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In the wake of oil price drop, capex needs a rethink

In the wake of oil price drop, capex needs a rethink

Oil and gas explorers have to rethink their capital expenditure (capex) budgets on exploration activity across the African continent in the wake of the significant drop in the global oil price, advisory firm PwC said. ‘Oil and gas explorers will be relooking at their budgets and deciding where to allocate their limited capital spend given […]

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Kenya US$2bn raised for oil stakes

By on February 28, 2015 in Oil & Gas, Upstream with 0 Comments
Kenya US$2bn raised for oil stakes

Kenya’s state-run National Oil Corporation is expected to raise US$2bn to take stakes in oil blocks on behalf of the government once they near commercial production, reports Reuters . Kenya estimates its crude oil reserves to be about 1bn barrels and the government can legally take a stake in oil blocks under commercial production through National […]

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IMF advises Kenya to go slow on Production Share agreements until Commercial viability is fully established

By on October 15, 2014 in Oil & Gas, Policy, Upstream with 0 Comments
IMF advises Kenya to go slow on Production Share agreements until Commercial viability is fully established

Crafting of the law to govern sharing of revenue from oil and gas mining should be delayed until the actual quantity of the resources is known. “The terms of sharing of revenues from natural resource exploitation between the central government and counties should be decided once the volume and expected time-span for the exploitation of […]

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Political upheavals could affect Kenya’s oil exploration, says report

By on October 15, 2014 in Conflict, Oil & Gas, Politics, Upstream with 0 Comments
Political upheavals could affect Kenya’s oil exploration, says report

Political upheavals blamed for violent flare-ups in Kenya could be a major hindrance to the emerging multi-billion-shilling oil and gas exploration activities, a market research firm has said. In an eight-page report, the UK-based firm Research and Markets says the future looks extremely bright especially after “commercial recoverable reserves” of nearly 1 billion barrels were […]

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Utility spending set to increase in Africa

By on September 22, 2014 in Oil & Gas, Upstream with 0 Comments
Utility spending set to increase in Africa

Spending on utility infrastructure is expected to be significantly stronger in countries that need to upgrade deficient energy, water and sanitation services and in economies that are rapidly urbanising, such as China, Ghana and Nigeria, according to PWC’s Capital project and infrastructure spending: Outlook to 2025.   The greatest growth of spending for utilities is […]

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Gabon selects seven firms for final oil block talks

By on August 16, 2014 in Oil & Gas, Upstream with 0 Comments
Gabon selects seven firms for final oil block talks

Gabon’s oil ministry said on Monday it had selected seven firms for a final stage of negotiations as part of an offshore licensing round the government hopes will reverse a chronic decline in output. The new blocks are located in deep offshore waters — an exploration play that is expensive and uncertain but potentially very […]

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Oil and gas to boost Nigerian growth

By on August 15, 2014 in Natural Gas, Oil, Upstream with 0 Comments
Oil and gas to boost Nigerian growth

Since the oil and gas sector is expected to grow by 2,3% per year at best, its success is still vital to the Nigerian economy, notes a report by McKinsey Global Institute. With the right reforms, Nigeria’s renewal: Delivering inclusive growth in Africa’s largest economy reports that liquids production could increase from 2.35 million barrels a day […]

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Wood Group Ghana signs local engineering company on as a service provider

By on August 14, 2014 in Natural Gas, Oil, Upstream with 0 Comments
Wood Group Ghana signs local engineering company on as a service provider

Hydra Offshore has signed a two-year contract to provide local engineering support to Wood Group Ghana (WG Ghana) to provide subsea engineering services for work in Ghanaian waters. The contract follows the initial Memorandum of Understanding signed by WG Ghana and Hydra Offshore in December 2013. This was for Hydra Offshore to partner the group […]

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CAMAC Energy strikes oil in Nigeria

By on August 13, 2014 in Oil, Oil & Gas with 0 Comments
CAMAC Energy strikes oil in Nigeria

CAMAC Energy’s report successful preliminary results at its Oyo field development well offshore Nigeria in OML 120. The Oyo-8 well started drilling on June 15 this year and has both a vertical and a horizontal section. The vertical section was designed to test for additional hydrocarbons in the previously undrilled Eastern fault block of the Oyo […]

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Tanzanian firm becomes first publicly owned oil & gas group in East Africa

By on August 13, 2014 in Oil & Gas, Upstream with 0 Comments
Tanzanian firm becomes first publicly owned oil & gas group in East Africa

Tanzania-based energy group Swala Oil & Gas has listed on the Dar es Salaam Stock Exchange (DSE), becoming the first publicly owned oil and gas company in East Africa. The company is the twentieth to list on the DSE and the second to list under the Enterprise Growth Market (EGM), an equity market specifically intended […]

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