Offshore Africa - August 2024

In this issue

Dear Subscriber/ Industry Partner,

Eni is stepping up its oil and gas drive in Africa with a whirlwind tour of the continent in July by CEO Claudio Descalzi. Nigeria and Angola remains key countries for the Italian energy giant. We bring you news of plans by Tullow and partners to begin 4D seismic study at prolific offshore Jubilee field in Ghana.

Will the mega Dangote refinery survive its detractors? Oil supermajors are aggressively tapping into the opportunities offered by lithium. African gold producing nations are cashing out as prices of precious metals reach record levels.

Happy reading.

Ghana's Jubilee Field Begins 4D Seismic in 2025

Ghana’s flagship offshore Jubilee field will undergo a new 4D seismic study at the beginning of 2025 to enhance the drilling of new wells later in the year.

2 mins

Nigerian Firms Step into IOCs Big Shoes

More indigenous companies are buying over major stakes in assets relinquished by international super majors, setting the stage for local companies to dominate the oil and gas industry.

3 mins

Tullow invests GH¢1.5m in 10 Ghanaian Agribusinesses

Tullow Ghana has announced a substantial investment of GH¢1.5 million in ten promising agribusinesses across the country.

2 mins

Tanzania Grapples with $1.2 BN Gas Dispute

Toronto-listed Orca Energy has hit Tanzania's government with a US$1.2 billion claim in an T increasingly bitter dispute over a producing gas field it has run in the country for 20 years.

3 mins

Invictus to Fund Zambabwe's Gas development through Money Market

Zimbabwe-focused Invictus Energy Company is hoping to raise funds from the domestic capital market to progress its 80% owned and operated Cabora Bassa project located in Northern Zimbabwe, following substantial gas discoveries in the Mukuyu-2 well.

2 mins

Eni Looks to Africa for Oil, Gas Boost

Italian energy giant Eni has stepped up high-level engagements with political leaders of key operating countries in sub-Sahara Africa in a bid to consolidate its long-term focus on Africa.

3 mins

New Egyptian Oil Minister Seeks Increased Oil Output

Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, has announced the formation of an advisory committee dedicated to enhancing oil field productivity and managing petroleum reservoirs through scientific and practical approaches that ensure sustainability, efficiency, and safety.

2 mins

Dangote Refinery Versus Powerful Oil Mafia

The Dangote Oil Refinery has run into problems already with powerful figures, including the industry regulator, the stateowned national oil company NNPCL, and their foreign collaborators out to derail one of the continent’s most important projects, months after its official commissioning.

5 mins

Senegal Sets up Probe into Oil and Gas Contracts

Senegal has set up a commission of legal, tax, and energy sector experts to review its oil and gas contracts and work to rebalance them in the national interest, Prime Minister Ousmane Sonko said on national television in August.

3 mins

South Africa Battles to Fund Vital Grid Upgrade for Green Energy

South Africa's plan to expand its power grid, now the biggest bottleneck to replacing coal with renewables, has hit a snag: finding investors to lend the necessary $21 billion to a near-bankrupt state monopoly.

3 mins

Helios Unveils Huge Solar Rooftop Project in Ghana

In Ghana, a mega solar rooftop project has been commissioned. Arguably the largest of its kind in Africa, the solar rooftop project represents a big boost for a country that has been struggling with power outages in recent years.

2 mins

Gold price Tops $2,500 on outlook for lower rates

Gold topped $2,500 an ounce for the first time, bolstered by hopes the US Federal Reserve is edging closer to cutting interest rates. Spot bullion climbed as much as 2.2% Friday, exceeding the previous record set last month, as a disappointing reading on the US housing market reinforced expectations of fast and deeper cuts by the Fed. Lower rates generally are positive for gold as it pays no interest.

1 min

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Offshore Africa Magazine Description:

Offshore Africa magazine is the voice of the African oil and gas industry. The publication is launched to highlight recent developments in the oil and gas sectors in Africa.