ADM Energy, Eunisell collaborate for development of Barracuda Field

NIGERIA – ADM Energy, a natural resource investing company, has announced that it has entered into a non-binding collaboration agreement (CA) with Eunisell, a Nigerian owned oil and gas production solutions company, for the development of Barracuda Field in OML 141. Under the terms of the CA, subject to the completion of certain due diligence, ADM and Eunisell will explore collaboration opportunities to carry out development of Barracuda Field in OML 141 and associated work-related activity in Nigeria. It is the intention of both parties, together with the risk sharing…

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Technology company Wärtsilä signs agreement to maintain Gas power plants in Nigeria

NIGERIA – Wärtsilä, a Finnish company which manufactures and services power sources and other equipment in the marine and energy markets, has signed a long-term optimised maintenance agreement covering three Nigerian gas power plants owned by Paras Energy. Wärtsilä will maintain the three plants in Ikorodu and Ogijo, which are owned by the Nigerian energy provider. All three plants covered by the five-year agreement use gas-fuel engines, which produce a combined total output of 132MW. Based on an average connected capacity of 6.5kW for a Nigerian home, this represents the…

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Italian Eni partners Algeria’s Sonatrach for research, development and decarbonization sectors

ALGERIA – Eni, an Italian multinational oil and gas, has strengthen its partnership with Sonatrach, the national state-owned oil company of Algeria, with new agreements in the exploration and production, research and development, decarbonisation and training fields. These agreements mark a further step forward in strengthening the partnership between the two companies. The first of the agreements signed aims to implement an ambitious program for the relaunch of exploration and development activities in the Berkine basin region and provides for the creation of a gas and crude oil development hub…

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Congo to construct US$600m oil refinery at the port city of Pointe-Noire

CONGO – The government of Congo has launched the construction of a US$600 million oil refinery near the port city of Pointe-Noire, an initiative that aims to increase domestic refining capacity and offset chronic fuel shortages in the country. The ground-breaking ceremony was presided over  by President Denis Sassou Nguesso and represented as a pivotal moment for the nation’s energy sector. According toJean-Marc Thystère Tchicaya, Congolese minister of hydrocarbons, “The refinery will produce automotive and aviation gasoline, liquified petroleum gas, diesel, lubricants, bitumen, kerosene and other products.”  The 2.5 mtpa Atlantic Petrochemical Refinery is expected to diversify…

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Investing company ADM Energy invests in Nigeria’s Barracuda oil field in OML 141

NIGERIA – ADM Energy PLC, a natural resource investing company, has agreed to invest in the development of the Barracuda oil field in OML 141, an existing discovery and near-term production asset in swamp/shallow waters offshore Nigeria. The investment will be made by way of an acquisition of a 51% interest in K.O.N.H. UK Limited, which holds an indirect interest in a Risk Sharing Agreement for the Field. “This is a compelling investment opportunity that provides ADM with the potential to access near-term production upside at minimal risk,” Osamede Okhomina,…

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Zenith Energy acquires Candax Energy shares in Ecumed Petroleum

TUNISIA – Zenith Energy, an international oil & gas production company, has announced that its newly incorporated fully owned subsidiary, Zenith Energy Africa Limited (ZEAL), has entered an agreement to buy Candax Energy Ltd’s unit Ecumed Petroleum Zarzis Ltd for US$150,000. Ecumed holds a 45% interest in the Ezzaouia concession oilfield asset in Tunisia. The oil & gas company with production, exploration and development assets in Africa and Italy said an additional US$100,000 will be satisfied through the issue of Zenith shares. A royalty of US$0.35 per barrel of hydrocarbons…

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Oil & Gas company Tullow Oil is set to drill four wells in Ghana by the close of the year

GHANA – Tullow Oil, a multinational oil and gas exploration company, is targeting to drill four wells in Ghana by the close of the year in an effort to increase production from its Jubilee and TEN fields to offset anticipated near-term output declines. The Maersk Venturer drillship has been contracted to start a multi‐well drilling programme for a minimum period of four years. The rig has arrived in Ghanaian waters and is scheduled to commence drilling in April. It is expected to drill and complete four wells this year, consisting…

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Oil and gas firm Aminex completes farm-out agreement with ARA Petroleum Tanzania

TANZANIA – Africa-focused oil and gas company Aminex has completed the farm-out agreement with ARA Petroleum Tanzania Limited (APT) which has assumed operatorship of the Ruvuma PSA. Under the farm-out agreement, Aminex is carried for its share of the associated field development costs up to US$35million, equivalent to gross development expenditure of US$140 million. The joint venture partners agree that the acquisition of a high-resolution 3D seismic survey is of primary importance for the preparation of the field development plan. The new seismic will also deliver information that will be helpful in the final planning…

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Oil & gas company SDX Energy secures 10-year extension to West Gharib PSA

EGYPT – SDX Energy, MENA-focused oil and gas company, has announced that it has received final approval from the Egyptian authorities to extend the Production Services Agreements (PSA) governing its producing Meseda and Rabul oil fields in its West Gharib concession in Egypt until 9 November 2031. In Egypt, SDX has a working interest in two producing assets: a 55% operated interest in the South Disouq gas field in the Nile Delta and a 50% non-operated interest in the West Gharib concession, which is located onshore in the Eastern Desert,…

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ExxonMobil postpones final investment decision on Rovuma LNG project once again

MOZAMBIQUE – American multinational oil and gas corporation Exxon has postponed for the third consecutive year the Final Investment Decision on the natural gas exploration project in Mozambique, putting the US$30 billion investment in doubt. According to Bloomberg news agency, which quotes the company’s Senior Vice President Neil Chapman, during a conversation with analysts, there is no forecast on when the investment decision will be made on the natural gas plant in the Rovuma basin, as the oil company needs to secure power supplies from the neighbouring plant operated by…

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