Upstream

Savannah announced that it had entered into a Share Purchase Agreement (“SPA”) with PETRONAS (E&P) Overseas Ventures SDN. BHD. (“PETRONAS”) to acquire PETRONAS’ upstream and midstream asset portfolio in Chad and Cameroon. Completion of the proposed acquisition remained subject to satisfaction of certain conditions precedent which have not yet been satisfied, and Savannah and PETRONAS have, therefore, mutually agreed to ...

Savannah Energy PLC says it has completed acquisition of ExxonMobil’s entire upstream and midstream asset portfolio in Chad and Cameroon, including operatorship of the upstream assets (through the acquisition of the former operator, Esso Exploration and Production Chad, Inc.) Savannah is also announced the publication of a Supplemental Admission Document in relation to the ExxonMobil Transaction. This follows Savannah’s 13 ...

Nigeria Crude oil Production Recovering Moves Up 70 Percent from 973,000 to 1.6 Million BPD in two Months from September to this early December 2022.Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Bala Wunti, said this at the 11th Practical Nigerian Content forum in Uyo, Akwa-Ibom state on Tuesday. According to him, Nigeria’s oil production as of Tuesday was ...

One week after the presidential flag off of the Kolmani drilling, the Nigerian National Petroleum Company Limited (NNPC) yesterday sealed a $1.4 billion external project finance agreement jointly arranged by Standard Chartered Bank UK and the United Bank for Africa for the funding of the Kolmani Integrated Development project. The agreement was sealed under the NNPC Limited/Chevron Nigeria Limited Joint ...

Shell Nigeria Exploration and Production Company Limited (SNEPCo), has completed the 2022 Turnaround Maintenance (TAM) of the Bonga floating production storage and offloading vessel (FPSO) . The 225,000 capacity FPSO was shut down on October 18, 2022 to carry out statutory inspections, recertifications and other critical asset integrity restoration activities. The 2022 TAM which was originally planned for 30 days ...

Solution to business, enterprise and governance hurdles in Africa will top the agenda at Platforms Africa’s forthcoming continental forum in Lagos, Nigeria’s commercial capital. Team Lead of Platforms Africa, Adeola Yusuf, who, according to a statement, said this at the unveiling of the official flier for the event in Lagos, maintained that the forum coming up on Monday, November 21, ...

Nigeria’s crude oil production rose above one million barrels per day for the first time since July this year, figures released by the Nigerian Upstream Petroleum Regulatory Commission on Thursday showed. Oil production in Nigeria kept crashing since last year due to massive theft in the Niger Delta, leading to humongous financial losses for the country and the exit of ...

The Nigerian National Petroleum Company Limited and Addax Petroleum Company signed an asset transfer agreement on Tuesday to bring an end to the dispute surrounding Oil Mining Leases 123/124 and 126/137. NNPC’s Chief Finance Officer, Umar Ajiya, signed the agreement on behalf of his company, while the Managing Director for Addax, Yonghong Chen, signed for the oil firm. With the ...

The Federal Government is set for another bid round as seven deep water oil blocks has been marked for auction. The chief executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe said the bid may kick start next month November. The Government issued dozens of such permits between 1993 and 2007 to open up the ocean floor to oil ...

Despite a wave of support for carbon neutrality goals, banks, insurers, asset managers and owners are still struggling to make concrete commitments to transition away from fossil fuels. However, financing for fossil fuels has declined for the second year in a row. This formed one of the key takeaways identified in the Global Synthesis Report on Climate Finance 2022. Climate ...