Brent Crude oil is trading at $72.53, WTI at $63.06, natural gas at $3.17 per million BTU (15:24, 2 November 2018, South Africa). Here are AOPs top news stories from the last seven days.
Egypt to launch new model for petroleum agreements
Egypt is working on a new production-sharing model with foreign energy companies that encourage oil and gas exploration in the Red Sea.
A source in the energy sector stated that seismic studies were carried out in the Red Sea which showed the presence of high quantities of natural gas.
Nigeria pushing to bridge gas supply by 2020
Nigeria’s federal government it working towards bridging its gas supply gap by 2020.
Minister of State for Petroleum Resources, Dr Emmanuel Kachikwu said that the government had doubled its efforts to ensure effective policies that will drive gas utilization and commercialization.
Out of the 38 approved modular refineries, two will be commissioned in December and will boost fuel supply in the county.
Nigeria: 1.150MW more power output expected
Nigeria is set to increase its power output by 1.150MW between 2019 and 2020. Minister of Power, Works and Housing, Mr. Babatunde Fashola said the rise in power output does not include the independent power plants under construction in nine federal universities.
Minister Fashola also stated that the 700MW Zungeru hydropower plant and 450MW Okpai II gas power plant would come into operation in the next two years.
Vitol poised to acquire Petrobras Africa assets
On Wednesday Africa Oil & Power reported that Brazilian state-owned oil company, Petrobras would most likely announce the sale of its stake in Petrobras Africa to Vitol.
On Thursday, Petrobras announced that it was going ahead in the sale of its 50 percent stake in its Nigerian oil and gas exploration joint venture with BTG Pactual Exploration and Production to a Vitol-led consortium for $1.407 billion.
BBOXX, EDF Group to develop solar home systems in Togo
In a bid to assist Togo’s electrification program, CIZO, BBOXX, together with integrated energy company EDF, have partnered to evolve market solutions for off-grid electricity access in the West African country.
As part of the CIZO program, Togo aims to supply over 500,000 households with solar home systems by 2030.
Algeria’s offshore gets major exploration nod by Eni, Total and Sonatrach
Earlier in the week, Italian oil and gas company Eni announced that it has signed two agreements for the exploration of oil in Algeria.
The agreement exclusively signed by Eni, Total and Sonatrach will see the deep-water exploration of the Algerian offshore, which is largely unexplored as it stands.
Oranto Petroleum inks Agreement, Prepares to Enter Niger Republic
Oranto Petroleum and the Ministry of Petroleum in Niger signed a Memorandum of Understanding which outlined the company’s intentions to sign production sharing contracts on Blocks R5, R6, Dibella and Dallol in the Tenere and Agadem Basins in Niger.
TGS commences project in the MSGBC Basin
Geoscience data company TGS has started the acquisition of Jaan – the fully harmonized 3D multi-client project in the southern portion of the Mauritania, Sénégal, The Gambia, Guinée-Bissau, Guinée-Conakry (MSGBC) Basin.
The project is set to consist of 11,135 km² of new acquisition.
Kristian Johansen, CEO of TGS said the Jaan project will further segment TGS’ position in providing leading seismic data in the MSGBC Basin.
Gabon to produce hydropower plants
The government of Gabon will produce two hyrdropower plants and one water production unit, after they signed a concession for production with the Gabonese Strategic Investment Fund (FGIS) and Pan-African industrial group Eranove.
Once completed, the two hydropower plants, Ngoulmendjim and Dibwangui, will produce 73MW and 15MW respectively.
Gabon to open 12th licensing round
The Minister of Oil and Hydrocarbons, Pascal Houangni Ambourou will announce later this month that Gabon will open its 12th licensing round.
The launch of the 12 rounds will be followed by by a technical and fiscal workshop that will detail the new petroleum code, the licensing round and associated terms.
Ethiopia to pass new biofuel Bill
In a first for Ethiopia, the Ministry of Petroleum and Natural Gas is drafting a new biofuel Bill which will be open to the private sector.
According to Michael Gessese, Director of biofuel at the ministry, the new Bill is set to replace the current laws completely.
South Africa: Solar storage capacity to increase
This week it was announced that South Africa plans to increase its solar storage capacity. The research and development side of the project will be conducted by SolarReserve, in partnership with South Africa’s Stellenbosch University and New Mexico-based Sandia National Laboratories.