At the beginning of the week, Brent Crude is trading at $74.55 per barrel, WTI at $65.21 and natural gas at $2.95 per million BTU (at 9:45, 19 June 2018, South Africa). Here are AOP’s top five stories from the last seven days.
SDX Energy makes gas discovery in Egypt
North Africa-focused oil and gas company, SDX Energy has announced a gas discovery in the SD-4X well at the South Disouq Concession in Egypt.
The well was drilled to a depth of 7,806 feet and encountered 89 feet of net conventional natural gas in the Abu Madi horizon.
This discovery comes after SDX Energy that it has spud its SRM-3 appraisal well at South Ramadan in Egypt last week.
Nigeria to supply oil and gas to West Africa
Nigeria and Morocco have signed agreements on a gas pipeline, basic chemicals platform and agriculture cooperation.
The Nigeria Morocco Gas Pipeline is expected to reduce gas flaring in Nigeria and encourage diversification of energy resources in the country.
According to reports, the construction of the pipeline will be phased and based on increasing needs of the countries crossed, and Europe, for 25 years.
Congo-Brazzaville to launch second licensing round
Congo-Brazzaville is set to launch its second bidding round this September.
In a statement, Minister of Hydrocarbons for the Republic of Congo, Jean-Marc Thystère Tchicaya said 18 oil and gas exploration blocks will be on offer, including five in shallow water, five in deep and ultra deep water, and eight in offshore.
The Ministry of Hydrocarbons is welcoming global upstream operators to explore the potential of Central Africa.
$19m for Kenya’s electricity supply
Kenya Power is set to finance various projects in the North Rift region in efforts to increase and maintain power supply.
Receiving $19m funding, the ongoing projects are expected to be completed by the end of 2018.
The projects include the construction of new substations and associated distribution lines and upgrading of existing infrastructure.
North Africa: Total extends TFT gas field license
Sonatrach, Total, Repsol and Alnaft have signed new concession contracts of 25 years to extend the exploitation of the Tin Fouyé Tabankort (TFT) gas condensate field in Alegria.
According to Oil Review Africa, the new contract is awaiting approval by the relevant Algerian authorities and is expoected to give Total a 26.4 percent interest, with Sonatrach and Repsol holding 51 percent and 22.6 percent of interest.