Pura Vida Energy has announced that it is currently in talks with industry partners regarding the farm-out of the Nkembe block, offshore Gabon. According to the company, farm-out discussions are ongoing with partners that are now focused on commercialization of the Loba Complex in the near term. Financing of the forward work program for the Nkembe block relies on securing a farm-in partner...

The International Energy Agency (IEA) in its forecast for September said that a sharp decline in global oil demand growth, together with rising inventories and supply signifies that the crude oil market will be oversupplied through the first six months of 2017. “Our forecast in this month's report suggests that this supply-demand dynamic may not change significantly in the coming months. As a...

CEFC China Energy has entered into a deal to purchase a 35% interest in oil blocks in Chad from Chinese Petroleum Corp (CPC) for the sum of $110 million. According to CEFC company executives, the agreement symbolizes the company’s first concluded transaction in the upstream oil exploration and production as it focuses on establish a vertically combined energy business which will also...

Nigeria spent N595.5 billion on the importation of fuel in the first six months of 2016, an increase of N34.3 billion compared to the amount spent in the last six months of 2015, according to data from the National Bureau of Statistics (NBS). According to the Agency, the country spent N276.226 billion on petrol import in Q1 of 2016 and N319.28 billion in Q2 of this year. The report showed that...

Qatar Petroleum has shown interest in Eni’s Mozambique gas business and might decide to join Exxon Mobil in acquiring a stake as the Italian company looks to sell 5 billion euros of assets over the next two years, according to sources. Eni intends to reduce its stake by 50% in the giant Mozambique gas acreage. Last month Exxon signed a deal that could grant it an operating interest in the...

Eni’s production from the Nooros in the Nile Delta offshore, has hit 700 million cubic feet of gas per day, similar to 128,000 barrels of oil equivalent per day (boed). This production milestone was achieved 13 months after the discovery and ahead of schedule owing to the success of the last exploration wells drilled in the area of Nidoco as well as the drilling of new development...

In Libya, forces loyal to eastern commander Khalifa Haftar, who is against the country’s UN-backed government, on Sunday seized key oil ports, pushing the North African country towards a bigger conflict over oil resources and hindering efforts to resume production. According to Ahmed al-Masmari, a spokesman for Haftar's Libyan National Army (LNA), the forces took control of Es Sider, Ras...

The South Sudanese Government plans to set up a new oil facility in the oil-rich Unity state before end of the year, Petroleum Minister, Ezekiel Lol Gatkuoth has revealed. According to the Minister, ever since conflict broke out in the country in December 2013, South Sudan has only been producing 130,000 barrels of oil per day. This new facility is to be controlled by the Dar Petroleum...

In its Aviation Price Index study, online travel agency kiwi.com ranked Algeria 8th in countries that offer the cheapest flight rates. To produce the study, Kiwi analyzed the rates of more than a million international and national flights to gather data on 75 countries, with as main criteria, the average cost of a plane ticket for a 100 km distance, in low-cost and full-service. It thus...

Kenya’s state owned National Oil Corporation (NOC), is expected to begin 2D seismic survey on Block 14T in October as search for the location to set up camp is ongoing. Situated in the Magadi Basin south of Block 10BB within the tertiary rift sedimentary basin in southern Kenya, the 2D seismic comes after previous activity which includes a 20,000 line km of Full Tensor Gravity Gradiometry...