Oil

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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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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Israeli billionaire finds 3 billion barrel oil reserve in DR Congo

By on August 7, 2014 in Oil, Oil & Gas, Upstream with 0 Comments
Israeli billionaire finds 3 billion barrel oil reserve in DR Congo

An oil company owned by Israeli billionaire Dan Gertler said on Thursday it had discovered reserves of around 3 billion barrels in the Democratic Republic of Congo, an amount similar to the proven reserves of oil producers Britain and South Sudan. The crude was discovered around Lake Albert on Congo’s eastern border with Uganda, Oil […]

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Ethiopia Strikes Oil

By on March 10, 2014 in Oil, Oil & Gas, Upstream with 0 Comments

Ethiopia could be sitting on large energy reserves, says John Daly the chief analyst for Oilprice.com.He said two explorers, British oil firm New Age (African Global Energy) and its Canadian oil firm partner Africa Oil, found an oil and gas flow at its Elkuran-3a appraisal well depth of 3 900 feet. The company began drilling […]

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Turkana oil five times initial estimate

By on September 11, 2013 in Oil, Oil & Gas, Upstream with 0 Comments

According to Africa Oil, the Canadian company prospecting for petroleum in northern Kenya, has raised the estimated deposits in the Lokichar basin to five times higher, affirming a recent report by British exploration firm Tullow Oil. Africa Oil’s statement said Northern Kenya has commercially viable oil and gas reserves. Africa Oil is a joint exploration […]

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Tullow says Kenya’s discovered oil shows promise of commercial viability

By on February 14, 2013 in Oil, Oil & Gas, Power, Upstream with 0 Comments

Tullow Oil Plc released a set of Kenyan well test results yesterday which it said showed promise of commercial viability. Tullow, said results from its Twiga South-1 well showed “the first potentially commercial flow rates achieved in Kenya.” The London-listed company has operations in several African countries but investors see its Kenyan drilling as particularly […]

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