The Buzz: This Week in Africa
Image: James Hutton Limited
At the beginning of the week, Brent Crude was trading at $78.71 per barrel, WTI at $69.54 and natural gas at $2.75 per million BTU (at 06:30, 17 September 2018, South Africa). Here are AOP’s top five stories from the last seven days.
Egypt: SDX Energy to acquire BP assets
Following press speculations, SDX Energy confirmed that it is in discussions with multinational oil and gas company, BP to acquire a significant package of its assets in Egypt.
“The company’s shares have been suspended from trading on AIM with immediate effect and will remain suspended until an admission document has been published or until the company confirms that the acquisition is not proceeding, the AIM-listed company said in a statement.
Uganda champion’s nuclear energy development
As the country battles to meet its power demands, Uganda is pushing for the development of nuclear energy for electricity generation.
Speaking at a conference in Vienna, Austria, Uganda’s Minister for Energy, Eng. Simon Giu D’Ujanga said that nuclear energy development would only supplement electricity.
Eco (Atlantic) acquires outstanding minority interest in PAO Namibia
In a statement released on September 20, Eco Atlantic announced that it had acquired the remaining 10 percent shares in Pan Africa Oil Namibia from Amis Oil and Gas.
In the statement the oil and gas exploration company said that the transaction would simplify its corporate structure and bring all its subsidiaries under Eco Atlantic’s sole ownership.
Rwanda to improve its power distribution network
On Thursday, Rwanda and the Japan International Cooperation Agency signed a $27 million deal for the improvement of the country’s power distribution networks.
The deal comes as part of the country’s plan to strengthen the capacity of distribution networks to avoid a large-scale power outage.
South Africa: Coal reserves reach crisis point
South Africa’s power utility Eskom announced this week that the majority of its power stations are operating at below the set 21-day margin which prevents services from being affected.
In addressing the issue, Eskom spokesperson Khulu Phasiwe said in an interview with Business Day TV that the utility had informed the National Energy Regulator and is working towards recovering the coal reserves.
Africa Oil & Power 2018 recap video
Africa Oil & Power (AOP) successfully completed its third conference at the Cape Town International Convention Centre from 5-7 September 2018. The conference connected top leaders, ministers and government officials in the power and petroleum sectors. This year, AOP had its first exhibition where companies were able to showcase their products and services to over 500 delegates.
Egypt signs two exploration deals
In a move that includes the drilling of 12 new wells in the North African country, Egypt’s Minister of Petroleum and Mineral Resources, Tareq el Molla signed two deals worth over $1 billion with international firms for the exploration of petroleum in the Mediterranean and the Western Desert.
Angola Gets $1m investment for renewable energy
In a move to encourage private sector investment for renewable energy projects, The Sustainable Energy Fund for Africa issued a grant worth $1m to Angola’s Independent Power Producers.
The Angolan government plans to supply 60 percent of the country’s population with electricity by 2025, with a further 70 percent of this supply to be in the form of renewable energy.
Zimbabwe’s National Oil Infrastructure Company to complete three fuel storage projects
The first construction on the two $6 million ethanol storage tanks will be completed by December 2018, which will have a 6 million litre capacity respectively, and will be built at the Mabvuku Depot in Harare.
This will comply with government’s mandatory increase in the blending ratio of unleaded petrol from 15 percent ethanol to 20 percent, with immediate effect.
Human resource skills key to developing Senegal’s oil & gas industry
During Africa Energy Chamber’s Local Content Forum last week, HR was identified as a key factor in the development of a stable petroleum industry, which could be achieved through the Institut National du Petrole et du Gaz (INPG), an HR training institution created by government to provide the oil & gas industry with a reliable pool of workers.
Prysmian to supply power cables to Namibia
In efforts to address power supply shortages, NamPower, has selected Netherlands-based company, Prysmian, to supply power cables worth between N$20 and N$25 million ($1.3 and $1.6 million) for the 132kV Hippo substation.
Additionally, NamPower’s Chief Officer for Power Systems Development, Reiner Jagau said the emergency was approved in advance however, the sets would take some months to complete with the first to be commissioned by April 2019.
BW Offshore achieves first at Gabon-based Tortue project
On Monday Oslo-listed BW Offshore reported that it had achieved first oil from its floating production storage and offloading (FPSO) unit in Dussafu, Gabon. The breakthrough was reached 18 months after the initial investment was made in the Dussafu license offshore Gabon.