Weekly News Round-Up

With crude futures rallying and signs of life across the oil and gas sector in Africa, things finally appear to be looking up. As usual, here’s a round-up of the week’s top positive industry stories from across the continent.

This week, Upstream reported that long-awaited Nigerian oil law reforms are “almost ready”, with the general structure of the first of four legislative packages finally prepared for presentation to President Muhammadu Buhari.

Also in West Africa, Qatar Petroleum signed a farm-in deal with Total to acquire a 45% participating interest in blocks CI-705 and CI-706, located in the Ivorian-Tano basin, offshore Ivory Coast. Read more from Offshore Engineer.

In a third West African story, BW Energy is still looking to move forward on a stalled third development phase at its Dussafu Marin licence offshore Gabon, despite suffering a loss in the first quarter as lower oil prices due to the COVID-19 pandemic slashed revenue. Read more from Upstream. 

In Washington, the EXIM Board unanimously voted to amend the agency’s previously approved September 2019 direct loan supporting U.S. exports for the development and construction of the Afungi Peninsula Mozambique LNG project. The vote amended the original scope of EXIM’s financing of the project from exclusively the onshore portion of the LNG plant to also allocate an estimated $1.8 billion to support the project’s offshore production. Read more.

Energy Voice reported that Aminex is inching forward in its work to farm out a stake in the Ruvuma licence. The company is in the process of acquiring a 50% stake in the Ruvuma licence, which will then see it invest to take the project to first gas at the Ntorya field.