Africa Hydrocarbons Captures India’s Attention

Authorities in India have confessed that Africa’s rapid expansion of the hydrocarbon sector has led the Asian country to focus on the continent as a vital region for sourcing petroleum products in coming years. India’s Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan speaking at the 4th India-Africa Hydrocarbons Conference in Delhi recently said Indian oil companies now have keen interest in Africa because of the continent’s hydrocarbon potential. The 2-day Conference attracted government and private sector officials from some of Africa’s oil producing countries in the north and those African nations which are emerging as oil producers like Uganda, Kenya and Ghana. “As a matter of policy, the present Indian government is keen to move towards a geographically diversified energy basket. This has resulted in India's greater focus on Africa as a vital region for sourcing petroleum products in coming years,” Pradhan stated at the opening of the…

Experts Set To Meet At EA Leading Oil & Gas Summit In Tanzania

East Africa’s leading minds in the field of oil and gas will on March 30th & 31st 2016, meet at the 5th Annual East Africa Oil & Gas Summit 2016. The summit will be held at Hyatt Regency Hotel, Dar es Salaam in Tanzania to discuss how best the region can develop the nascent industry. While the oil business is going through a torrid time, interest in East Africa’s Oil & Gas market remains higher than ever. The region has in the last decade made significant oil and gas discoveries to warranty investment returns. Uganda and Kenya are steadily advancing in exploration of oil while Tanzania is big on gas. Rwanda and Burundi are tagging along with high their own high prospects of finding commercially viable discoveries. Uganda in particular expects to start oil production in the next five years. Kenya is moving a little bit faster. Respective countries in…

Optimistic Total E&P To Stay In Uganda

French oil and gas exploration firm Total E&P has said they will continue pursuing their agenda in Uganda despite the global industry instability that has seen crude oil price slump to a record low of below $27 per barrel. “Total remains committed to work towards producing the Ugandan oil resources as soon as possible because Uganda oil resources are potentially low-cost resources which will be competitive in the market,” Adewale Fayemi, Total E&P’s country representative to Uganda told Daily Monitor in an interview. He explained that when you consider the resources used to produce oil in Uganda and compare to places that need deep off-shore facilities, Uganda is cheap and competitive. “Today, we are not talking about whether the resources are available. It is clear what the resources are and how to produce the resource, we know. So it is not about resource speculation. We continue to develop the oil…

Uganda Oil Plans Threaten Shaky DRC Relations

Uganda risks straining its already fragile bilateral relations with neighboring Democratic Republic of Congo (DRC) if government in Kampala goes ahead with its oil exploration plans in the Albertine region. On 24th February, 2015 the government of Uganda announced the country’s first open competitive licensing round for petroleum exploration covering six blocks in the Ablertine region, western Uganda. One of the six blocks, Ngaji, covering 895 Km2, if developed for oil production could have a devastating impact on Virunga National Park in Eastern Democratic Republic of Congo and its ecosystem. Virunga National Park is a UNESCO World Heritage Site and home to some of Africa’s most iconic and endangered species including mountain gorillas, reptiles,various bird species and forestry. In 2014 British Oil Company Soco International carried out seismic testing for oil on the Congolese side of Lake Edward, in Virunga, prompting widespread local opposition and an international outcry. Now over…

Halliburton Reports $28m Revenue Loss

Steep declines in the North American market were in part behind the 9 percent decline in revenue, oil field services company Halliburton said. Halliburton, which provides services to the drilling and production side of the energy sector, reported a $28 million loss for the fourth quarter, against a profit from the previous year's quarter of $901 million. Total revenue was down 9 percent. "North America revenue declined 39 percent compared to 2014, as a result of unprecedented declines in activity, with the U.S. land rig count ending the year down 64 percent from the 2014 peak," Halliburton President Jeff Miller said in a statement. Halliburton is the second-largest company of its kind behind Schlumberger, which last week reported a 9 percent decline in fourth quarter revenue. North American operations accounted for the bulk of the drop for Schlumberger, with land-based revenue falling off in the region by 45 percent. Halliburton's…

ENI Boss Says OPEC Losing Clout

The Organization of Petroleum Exporting Countries is fading, though Middle East producers may reign supreme, the CEO of Italian energy company ENI said. Claudio Descalzi, ENI's top executive, told delegates at a Middle East and North African energy conference in London current weakness in the crude oil market was driven by near-sighted focus on certain data sets that may not correlate with long-term fundamentals "The lack of a regulator -- the role played before by OPEC -- which balanced oil prices and gave a long-term perspective, has resulted in the market being handed over to short-term positions," he said in his remarks. OPEC members have pushed a robust production policy even as crude oil prices drift further away from mid-2014 peaks above $100 per barrel. OPEC, led tacitly by Saudi Arabia, said it needed to defend a market share against the increase in rival producers outside the 13-member group. OPEC…

Crude Oil Production Drop In Nigeria, Libya

Terror activities by Boko Haram in Nigeria and Islamic State in Libya have led to decline in crude oil production, a crude oil productio survey carried out by Platts indicated in a report. The report also revealed a significant drop of crude oil production in the Organization of the Petroleum Exporting Countries (OPEC) member states. Libya and Nigeria are OPEC members from the African continent. Nigerian output dipped by 40,000 b/d to 1.86 million b/d as a slightly shorter loading program was exacerbated by the declaration of force majeure on Brass River crude exports on December 24. Trading sources said exports of the grade restarted in the latter part of this week. December also saw the restart of the 125,000 b/d Kaduna refinery and the two refineries at Port Harcourt with combined nameplate capacity of 210,000 b/d. By early January, all four of the country's plants were online for the…

OPEC Pumped 32.28m Barrels Of Crude Oil Per Day In December

Oil production from the Organization of the Petroleum Exporting Countries (OPEC) fell by 130,000 barrels per day (b/d) in December on lower volumes from Iraq, Nigeria and Saudi Arabia, according to the latest Platts survey of OPEC and oil industry officials and analysts. The latest survey -- which expands the estimate for Iraq to bring in volumes from the semi-autonomous Kurdistan region and also includes an estimate for Indonesia -- shows December output fell to 32.28 million b/d from 32.41 million b/d in November. For comparison purposes, the November table has been adjusted to include Kurdistan and Indonesia. 'Collapsing oil prices and oversupply used to be a recipe for, at the very least, an emergency OPEC meeting,' said Margaret McQuaile, senior correspondent for Platts, a leading global provider of energy and commodities information. 'That is no longer the case, however, and Saudi Arabia and its Gulf allies appear to be…

Schlumberger Buys Into Ophir Energy In Equatorial Guinea

Ophir has signed a non-binding Heads of Terms Agreement with Schlumberger whereby Schlumberger will, subject to due diligence, definitive documentation and Government approval, receive a 40% economic interest in the Fortuna FLNG project, offshore Equatorial Guinea. Ophir and Schlumberger will now work towards signing a definitive agreement, which is expected to be signed in 2Q 2016, ahead of Final Investment Decision. Under the definitive agreement Schlumberger will reimburse 50% of Ophir's past costs in the form of a development carried interest. This is expected to cover Ophir's share of capital expenditures up until first sales of LNG. As previously indicated, Ophir is also presently shortlisting the gas off-take offers and expects to complete this process within the coming weeks. All workstreams are progressing in line with expectations and the project remains on track to achieve FID in mid-2016. Mercedes Eworo Milam, Director General of Hydrocarbons in the Equatorial Guinea Ministry…

Fuel Retailer Opens Another Java House Restaurant

Vivo Energy Uganda, the company that distributes and markets Shell branded fuels and lubricants, has invested in a programme to upgrade its Shell service stations to offer a wider range of services. The new programme targets both shoppers and motorists who visit Shell service stations by partnering with professionals who share in its ambition to invest and grow and provide better services to customers. Vivo Energy Uganda’s latest partnership is with Java Coffee House, a food and beverages retailer. The former will be setting up food joints at Shell fuel stations. On Monday the partnership saw another Java outlet opened at Shell Lugogo bypass. The Managing Director Vivo Energy Uganda, Hans Paulsen, said that Vivo Energy understands that customers are looking for more than just a fill-up when they drive to the Shell forecourts. Paulsen said that it’s not just about the quality fuels and lubricants sold to the customers,…
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