Nigeria’s government dodged having to payout as much as $11 billion after a London judge ruled that the arbitration award over a failed gas deal, handed to a hedge-fund backed firm was won fraudulently.
“OML 18 will only contribute about 30% of the exports. So many people have signed up and want to sign up – we’re going to reach full capacity very quickly,” Fanning said.
“We believe that the scale of OML 18 and the efficiencies that ELI's new infrastructure will bring represents a very exciting opportunity for us and all investors in San Leon."
Such a move might either be an IPO, Kyari said, or selling equity in the company to a strategic investor.
Savannah struck a deal to acquire Petronas’ South Sudan assets in December 2022. It had hoped to publish its AIM admission documents on the deal by September 30. Today, it has pushed that back to the fourth quarter of the year.
Total has two rigs working in Namibia, with the Tungsten Explorer and the Deepsea Mira. A recent update from Vantage Drilling reported Total had extended the contract on the Tungsten Explorer into the second quarter of 2024.
“Africa is now for African banks and the Middle East is for Middle Eastern banks. The North Sea is the exception, where there is still an active international bank lending market, although with a reduced number of players lending.”
BW Offshore has struck a bareboat charter with STAC for two months maximum. After that time, STAC will take full responsibility for the FPSO.
NNPC “reserves its rights” over the breach. Failure to obtain approval allows NNPC E&P Ltd (NEPL) to “invalidate the purported assignment” to Oando.
Gas capacity expansion is still constrained by pipeline vandalism, especially domestically.
These four OMLs attributed 24,000 barrels of oil equivalent per day to Eni net in 2022.
The rigs will carry out drilling, completion, testing, temporary abandonment and workovers, in water depths from 600 to 1,800 metres.
“If you want to hire a yacht, you lease it for two weeks or whatever. You don’t go and sink funds into it at this time when Nigerian oil and gas sector is under all kinds of watch”, she told Aluko. The warning came after he had bought the 65-metre Galactic Star yacht for $80mn.
The cabinet faces a number of pressing issues, not least the economic headwinds as a result of the decision to scrap subsidies.
The Depthwize drilling rig, Majestic, was in transit to a drilling site at Ovhor in Delta State when it capsized.
However, last week IMF mission chief Ari Aisen said there was a need for “macroeconomic tightening of monetary and fiscal policies”.
“As a result, market confidence in South Africa’s utility-scale public procurement appears too low to underpin industrial and inclusive development on its own,” the report said.
It is aiming to award the contract and start the work somewhere between the third quarter of 2025 and the second quarter of 2026.
JGC, Technip Energies and KBR signed on to work on front-end engineering and design (FEED) in November 2022.
The executive was holding a meeting with oil marketing companies in Lagos. The aim of the discussion was to “emphasise the importance of private investment in the importation of petrol to meet the nation's energy demands”.
In the second quarter of the year Windward reported another big increase in Malacca, up 200% from the first quarter. Malta, meanwhile, was up 220% on the quarter.
In order to provide a “strong warning and deterrent” to others participating in the stolen oil trade, NNPC said the vessel would be destroyed. Such a move, it said, was of “paramount importance”.
The two regulators must “immediately comply”, it said, and “ensure that no duplication of regulatory responsibilities occurs across any activity”.
Africa Oil bought a 50% stake in Prime in January 2020 for $519.5mn. It has taken $712.5mn in dividends from the company, recovering its investment in under three years.
“There are notorious navy commanders known to be kingpins in this business.”