Browsing: Oil and Gas

The latest data from Organization of Petroleum Exporting Countries has showed that Crude oil production in Nigeria has fallen by 6.32 percent to 1.344 million barrels per day in May, 2021 as compared to 1.429 million barrels per day recorded in April 2021.

This report also shows that Nigeria’s average daily oil production in the first quarter of 2021 was 1.404mbpd compared to average daily oil production of 1.301mbpd recorded in the fourth quarter of 2020.

The production volumes are exclusive of condensate oil which is not part of OPEC reporting requirement.

According to a new report by the Nigerian Extractive Industries Transparency Initiative, NEITI, the total oil production in 2019 was 735.244mmbbls,which represented an increase of 4.87 percent over the 701.101mmbbls recorded in 2018.

The report showed that Production sharing contracts, PSCs, contributed the highest volumes of 312.042mmbbls followed by Joint Venture (JV) and Sole Risk, SR, which recorded …

Zimbabwean government is excited after a potential prospect of Oil and Gas was discovered in Muzarabani area. President Mnangagwa says once exploited it will make the nation energy self-sufficient, create employment, empower the growth of the economy and enable huge downstream benefits.

According to the president Oil and Gas industry represents huge, unique and competitive investment opportunities given the significant potential for value chain linkages.

“the prospect of oil discovery is exciting”, which will inevitably positively impact local communities and the national economy at large.”

“The project will undoubtedly impact the GDP of Mashonaland Central Province as well as Muzarabani and surrounding districts,” he said.

The President was Speaking this at State house where he was a guest of honor during the signing of the petroleum exploration development and production agreement (PEDPA) between the Government and Australian oil and gas exploration firm, Invictus Energy.

Also Read: Total suspends Operation In …

Nigerian President Muhammadu Buhari has virtually launched “The Decade of Gas in Nigeria Initiative” pledging that his government will fully utilize gas resources in the country to lift the economy high as well as enhance industrialization.

During the unveiling of The Decade of Gas in Nigeria initiative in Abuja on Monday, Mr Buhari said the country’s capacity to produce about 600 trillion cubic feet of gas and the rising demand for cleaner energy sources were capable to help the nation achieve its economic diversification goal.

 ‘‘The rising global demand for cleaner energy sources has offered Nigeria an opportunity to exploit gas resources for the good of the country. We intend to seize this opportunity,’’ the President said at the virtual Nigeria International Petroleum Summit (NIPS) 2021 Pre-Summit Conference and official launch of the Decade of Gas.

ALSO READ: Chinese Quarry Shut Down For Violating Environmental Regulations In Zambia

Buhari …

Oil and gas projects are very complex due to a variety of challenges that need to be overcome. Risk management and financial burden are some of the hottest issues currently on these projects.

Now imagine you add Covid-19 and insurgent movements near the project area.

“The French oil and gas company Total is considering setting up a logistical base for its Mozambican operations, not only in part of Mozambique, but on the French Indian Ocean possession of Mayotte, according to a report (…)” as per the digital news portal Club of Mozambique.

It shouldn’t come as a surprise at all.

Being part of the French territory, Mayotte offers the best option for Total as a preferential hub for their project in Mozambique. France operates a military base in Mayotte, in the form of a detachment of its Foreign Legion, making the island a super safe place.

Mayotte is very well …

Zimbabwe has one of the most diverse mining sectors I have ever come across. The country’s soil is rich in elements such as platinum, coal, iron ore, gold, diamonds and most recently the prospect of oil and gas.

Despite its complex economic challenges, mining, along with agriculture, has been a key pillar supporting the country’s GDP. The sector is responsible for around 60% of Zimbabwe’s export earnings and remains as one of the main sources for the much welcome foreign currency inflow.

FurtherAfrica spoke to the Hon. Winston Chitando, Zimbabwe’s Minister of Mines and Mining Development for an open conversation about Zimbabwe’s mining sector, its challenges, new prospects and raising opportunities. Min. Chitando has a remarkable record in his country’s mining industry spanning well over 3 decades. Previous to his appointment as Zimbabwe’s Minister of Mines and Mining Development, he has held several different positions in major companies such as …

Oil and Gas

Let’s say you are one of the business spirited types and you got wind of a new road and a weighbridge station to set up. Your entrepreneurship senses spike up, you start your research on what the demand of the area is and you get ready to set up shop.

Oil & Gas: Tanzania losing investors

One month, two months, three months…one year pass, the road works have not started, talks amass but no groundwork, do you think you will still want or even have the resources to set up that shop, one year down the road?

That is what UTT Asset Management and Investor Services Plc (UTT-Amis) faced waiting to invest in the much-coveted US$30 Billion Liquefied Natural Gas (LNG) Uganda-Tanzania pipeline.

You see, UTT-Amis was interested in investing in an area in excess of 2,072 hectares of land that was strategically located right where the …

In the past 5 years, Southern Africa had seen a great influx of Chinese capital in any areas of investment. Many Chinese companies invested large amounts of capital in various sectors including infrastructure, but the one that seems to be getting the most attention lately is the Oil and Gas sector.

Governments would sign multi year contracts granting exploration rights and concessions to oil and natural gas reserves to Chinese companies and negotiate royalties and equity in exchange.

The system worked as a co-ownership that was observed in various countries for the great part of the last decade. Since late 2018, or early 2019, China and the United States have engaged in an economic battle that has seen threats and embargoes being set by both sides. The tensions have not eased with the current pandemic as some world leaders chose to blame China’s lack of transparency to the current pandemic …

Mozambique is a country blessed with vast natural resources and abundant fertile lands – some of the key elements to ignite economic growth and social development that promises to change the good faith of the country.

Nevertheless, and despite the massive approved foreign investment related to natural gas rivalling its GDP, Mozambique will face strong challenges in order to secure a better future.

FurtherAfrica spoke to H.E. Adriano Maleiane, Mozambique’s Minister of Economy and Finance to better understand how the country intends to tackle these challenges using long-term strategies to ensure economic sustainability and a better future for its people.

Mr. Maleiane is no stranger to challenges, having served as Governor of Mozambique’s central bank for some 15 years and later overlooking the founding of the country’s national investment and development bank, an institution he served for nearly 5 years as chairman before he was appointed Minister of Economy and …

The $3.5 billion and 1,443 km crude oil pipeline project, stretching from Lake Albert in Uganda to Tanzania’s port in Tanga, will be fast-tracked to commence the implementation of the project, which was put on hold last year.

Tullow is a recognised independent oil & gas, exploration and production company based in Africa and South America The company has interests in over 70 exploration and production licences across 15 countries.

According to information from The Citizen, a Total delegation led by President, Exploration and Production Arnaud Breuillac held talks with Energy minister Dr Medard Kalemani on Friday. The talks aimed at updating the Tanzania government on the new development.

“We are now enabled to fast track finalisation of legal and commercial agreements to pave the way for the Final Investment Decision (FID) before commencing implementation of the Project,” he said.

However, as both partners—Tanzania and Uganda face-off COVID-19 challenges, Mr …

Shanta Gold, the London Stock Exchange-listed gold miner with interests in southern Tanzania has announced plans to take over the gold prospecting activities in Kenya, formerly held by Barrick Gold.

The East Africa-focused gold producer announces that it has entered into a definitive agreement pursuant to which it will purchase 100% of the shares of Barrick’s subsidiary Acacia Exploration (Kenya) Ltd. from two subsidiaries of Barrick Gold Corporation.

The West Kenya license holds about 1.18 million ounces of gold with a grade of 12.6 grams per tonne (g/t believed to be one of the highest grading +1 Moz gold deposits in Africa. The project covers 1,161 sq km within the Lake Victoria greenstone gold field located in NW Tanzania and SW Kenya and home to Global Tier 1 assets including North Mara and Geita Gold Mine.

Eric Zurrin, Chief Executive Officer noted the acquisition of the Western Kenya project solidifies …