Mozambique Awards Rovuma LNG Project Gig
Mozambique Rovuma Venture (MRV) has awarded an engineering, procurement, and construction contract to a consortium of Fluor, JGC, and TechnipFMC for its Mozambique Rovuma LNG Phase 1 project in Cabo Delgado, Mozambique.MRV, a joint-venture composed of Eni, ExxonMobil and CNPC, holds a 70% interest in the exploration and production concession of Area 4, with Galp, Kogas and Empresa Nacional de Hidrocarbonetos (ENH) each holding a 10% interest.The Rovuma LNG Project will produce, liquefy and market natural gas from three reservoirs of the Mamba complex located in the Area 4 block in the Offshore Rovuma Basin.
Rovuma LNG Gets Government Green Light
The government of Mozambique has approved development plans for the ExxonMobil-led Rovuma LNG project, which will produce, liquefy and market natural gas from three reservoirs located in the Area 4 block offshore Mozambique, two of which straddle the boundary with neighboring Area 1.“The development plan approval marks another significant step toward a final investment decision (FID) later this year,” said Liam Mallon, president of ExxonMobil Upstream Oil & Gas Company.“This is the third development plan approved in this five-year period to enable…
Consortium Bags Commitments for Rovuma LNG Project
Area 4 co-venture participants -ExxonMobil, Eni, China National Petroleum Corporation (CNPC), Empresa Nacional de Hidrocarbonetos, Kogas and Galp - have secured liquefied natural gas (LNG) offtake commitments from affiliated buyer entities of the partnersA press release from ExxonMobil hailed this as a key milestone enabling the participants to rapidly move toward a final investment decision in 2019 on the first phase of the Rovuma LNG projectThose commitments are subject to the conclusion of fully-termed agreements, which will be finalized and initialed in the next weeks…
Rovuma LNG Moves Toward FID in 2019
Partners in the Rovuma liquefied natural gas (LNG) project in Mozambique say they are moving “rapidly” toward a final investment decision (FID) for the first phase of the project in 2019 after securing LNG offtake commitments from buyers.The project will produce, liquefy and market natural gas from the Mamba fields located in the Area 4 block in the Rovuma Basin offshore Mozambique. Area 4 participants are ExxonMobil, Eni, China National Petroleum Corporation (CNPC), Empresa Nacional de Hidrocarbonetos, Kogas and Galp.In July 2018, Mozambique Rovuma Venture…
Eni Wins Offshore Mozambique Block
Italian oil and gas major Eni has signed in Maputo the contract for the exclusive exploration and development rights of the offshore block A5-A, in the deep waters of the Northern Zambezi Basin, approximately 1,500 km to the north east of the capital Maputo.With this acquisition, Eni further strengthens its presence in Mozambique, a country that has a strategic relevance for the company, said a press release from the company.The block was awarded to Eni as a result of the participation to the 5th competitive Licensing Round launched by the Republic of Mozambique.
Management at Areva Mine in Niger say Strike Violates Bonus Deal
French nuclear company Areva's local business in Niger denounced a 72-hour strike at its COMINAK uranium mine as a violation of a previous agreement over bonuses. Workers launched the strike on Monday, demanding the full payment of bonuses they say they are owed for reaching financial targets last year, according to a union leader who said the company had released 70 percent of the amount. However, COMINAK management said it had agreed with the workers to pay 70 percent initially, with the remainder to be paid after shareholders approved company results at a meeting in June.
Statoil Awarded Licenses Offshore Nicaragua
Statoil informs it was today awarded four licenses offshore the Nicaraguan Pacific, covering an area of about 16,000 km2 in the largely unexplored Sandino Basin. Statoil will be the operator with 85 percent equity with the Empresa Nicaraguense del Petroleo (Petronic) participating with the remaining equity. Nick Maden, senior vice president for Statoil's exploration activities in the Western Hemisphere, said, “Offshore the Nicaraguan Pacific is virtually untested and the awards of new acreage in this frontier area are in line with our exploration strategy of access at scale. This is a long-term opportunity with high subsurface uncertainty, but with impact potential.
Colombia's Ecopetrol Launches Sale of Utility EEB Shares
Colombia's state oil company Ecopetrol will sell its 6.87 percent stake in energy generator Empresa de Energia de Bogota (EEB) for 1.1 trillion pesos ($398.9 million), Ecopetrol said on Tuesday. The EEB shares, priced at 1,740 pesos each, will be on offer from May 20 through July 21, Ecopetrol said in a statement. The sale of the shares is part of the oil producer's plan to shed assets and raise funds for an investment plan, as its income is battered by the global fall in oil prices. (Reporting by Nelson Bocanegra)
Contractor Selected for Mozambique LNG Development
Anadarko Petroleum Corporation (APC) on behalf of the co-venturers in Mozambique's Offshore Area 1, and after a competitive FEED (front-end engineering and design) process, announced the selection of a consortium consisting of CB&I, Chiyoda Corporation and Saipem (CCS JV) for the initial development of the onshore LNG park in Mozambique. "Selecting CCS JV for the development of the onshore Mozambique LNG park is a significant step toward reaching FID (Final Investment Decision) and demonstrates our continued commitment to advancing this important project toward first cargoes," said Anadarko Chairman, President and CEO, Al Walker.
Markets Drift Higher as YPF Makes Opportunistic Tap
Market focus remained firmly on upcoming Petrobras results and Argentina's latest market foray as Latin America credits drifted higher Wednesday morning. Bonds issued by Brazilian oil company Petrobras were flat with the 2024s being quoted at a spread of 450bp as investors braced for the much anticipated release of audited financial results after the market close today. Investors are largely keeping their powder dry in what remains a vulnerable Brazilian credit market given that any bad news could spark a sell-off in Petrobras debt. "Clearly we have rallied a lot so I hope it is not a buy the rumor and sell the news (situation)," said a New York based trader.
Argentina, Petrobras Drive Price Action in Slow Session
The looming release of Petrobras's financials and a local bond sale from Argentina were the main drivers of price action Tuesday in what was otherwise a quiet session for Latin American credits. The beleaguered Brazilian oil company confirmed today that it would disclose its long-awaited audited 2014 financials after the close Wednesday, providing more support to bond prices. Petrobras bonds were closing off their highs but spreads were ending tighter, with the 2024s being quoted at 450bp-440bp, tighter on the day by 5bps. The moves were driven…
Ecopetrol Prices EEB, Prepares to Shed Asset
Colombian state oil company Ecopetrol will sell its stake in energy generator Empresa de Energia de Bogota (EEB) for 1,740 pesos ($0.80) a share, raising some $509 million, the government said in a decree on Tuesday. Ecopetrol owns 6.87 percent of EEB, which is controlled by the Bogota municipal government. Though the decree, dated Nov. 13 and seen by Reuters on Tuesday, does not specify a date for the sale, it legally must take place no more than two months from the announcement of the offer. The sale will occur in several phases, the decree said. Ecopetrol must first offer the shares to employees, former workers, retirees, pension funds and unions, according to the law.
Ecopetrol Sets Price in $509m Sale of Stake in Generator
Colombian state oil company Ecopetrol will sell its stake in energy generator Empresa de Energia de Bogota (EEB) for 1,700 pesos ($0.79) a share, raising some $509 million, the government said in a decree. Ecopetrol owns 6.87 percent of EEB, which is controlled by the Bogota municipal government. Though the decree, dated Nov. 13, does not specify a date for the sale, it legally must take place no more than two months from the announcement of the offer. The sale will occur in several phases, the decree said. Ecopetrol must first offer the shares to employees, former workers, retirees, pension funds and unions, according to the law.
Ecopetrol Authorized to Sell $2.15b Bonds Abroad
Colombia's state-controlled oil company Ecopetrol has received authorization from the Finance Ministry to sell up to $2.15 billion of bonds on the international market, the company said in a regulatory filing. Ecopetrol said it had sought the authorization in order to have the option of issuing debt to finance its investment plan, but did not say if or when it would carry out such transactions. "This authorization does not constitute in itself an issuance of bonds or a financing operation," Ecopetrol said in a filing to the financial market regulator late on Thursday. The government owns an 88.5 percent stake in the company which produces about two-thirds of Colombia's oil.
Ecopetrol to Sell $573 mln Stake in Colombian EEB
Colombia's Cabinet has authorized state-run oil company Ecotpetrol to sell its 1.1 trillion peso ($573 million) stake in energy generator Empresa Energia de Bogota (EEB), the company said in a statement on Tuesday. Ecopetrol said it would use the money raised by the sale, which was approved by Colombia's cabinet ministers, to finance its investment plan for next year. The company owns 6.87 percent of EEB, which is run by the city of Bogota. "Ecopetrol is disinvesting in non-strategic areas, like the minority share in EEB, to invest in its priority, which is the development of oil and gas, where the investments will be more profitable," Finance Minister Mauricio Cardenas said.
Ecopetrol to Sell Stake in Colombian Energy Generator
Colombia's Cabinet has authorized state-run oil company Ecotpetrol to sell its 1.1 trillion peso ($573 million) stake in energy generator Empresa Energia de Bogota (EEB), the company said in a statement on Tuesday. Ecopetrol said it would use the money raised by the sale, which was approved by Colombia's council of ministers, to finance its investment plan for next year. The company owns 6.87 percent of EEB, which is run by the city of Bogota. EEB shares fell 5.7 percent to 1,650 pesos on Bogota's stock exchange after the announcement. ($1=1,918.62 Colombian pesos) (Reporting by Nelson Bocanegra,; Writing by Julia Symmes Cobb; Editing by Paul Simao)
Sasol, Eni to Undertake Gas-to-Liquids Plant Study
South African petrochemicals group Sasol Ltd will conduct a study to build a gas-to-liquid (GTL) plant in Mozambique, it said on Thursday. Sasol said in a statement it would conduct the pre-feasibility study together with Italian oil and gas group Eni and Mozambique's national oil company, Empresa Nacional de Hidrocarbonetos. The plant would use gas from the Rovuma Basin in Northern Mozambique, and if viable would be the county's first GTL facility. Mozambique has seen a flood of investment into its mining and energy sectors in the last few years by foreigners who want to develop the country's coal and gas reserves.
Chile Says Enap Not Ruled out of New LNG Plant
Chile's energy minister Maximo Pacheco said on Thursday the government has not ruled out the participation of state oil company Empresa Nacional del Petroleo in the development of a new liquefied natural gas terminal. The government expects to make a decision on Enap's participation in the development of what would be Chile's third LNG regasification terminal by the end of 2015, Pacheco said. (Reporting by Rosalba O'Brien and Fabian Cambero; Writing by Anthony Esposito; Editing by James Dalgleish)
Chile Plans to Build New LNG Terminal
President Michelle Bachelet said on Thursday that Chile would build a new liquefied natural gas terminal in the country's central-south region. State oil company Empresa Nacional del Petroleo (ENAP) will participate in the future construction, she said. (Reporting by Santiago bureau, Editing by Franklin Paul)
Ex-Energy Minister to Head Chile State Oil Firm ENAP
Former energy minister Marcelo Tokman will take over as head of Chilean state oil firm Empresa Nacional del Petroleo (ENAP) from May, the country's energy ministry said on Monday. Tokman, who has a doctorate in economics from the University of California, Berkeley, headed the energy ministry for a short time in 2010 under President Michelle Bachelet's previous administration, following a spell running Chile's energy board, where he introduced energy efficiency and renewable energy initiatives. He has also worked as head of Latin American government relations at Danish wind turbine manufacturer Vestas.
