“It’s running into billions of dollars”, a source said.
* Banks to respond with loan terms in 3-4 weeks;
* Gas reserves are one of biggest finds in a decade;
* Multi-billion dollar contracts agreed in recent months;
* Projects could transform war-torn Mozambique.
Italian oil firm Eni has approached banks for billions of dollars to finance a huge offshore gas development in Mozambique, a significant step in getting a long-delayed project off the ground, the company and sources said. Continue Reading
The Tete Province in Mozambique hosts major coal resources
The Coal India Limited Group (CIL) has asked the government of Mozambique for alternative coal blocks because it has not found coal in the blocks it was given as a concession a few years ago, the president of the group told Indian newspaper the Economic Times. Continue Reading
CLN trains transporting Vale coal to Nacala-a-Velha Terminal
Coal prices on international markets have more than doubled since the beginning of the year, allowing mining projects to resume and improving the prospects for infrastructure projects in Mozambique. Continue Reading
Egypt Government approves O&G agreements
Egypt’s government has approved five oil and gas exploration agreements, according to the country’s Petroleum Minister Tarek El Molla.
Four of the deals are for exploration offshore the country and were signed between EGAS and four foreign firms: BP, Edison, ENI, and Total. The fifth deal was signed between EGPC and local firm Trident Petroleum. The deal approves Trident’s drilling in the Gulf of Suez
Nigerian militant group Niger Delta Avengers says that it attacked the Bonny crude export line.
The Niger Delta Avengers militant group has claimed responsibility for an attack on the Bonny crude oil export line. Continue Reading
Oil & Gas Industry
Regulations imposed on the banking industry during the current downturn in oil prices was a key factor in the number of exploration and production (E&P) bankruptcies, money lenders say. Continue Reading
Photo courtesy of Tullow Ghana Ltd
Tullow Oil plc announced Friday that hull and machinery insurance cover has been confirmed for the FPSO Kwame Nkrumah by its reinsurers, following the failure of the turret bearing earlier this year. Continue Reading