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Ugandan oil companies have caved in to pressure and proposed fresh dialogue to resolve the current standoff with the government, a month after suspending all technical activities in Uganda’s budding oil and gas sector. Research Analyst at Crested Capital, Oscar Emasu joins CNBC Africa for more.

Oil firms to resume operations after long halt over capital gains tax

Cape Town is set to host a record-breaking 29 global ministers at the 26th Africa Oil Week (AOW) summit this November. The event will act as a platform for governments to lay-out national strategies, issue licences, finalise tenders and find new partners. AOW Director of Government Relations and Strategic Partnerships Paul Sinclair commented “this year is a watershed moment for ministerial participation in AOW. We have witnessed a growing appetite at government level for the mutual exchange of ideas, energy diplomacy and the forging of new partnerships that will drive forward Africa’s social and economic development and energy security – actions which are increasingly necessary given the transformational era in which we are living.”  



The summit comes at a turning-point for
South Africa in its energy journey. In the wake of Total’s first significant
deep-water oil find in the country earlier this year, and the recent purchase of
offshore exploration blocks by Shell, politicians are preparing for further oil
and gas investment, which could be instrumental in improving the country’s
shaky economic outlook.



Gwede Mantashe, Minister of Mineral
Resources and Energy, will lead the South African national delegation. Western
Cape Minister for Finance and Economic Opportunities David Maynier and Premier
Alan Winde will seek to promote their province to global investors in the
event’s new South Africa Showcase day. 



Among those attending Africa Oil Week for
the first time is Somali Minister of Energy, Abdirashid Mohamed Ahmed. Following
the signing of a new Petroleum Law and Revenue Sharing Agreement in May, and
the unveiling of the country’s first ever offshore licensing round (15 blocks
covering 75,000 sq. km), the Horn of Africa nation is keen shake off past woes and
demonstrate that it is open for business. Mr Ahmed commented, “this year is a
landmark in the development of Somalia’s natural resources…the Ministry has
worked successfully with the federal member states to create an equitable and
transparent framework to develop natural resources for the greater good of
Somalia”.&nbsp; 



As well as emerging players, the summit
will host established producers, including Algeria’s Energy Minister Mohamed
Arkab. After a period of upheaval for the North African nation, Algeria is now
ready to cement itself as a global energy powerhouse. It currently has the
10th-largest proven gas reserves in the world – which will prove instrumental
in the global push towards LNG as a cleaner fuel. Since his appointment, Mr
Arkab has prioritised the drafting of a new petroleum law, as well as
committing to modernise the country’s oil and gas infrastructure. Communicating
these changes will be Mr Arkab’s top priority at Africa Oil Week, where he will
participate in a live CNBC Africa Ministerial Panel alongside his counterparts
from Tunisia, Equatorial Guinea and Uganda. 



Alongside a roster of African governments, Africa
Oil Week will have global presence from the US and UK governments, with
delegations led by Steven Winberg, US Assistant Secretary for Fossil Energy and
Emma Wade-Smith, Her Majesty’s Trade Commissioner for Africa. In the wake of
the recent post-Brexit trade continuity agreement with the Southern African
Customs Union (SACU) and Mozambique, the UK’s Department for International
Trade is looking to cement relations with Africa and become a leading trade
partner to the continent. Mr Sinclair added “we are pleased to host our first
international pavilion at AOW and hope to continue a fruitful partnership with
the United Kingdom long into the future”. 



To learn more about Africa Oil Week and see the full list of attending ministers, visit <a href="http://www.africa-oilweek.com">www.africa-oilweek.com</a>.



Content provided by Africa Oil Week

Ministers from Africa’s largest oil and gas producers will gather in Cape Town to lay out the continent’s future energy roadmap

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.



“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.



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.



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%.



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



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.



The project is expected to come into production by 2024.



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.



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



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



Reporting by Sudip Kar-Gupta; Editing by Raissa Kasolowsky

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

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The United Nations Special Rapporteur on the Rights to Adequate Housing, Leilani Farha, wants the Nigerian government to impose taxes on vacant homes in order to address the housing situation in the country. To explore this, Temitope Kolade, Manager of Oil, Gas and Power Group at Andersen Tax Nigeria joins CNBC Africa for more.

Nigeria to increase tax bracket in order to fund housing for the less fortunate

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Saturday&#8217;s attacks on Saudi Arabia&#8217;s oil facilities led to a 15 per cent spike in Brent crude prices on Monday. To discuss the wider implications for the global oil market, Rolake Akinkugbe-Filani joins CNBC Africa for more.

What the drone attacks on Saudi oil facilities means for global oil prices

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Uganda is seeking $3.5 billion in private investment to expand its power-transmission network in attempt to curb spending without slowing its economic growth. Also, a $3.5 billion project allowing exports of Ugandan oil via Tanzania will proceed after both countries held talks and met with businessmen. For more on this matter, Research Analyst at Crested Capital, Oscar Emasu joins CNBC Africa for more.

Increased spending potentially widens budget deficit to 8.7% of GDP: Uganda Market Watch

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An entrepreneur on why Ethiopia is one of the continent’s greatest success stories. Ethiopia, along with Rwanda is one of the success stories reached for by economists when they are trying to look on the bright side of Africa economies &#8211; one of the pillars of this growth is oil and gas. Tewodros Ashenafi, YPO Member, Founder and Chairman of SouthWest Holdings joins CNBC Africa for more.

Entrepreneur Ashenafi on why Ethiopia is potentially the fastest growing economy currently

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Since the early 2000s Dubai state has become less reliant on oil as the state set its sights on ambitious economic diversification. The diversification has led the financial center of the United Arab Emirates (UAE) to look to Africa as a potential re-exporting market. To discuss the country&#8217;s economic ambitions in Rwanda, UAE&#8217;s Ambassador to Rwanda, Hazza Mohammed Falah Kharsan Alqahtani joins CNBC Africa&#8217;s Arnold Kwizera for more.

UAE looks to Africa as re-exports market

LAGOS (Reuters) &#8211; Africa’s largest oil refinery will not be finished until the end of 2020 due to problems importing steel and other equipment, executives at Dangote, which is building the facility in the Nigerian commercial hub of Lagos, told Reuters.



Nigeria, Africa’s most populous nation, imports virtually all its fuel due to sclerotic and underutilised refineries, and even the state oil company is looking to the 650,000 barrel per day (bpd) Dangote refinery to help address this. [nL5N1UN5IK]



Price caps force NNPC to import nearly all its gasoline at a significant cost and periodic fuel shortages are common.



Despite the delays at the congested Apapa and Tin Can Island ports in Lagos, a Dangote executive said the company could start using the refinery’s tank farms as a depot to warm up operations.



“We will be able to complete the (refinery) project by the end of next year &#8211; mechanical completion,” said Dangote Group Executive Director Devakumar Edwin, who oversees the project.



The company expects fuel production within two months of completion of the refinery, which could transform Africa’s biggest crude producer from a fuel importer into a net exporter, upending global trade patterns.



Billionaire Aliko Dangote, who built his fortune on cement, first announced a smaller refinery in 2013, to be finished in 2016. Dangote then moved the site to Lekki, in Lagos, upgraded the size and said production would start in early 2020.



Industry sources told Reuters last year that fuel output was unlikely before 2022.



<h3 class="wp-block-heading">TRADING PLAN</h3>



Edwin also said during an interview at his office in Lagos that Dangote is setting up its own trading desk, with a senior team of three people and a staff of roughly 30 who will monitor international commodity prices.



“We are setting up a complete trading desk here with us. In the next three months the full desk will be set up,” he said.



Giuseppe Surace, the refinery’s chief operations officer, said the refinery’s tank farms will be finished this year and could be used as a warm-up for operations.



The tanks will be connected to five “single point mooring buoys” (SPMs), which will allow the refinery complex to pump crude straight into tanks from large ships at sea and pump products back out onto boats of any size.



The SPMs will be the primary method of supplying oil products from the refinery, Surace said, adding that the team were considering using the tanks as training or as a depot before the refinery’s production starts.



“We might do that. We will be ready to do that,” he said, though he added that no decision had been taken yet.



The team is in talks with NNPC, two other international oil companies and two large oil traders, all of whom are interested in supplying crude and buying products, Edwin said.[nL8N2539DB]



Edwin said the crude unit for the refinery, which set sail from China last month, would arrive by the end of October.



The trains at a fertilizer plant on the same site will start up by the end of this year, the executives said.



Reporting by Alexis Akwagyiram; editing by Libby George and Alexander Smith

Here’s why Nigeria’s huge Dangote oil refinery has been delayed until the end of 2020

By Pieter Scribante, Economist and Political Analyst



On July 31, the National Oil Corporation (NOC) declared force majeure on oil production at El-Sharara – Libya’s largest oil field – and on crude oil loadings at the Al-Zawiya port. 



This
was prompted by an illegal pipeline valve closure which hinders oil supply from
El-Sharara to the port. Attempts to reopen the valve and restart production are
being prevented by “a local armed group”, according to a statement by the NOC. 



This
is the second time in less than ten days that the NOC has halted oil production
at El-Sharara, with the previous force majeure being lifted, after only a few
days, on July 23. The production loss equates to an estimated 290,000 bpd or
roughly $19m a day. 



Oil
production has remained remarkably stable over the second quarter despite
events in Tripoli and was recorded at a six year high at an average of
1,155,000 bpd in 2019 Q2 (still well off the pre-2011 revolution average of
around 1.6 mbpd). 



The
second quarter’s production signifies a 19.7% q-o-q increase on the 965,000 bpd
recorded in 2019 Q1 when El-Sharara was closed for three months after being
occupied by protesters. 



Oil
production is currently below 950,000 bpd, the lowest level since February,
according to the NOC. 



NOC
Chairman Mustafa Sanalla stated that “This latest incident only serves to
highlight the fragility of our security environment and the total disregard for
the impact of such acts on the lives of everyday Libyans. The loss of
production at Libya’s largest oilfield severely disrupts power supply to the
grid and the continued funding of basic services. This is most acutely felt by
communities in the South.” 



It is unclear when the force majeure will be lifted, but Akakus Oil Operations, a subsidiary of the NOC, is attempting to reopen so that operations can resume.



<div class="wp-block-image"><figure class="aligncenter is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/08/Libya-graph.png" alt="" class="wp-image-342354" width="341" height="259"/></figure></div>



This
illegal valve closure raises concerns that the ‘unnamed militias’ are either
trying to disrupt oil distribution, thereby reducing the revenue stream of the
Tripoli-based NOC and Government of National Accord (GNA), or they are trying
to bypass them altogether. 



There
were reports of illegal oil sales by the NOC based in the country’s east in May
– which would contravene the 2016 UN Security Council resolution that
designated the Tripoli-based institutions as the sole entities with authority
over the sale of Libyan crude oil – but no further developments or details have
emerged since. 



Whether
these unnamed militias are associated with the Libyan National Army (LNA) is
unclear; what is clear is that the country’s oil production remains at risk. 



Different
armed groups are increasingly likely to take advantage of the security vacuum
left throughout the country, with the LNA spread thin as it tries to take
Tripoli. 



The
group, under the leadership of Field Marshal Khalifa Haftar, continues its
assault on the UN-recognised GNA in the capital. 



The
fighting has claimed the lives of almost 1,100 people since fighting began in
April, according to the World Health Organisation.

Op-Ed: Force majeure declared on Libya’s largest oil field

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Traders say Federal Account Allocation Committee (FAAC) inflows valued at 320 billion naira bolstered market liquidity in Nigeria’s Money Market as the Central Bank of Nigeria auctioned T-bills worth 89 billion naira on Wednesday. Nnamdi Olisaeloka, Fixed Income, Currencies and Commodities Analyst at Zedcrest Capital joins CNBC Africa for more.

FAAC inflows boost market liquidity in Nigeria’s money market

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U.S and China have tentatively agreed to a trade war truce ahead of the G-20 summit scheduled to commence today in Osaka, Japan. Uchenna Minnis, Chief Market Analyst at Eagle Global Markets joins CNBC Africa to discuss expectations for the summit and for a focus on the global oil markets.

Tracking global market expectations from G20 summit

LONDON (Reuters) &#8211; U.S. energy firm Anadarko Petroleum Corp on Tuesday gave the go-ahead for the construction of a $20 billion gas liquefaction and export terminal in Mozambique, the largest single LNG project approved in Africa. 



The announcement, which occurred at an event in Mozambique, was widely expected after Anadarko last month flagged the decision date.



&#8220;As the world increasingly seeks cleaner forms of energy, the Anadarko-led Area 1 Mozambique LNG project is ideally located to meet growing demand, particularly in expanding Asian and European markets,&#8221; Chief Executive Officer Al Walker said in a statement&nbsp;<a href="http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&amp;u=urn:newsml:reuters.com:20190618:nPn4scVtza.">here</a>



Anadarko has agreed to be taken over by Occidental Petroleum Corp. Once that deal goes ahead, Occidental has agreed to sell assets including the Mozambique LNG project to French oil major and large LNG trader Total SA. Officials at Total were not immediately available for comment.



Natural gas use is growing rapidly around the world as countries seek to meet rising energy demand and wean their industrial and power sectors off dirtier coal.



The project, which has committed long-term supplies to utilities, major LNG portfolio holders and state companies around the world, underscores the industry’s conviction that LNG demand will soar in years to come despite a slump in prices this year.



Low prices for the gas that is super-cooled for transportation prompted fears final investment decisions (FIDs) such as Anadarko’s would be delayed or scrapped. But the U.S. company gathered enough long-term buyers to underpin the financing of the project.



“Flexible commercial arrangements, including an innovative co-purchase agreement with Tokyo Gas and Centrica, have been instrumental in securing the project a roster of high-quality customers in a crowded LNG market,” said Frank Harris, head of LNG Consulting at Wood Mackenzie.



LNG prices slumped this year as a jump in supply from new terminals in the United States, Australia and Russia were not totally met by higher demand in Asia.



The trade is also nowhere near as developed as the market for crude oil, causing erratic price movements.



“At $20 billion, today’s FID is the largest sanction ever in sub-Saharan Africa oil and gas,” added Jon Lawrence, an analyst with Wood Mackenzie’s sub-Saharan Africa upstream team.



The project is also expected to be transformational for Mozambique, one of the poorest nations on earth beset by economic crisis, conflict stemming from a civil war and serious governance malaise, whose annual gross domestic product is just $13 billion.



The government of Mozambique said the project is expected to create more than 5,000 direct jobs and 45,000 indirect jobs.



With a 12.88 million tonne per year (mtpa) capacity, Mozambique LNG is one of the largest greenfield LNG facilities to have ever been approved. It involves building infrastructure to extract gas from a field offshore northern Mozambique, pump it onshore and liquefy it, ready for further export by LNG tankers.



On the African east coast, the liquefaction plant will be able to sell LNG to both the lucrative Asian market, home to 75%of global LNG demand, and to the flexible European market, which helps balance global LNG trade by soaking up excess supply.



Mozambique LNG joins other mega-projects approved in the past year such as Exxon Mobil Corp’s 16 mtpa U.S. Golden Pass plant and Royal Dutch Shell Plc’s 14 mtpa LNG Canada facility.



Still expected this year are approvals from Exxon for a 15.2 mtpa project also in Mozambique, and from Russia’s Novatek for its 19.8 mtpa Arctic LNG-2 plant.



Anadarko’s partners in the Mozambique LNG project are Mitsui, Mozambique state energy company ENH, Thailand’s PTT and Indian energy firms ONGC, Bharat Petroleum Resources and Oil India.



Reporting by Sabina Zawadzki in London; additional reporting by Scott DiSavino in New York and Debroop Roy in Bengaluru; Editing by Jan Harvey, Marguerita Choy and Arun Koyyur

U.S. energy firm Anadarko approves $20 bln LNG export project in this African country

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.



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.



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.



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.



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



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



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.



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.



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



Additional reporting by Shadia Nasralla; Editing by Jan Harvey

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…

JUBA (Reuters) &#8211; South Africa will invest $1 billion in South Sudan’s oil sector, including in the construction of a refinery, the South African minister for energy and his South Sudanese counterpart for petroleum said on Friday.
South Sudan’s oil industry is dominated by Asian firms including China National Petroleum Corporation (CNPC), Malaysia’s Petronas and India’s Oil and Natural Gas Corporation (ONGC Videsh).
The two ministers signed a memorandum of understanding which will also involve South Africa taking part in the exploration of several oil blocks, the ministers said.
“When this refinery is complete, it will have the capacity of producing 60,000 barrels of oil per day,” said Jeff Radebe, South Africa’s minister of energy.
Ezekiel Lol Gatkuoth, petroleum minister for South Sudan, said the deal also offers avenues for cooperation in the construction of a pipeline to serve fields located in the south of the country.
South Sudan exports its crude through another pipeline that goes to a port in neighbouring Sudan to the north.
“It is instrumental to have a new a pipeline,” Gatkuoth said.
Reporting by Denis Dumo; writing by Duncan Miriri; Editing bt Mark Potter and Jason Neely

South Africa is investing $1 bln in South Sudan’s oil sector, what you need to know

CAPE TOWN (Reuters) &#8211; BP Southern Africa (BPSA) will invest $1 billion in South Africa in the next five years with more than a quarter of that set aside to upgrade the SAPREF refinery to produce lower sulphur diesel, its chief executive said on Thursday.
The 180,00 barrels per day SAPREF refinery, South Africa’s largest, is a 50:50 venture between Royal Dutch Shell and BPSA, a subsidiary of British oil major BP. The plant is located in the east coast city of Durban.
BP would invest 3.5 billion-4 billion rand ($252 million-$288 million) in the refinery upgrade, Chief Executive Priscillah Mabelane told Reuters, adding that about 40 percent of the total $1 billion investment would go on retail activities.
She said the upgrade would make “sure the refinery can meet the new specifications in terms of low sulphur and Marpol regulations.”
The plant would shut for maintenance from May to June 2019, she added.
The upgrade has been driven by new rules demanding a lower fuel sulphur content and changing customer preferences for cleaner diesel, such as D50 and D10.
Refinery operators have been in long-running talks with government on how to recover costs from upgrading work needed to produce cleaner fuel in South Africa, the continent’s most industrialised economy.
“From an industry perspective we are pushing very hard to ensure that there is policy clarity because we have been on this journey very long, almost a decade,” Mabelane said about the ongoing talks.
Industry players estimated in 2009 that the cost to upgrade to cleaner fuels would be about $4 billion.
Other operators in the sector include Total and Sasol.
Besides upgrading the refinery, Mabelane said BPSA would expand its retail activities in South Africa.
“We are aggressively going to grow our footprint in the country,” she said on the sidelines of an event with retailer partner Pick n Pay to launch a new innovation for a loyalty card that will also work at BP fuel stations nationwide.
BP was looking at opportunities to expand its services in Mozambique, where it is the second largest oil company, Mabelane said. “The market is exciting and dynamic,” she said.
($1 = 13.8783 rand)
Reporting by Wendell Roelf; Editing by James Macharia and Edmund Blair

What you need to know about BP’s plans to invest $1 bln in South Africa

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A recent report by PwC estimates that Africa&#8217;s total energy demand will increases by about 60 per cent by 2030. Chris Bredenhann, Oil and Gas Advisory Leader at PWC join CNBC Africa for an outlook of Africa’s oil and gas industry.

oil

Oil firms to resume operations after long halt over capital gains tax

Ministers from Africa’s largest oil and gas producers will gather in Cape Town to lay out the continent’s future energy roadmap

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

Nigeria to increase tax bracket in order to fund housing for the less fortunate

What the drone attacks on Saudi oil facilities means for global oil prices

Increased spending potentially widens budget deficit to 8.7% of GDP: Uganda Market Watch

Entrepreneur Ashenafi on why Ethiopia is potentially the fastest growing economy currently

UAE looks to Africa as re-exports market

Here’s why Nigeria’s huge Dangote oil refinery has been delayed until the end of 2020

Op-Ed: Force majeure declared on Libya’s largest oil field

FAAC inflows boost market liquidity in Nigeria’s money market

Tracking global market expectations from G20 summit

U.S. energy firm Anadarko approves $20 bln LNG export project in this African country

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…

South Africa is investing $1 bln in South Sudan’s oil sector, what you need to know

What you need to know about BP’s plans to invest $1 bln in South Africa

Africa’s total energy demand to increase by 60% by 2030 – PWC

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oil

Oil firms to resume operations after long halt over capital gains tax

Ministers from Africa’s largest oil and gas producers will gather in Cape Town to lay out the continent’s future energy roadmap

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

Nigeria to increase tax bracket in order to fund housing for the less fortunate

What the drone attacks on Saudi oil facilities means for global oil prices

Increased spending potentially widens budget deficit to 8.7% of GDP: Uganda Market Watch

Entrepreneur Ashenafi on why Ethiopia is potentially the fastest growing economy currently

UAE looks to Africa as re-exports market

Here’s why Nigeria’s huge Dangote oil refinery has been delayed until the end of 2020

Op-Ed: Force majeure declared on Libya’s largest oil field

FAAC inflows boost market liquidity in Nigeria’s money market

Tracking global market expectations from G20 summit

U.S. energy firm Anadarko approves $20 bln LNG export project in this African country

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…

South Africa is investing $1 bln in South Sudan’s oil sector, what you need to know

What you need to know about BP’s plans to invest $1 bln in South Africa

Africa’s total energy demand to increase by 60% by 2030 – PWC

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