Oil & Gas Industry Newsletter – November
The Organisation of Petroleum Exporting Countries (OPEC) saw a drop in November to a six month low. Total production fell 80 000 barrels a day, marking the lowest level since May this year.
Angola saw the biggest decline this month with a drop of over 100 000 barrels a day from October, with the indication that field maintenance would possibly affect production. Loading programs for November show sharp dips in exports from the country’s Saturno and Girassol grades, while both were set to recover in December.
OPEC as well as some non-members, such as Russia decided to extend their deal to help curb production until the end of next year. This aims to rebalance the market by bringing down global oil inventories to the five-year average.
With Nigeria and Libya exempt from making cuts, 12 other OPEC members who agreed to curb their supply implemented 118 percent of their pledged cuts in November, compared to 110 percent in October.
In Guyana, oil discovery still remains a hot topic where people are optimistically thinking about the flow of billions of dollars into a country where the Gross National Income per capita is at $4,250 – compared to $56,180 in the US. ExxonMobil expects to produce some 2 – 2.5 billion oil-equivalent barrels.
Technology Focus I Africa
A South African company, Legacy Marine Group will be launching a multimillion rand, hi-tech dive support vessel, destined for Angola’s oil and gas industry, from the Port Elizabeth harbour. This will hopefully create meaningful participation for the company in the national governments Operation Phakisa, or oceans economy policy.
Country Focus | Angola
The CEO of Eni, Claudio Descalzi has met with João Gonçalves Lourenço, the President of the Republic of Angola, to discuss activities and initiatives by Eni that can be used to enhance access to energy and socio economic development in the country.
Two additional projects that are currently in the execution phase, Ochigufu and Vandumbu are on track to be launched in the first half of 2018 and 2019. These two projects together with the new submarine pumping system to be launched will possibly add around 54,000 bod to current production levels.
With the focus of promoting Local Content in the 18-member oil and gas producing countries, Luanda will be host to the 2nd Africa Oil & Gas Local Content Conference and Exhibition taking place from the 14 – 16 June 2018. See more info here: www.ametrade.org/alc
Country Focus | Mozambique
Mozambique residents experienced a price fuel hike this months by between 3.2 and 20.8 per cent. Cooking gas, which went up the most, rose from 58.04 meticais (95 US cents) a kilo to 70.11 meticais a kilo, a hike of 20.8 per cent.
The price of a litre of kerosene rises by 3.2 per cent, from 43.32 to 44.73 meticais.
This increase has been necessary due to the price of crude oil rising substantially on the world market. There was also a sharp rise in the international price of domestic gas.
The Government of the Republic of Mozambique & the Ministry of Mineral Resources & Energy, in partnership with AME Trade bring you the 6th Edition of the Mozambique Mining, Oil & Gas and Energy Conference and Exhibition (MMEC 2018).
Request a brochure here
Company Focus| Exxon Mobil
ExxonMobil Exploration and Production Mauritania Deepwater Ltd has signed production sharing contracts with the Government of Mauritania for three deep-water offshore blocks in order to enhance ExxonMobil’s leading global deep-water acreage position.
Blocks C22, C17 and C14 are located an average of 200km offshore Mauritania. Together they measure about 8.4mn acres in water depths ranging from 1,000m to more than 3,500m.
Company Focus| Africa Oil Corp
Africa Oil Corp and Eco Atlantic Oil & Gas Ltd have strategically entered a partnership to explore West Africa and Guyana. A 19.77% shareholding in Eco Atlantic Oil has been acquired by Africa oil, with the purchase of 29.2 million common shares at CA$0.48 (US$0.38) per share for a total consideration of CA$14 million (roughly US$11 million).
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