ENOC Misr partners Misr petroleum to blend and fill lubricants locally

EGYPT – ENOC Misr, a joint venture between Proserv Egypt Group and the UAE’s Emirates National Oil Company (ENOC), has signed an agreement with Misr Petroleum to blend and fill lubricants locally at Misr Petroleum’s state-of-the-art plant. With this three-year partnership, ENOC Misr will blend lubricants in Egypt, which will contribute to significant operational efficiencies and ensure a continuous product supply in the market, adhering to ENOC’s high standards and commitment to excellence. “The Egyptian economy has been able to mitigate the negative ramifications of the COVID-19 pandemic; demonstrating its…

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Oil group ENI signs deal to assess feasibility of producing hydrogen in Egypt

EGYPT – The oil group ENI has signed an agreement with state-owned Egyptian Electricity Holding Company (EEHC)and Egyptian Natural Gas Holding Company (EGAS) signed a deal to assess the feasibility of producing hydrogen in Egypt. The move is part of Eni’s major overhaul launched last year to transition into renewables and taper off its oil and gas output. The groups will conduct a study into joint projects to produce both green hydrogens, using electricity generated from renewables, and blue hydrogen, through the storage of carbon dioxide. The review will also…

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NCDMB, NEXIM Bank launch US$40m fund for women entrepreneurs in oil sector

NIGERIA – Nigerian Content Development and Monitoring Board (NCDMB) and Nexim Nigerian Export-Import Bank NEXIM Bank have launched a US$40 million fund for qualified women entrepreneurs in the Nigerian Oil and Gas industry. The NCDMB is contributing US$20 million to the pool and it will be matched by the same amount in Naira by NEXIM, to be converted at prevailing official exchange rate. The Executive Secretary NCDMB, Engr. Simbi Kesiye Wabote and the Managing Director of Nexim Nigerian Export-Import Bank, Mr. Abubakar Bello signed the memorandum of understanding on the…

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Predator Oil & Gas completes drilling of gas formation MOU-1

MOROCCO – Predator Oil & Gas, the Jersey-based oil and gas company, has announced completion of the drilling of MOU-1. The occurrence of good gas shows in MOU-1 with evidence of thermogenic gas migration supports in this part of the Guercif Basin the pre-drill geological interpretation for a deep gas “kitchen” connected to shallower reservoirs by large faults. Based on these positive results the Company will be proposing to its partner to drill the previously defined MOU-4 location later this year to the northeast of MOU-1, and to commission an…

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SDX Energy commences drilling campaign of South Disouq

EGYPT – SDX Energy, the MENA-focused energy company, has announced the commencement of the South Disouq drilling campaign, which will comprise two wells over the next few months. The South Disouq drilling campaign will consist of one step-out development well and one exploration well in the Company’s operated South Disouq (SDX: 55%WI) acreage in Egypt. The first well, IY-2, which spud on 28 June 2021, is a development well targeting the high porosity and permeability Basal Kafr El Sheikh reservoir at approximately 6,600ft in the Ibn Yunus Field. The well,…

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Stanbic reaffirms its commitment to Uganda on oil and gas financing

UGANDA – Stanbic Bank has revealed that it will give capital for oil and gas developments in Uganda amidst growing opposition against fossil fuels including oil and gas in favour of renewable energy. Stanbic, part of Standard Bank Group says it can offer up US$70 million to a single company investing in the oil and gas sector in Uganda. The Bank’s Head Of Power and Infrastructure Henry Kamuntu says it is crucial that Ugandan companies get prepared to participate the upcoming developments as oil companies prepare for the flow oil from…

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iGAS Energy and CMG exercise rights to up stake in Mozambique pipeline company ROMPCO

MOZAMBIQUE – Onshore oil and gas exploration iGAS Energy Plc. in partnership with Companhia Mocambiçana de Gasoduto (CMG) declared that they have exercised their pre-emptive rights to acquire a 30% equity stake in the Republic of Mozambique Pipeline Company (ROMPCO) pipeline valued at US$293 million. ROMPCO is a joint venture between Sasol South Africa (50%), CMG (25%) and South African Gas Development Company (SOC) Limited (iGAS) (25%). The joint venture owns the 865-kilometre gas transmission pipeline from Mozambique to South Africa.  This decision is the culmination of a public statement issued by…

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NCDMB, NEXIM to administer US$30m Working Capital Fund for oil and gas service companies

NIGERIA – The Nigerian Content Development and Monitoring Board (NCDMB) and Nigerian Export-Import Bank (NEXIM) have signed a memorandum of understanding on the administration of US$30 million Working Capital Fund for oil and gas service companies. The Fund was conceived by the NCDMB to support the operations of local oil companies against the adverse effects of the Covid-19 Pandemic, loss of contracts due to low oil price and ensure the companies retain their personnel in employment. The Working Capital Scheme is one of the newly introduced products in the Nigerian…

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Victoria Oil and Gas raises US$7.5m for Matanda drilling in Cameroon

CAMEROON – Victoria Oil & Gas, the Cameroon-based gas and condensate producer and distributor, has entered into a definitive financing agreement with Meridian Capital to raise maximum gross proceeds of US$7.5mn through the issue of unsecured loan notes. The proceeds of the facility will be utilised for general working capital purposes, including long lead items for the proposed well on the Matanda licence. “The use of such funds includes helping us progress our very prospective Matanda licence in which we have a 75% interest prior to state back-in,” Roy Kelly,…

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Oil & gas company Eni agrees to merge Meleiha and Meleiha Deep concessions in Egypt

EGYPT – Eni SPA E, an Italian multinational oil and gas, has agreed to merge the Meleiha and Meleiha Deep concessions in the Western Desert of Egypt. It has signed a deal with the Egyptian General Petroleum Corporation (EGPC) and Lukoil, which renamed the combined concessions as Merged Meleiha. The deal also extended the Merged Meleiha’s concessions to 2036, with possibilities of stretching the time period further to 2041. This is expected to unlock the true potential of the area’s resources. The company is expected to use high-resolution 3D seismic…

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