Tullow Oil Plc said an exploration well off Namibia was a dud, damping enthusiasm over a frontier area that’s attracted renewed interest amid oil’s recovery. The Cormorant-1 well in the PEL-37 license found only “non-commercial hydrocarbons,” London-based Tullow said Monday. While disappointing, the announcement was shrugged off by investors who hadn’t pinned hopes on a discovery. Tullow rose…
Africa-focused San Leon Energy swung to a first-half profit after it booked higher interest income from its loan notes. The company said it intended to ‘initially’ return no less than $10m to shareholders through a share buy-back programme, once it had completed a capital reorganisation in October or November. For the six months through June,…
Within the next two months, the Bureau of Public Enterprises (BPE), plans to make public share offerings for some of the privatised state-owned enterprises (SOEs), in which the Federal Government had diluted a significant amount of its equity. Among those scheduled for the IPOs are; Indorama Eleme Petrochemicals Limited; Skyway Aviation Handling Company Limited (SAHCOL),…
Oil prices jumped more than two per cent to a four-year high on Monday after Saudi Arabia and Russia ruled out any immediate increase in production. The refusal by OPEC to raise production negates the call by U.S. President Donald Trump for action to raise global supply. Benchmark Brent crude hit its highest since November…
In a bid to make the mining sector to contribute more to the Gross Domestic Product, the Federal Government has acquired two drilling rigs to be used in the exploration of minerals deposits across the country. At the inauguration of the rigs in Abuja on Monday, the Minister of State for Mines and Steel Development,…
The power supply from the Nigeria Electricity Supply Industry (NESI) at the weekend dropped to 83,570.30mwh (2006mw), according to the Independent System Operator (ISO) of the Transmission Company of Nigeria (TCN). Its operational report of Sunday showed that the industry recorded a peak generation of 4,452mw and lowest generation of 3,041mw on the previous day….
Spot trade remained fairly slow on Monday, as a major industry event in Asia kept activity in Nigerian cargoes subdued, and traders reported little in the way of offers. At the Asia Pacific Petroleum Conference in Singapore, pricing agency S&P Global Platts said it was seeking feedback on possible reforms to its dated Brent price…
The highest production that the Nigeria Liquefied Natural Gas (NLNG) Ltd has delivered to the market in one calendar year is 21Million Tonnes (21MMTPA) and that was achieved in 2017. “From a production stand point, 2017 was our best year. That was the year that we produced the highest volume ever and we delivered 21Million…
Ghana Revenue Authority GRA claims that Oranto Petroleum, the Nigerian owned E&P company, “has been located in Angola and Mozambique”. This “revelation” is in response to a declaration that the company, in partnership with Stone Energy “has still not honoured an outstanding surface rental invoice of $67,438.36 since February 2013”, according to the 2017 report…
The first of the two wells scheduled to set off another round of drilling in Namibia, has come up as a duster. Tullow Oil operated Cormorant-1 exploration well on Petroleum Exploration License 37 (“PEL 37”) offshore the Republic of Namibia encountered non-commercial hydrocarbons. PEL 37 covers 17,295 square kilometers in the Walvis Basin, approximately 420…
