Tower readies for crunch time as Cameroon well looms
Tower Resources is nearing the point where it will begin drilling in Cameroon, but the company has other opportunities it is also pursuing, chairman and CEO Jeremy Asher has highlighted.
Cameroon
Perenco swipes left on Etinde
Bowleven CEO Eli Chahin said the termination of the deal was “unfortunate as we believed it could have represented an opportunity to accelerate development progress at Etinde”.
UAE bans tankers flying Cameroon flag on safety concern
The United Arab Emirates banned ships arriving in its waters that sail under the flag of Cameroon — a move that distances the emirate from risky vessels that have been assembled to transport sanctioned oil.
Perenco deal at risk, Bowleven’s top shareholder warns
The problem is that the rate at which Bowleven is using cash will see it run out “most likely before summer 2024”.
Perenco starts up marginal field in Cameroon
“Thanks to our proven know-how and the use of innovative solutions, Perenco has once again demonstrated its ability to transform previously untapped deposits into sources of vital energy production.”
Cameroon asks Chad for greater COTCO stake
Chad should transfer a 20% stake in COTCO to SNH, the chairman said. This would reduce Chad’s share from 53% to 33.77%, while Cameroon would have 35.17%. Cameroon President Paul Biya backed such a redistribution, he said.
Chad pulls ambassador from Cameroon over Savannah deal
A letter, signed by the Chadian president’s secretary general, Gali Ngothe Gatta, said a number of “Cameroonian personalities” had flocked to Savannah. The company and its backers were interfering with Chadian officials, he said.
Savannah sells down Cameroon pipe stake to SNH
SNH and Savannah Midstream also pledged to support each other as shareholders in COTCo.
Golar ties up Hilli equity with New Fortress deal
NFE CEO and chairman Wes Edens said the deal would allow the company to “focus solely on our own FLNG portfolio that we own 100%”.
Chad deals come unstuck for Savannah Energy
It took only days for Savannah Energy’s plans for Chad to come unstuck, as the government threw up objections to its ExxonMobil acquisition.
Savannah completes Exxon deal, inks South Sudan purchase
Savannah Energy (LON:SAVE) has completed its acquisition of ExxonMobil’s (XOM) assets in Chad and Cameroon, while launching a new deal this morning to acquire Petronas’ (KLSE:PETGAS) interests in South Sudan.
Court orders Glencore to pay penalty in bribe-by-jet case
A London court has ordered commodity trader Glencore to pay £280.97 million in penalties as a result of its bribe paying.
Vitol reaches debt deal with fire-ravaged Cameroon refiner
Cameroon has renegotiated its refinery debt with trader Vitol, bringing it into line with an agreement reached last year with domestic banks.
Choosing fast FLNG to cash in on sky-high gas prices
High gas prices represent an opportunity for those already producing, but those working on new supplies are feeling the need to accelerate plans. Floating LNG (FLNG) offers one solution, being faster to market than onshore projects.
Tower signs up bank finance for Cameroon well costs
Tower Resources has signed up financial support for its Cameroon well from BGFI Bank, putting it on course to drill the NJOM-3 well in the fourth quarter of the year.
Perenco strikes Etinde deal with New Age
Perenco has signed a deal to buy the Etinde stake held by New Age (African Global Energy) for an undisclosed amount, junior partner in the project Bowleven has said.
Glencore cops to global bribery scheme, to pay $1bn penalty
Glencore has agreed to pay penalties of $1.06 billion to US and Brazilian authorities. More is to come in a UK settlement with the Serious Fraud Office (SFO).
Cameroon plane disaster kills nine oil workers
A light aircraft chartered by Cameroon Oil Transportation Co. (Cotco) crashed in a forest close to Nsem, in Cameroon on May 11 with no survivors.
Victoria suspends trading on $12.1mn arbitration penalty
Victoria Oil and Gas has been forced to suspend trading after a tribunal ruled against in relation to a dispute brought by a partner in Cameroon.
Bowleven warns of complexity, financial strain on path to Etinde
Bowleven has warned that the final investment decision (FID) for Etinde is expected in late 2022 but that it will need to raise financing.
Nigeria strikes deal to export LNG via Equatorial Guinea
Nigeria has signed a memorandum of understanding on processing gas for export at facilities in Equatorial Guinea.
Glencore pumps more oil, while “managing down”
Glencore has reported strong earnings for 2021, although in terms of energy it was largely driven by coal, rather than oil.
As Afcon heats up, Cameroon power demand rises
The Africa Cup of Nations has tested the footballing mettle of 24 African states – and also Cameroon’s ability to cover the resulting increased power demand.
Savannah doubles down in Chad, adds Petronas to Exxon deal
Savannah Energy has formalised its purchase plans in Chad, striking a $626 million deal with ExxonMobil and Petronas.
Chevron signs new Equatorial Guinea contract
Chevron has signed up to explore a block offshore Equatorial Guinea, previously held by South Africa’s PetroSA.