Oil and gas company Seplat Petroleum Development changes of its name to Seplat Energy Plc

NIGERIA – Seplat Petroleum Development Company Plc, an independent oil and gas company, has announced, through The Nigerian Exchange Limited, the change of its name to Seplat Energy Plc. The recent development is in line with the consensus reached at the recently concluded Annual General Meeting of the company held on 20th of May 2021. At the meeting, shareholders of the company voted in support of the change of name and consequently, a new certificate of incorporation was issued from the Corporate Affairs Commission. The change of name is a…

Read More

Seplat Petroleum issues US$650m 5-year oil and gas bond, the largest in Nigeria

NIGERIA – Seplat Petroleum Development Company Plc, a leading Nigerian independent energy Company listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), has priced its offering of US$650 million in aggregate principal amount of senior notes due 2026. It is said to be the largest ever Nigerian oil and gas bond issuance. The Notes priced at a yield of 7.75%, representing a significant pricing reduction from its US$350 million debut issuance in 2018, which priced at a yield of 9.50% , with a coupon of…

Read More

Oil and gas major Eni closes agreement to revive Egyptian liquefaction plant

EGYPT – Eni, a multinational oil and gas company, has announced that it has closed the agreement it signed in December 2020 with its Egyptian and Spanish partners to revive the Damietta liquefaction plant. The deal, which it signed with the Arab Republic of Egypt (ARE), the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS) and the Spanish company Naturgy will enable it to restart the 7.56 billion cubic meters per year Damietta liquefaction plant. The agreement will settle Union Fenosa Gas and SEGAS’s outstanding disputes…

Read More

Energy company Equinor writes off US$922m Tanzania liquid natural gas project

TANZANIA – State-owned Equinor ASA of Norway is writing off its US$982 million liquefied natural gas project in Tanzania (TLNG), as overall economics have not improved sufficiently to justify keeping it on the balance sheet. This will be reflected in adjusted earnings for EPI division in fourth quarter 2020 results. “Equinor will continue to engage Tanzania in negotiations on commercial, fiscal and legal frameworks that may provide a viable business case for TLNG in future,” said the firm’s senior vice president for investor relations Peter Hutton. Equinor, formerly Statoil, has…

Read More

UAE’s Mubadala Petroleum acquires stake in Red Sea Block 4 for oil and gas exploration

EGYPT – Mubadala Petroleum, an Abu Dhabi-based oil and gas company, has acquired a stake in an offshore block in Egypt. Mubadala announced that Tariq Al-Mulla, Egyptian Minister of Petroleum and Mineral Resources, had signed the concession agreement with Mubadala Petroleum for oil and gas exploration activities in the Red Sea Block 4 (Block 4), with an area estimated at 3084 km2, owned by the South Valley Egyptian Petroleum Holding Company (Ganope). The block was awarded by the Government of Egypt in the 2019 Red Sea Licensing Round. Following the…

Read More

Ardova Petroleum in talks to acquire oil and gas retail outlet Enyo Retail and Supply Limited

NIGERIA – Ardova Petroleum Plc (AP), an integrated energy company, has announced plans to acquire oil and gas retail outlet Enyo Retail and Supply Limited. According to a press release, Enyo accepted Ardova’s acquisition offer in a deal that is still subject to completion of a due diligence exercise and the receipt of all required regulatory approvals. This will be the second major acquisition by Ardova Plc after its majority shareholders Prudent Energy Services, using a vehicle Ignite Investments and Commodities Limited, acquired majority shares in Forte Oil Plc from…

Read More