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Angolan offshore drilling firm Sonadrill, the 50:50 joint venture between Seadrill and an affiliate of Sonangol, has secured a twelve-well contract in Angola for the Sonangol Quenguela drillship. The contract includes one option for nine wells and eleven one well options, Seadrill said Friday. Total contract value for the firm portion of the contract for... Continue Reading →
Tullow Oil's $1.8 billion bond, which was launched to help it manage a $2.4 billion debt pile, drew more interest from investors than expected after the Africa-focused producer's financial overhaul, the chief executive said on Friday. Rahul Dhir also told Reuters the firm did not plan to sell more oil and gas fields after disposing... Continue Reading →
BW Energy, an Oslo-listed oil firm, said Thursday that the drilling of the Hibiscus Extension appraisal well DHIBM-2 in the Dussafu Marin license in Gabon had fallen short of expectations, hitting water instead of oil. "The primary objective of the well was to test the northern extension of the Gamba Sandstone reservoir of the Hibiscus... Continue Reading →
French oil major Total has started oil production from the Zinia Phase 2 project offshore Angola, connected to the existing Pazflor FPSO. The Zinia Phase 2 project includes the drilling of nine wells and is expected to reach a production of 40,000 barrels of oil per day by mid-2022. Located in water depths from 600... Continue Reading →
Subsea 7 S.A. (the Group) (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355) announced today results for the first quarter which ended 31 March 2021. First quarter highlights First quarter 2021 revenue up 33% year-on-year to $1.0 billionAdjusted EBITDA up 50% to $102 million after incurring net Covid-19 costs of approximately $9 millionOrder intake of $0.8... Continue Reading →
Italian energy service group Saipem said it was unable to update its outlook for the year due to uncertainty over a project in Mozambique as it missed first-quarter expectations. Earlier this week French energy group Total declared force majeure on its $20 billion liquefied natural gas (LNG) project in Mozambique following insurgent attacks. "Evaluations in... Continue Reading →
Independent oil and gas exploration and production company PetroNor has received the necessary approvals for the acquisition of high potential acreage offshore Guinea-Bissau through the buy of SPE Guinea Bissau AB. PetroNor said on Monday that approvals were a condition necessary to complete the transaction. Consequently, the transaction will complete as per the terms of... Continue Reading →
(Reuters) Total declared force majeure on its $20 billion liquefied natural gas (LNG) project in Mozambique and confirmed it had withdrawn all staff from the construction site following insurgent attacks last month. Dozens of civilians were killed in the Islamic State-linked attacks in the coastal Mozambique town of Palma, near gas projects that are worth... Continue Reading →
(Reuters) Italy’s Eni (ENI.MI) is considering spinning off oil and gas operations in West Africa and the Middle East into new joint ventures to help reduce debt and fund its shift to low-carbon energy, according to company and industry sources. The move is part of a major overhaul the company launched last year as it transitions into... Continue Reading →
(Reuters) Global commodities trader Trafigura (TRAFGF.UL) has agreed to buy Angolan state oil giant Sonangol's 31.78% stake in loss-making Puma Energy for $600 million in a step towards raising its holding to more than 90%. Trafigura and Puma said in a joint statement on Friday that Puma had also agreed to sell its Angolan business... Continue Reading →
Brazil Energy Insight 