At the beginning of the week, Brent Crude is trading at $75.58 per barrel, WTI at $70.45 and natural gas at $2.71 per million BTU (at 11:38, 7 May 2018, South Africa). Here are AOP’s top five stories from the last seven days.
Africa Oil Corp acquires shares of Africa Energy Corp
On Friday, Canadian oil and gas company, Africa Oil Corp announced that it had acquired shares of Africa Energy Corp.
Prio to the acquisition Africa Oil Corp held 28.54 percent of Africa Energy’s issued and outstanding common shares, after the acquisition the company now holds 34.63 percent of Africa Energy Corp’s issued and outstanding capital.
Forte Oil divests from Ghana
In efforts to focus on its country’s fuel distribution, Nigerian energy company has announced its plans to sell its upstream services, power businesses and divest from Ghana.
According to Reuters Forte Oil did not give reason for the change in direction but said the downstream sector in Nigeria had gone through changes in recent years and was expected to evolve further.
The company has reportedly been in talks with a major refinery to form a strategic partnership for local refining of petroleum products.
Oil price rises above $70
Following expectations that U.S. President Donald Trump would abandon the 2015 Iran nuclear deal which would allow Iran to export more crude, oil prices rose higher.
This week oil prices rose above $70 for the first time since November 2014. Brent crude is trading at $75.41 and U.S. West Texas Intermediate is at $70.37.
Malawi: Toshiba to build geothermal power plant
Last week, Toshiba and the Malawan Ministry of Natural Resources, Energy and Mining signed at Memorandum of Understanding for the development of a geothermal power plant.
Under the agreement, the Japanese company will collaborate with the government to develop the power plant which will increase the country’s current capacity.
Malawi’s current power generation capacity is from hydropower. The construction of this geothermal plant will contribute to the country’s goal of expanding its energy mix.
SDX Energy makes gas discovery in Morocco
North Africa focused oil and gas company has made a gas discovery at its LMS-1 exploration well on the Lalla Mimouna permit in Morocco.
The well was drilled to a total depth of 1158 meters and encountered 16.4 meters of net conventional gas pay sands which had an average porosity of 32 percent in an over-pressured section.
The well is being completed as a conventional natural gas producer in the H-9 interval.