
<p>PARIS (Reuters) &#8211; French oil major Total has completed the acquisition of Anadarko’s 26.5% stake in Mozambique’s liquefied natural gas project for $3.9 billion, Total said on Monday, in a deal expected to raise much-needed revenue for Mozambique.</p>



<p>“Mozambique LNG is a one of a kind asset that perfectly fits with our strategy and expands our position in liquefied natural gas,” Total chairman and CEO Patrick Pouyanne said in a statement.</p>



<p>Anadarko has agreed to be taken over by Occidental Petroleum Corp. Anadarko led a liquefied natural gas project in Mozambique, but was replaced by Total after the French oil major agreed to buy Anadarko’s African assets for $8.8 billion as part of the Occidental takeover.</p>



<p>Total will be the main operator of Mozambique LNG with a stake of 26.5%. ENH Rovuma Área Um, S.A. will own 15%, Mitsui E&amp;P Mozambique Area1 Ltd will hold 20%, ONGC Videsh Ltd, Beas Rovuma Energy Mozambique Limited and BPRL Ventures Mozambique B.V. will all each have 10%, while PTTEP Mozambique Area 1 Limited will have 8.5%.</p>



<p>Total said closing operations for Anadarko assets in Algeria, Ghana and South Africa were still ongoing.</p>



<p>It added that nearly 90% of the Mozambique LNG production has already been sold through long-term contracts with key LNG buyers in Asia and in Europe.</p>



<p>The project is expected to come into production by 2024.</p>



<p>The Mozambique government is targeting $880 million in capital gains tax from the takeover of Anadarko Petroleum by Occidental, local newspaper O Pais reported last week.</p>



<p>Mozambique’s economy has been hobbled by a debt scandal in recent years, which prompted donors to cut off funding and deterred investors.</p>



<p>The southern African nation is banking on its massive natural gas reserves to lift millions out of poverty.</p>



<p>Reporting by Sudip Kar-Gupta; Editing by Raissa Kasolowsky</p>


Oil major Total has completed the purchase of Anadarko’s Mozambique LNG asset, what you need to know


<p>YENAGOA (Reuters) &#8211; A gas pipeline in Nigeria’s Delta state was shut down on Friday following a breach, according to state oil company NNPC and local authorities.</p>



<p>Locals in Otu-Jeremi in Ughelli South area of Delta state reported an explosion on the pipeline, though NNPC said the pipeline was shut down following a leak. Police said they were investigating the situation.</p>



<p>Two local residents said there was an explosion.</p>



<p>“NPDC are saying that it was a rupture and not fire, but my men have gone there to find out,” said Adeyinka Adeleke, a senior police officer in Delta state.</p>



<p>NNPC spokesman Ndu Ughamadu said the company had ordered the pipeline closed following a leak and that repair works would commence soon.</p>



<p>The pipeline flows from Oil Mining License 34, which is owned by Nigeria Petroleum Development Co, a subsidiary of NNPC, and Nigerian company ND Western.</p>



<p>OML 34 produces an average of 390 million standard cubic feet per day of gas, and 17,000 barrels per day of oil and condensates.</p>



<p>Gas processed from the field goes into the Escravos-Lagos Pipeline, which feeds Egbin power plant, the largest in Nigeria.</p>



<p>Reporting by Tife Owolabi in Yenagoa; writing by Libby George; Editing by Leslie Adler</p>


A gas pipeline in Nigeria’s Delta state has been shut down, here’s why

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<p>OPEC agreed to extend production cuts by nine months after several members endorsed the move aimed at supporting oil prices amid a weakening global economy. The deal will take effect once non-OPEC allies give their approval at a meeting scheduled to hold today. Oyeyemi Oke, Oil and Gas Lawyer and Partner at A02 Law joins CNBC Africa to discuss this and other stories impacting the global oil market.</p>


OPEC agrees to extend production cuts by nine months

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<p>Brent futures recorded its biggest weekly price decline last week as trade tensions between the U.S and China continue. Edward Voelcker, Independent Advisor on Oil and Gas joins CNBC Africa from London to discuss the dynamics at play in the global oil market.</p>


Oil suffer worst weekly performance amid trade turmoil


<p>LONDON (Reuters) &#8211; BP and its partners have given the green light for the development of a large gas project off the coast of Mauritania and Senegal, a first for the two West African nations.</p>



<p>The Greater Tortue Ahmeyim development, Africa’s deepest at 2 kilometres below the sea’s surface, will consist of a complex floating vessel with a plant to super-chill natural gas into liquid, BP said in a statement.</p>



<p>This is the second major LNG project to get the go-ahead this year as energy companies bet on a sharp rise in gas demand, with rival Shell also deciding to press on with the development of a plant in western Canada.</p>



<p>The Tortue floating liquefied natural gas (FLNG) facility will produce 2.5 million tonnes of LNG per year. The field holds total gas resources estimated at around 15 trillion cubic feet.</p>



<p>Work on the project will begin in the first quarter of 2019, and first gas is expected to be produced in 2022.</p>



<p>The Tortue go-ahead was given after the governments of Mauritania and Senegal reached an agreement over the sharing of production from the development.</p>



<p>BP is the project’s operator, with a 60 percent stake in the development in Senegal and 62 percent in Mauritania. Other partners include Kosmos Energy, with a 30 percent stake in Senegal and 28 percent in Mauritania.</p>



<p>Societe des Petroles du Senegal (PETROSEN) and Societe Mauritanienne Des Hydrocarbures et de Patrimoine Minier (SMHPM) each hold a 10 percent stake on their side.</p>



<p>BP’s trading arm has been selected as the sole buyer of the project’s LNG.</p>



<p>Additional reporting by Shadia Nasralla; Editing by Jan Harvey</p>


The development of a large gas project off the coast of these West African countries given green-light by BP, what you need to know…

<p>Anmar Frangoul</p>
<p>Source: <a href="https://www.cnbc.com/2018/11/26/solar-plant-to-provide-energy-to-oilfield-in-algerian-desert.html">Solar plant to provide energy to oilfield in Algerian desert</a></p>
<ul>
<li>The facility is located in the Bir Rebaa North field in the Algerian desert.</li>
<li>Eni has been present in Algeria since 1981. </li>
<li>It has also signed an agreement to build an advanced research and development laboratory in Algeria. </li>
</ul>
<p><img loading="lazy" decoding="async" src="https://cdn.cnbcafrica.com/wp-content/uploads/2018/11/26170239/105592206-1543232762069gettyimages-867079400.1910x1000.jpeg" alt="ITALY-BUSINESS-ENI-LOGO" height="1000" width="1910" data-licensor-name="Marco Bertorello  | AFP | Getty Images"/></p>
<p>Italian energy firm Eni and Algeria&#8217;s state-owned Sonatrach have inaugurated a 10-megawatt solar plant that will provide clean energy to an oil field. The facility is located at the Bir Rebaa North (BRN) field in the Algerian desert.   &#8220;This is a further step forward in the strategic expansion of our renewable energy activities in Algeria, starting with this site as a showcase for solar technologies,&#8221; Eni CEO Claudio Descalzi said in a statement Sunday.  &#8220;This plant shows the commitment of Eni in implementing a decarbonization plan for long-term business sustainability, which is based on carbon impact reduction through the progressive implementation of renewable energy projects,&#8221; Descalzi added.  Eni, which has been present in Algeria since 1981, said in a statement it had signed an agreement with Sonatrach to undertake the building of an &#8220;advanced research and development laboratory&#8221; at the BRN location. This lab will, Eni added, test solar and hybrid technologies in a desert environment.  The businesses have also signed an agreement to set up a joint venture &#8220;fully dedicated to Algeria&#8217;s renewable energy sector.&#8221; The partnership aims to install and operate solar power facilities at the production sites of both Sonatrach and Eni.</p>


Solar plant to provide energy to oilfield in Algerian desert

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<p>Shoreline Natural Resources recently announced a new $530 million-dollar financing in the Nigerian upstream sector. The company plans to use the funds to refinance its existing debt, enable additional investment in the further development of OML30.</p>


Nigeria’s Shoreline in $530mn deal to boost oil output

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<p>Joining CNBC Africa to take a look at the latest trends in the oil and gas sector is Chris Bredenhann, Oil and Gas Advisory Leader, PwC Africa.</p>


Where oil is headed after Opec deal

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<p>Nigeria&#8217;s government plans to move the country to an oil and gas based industrial economy through its newly approved national gas policy.</p>


oil and gas

Oil major Total has completed the purchase of Anadarko’s Mozambique LNG asset, what you need to know

A gas pipeline in Nigeria’s Delta state has been shut down, here’s why

OPEC agrees to extend production cuts by nine months

Oil suffer worst weekly performance amid trade turmoil

The development of a large gas project off the coast of these West African countries given green-light by BP, what you need to know…

Solar plant to provide energy to oilfield in Algerian desert

Nigeria’s Shoreline in $530mn deal to boost oil output

Where oil is headed after Opec deal

Nigeria’s new gas policy

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oil and gas

Oil major Total has completed the purchase of Anadarko’s Mozambique LNG asset, what you need to know

A gas pipeline in Nigeria’s Delta state has been shut down, here’s why

OPEC agrees to extend production cuts by nine months

Oil suffer worst weekly performance amid trade turmoil

The development of a large gas project off the coast of these West African countries given green-light by BP, what you need to know…

Solar plant to provide energy to oilfield in Algerian desert

Nigeria’s Shoreline in $530mn deal to boost oil output

Where oil is headed after Opec deal

Nigeria’s new gas policy

News Tips

Advertise With Us

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