At the beginning of the week, Brent Crude is trading at $74.44 per barrel, WTI at $69.20 and natural gas at $2.80 per million BTU (at 10:32, 30 July 2018, South Africa). Here are AOP’s top five stories from the last seven days.
8 African countries to benefit from $175bn U.S-led gas initiative
Eight African countries will benefit from the US-led initiative to invest in gas power plants in Africa that seek to add 16 000 MW by 2030.
Through the initiative, U.S. companies will invest $175 billion in gas power projects In Tanzania, Kenya, Côte d’Ivoire, Ghana, Nigeria, Senegal, Angola, Mozambique and South Africa.
SDX Energy makes gas discovery Egypt
SDX Energy has made a gas discovery at its SD-3X well in the South Disouq Concession in Egypt.
The SD-3X well was drilled to a total depth of 7,842 feet and encountered 32.6 feet of net conventional natural gas pay in the Abu Madi and Kafr el Sheik horizons, with an average of porosity in the pay sections of 21.7 percent.
Shell secures PSCs with government of Mauritania
Shell has signed two Production Sharing Contracts with the government of Mauritania for exploration and production of hydrocarbons in offshore blocks C-10 and C-19.
“Shell’s new entry in the Mauritania offshore area represents an important added value to the exploration activities and will contribute to maintain the momentum for developing the energy sector in Mauritania,” said the Minister of Oil, Energy and Mining, Mohamed Ould Abdel Vetah of Mauritania.
The multinational oil and gas company will have a 90 percent interest, while the national oil company of Mauritania, holds the remaining 10 percent stake in the basin.
World Bank approves $794.5m for Cameroon hydropower project
The World Bank has approved a $794.5 million investment for the Nachtigal hydropower project in Cameroon.
The project located on the Sanga river and consists of a dam and power plant with seven generation units, substation and transmission line. The investment package will help Cameroon accomplish its goal of improving access to electricity by 2022.
Niger to refine crude exports in Nigeria
Nigeria and the Republic of Niger signed a Memorandum of Understanding to construct a hydrocarbon pipeline and a petroleum refinery.
The refinery to be built in Katsina State will be complete by 2021, and will have a capacity of between 100,000 and 150,000 barrels per day.
The project will create over 2,500 direct and 10,000 indirect jobs.