The Buzz: This Week in Africa
Brent Crude oil is trading at $80.98, WTI at $71.73, natural gas at $3.26 per million BTU (10.52, 12 October 2018, South Africa), Here are AOPs top news stories from the last seven days.
South Sudan, Russias JSC Zarubezhneft to Cooperate in Oil
On Monday Minister of Petroleum of the Republic of South Sudan, Ezekiel Lol Gatkuoth and General Director of JSC Zarubezhneft signed a Memorandum of Understanding (MoU) to begin exploring South Sudan’s open acreage and trading.
Through the agreement the Russia-based company will also implement enhanced oil recovery technology and other maintenance programs.
KenGen to improve energy efficiency
The Kenya Electricity Generating (KenGen) company has signed a joint declaration with the United Nations Industrial Development Organization (UNIDO) and the Japan International Cooperation Agency (JICA) to improve efficiency and security in geothermal power generation.
In collaboration with JICA, UNIDO will strengthen operation and maintenance capacity with IoT technologies for the Olkaria geothermal power station.
Chariot Oil & Gas to drill Prospect S, offshore Namibia
Chariot Oil & Gas announced in a statement that the Ocean Rig Poseidon has begun drilling on the Prospect S well in Namibia.
The oil and gas exploration company said it anticipates that spud will occur shortly after the deep water drillship’s arrival and that operations would take approximately 40 days.
Eni to acquire half of BPs oil and gas license in Libya
Italian energy major ENI will acquire half of BPs Libyan oil and gas license.
The companies, together with the national oil company of Libya, signed a letter of intent to launch the process which will see ENI acquiring 42.5 percent stake in BP’s Exploration and Production Sharing Agreement in Libya.
Polish oil refiner to receive first ever oil shipment from Nigeria
In efforts to decrease its reliance on Russian oil supply, PKN Orlen has selected Nigeria to supply approximately 130,000 tons of crude oil next month.
In a statement, the Polish refiner said Nigeria’s Bonny Light would supply the company’s purchases made on the spot market.
Nigeria sees milestone crude oil production
Managing Director of the Nigerian National Petroleum Corporation, Eng. Andrew Yakubu announced that Nigerian crude oil production had increased to 2.7 mbpd.
Eng. Yakubu pointed out that security measures put in place by the Federal Government in the Niger Delta region contributed to increased oil production in the country.
IEA asks OPEC to increase output
The International Energy Agency (IEA) has appealed to OPEC to boost output, warning that prices are inflicting damage on the global economy.
IEA Executive Director Fatih Birol said oil markets were entering a red zone, after they rallied to a four-year high.
Egypt to generate up to 53 percent of its electricity with renewable energy
According to a report by the International Renewable Energy Agency (IRENA), Egypt has the potential to meet more than 50 percent of its electricity demand with renewable energy.
Subsea 7 awarded Ghana contract by Tullow
Tullow Ghana has awarded Subsea 7 an engineering, procurement, construction and installation contract on its offshore Ghana Jubilee field.
The agreement will include two offloading lines for the BTL and the additional hang-off platform and skid for the floating production storage and offloading unit.
Mozambique signs exploration agreement with Rosneft, Exxon
The Mozambique government has signed oil exploration agreements with Rosneft and ExxonMobil.
The agreements are expected to draw investments of $700 million, with the firms planning to drill a minimum of ten wells, eight of those being offshore.
Petrochemicals set to become largest driver of oil demand
According to a study by the International Energy Agency, Petrochemicals are set to account for more than one third of the growth in world oil demand by 2030.
“Our analysis shows they will have a greater influence on the future of oil demand than cars, trucks and aviation,” said IEA executive direct Fatih Birol.
Egypt’s first nuclear power plant gets 4 nuclear turbines from GE Power
On Tuesday, General Electric Power (GE) announced that it won the contract to deliver turbine island equipment for El Dabaa nuclear power plant in Egypt.
GE will provide four nuclear turbine generator sets, including the Arabelle half-speed steam turbines, and provide technical expertise for the on-site installation and commissioning.