Australian Firm Finds Oil, Gas in Zimbabwe
Zimbabwe's President Emmerson Mnangagwa said on Thursday that Australia's Invictus Energy had found oil and gas deposits in the northern Muzarabani area of the country.Invictus Energy has agreed to enter a production sharing arrangement with Zimbabwe once the project reaches commercial production, Mnangagwa said."Government of Zimbabwe will work very closely…
Angola's Sonangol Settles Cobalt Energy Dispute with $350 mln Payment
Angola's state energy firm Sonangol said on Friday it made a $350 million payment this month to Cobalt International Energy to settle a dispute over oil block sales.Cobalt had filed arbitration requests last year seeking in excess of $2 billion due to the impact of failed extension talks on its attempts to sell offshore blocks 20 and 21 in Angola.Sonangol said in December the two companies had agreed on a settlement of $500 million.
Botswana to sell struggling Chinese-built power plant
Botswana will sell a 600 megawatt Chinese-built power plant after persistent technical problems since it was commissioned in 2012, the country's state electricity firm said on Saturday. Botswana's Morupule B coal-fired power station, built by the China National Electric Equipment Corporation at a cost of $970 million, has often broken down, leading to a reliance on diesel generators and imports from South Africa.
Angola Halves Growth Forecast, Cuts Spending as Oil Price Bites
Angola has halved its 2016 economic growth forecast and slashed government spending as lower oil prices hammer state revenues in Africa's largest crude exporter, the finance ministry said on Monday. Sub-Saharan Africa's third-largest economy will grow 1.3 percent this year, compared with a previous forecast of 3.3 percent, the finance ministry said in a statement.
Angola's State Oil Firm Finds Offshore Reserves
Angola's state oil company Sonangol said it has found oil and gas reserves in the Kwanza basin that could total 2.2 billion barrels of oil equivalent, including in a block it jointly owns with BP. Block 24, operated by BP, holds an estimated 280 million barrels of condensate and 8 trillion cubic feet of gas, totalling 1.7 billion barrels of oil equivalent, Sonangol said in a statement seen by Reuters on Thursday.
South Africa to Start Shale Gas Exploration in Next Year
South Africa will give the green light in the next 12 months to companies looking to explore for shale gas under the semi-arid Karoo basin, the government said on Tuesday, more than six years after firms such as Shell applied for licences. Royal Dutch Shell, Falcon Oil & Gas and Bundu Gas & Oil are among five companies which have applied for exploration licences being reviewed by South Africa's Petroleum Agency, the regulator said on Tuesday.
Zambia Hikes Electricity Rates for Mining Companies
Zambia increased the price of electricity for mining companies by 26 percent this year as Africa's second-largest copper producer seeks to attract investment in power generation, mining industry sources said. The ministry of energy told mining companies they will pay 10.35 U.S. cents per kilowatt hour from January 1, up from 8.20 cents per kilowatt hour previously, one mining industry source told Reuters.
China to Loan South Africa's Power Firm Eskom $500 mln
China will loan South Africa's struggling power utility $500 million as part of deals agreed on Wednesday between the two countries worth 94 billion rand ($6.5 billion), the South African government said. China will also help to build a car manufacturing plant on South Africa's coast which should begin exporting vehicles to other African countries by the end of 2017. (Reporting by Joe Brock)
Glencore, Vedanta Struggle Over Zambia Copper Mines Cuts
Glencore and Vedanta Resources' plans to slash costs at unprofitable copper mines in Zambia are facing strong resistance from the government and trade unions. The Confederation of Trade Unions of Zambia President Joe Kamutumwa said on Wednesday that Mopani Copper Mines, owned by Glencore, should be forced to surrender its mines to the government if the company pursues a plan to lay off workers.
Nigeria Arrests Oil Tycoon
Nigeria has arrested the chairman of a local oil firm, a security official said on Tuesday, as part of a widening graft investigation in Africa's biggest petroleum producer that has also netted former oil minister Diezani Alison-Madueke. Days after British police detained Alison-Madueke, one of Africa's most powerful women, the official said Nigeria's Economic…
Shell Declares Force Majeure on Nigerian Bonny Oil Exports
Royal Dutch Shell's Nigeria operation has declared force majeure on its Bonny Light crude oil exports after shutting down two key pipelines due to a leak and oil theft, the company said on Thursday. Shell said in a statement it had closed the Trans-Niger Pipeline due to a leak and the Nembe Creek Trunkline to repair damage caused by oil thieves. (Writing by Joe Brock)
Sonangol Wants Bids for 10 Onshore Blocks
Angola's state oil firm Sonangol on Monday requested prequalified bidders to submit bids for ten onshore oil blocks as Africa's second largest crude exporter aims to open up new exploration opportunities. U.S. oil major Chevron, Italy's ENI, commodities trader Glencore and Portugal's GALP were among the prequalified companies who could operate the blocks, Sonangol said in a press release. Bid proposals must be submitted by September 18.
Zambia to Import Power, Build New Plants to Stem Shortages
Zambia will begin importing power and push forward with construction of new generation plants to stem electricity shortages that threaten mining output, government spokesman Chishimba Kambwili said on Monday. Zambia's cabinet authorised state-run power company Zesco to import of 100 megawatts (MW) of electricity to ease a power deficit of 560 MW, Kambwili said in a statement.
Angolans Resentful as China Tightens Grip
Lower crude price hammered Angola's economy. When a halving of oil prices left a gaping hole in Angola's finances this year, it became clear sub-Saharan Africa's third largest economy needed help fast - and President Jose Eduardo dos Santos knew exactly where to turn. But the multi-billion dollar loans he signed with China last month have angered Angolans who…
Eskom Expands Power Cuts to 2,000 MW
South Africa's Eskom will expand power cuts to 2,000 megawatts on Thursday, the power utility said on its Twitter account. The rolling blackouts are due to finish at 2200 (2000 GMT). (Reporting by Joe Brock; Editing by Ed Stoddard)
Angola to Auction 15 Offshore Blocks
Angola will this year auction 15 new oil blocks in the ultra-deep offshore waters where most of its current oil production comes from, while rights to explore 10 onshore blocks will also be issued, the state oil company said on Friday. Africa's second largest crude exporter and key supplier to China pumped 1.67 million barrels per day (bpd) last year, down 2.6 percent on the previous year, Sonangol said. Reporting by Joe Brock
Siemens Turbines to Run S. Africa Wind Farms
Siemens will supply and install turbines for a 9 billion rand ($770 million) project to build three wind farms in South Africa with a combined capacity to generate 360 megawatts of power, it said on Wednesday. Africa's most advanced economy is battling chronic energy shortages that are pushing its government to seek alternative sources of energy from its fleet of coal-powered stations that take much longer to build than wind farms.
Angola Plans to Cut 2015 Budget Oil Price to $40/bbl
Angola's cabinet has asked parliament to revise down the oil price assumption in the 2015 budget to $40 per barrel from its earlier projection of $81 per barrel, due to tumbling crude prices, the finance ministry said. The oil price assumption cut would slash $14 billion from the budget, said a statement by the finance ministry seen by Reuters on Monday. The national assembly has until the end of next month to approve the changes…
Shell Resuming Nigeria EA Oil Production
Royal Dutch Shell said on Thursday it had resumed production of Nigerian EA crude oil and lifted its force majeure on the grade after completing repairs to a mooring platform. Shell shut down output on June 12 after weather damage to its platform, the company said. The EA field is located south west of Warri in water depths of around 25 meters. Reporting by Joe Brock
China Loaning Sonangol Billions for Oil Projects
China's Sinopec has joint venture with Sonangol; Angola cash-strapped after oil price slump. China will lend Angola's Sonangol $2 billion to expand oil and gas projects, the state energy company said, helping to cement Beijing's influence in Africa's second-largest oil producer. The Chinese funds will provide welcome relief for Angola, which has been hit by a nearly halving of oil prices since June…
