R/€ = 16.82 Change: 0.00
R/$ = 14.32 Change: 0.00
Au 1199.53 $/oz Change: -8.69
Pt 829.00 $/oz Change: -7.99


Tullow Oil to shoulder Kosmos' $65m burden over Ghana rig dispute

By: Reuters     18th July 2018 Britain's Tullow Oil has to cough up around $65-million for Kosmos Energy's share and legal fees over a cancelled rig contract in Ghana, the companies said on Wednesday. A London judge had ordered Tullow this month to pay rig owner Seadrill around $254-million, saying Tullow was wrong to end the... 

Oranto Petroleum makes Zambian oil and gas exploration debut

By: Marleny Arnoldi     28th June 2018 Pan-African oil and gas exploration and development group Oranto Petroleum has started farming into two exploration blocks located onshore in Zambia. These blocks are Oranto’s first inroads into the country. 

Kenya launches pilot oil export scheme via Mombasa

By: Reuters     4th June 2018 Kenya has launched a pilot scheme to export crude oil via Mombasa as part of efforts to capitalise on the country's oil reserves. The East African country discovered commercial oil reserves in its Lokichar basin in 2012 and a 800 km (500 mile) pipeline is due to be built before production starts... 

Tullow Oil eyes new Ghana offshore assets – CEO

By: Reuters     31st May 2018 Tullow Oil is interested in new oil blocks off Ghana's coast as part of the British explorers plans to consolidate its operations in the West African nation, Chief Executive Paul McDade said on Thursday. Tullow is leading two operations offshore Ghana, including the country's flagship 100 000... 

Tullow Oil picks Australia's Worley Parsons for Kenya contract

By: Reuters     29th May 2018 Tullow Oil has awarded an engineering design contract for oil production in its northern Kenyan blocs to Australia's Worley Parsons, a Kenyan petroleum ministry official told Reuters on Tuesday. Kenya this month moved a step closer to full production at the blocs when the local government and the... 

Ghana to review corporate tax exemptions for resources sector

By: Reuters     5th April 2018 Ghana plans to review its process for granting corporate tax exemptions to mining and oil companies as part of measures to eliminate fraud and boost revenues, its vice president said on Wednesday. Mahamudu Bawumia said tax exemptions claimed by some resources companies were not transparent, and... 

Gabon to revise hydrocarbons law to attract investment – oil ministry

By: Reuters     23rd March 2018 Gabon plans to revise its hydrocarbons law to attract new investment, the oil ministry said on Thursday. Under the current legal framework, the Gabonese state holds a minimum 20% stake in oil projects. The state oil company has the right to a stake of up to 15%. 

Ghana President seeks to barter bauxite for roads, bridges

By: Bloomberg     7th March 2018 Ghana will finalise details of an infrastructure program before the end of the year and will pay for it with refined bauxite, said President Nana Akufo-Addo. The West African nation is seeking to derive more value from its bauxite resources by expanding the country’s processing capacity. Last... 

Rio picks Thompson for chairperson as investors target discipline

By: Bloomberg     4th December 2017 Rio Tinto named industry veteran Simon Thompson as chairman after shareholders rejected a plan to install a renowned dealmaker -- reinforcing an industry-wide investor drive for higher returns and caution over project spending. Thompson, 58, a Rio director since 2014 and previously an executive... 

India to exit oilfields in Sudan

By: Ajoy K Das     3rd May 2017 India will pull out of developing oilfields in Sudan, after rejecting new terms and conditions laid down by the African nation. Sudan is demanding higher royalties and taxes before renewing the exploration and production licence of Block 2B, against a backdrop of falling international oil and gas... 

Two pipelines test economics of East Africa’s oil developments

By: Bloomberg     7th April 2017 A decade after its first big oil find, East Africa’s emergence as a crude exporter has been hindered by security and cost concerns that left the region building two pipelines instead of one. Uganda and Kenya are developing two new basins and originally agreed to build one line to connect the... 

Tullow Oil reports more exploration success in Kenya

By: John Muchira     27th January 2017 British company Tullow Oil has discovered more crude oil in Kenya, igniting confidence that the East African country's recoverable reserves could top one-billion barrels. Barely a few months before the country embarks on small-scale crude production, Tullow Oil has announced the discovery of more... 

Tullow sells stake in Uganda project to Total in $900m deal

By: Megan van Wyngaardt     10th January 2017 Africa-focused independent oil company Tullow Oil will sell a 21.75% interest in the Lake Albert oil project, in Uganda, to Total for $900-million. Tullow will, however, retain an 11.76% interest in the upstream and pipeline operations, which will reduce to 10% when the Uganda government formally... 

Kenya unveils plan to revive idle petroleum refinery

By: John Muchira     12th August 2016 Kenya plans to revive its obsolete petroleum refinery – which has been idle since 2013 – as it gears up for commercial crude oil production over the next two years. In a move aimed at utilising the archaic facility that has been lying idle since 2013, the government has directed state-owned Kenya... 

Turner & Townsend turns to Kenya

By: Creamer Media Reporter      7th July 2016 Global construction and management consulting firm Turner & Townsend has taken another step in its African growth and expansion strategy by launching an office in Kenya. As growth in Africa, and in particular East Africa, increased, it provided Turner with a “major catalyst” for its own growth... 

Hedging bodes well for Tullow Oil in 2016

By: Megan van Wyngaardt     13th January 2016 Despite facing a tough oil market, impaired by lower oil prices, Aim-listed Tullow Oil remains positive about the year ahead, noting that the company’s hedging position provides significant protection of future revenues and cash flows. “In 2015, Tullow not only reset its business to deal with... 

Maersk Oil moves to acquire five Kenya, Ethiopia exploration blocks

By: John Muchira     11th December 2015 Crude oil exploration in East Africa has received a major boast in the form of Danish giant Maersk Oil's acquisition of stakes in five exploration blocks in Kenya and Ethiopia.   Maersk Oil, a subsidiary of global conglomerate Maersk Group, has entered into an agreement with Canadian firm Africa... 

Foreign oil and gas explorers object to Kenya tax proposal

By: John Muchira     11th December 2015 Foreign companies exploring for oil and gas in Kenya have opposed the planned introduction a 5% tax on the sale and acquisition of exploration blocks. The companies contend that a clause in the Petroleum (Exploration Development and Production) Bill 2015 that seeks to introduce a 5% capital gain... 

Uganda’s $2.5bn crude oil refinery to start commercial production in 2018

4th September 2015 Uganda’s $2.5-billion crude oil refinery, currently being constructed by a consortium led by Russia’s raw materials and infrastructure development company RT Global Resources, will start commercial production in 2018. The consortium was chosen by Uganda’s government in February to build and... 

Expro secures $100m Tullow Oil contract win

By: Creamer Media Reporter      24th June 2015 Tullow Oil has awarded international oilfield services company Expro new contracts worth in excess of $100-million. The contracts, to be carried out over three years, would see Expro work across Tullow Oil’s assets in Ghana, including the Jubilee and the Tweneboa–Enyenra–Ntomme (TEN) projects. 

The next chapter in Africa’s oil and gas story

3rd April 2015 By Alan Morgan Africa is more democratised and decentralised than ever before. There is a new wave of companies that have started to explore new ways of communicating and interacting with local people. What might others learn from this? Late last month, in London, a high-profile group of African... 

Tweneboa, Enyenra and Ntomme project, Ghana

6th February 2015 Ghana's new oilfields are on schedule to start production next year, as development has passed the half-way stage, lead operator Tullow Oil has said. 

Oil prices affecting progress of gas in Africa

By: Bruce Montiea     30th January 2015 The once-promising notion that gas was soon to become a game- changer in Africa seems unlikely to happen in the near future, owing to the negative impact of the low oil price on the industry, says growth consulting firm Frost & Sullivan. “A preliminary assessment of global market moves by... 

Kudu combined-cycle gas turbine project, Namibia

28th November 2014 The Kudu gas-to-power project is still on track with a final investment decision expected by June 2015, the Mines and Energy Ministry has said. 

Namibia's Kudu gas to power project still on track

By: Sapa     25th November 2014 Namibia's 885 MW Kudu gas-to-power project is still on track with a final investment decision expected by June 2015, the mines and energy ministry said. Despite objections by an energy lobby group against the generation licence application by the government power utility NamPower for its... 

Global heavyweights in the race for $3bn East African oil pipeline project

By: John Muchira     18th July 2014 International firms, some individually and others as consortia, are vying for the contract to build a multibillion-dollar petroleum pipeline connecting the oilfields in Kenya, Uganda and South Sudan to the proposed Lamu Port, on the Kenyan coast. Designs for $3-billion Hoima–Lokichar–Lamu... 

Banda gas-to-power project, Mauritania

By: Sheila Barradas     4th July 2014 The Banda project aims to develop natural gas resources from the Banda gasfield. 

Big Oil Consolidates African Oil Assets

9th May 2014 The recent announcement of the $1.35 billion Glencore Xstrata takeover of Chad oil producer Caracal Energy and the $1.55 billion Al Mirqab Capital takeover of Heritage Oil announced last week are the beginning of a big year for African oils consolidation. GMP Securities analyst Tao Ly commented... 

TEN project, Ghana

By: Sheila Barradas     29th November 2013 Technip, leader of a consortium with Subsea7, has been awarded two contracts by Tullow Ghana for the TEN project. 

Uganda refinery project

By: Sheila Barradas     11th October 2013 Uganda is seeking a lead investor for the construction of its 60 000 bl/d oil refinery and its associated infrastructure in Hoima, in western Uganda. 

Uganda seeks lead investor for $2.5bn oil refinery

By: Leandi Kolver     8th October 2013 Uganda is seeking a lead investor for the construction of a $2.5-billion, 60 000 bl/d oil refinery and its associated infrastructure in Hoima, in western Uganda, Uganda Ministry of Energy and Mineral Development Robert Kasande said on Tuesday.  He noted that Uganda’s Petroleum Exploration and... 

Uganda’s neighbours agree to participate in refinery project

By: John Muchira     27th September 2013 The planned construction of a controversial refinery in Uganda has received crucial boost after neighbouring countries were incorporated into the project. 

Uganda moves to end standoff with oil and gas companies

By: John Muchira     26th April 2013 A protracted standoff between the authorities in Uganda and oil companies over the extraction of crude could soon be over, as it has emerged that a deal is in the pipeline. 

Uganda contracts with US firm to advise on oil refinery plan

By: John Muchira     22nd March 2013 The Ugandan government has demonstrated its resolve to invest in an oil refinery by contracting an American firm to advise on the implementation of the project. 

Yet more Lake Malawi blocks let for oil prospecting

By: Marcel Chimwala     25th January 2013 Three more oil exploration blocks are yet to be awarded to prospecting companies in Lake Malawi following the award of Block 1 to South African company Sacoil last month. 

Uganda expresses interest in playing role in South Sudan-to-Kenya pipeline

By: John Muchira     26th October 2012 Uganda has expressed interest in becoming party to a planned oil pipeline project linking South Sudan and Kenya in a bid to secure a means of transporting its own oil to the coast. 

Kenya works on policy in bid to ensure oil revenues are well spent  

By: John Muchira     25th May 2012 Authorities in Kenya have begun working on an oil revenue policy to ensure pro- ceeds from the country’s newly discovered oil wealth are properly used and guarantee the resource is a blessing rather than a curse, as has been the case in most oil-rich African nations. Kenya Finance Minister Njeru... 

Kenya works on policy in bid to ensure oil revenues are well spent

By: John Muchira     25th May 2012 Authorities in Kenya have begun working on an oil revenue policy to ensure proceeds from the the country's newly discovered oil wealth are properly used and guarantee the resource is a blessing rather a curse, as has been the case in most oil-rich African nations. 

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