The Buzz: This Week in Africa

At the beginning of the week, Brent Crude is trading at $72.12 per barrel, WTI at $65.92 and natural gas at $2.91 per million BTU (at 11:41, 20 August 2018, South Africa). Here are AOP’s top five stories from the last seven days.

Chad signs deal to develop 60MW solar project

The Government of Chad has signed a 25 year Power Purchase Agreement (PPA) with InfraCo Africa to develop a 60 MW Djermaya solar power project.

The project led by a consortium including majority shareholder, InfraCo Africa and Smart Energies International, will be developed in two phases, 32 MW and 28MW in order to be accordingly integrated in the national grid.

The 32MW first phase of the project is expected to deliver power in 2020.

Egypt signs 3 exploration agreements

Minister of Petroleum and Mineral Resources of Egypt, Tariq Al Mulla, has signed three agreements for the exploration of oil and natural gas in the Meditterabean, Western Desert and the Nile Delta regions worth $139.2 million.

Additionally, the minister signed grants worth a further $55 million to dig 15 new wells. According to reports by Egypt Oil & Gas Newspaper, El Mulla  also said that the ministry is planning to sign more exploration and production agreements.

National oil company of Nigeria to go public

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru has announced on Friday that the national oil company would be going public once the Petroleum Industry Governance Bill gets Presidential Assent.

Dr. Baru said 40 percent of the shares of the corporation would be floated to the Nigerian Stock Exchange.

Savannah Petroleum makes oil discovery in Niger

British oil and gas company, Savannah Petroleum, has reported another oil discovery in southeastern Niger, at its Eridal-1 exploration well.

The Eridal-1 is the fourth discovery Savannah Petroleum has made in its ongoing exploration campaign in the R3 portion of the R3/R4 PSC Area in the Adadem Rift basin

The well was drilled by the GW125 rig, to a total depth of 2,543 meters. It took the well a total of 14 days to reach target depth, and all operations are expected to be completed within 23 days of spud.

Petronas acquires 30 percent equity in Senegal

Malaysian national oil company, Petronas has acquired a 30 percent stake in the Rufisque Offshore Profond exploration block in Senegal.

The project marks the company’s first entry into West Africa as it works to expand its exploration portfolio in the region.

Oil major Total, will maintain operatorship of the block with a 60 percent stake, the national oil company of Senegal, Petrosen will holds the remaining 10 percent.