The Buzz: This Week in Africa
At the beginning of the week, Brent Crude is trading at $74.81 per barrel, WTI at $70.26 and natural gas at $2.76 per million BTU (16 July 2018). Here are AOP’s top five stories from the last seven days
South Africa: Central Energy Fund signs 100MW for Renewable Energy Projects
The Central Energy Fund of South Africa and ACWA Power entered into an agreement to invest in renewable energy projects.
The agreement signed by South African President, Cyril Ramaphosa on a recent visit to Saudi Arabia, secured a $1bn investment for the South African energy sector.
The Saudi Arabian renewable energy developer, ACWA Power will begin construction this year in the 100 MW solar energy plant in the country’s Northern Cape Province.
Eni makes oil discovery in Egypt
North Africa focused oil and gas company, Eni has announced that it has made a light oil discovery in its B1-X exploration prospect located in South West Meleiha license in the Egyptian Western Desert.
The well was drilled at a total depth of 4.523 meters and encountered 35 meters net of light oil. The well is the second drilled by Eni in the Faghur Basin.
Total closes acquisition of Engie LNG $1.5 bn portfolio
French oil and gas major, Total has closed the $1.5 billion deal to acquire Engie SA’s upstream LNG business.
The completion of this deal makes Total the second-largest player in the global LNG market. The portfolio includes participating interests in the Cameron LNG project, long-term LNG sales and purchase agreements, an LNG tanker fleet as well as access to regasification capacities in Europe.
China to make $3bn investment in Nigerian oil operations
Following a meeting on Friday, China National Offshore Oil Corp (CNOOC) said it is willing to make a $3bn investment in Nigerian oil and gas operations.
During the meeting with the Nigerian National Petroleum Corporation (NNPC), CNOOC reportedly said the company had invested more than $14 billion in its existing Nigerian operations and expressed its willingness for further investment.
Savannah Petroleum makes oil discovery in Niger
Africa-focused oil and gas company, Savannah Petroleum has announced that it has made its third discover in the Niger drilling campaign at the Agadem Rift Basin.
The well was drilled by the GW 215 rig to a total depth of 2,460 meters and took 14 days to reach target depth. All operations are expected to be completed within 23 days of spudding.