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Petroleum / Mining in Africa

  • Tanzania: Top Tanzania Officials Arrested in Row Over Oil, Gas Contracts

    TANZANIA, 2014/11/05 Top officials at Tanzania's national-owned oil agency were arrested this week on charges of failing to release to parliament oil and gas contracts the government signed with foreign and local investors. The arrests on Monday bring to a chief a simmering row over whether Tanzania is getting a equitable transaction for its newfound natural resources. Huge offshore gas finds promise to lift the east African country into the ranks of middle-gain nations by 2030 and free it from dependency on foreign aid.

  • Algeria: Sonatrach, Gazprom Announce Oil Discovery in Berkin Basin

    RUSSIA, 2014/10/09 Sonatrach and its Russian partner Gazprom EP International B.V. announced Wednesday the successful completion of the drilling operation of Rhourde Sayah North-1 (RSHN-1)exploration wells, located at El Assel perimeter (block 236b) in Berkin Basin. This well, which reached a final depth of 4,120 m in the Ordovician resulted in a discovery of oil at flow rates of 8.5 m3/h of oil and 7.930 m3/h of gas, choke line 32/64, with a wellhead pressure of 1,949 psi, Sonatrach said in a statement. This association between the Algerian and Russian companies had by presently succeeded, part of previous research on this perimeter, to make two discoveries following the drilling of ZERN RSH-2-1exploration wells.

  • Egypt's national-owned oil and gas companies owe additional than $6bn to international energy companies

    EGYPT, 2014/09/16 Egypt's national-owned oil and gas companies owe additional than $6bn to international energy companies that operate its oil and gas fields in the Sinai Peninsula, the Gulf of Suez, Mediterranean, and the eastern and western deserts. The country's government has decided that in the interests of maintaining foreign investment and production of its hydrocarbon reserves, it will pay off those debts by borrowing from domestic and international banks The Egyptian General Petroleum Corporation (EGPC) will “tender for loans from domestic and international banks” in order to pay off some of the deficit, Oil Ministry official Hamdy Abdelaziz told This is Africa.

  • Angola: Kenya to Rely On Angola in Oil Exploration Field

    ANGOLA, 2014/09/14 Kenya may count on the technical support of the Angolan authorities in the exploration and development of the oil sector. The outgoing ambassador of Kenya to Angola, Peter Gitau, said so Friday in Luanda. The diplomat announced this to the press any minute at this time next the end of an audience the Angolan chief of National, José Eduardo dos Santos, granted to him.

  • Central bank: Egypt to pay $1 bln to foreign oil firms Monday

    EGYPT, 2014/09/01 Egypt’s central bank has delivered $1 billion to the Ministry of Petroleum to repay on Monday part of the national’s deficit to foreign oil companies, the central bank governor said on Sunday. Egypt pledged last week to pay $300 million of the money it owes to foreign oil companies in Egyptian pounds starting in December as part of a $1.5 billion repayment scheme designed to revive confidence in its economy next years of turmoil. The country has as well said it would repay a further $3 billion of the $6.3 billion it says it owes foreign oil companies operating in the country in monthly installments until 2017.

  • Libya’s oil production has risen to 700,000 barrels per day

    LIBYA, 2014/09/01   Libya’s oil production has risen to 700,000 barrels per day, a spokesman for national-run National Oil Corp (NOC) said on Sunday. The OPEC member’s output has risen steadily in the completed few weeks as major oil ports in the east have reopened next a transaction between the government and a group of rebels who had closed them before.

  • UAE to provide Egypt $9 bln in oil products

    EGYPT, 2014/09/01 Egypt’s oil ministry said on Sunday that the United Arab Emirates would provide “about $9 billion” worth of petroleum products to Egypt over the next year in transaction approaching into result on Monday. Ministry spokesman Hamdy Abdelaziz said in a statement that the arrangement between national-run Egyptian General Petroleum Company (EGPC) and its counterpart, Abu Dhabi National Oil Company, would contribute to conference part of Egypt’s petroleum needs over the next year. Egypt has struggled to curb its swelling budget deficit and meet its soaring energy demands, which have resulted in daily electricity cuts around the country of 86 million people.

  • Mining Sector in Crisis - Sangqu South Africa

    SOUTH AFRICA, 2014/08/17 The mining sector needs to acknowledge it has a crisis on its hands, Chamber of Mines state intervention in the minerals sector (Sims) committee chairman Andile Sangqu said on Wednesday. "The tensions in mining right now means the stakes are high and the need for resolution is urgent," he said at the mining lekgotla in Midrand. "This quite frankly is very serious." However, with cool heads and calm deliberation the industry could reassess where it came from. Sangqu said he was hopeful that things could change if everyone worked together.

  • Total back in the game

    GABON, 2014/07/12 Despite a slight change-up in the inventory of concessionaries awarded offshore blocks in an October 2013 tender round, the subsequent issuance of 13 licenses to 11 companies should nevertheless drive additional new exploration than Gabon has seen in years. A total of 13 licences were awarded to 11 companies which has encouraged hope for increased production. Hydrocarbons represent 60% of budget revenue and 80% of export receipts, according to KPMG, but the US Energy Data Government maintains that production levels have declined steadily, from a peak of 370,000 barrels per day (bpd) in 1997 to roughly 245,000 bpd in 2012, as existing fields mature. Oil minister Etienne Ngoubou told Reuters that the licensing of 13 new blocks could double annual oil production to 500,000 bpd once the fields are developed. This would provide a crucial source of revenue to build up Gabon’s strategic financial services and fund its economic and social development programmes. The oil ministry’s enthusiasm about next production is certainly warranted, particularly given the success seen elsewhere in similar blocks along the Gulf of Guinea, but the complicated nature of deep- and ultra-deep-water drilling will require considerable investment and time to develop any potential resources.

  • Production resumes at strategic oil port in southern Libya

    LIBYA, 2014/07/11 The oil field of al-Charara, in southern Libya, with a production capacity of 340,000 barrels/day, has resumed production next several months break, an official at the Libyan National Oil Company (NOC) said on Tuesday. 'Production has resumed at the oil port of al-Charara and will increase progressively little by little,' said the NOC spokesperson, Mohamed al-Harairi, who gave neither statistics about the present level of production, nor the circumstances under which production resumed.
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