Weekly News Round-Up

Bringing you another set of positive #oil, #gas and #energy stories from across Africa.

This week, Reuters broke the news that ExxonMobil and Total are renegotiating a natural gas resource sharing deal for their LNG projects offshore Mozambique. In a bid to cut costs, both majors want to use resources from a shared field before moving onto other areas, since this gas is cheaper to extract. Read more from Oil Price.

Also in Mozambique, the country’s Council of Ministers met on Tuesday in Maputo to discuss how best to transport gas southwards from the country’s massive LNG projects in the north. Will this prove to be a wise decision, or a missed opportunity? Read more from Petroleum Economist.

In London, Tullow Oil unveiled an ambitious plan to turnaround its fortunes. CEO Rahul Dhir announced that the Independent plans to generate as much as $7 billion in cash flow over the next decade, much of which will be used to reduce debt. This will be achieved by focusing on its core assets in West Africa, particularly Ghana. Read more from Upstream.

In West Africa, Independent PetroNor announced that it has acquired three “drill ready” blocks offshore Guinea Bissau. The company acquired SPE Guinea Bissau AB to assume operatorship, with licenses on the three blocks acquired extended for three years until October 2023. Read more from Oil Review Africa.

Nigeria’s President Buhari has welcomed the decision to base the African Energy Investment Corporation (AEICORP) in Abuja. Formed in 2019 as a reform of the African Petroleum Producers’ Organisation fund, AEICORP has so far authorised capital of $1 billion and aims to deliver private funds to develop Africa’s energy sector. Read more from Energy Voice.

Not technically breaking news, but this opinion piece from FurtherAfrica makes an interesting case for using geothermal energy to bridge the power gap in East Africa. Read more.

Does your organisation have news to share? Email info.africa@hyve.group to be featured next week!

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