Wood Group closer to Amec takeover: CMA

Wood Group closer to Amec takeover: CMA

Friday, 18 August 2017 06:11

The UK’s Competition and Markets Authority (CMA) has said that British oil and gas company Amec Foster’s proposal to sell almost all of its upstream offshore oil and gas servicing...

DNV GL applies data analytics techniques to reduce downtime

DNV GL applies data analytics techniques…

Thursday, 17 August 2017 06:31

Lundin Norway and DNV GL have developed the first step in a solution for predicting unplanned shutdowns of Lundin Norway’s Edvard Grieg production platform

Libya's NOC and Repsol meet to discuss Al Sharara field security breach

Libya's NOC and Repsol meet to discuss A…

Thursday, 17 August 2017 05:19

Eng. Mustafa Sanalla, NOC Chairman of the Board of Directors, held a meeting with Luis Polo Navas Director of Libya Business Unit at Repsol Company on Sunday afternoon 13 August...

Mobil Oil Nigeria change its name to 11 Plc

Mobil Oil Nigeria change its name to 11 …

Wednesday, 16 August 2017 07:50

In a notice sent to the Nigerian Stock Exchange, Mobil Oil Nigeria has informed dealing members and the investing public of its change of name from Mobil Oil Nigeria to...

Emerson launches new drilling jar clamp

Emerson launches new drilling jar clamp

Wednesday, 16 August 2017 07:17

Emerson Automation Solutions has launched the latest product within its polymer completions solutions range – the PolyOil® JAR Handling Clamp – for increased safety and well integrity

Zambia commissions first oil survey

Zambia commissions first oil survey

Tuesday, 15 August 2017 07:33

Zambian president, Edgar Changa Lungu and Tullow Oil have announced the country’s first-ever oil survey

Baker Hughes GE releases field-proven coiled tubing simulation software

Baker Hughes GE releases field-proven co…

Tuesday, 15 August 2017 07:16

Baker Hughes, a GE company, has announced the introduction of its CIRCA™ coiled tubing simulation software, which enables coiled tubing service providers to maximise equipment performance and improve operational efficiency...

H1 gross and post-tax profits up for Oando

H1 gross and post-tax profits up for Oan…

Monday, 14 August 2017 07:22

Indigenous Nigerian energy group Oando has reported increased turnover and profits for the first half of 2017, compared with the same period last year

Cairn’s SNE North-1 exploration well offshore Senegal discovers oil and gas

Cairn’s SNE North-1 exploration well off…

Thursday, 10 August 2017 06:59

Cairn Energy has announced positive results from the drilling of its SNE North-1 exploration well offshore Senegal, which encountered both oil and gas reserves in the primary objective

Uganda to develop oil refinery in Hoima district

Uganda to develop oil refinery in Hoima …

Thursday, 10 August 2017 06:00

Uganda has selected a consortium including General Electric (GE) and Italian Saipem to build and operate a 60,000 bpd oil refinery plant in Hoima district in the western part of...

Frost & Sullivan commends Oniqua's IQ optimization suite for operational efficiency in the oil and gas industry

Frost & Sullivan commends Oniqua's I…

Wednesday, 09 August 2017 06:13

Oniqua helps companies optimize MRO spares and materials management, resulting in reduced costs, greater service levels, and increased efficiency

Platts: OPEC July hits 2017 high of 32.8mn bpd on Libya recovery

Platts: OPEC July hits 2017 high of 32.8…

Wednesday, 09 August 2017 06:01

Libya's continued dramatic recovery from civil strife pushed OPEC's July output to yet another 2017 high, with the bloc producing 32.82mn bpd, according to the latest S&P Global Platts OPEC survey

Grant signing ceremony for Mozambique to build 78MW gas plant

Grant signing ceremony for Mozambique to…

Tuesday, 08 August 2017 06:57

The US Trade and Development Agency will hold a grant signing ceremony and subsequent press conference on 10 August 2017, at the African Growth and Opportunity Act (AGOA) forum to...

Kosmos Energy announces financial result for Q2 2017, generates revenue of US$136mn

Kosmos Energy announces financial result…

Tuesday, 08 August 2017 06:47

The Dallas-based Kosmos Energy announced financial and operating results for the Q2 2017, highlighting that the company generated revenues of US$136mn during the time as compared to the US$46mn in...

How pipeline leak detection is set to change over the next decade

How pipeline leak detection is set to ch…

Monday, 07 August 2017 07:06

Oil and gas pipeline leak detection equipment are utilised to detect leaks in the pipelines carrying oil and gas Due to hazardous nature of oil and gas their transportation through pipelines require extra...

Training academy and ship vetting study: Africa's oil refiners’ major projects

A dedicated African academy for education in the oil refining industry, and research that could result in the better vetting of ships that carry oil around African coasts are two of the ‘coming of age’ projects that have been embarked on by the African Refiners Association (ARA) which held its 5th annual conference in Cape Town recently.

 

The ARA, which was established five years ago to give the more than 40 refineries throughout the continent a single voice and presence in the international arena, has, through its concerted efforts created change in the entire industry on the continent since its inception. 

Addressing nearly 200 delegates who attended the conference at the Westin Grand Hotel, Executive Secretary of the ARA Joel Dervain said that to describe the past year as having presented difficulties was a euphemism. ‘But we are now gearing up for our new incarnation, in which we will adopt statutes to create our new identity. We are moving up a gear, and part of the transformation will be the focus on human resources training for which one of our members has taken responsibility - the establishment, by the SAMIR Refinery, of a refining academy in Morocco.’ 

Further changes involved the upgrading of non-refining Associate Members who would, as part of the transformation, also take a more active role in the affairs of the association. The Associate Members are importers, regulators and distributors of petroleum products. 

The executive committee would also be considering the proposal commissioned and completed over the past 12 months to vet the seaworthiness and suitability of the tankers that transport Africa’s oil products. The objective is to progressively bring the vessels up to an acceptable standard in line with those carrying oil product throughout the world. The project will initially focus on the Gulf of Guinea region and subsequently will be rolled out to other regions. 

The conference was marked by high-level analysis of, and forecast about the future of the industry. International industry authority Steve Terry who addressed the conference on the second day, warned that there was a global overcapacity in refining right now which might well continue for the next five years or even longer. ‘The market has fundamentally changed, from operating at high refining margins for the last few years, refineries have realised that everything has gone back to normal - which simply means you have to work harder to get the returns.’ 

Another subject that came under close scrutiny was the issue that many sub-Saharan Africa refineries’ future depended a great deal on demands by them for support from African governments. The conference found that the World Bank-International Monetary Fund policies were inconsistent between different countries, and resolved to send a delegation to Washington to address this.

Africa Oil Corp. farmout agreement with Lion Energy Corp.

Africa Oil Corp. reports that the TSX Venture Exchange has accepted for filing documentation pertaining to the August 19, 2009 farmout agreement between Lion Energy Corp. ('Lion Energy') and Africa Oil. under the farmout agreement Lion Energy has the right to earn an interest in three petroleum blocks located in the Republic of Kenya and two petroleum blocks located in Puntland, Somalia.

With regards to the three petroleum blocks located in Kenya, Africa Oil will transfer to Lion Energy a 10% interest in the Block 9 Production Sharing Agreement, a 25% license interest in the Block 10A Production Sharing Contract and a 20% interest in Block 10BB Production Sharing Contract. Under the terms of the Block 9 PSA, with the drilling of the Bogal-1 well, which is currently continuing, the Company and its partners have fulfilled and exceeded the minimum work and financial obligations of the initial exploration period. As consideration for farming into Block 9, Lion Energy has agreed to finance 33.333 per cent (to a maximum of US$5-million) of Africa Oil's obligation to pay 40% of exploration costs incurred under the JOA in respect of Block 9. Lion Energy will be responsible for financing its working interest share of all other joint operating expenses.

Under the terms of the Block 10A PSC, the initial four-year exploration period expires in October, 2011, the partners are obligated to complete geological and geophysical ('G&G') operations (including acquisition of 750 kilometres of 2-D seismic) with a minimum expenditure of US$7.8-million. Additionally, the partners are required to drill one exploration well with a minimum expenditure of US$8.5-million. As consideration for farming into Block 10A, Lion Energy has agreed to finance 50 per cent (to a maximum of US$4-million) of future joint operating expenses in the performance of a seismic program. Lion Energy will be responsible for financing its working interest share of all other joint operating expenses.

In accordance with the terms of the Block 10BB PSC, the initial exploration period expires in January, 2012, the partners are obligated to complete G&G operations (including acquisition of 200 kilometres of 2-D seismic and 200 square kilometres of 3-D seismic) with a minimum expenditure of US$6-million gross. In addition, the partners are required to drill one exploration well with a minimum expenditure of US$6-million. As consideration for farming into Block 10BB, Lion Energy has agreed to finance 40 per cent (to a maximum of US$6-million) of future joint operating expenses in the performance of a seismic program and drilling of one exploration well. Lion Energy will be responsible for financing its working interest share of all other joint operating expenses.

Under the terms of the PSAs for the Nugaal and Dharoor blocks, located in Somalia, the partners are required to drill one exploration well in each block during each exploration period. The first exploration period expires in January, 2011, and the second optional three-year exploration period would be expected to expire in January, 2014. During the exploration period on both the Dharoor and Nugaal blocks, the partners are obligated to complete G&G operations (including geological fieldwork, geochemical surveys, reprocessing seismic). In addition, the partners are required to drill one exploration well during each of the two exploration periods, with a minimum expenditure of US$5-million during each exploration period. As consideration for farming into the Dharoor and Nugaal blocks, Lion Energy has agreed to finance 30 per cent (to a maximum of US$5.1-million) of the first US$17-million of future JOA costs incurred in drilling one exploration well on each of the Dharoor and Nugaal blocks. Lion Energy will be responsible for financing its working interest share of all other joint operating expenses.

Sunergy has formed a strategic alliance for petroleum sales in Ghana

Sunergy, Inc (the "Company") (OTC.BB:SNEY - News) has formed a strategic alliance with a Global Petroleum trader and supplier for petroleum sales in Ghana. Since 33.1 Billion barrels of proven offshore oil were discovered last year in the Gulf of Guinea of Ghana's coast, there has been a flurry of activity between Exxon and The Chinese, to name a few majors in vying for position in the famous Jubilee field. The Ghanian government's purported share of the discovery is 3.31 billion barrels (10%) over the next several years.

There is no production on stream yet, and Ghana is currently starved for both crude oil and refined petroleum products for its internal uses for business and supplies for its people. Sunergy has elected to address the immediate needs of Ghana and its small refinery and is proposing to deliver both crude oil and refined products to supply the country's petroleum fuel needs through our strategic partner who is prepared to deliver all required items upon successful completion of final documents with the appropriate parties in Ghana. This arrangement contemplates remaining in place once the Ghanian oil comes on stream.

Sunergy's role is as a partner in the strategic alliance in facilitating the Ghanian petroleum supply business and in plans to develop crude oil and other petroleum products storage facilities in Ghana.

Karl A. Baum, President, Director, said: "Thanks to our Regional Chief, Ne Ne Abiasi Agbonoo #3, we have been able to make the appropriate contacts for the initiation of the Petroleum supply business in Ghana. Another Advisor to our Company brought the Global Petroleum Trading and Supply connection, so I am proud of our Advisory team. This niche business represents substantial potential cash flow with little or no capital risk on our part. While it may seem that the petroleum supply business would be available to many potential competitors, there are inherent obstacles that only a strong financial supplier can overcome. At this time, we appear to have a solid shot at landing a minimum supply contract for 1,000,000 barrels of crude / month for the next 2 years."

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W: www.alaincharles.com

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