Ophir Energy completes Seychelles 3D seismic survey

Ophir Energy completes Seychelles 3D seismic survey

Australian energy company WHL Energy Limited has announced the completion of 1,528 km2 Junon 3D seismic survey offshore Seychelles. The survey which is part of Ophir’s farm-in to the Seychelles acreage took 36 days was in line with the 30-40 days estimated and within budget costing US$17m . According to WHL Energy the survey has … Continue reading

Tullow Oil, Africa Oil signals possible farm out in Kenya

Tullow Oil, Africa Oil signals possible farm out in Kenya

Tullow Oil and its partner Africa Oil may be farming out blocks 10BB and 13T in the Lokichar basin and where the companies have already discovered oil reserves in excess of 600 million barrels. According to Africa Oil CEO Keith Hill in an interview with Reuters the plans that are not pegged currebtly on no … Continue reading

US-Africa Summit Presents New Opportunity to Africa Businesses

US-Africa Summit Presents New Opportunity to Africa Businesses

Starting next month the Africa business community will be granted a huge opportunity to tap into the United States economy in the first ever Africa Summit in the United States which has attracted over 50 heads of states. “The summit hosted by US President Barrack Obama is expected to open doors for more business collaboration … Continue reading

Tanzania’s Piri gas discovery cushions Statoil’s exploratory expenses

Tanzania’s Piri gas discovery cushions Statoil’s exploratory expenses

Statoil’s net income for the second quarter has surged to $1.94 billion from the previous $692 million in the same period of 2013 with earnings per share up to $604 million from $222 million. Statoil’s adjusted earnings from upstream activities in Norway decreased from $5.07 billion to $3.89 billion. Earnings from upstream activities outside Norway … Continue reading

World Bank board approves $50m to strengthen Kenya’s capacity in oil and gas industry

World Bank board approves $50m to strengthen Kenya’s capacity in oil and gas industry

The World Bank’s Board of Executive Directors has approved US$50 million for the Government of Kenya to strengthen its capacity to manage the oil and gas sector and the distribution of its revenues to create sustainable growth across all areas of the country’s economy. With the recent discovery of oil, the International Development Association (IDA)* credit … Continue reading

Swala Energy IPO in Tanzania oversubscribed

Swala Energy IPO in Tanzania oversubscribed

Swala Energy Limited has provided an update of the Initial Public Offer (IPO) of is Tanzanian subsidiary Swala Oil & Gas (Tanzania) Plc that is in the process of listing on the Dar es Salaam Stock Exchange in Tanzania. The IPO which closed on the 4th of July 2014 d has been oversubscribed, with 1,869 … Continue reading

London’s Court of Appeal rules in favor of Tullow Oil in Uganda’s capital gains tax case

London’s Court of Appeal rules in favor of Tullow Oil in Uganda’s capital gains tax case

Tullow Oil plc has announced that Tullow Uganda Limited, its Ugandan subsidiary, has received judgment in its favour in the proceedings against Heritage Oil and Gas Ltd and Heritage Oil Plc in the Court of Appeal in London (Case No: 2013/2175). In June 2013, Tullow succeeded in the High Court in London with its indemnity … Continue reading

Infrastructure, regulatory uncertainty and corruption remain hurdles in Africa’s oil & gas sector – PwC Review

Infrastructure, regulatory uncertainty and corruption remain hurdles in Africa’s oil & gas sector – PwC Review

The challenges facing oil & gas companies operating in Africa continue to be diverse and numerous fuelled by fraud, corruption, theft, poor infrastructure and a lack of skilled resources, among others. Regulatory uncertainty and delays in passing laws are severely inhibiting sector development in many countries around the continent. “Some key players have delayed or … Continue reading

How Can Ugandans Benefit from an Oil Windfall? Policy Options to Manage Petroleum Revenues

How Can Ugandans Benefit from an Oil Windfall? Policy Options to Manage Petroleum Revenues

Courtesy of resourcegovernance.org Uganda is on the path to becoming a significant oil producer in the next decade, with production potentially reaching over 200,000 barrels per day. Under the right economic and fiscal conditions, such a level of production would generate substantial public revenue that could catalyze economic growth through public investments in infrastructure, education and other … Continue reading

Kenya awaits World Bank board approval of Kshs.4 billion for multi-agency training

Kenya awaits World Bank board approval of Kshs.4 billion for multi-agency training

Kenya is awaiting the approval of $50 million dispatchment as part of the Kenya Petroleum Technical Assistance Project (KEPTAP) that targets to train government agencies including the energy ministry, treasury, National oil Corporation, Kenya Pipeline, Energy Regulatory Commission, State law office among others. The decision that is expected to be known by August will see … Continue reading