperson said.
“Marginal fields would [henceforth] be prioritised in terms of their location to those who have modular refineries, so that they will be able to produce,” he said.
Under the tender, the winning bidder would invest around $200 million in the GTL plant and will also provide gas condensate supplies.
It bolsters “our growth aspirations and ongoing commitment as a key partner in Egypt’s energy landscape. Successful delivery of our current exploration campaign is part of Shell Egypt’s growth strategy.”
The need to sidetrack is “disappointing”, he said. “It would have been fantastic to get this all in one go. It’s still only the second well in the basin and it’s the first time we’ve drilled into the Lower Angwa,” Macmillan said. “We are going to get some surprises, good and bad.”
Demonstrators have declared today a “global day of action” to stop EACOP, which will run from west Uganda to a port in Tanzania.
The journey should take 60 days, Golar reported, with refuelling stops in Mauritius and Namibia.
While the company attempted to continue, executives eventually abandoned their efforts and ended the AGM.
Operations at the Nigerian oil block have been halted for more than a decade by a series of trials and competing legal claims.
In September, Apex started producing gas at the Faramid project, in IEOC’s East Obaiyed. Apex has a 25% stake in the project, which is producing 24.4 million cubic feet per day of gas.
