Total increased its stake in Uganda’s oil development with the purchase of 64.71 percent of Tullow Oil’s interests in Exploration Areas 1, 1A, 2 and 3A. The agreement announced by Tullow Oil (Tullow) on January 9, 2017, was effective as of January 1, 2017. The sale, for $900 million, leaves Tullow with an 11.76 percent interest in Uganda’s upstream and pipeline development project. In August 2016, Uganda granted Total and Tullow 25-year licenses for Exploration Areas 1 (EA1) and EA2. The firms were expected to make final investment decisions within 18 months of the issuance of the licenses, with […]
Libya is about to re-open the last major oil terminal that has been shut due to factions fighting in a move that would allow it to further increase oil exports, potentially putting pressure on oil prices and on fellow OPEC members that have just started cutting output in a bid to stabilize prices and speed up the drawdown of the inventory glut. Libya’s Zawiya export terminal is getting ready to restart its exports after the pipeline carrying crude to it was re-opened, Bloomberg reports, quoting an official at the National Oil Corporation (NOC). The imminent re-opening of […]
The Rayayina Patrols Brigade of the Petroleum Facilities Guard agreed on Wednesday to end a two-year-long blockade of two of Libya’s major oil pipelines, according to the Libya Observer. The Rayayina pipelines carry oil to the Zawia refinery and Mellitah terminals in western Libya from both the Al-Sharara and Al-Feel oilfields, which have been shuttered since the pipelines were first blockaded in 2014. Reopening the pipelines could add more than 400,000 barrels per day to Libya’s oil production, and according to Khalid Shakshak, the Head of the Audi Bureau, reopening the pipeline would solve 70% of Libya’s economic […]
Two countries in the Horn of Africa peninsula, Ethiopia and Djibouti, are fast becoming the center of attention for foreign investment in infrastructure projects. Djibouti, with its Red Sea port, is of strategic importance as the gateway to imports and exports for its landlocked neighbors, most notably Ethiopia. However, it is its access to the Gulf of Aden and onward to China’s trading global network that underpins its drive to cement its position as the region’s trading hub. Ethiopia, with a population of nearly 100 million in 2015 and real gross domestic product growth averaging...
There has been a major deal announced this week in one of the world’s most critical developing natural gas regions: Eastern Africa. That area has been the site of a number of major natural gas discoveries recently, particularly in the offshore of Mozambique — with spots like Kenya and Tanzania also seeing a growing level of activity. But the market for this gas has been a major question hanging over development here, with developers largely focusing on complex and expensive plans for LNG shipments out of the region. That could change, however. With a consortium of […]