According to the Canadian player, the acquisition is structured as an initial purchase of 49% of the issued and outstanding shares of Giraffe from Crown Energy for a cash consideration of $2 million, which the firm proposes to fund from resources on hand. 

However, Sintana also retains an option to boost its ownership of Giraffe up to 67% anytime over the five years following closing based on the shares issued and outstanding at the time of the option exercise for an additional cash payment of $1 million. 

This acquisition is subject to the satisfaction of various closing conditions and the receipt of all applicable approvals, including the approval of the TSX Venture Exchange. The National Petroleum Corporation of Namibia (NAMCOR) is currently the operator of PEL 79 with a 67% interest.

A statement on Tuesday by the Ministry of Finance explained that the guidelines, a cornerstone of the Presidential Directives, are aimed at enhancing the Nigerian oil and gas sector’s global competitiveness while stimulating economic growth.

Accordingly, the Minister of Finance, Wale Edun, presided over the signing of guidelines at the Ministry’s headquarters in Abuja.

It revealed that the Presidential Directives were developed and coordinated by the Special Adviser to the President on Energy, Mrs. Olu Verheijen, to ensure a competitive framework for the Nigerian oil and gas industry.

“These consolidated guidelines for the fiscal incentives are based on extensive collaboration across Finance and Petroleum Ministries and involve several key regulatory bodies, including the Federal Inland Revenue Service, the Nigerian Upstream Petroleum Regulatory Commission, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority,” part of the statement read.

According to Verheijen, these new measures have been designed to deliver a competitive internal rate of return for oil and gas projects and attract over $10 billion in new investments within the next 12–18 months.

“They also underscore Nigeria’s commitment to reaching its long-term oil production target of 4 million barrels per day while enhancing the reliability of gas supply to boost export earnings and fuel Nigeria’s industrialization,” she said.

Verheijen disclosed that among the guidelines signed was the NUPRC Guideline on Hydrocarbon Liquid Content in a Non-Associated Gas (NAG) Field, which is essential for accurately categorizing and quantifying the hydrocarbon liquid content in these fields.

Edun emphasized, “Our goal is to foster an environment that promotes international competitiveness, attracting foreign direct investment to the sector.

Egypt set a target to increase crude oil production by about 9 percent during FY2024/2025, to reach 637 thousand barrels per day, up from 580 thousand barrels currently.

This expansion in production is in line with the government’s efforts to reduce the reliance on imported petroleum products and alleviate the scarcity of foreign currencies.

These investments will be directed towards oil development and exploration activities, with a focus on the Western Desert and the Gulf of Suez regions.

One notable project is the North Safa field, operated by the UAE company Dragon Oil. It represents the largest oil discovery in the Gulf of Suez region, boasting a reserve of over 95 million barrels.

Dragon Oil has committed a total investment of $200 million to develop and produce oil from this field.

In February, Minister of Petroleum and Mineral Resources, Tarek El Molla, announced Egypt’s target to raise foreign investments in the oil and gas sector by approximately 25 percent in FY2024/2025. The aim is to reach $7.5 billion, surpassing the anticipated $6 billion in FY2023.

These projects are strategically positioned to enhance energy supply across the region, supporting the diversification of the energy mix to help ensure a stable electricity supply, including critical mining operations.

Three of the projects are in South Africa, including a Risk Mitigation Independent Power Producer Programme (RMIPPP) project in the Northern Cape and two private sector projects to supply electricity for mining operations in the Northern Cape and Limpopo regions that will provide energy self-sufficiency and contribute to the country’s economic growth.

The fourth project in Zimbabwe is phase 1 of the 185 MW Zimplats solar plant, a private-sector project dedicated to providing essential power for the Zimplats platinum mining operation that is expected to begin producing power by the end of May 2024.

These solar projects represent collaborative efforts between private entities, government agencies, and energy stakeholders. As Southern Africa continues to prioritise sustainable development, these investments underscore the critical role of reliable power supply in driving progress.

With GameChange Solar’s newly announced training and service centre for its Genius Tracker products in South Africa, the awarded projects reaffirm GameChange Solar’s commitment to advancing renewable energy solutions and supporting Southern Africa’s sustainable development.

Derick Botha, CCO of GameChange Solar, highlights the transformative potential of utility-scale solar projects in Southern Africa, particularly in South Africa. He emphasises the role of solar in addressing the region’s energy crisis and facilitating the shift from fossil fuels to clean energy. Botha expresses pride in GameChange Solar’s local team and its Cape Town training and service centre, dedicated to supporting the growth of solar energy in the region.

The project involves the construction of a 25 MW solar power plant at the Donsin airport site, located in the council of Loumbila in central Burkina Faso. Additionally, a 5 MW/20 MWh battery electricity storage system will be installed.

This initiative underscores Burkina Faso’s commitment to enhancing its energy security and expanding its domestic generating capacity. By increasing its generating capacity through renewable energy sources like solar power, Burkina Faso aims to reduce its reliance on imported electricity.

Currently, a significant portion of Burkina Faso’s electricity, around 220 MW, is imported. This project aligns with the country’s objective to bolster its energy self-sufficiency and reduce dependency on external sources.

Burkina Faso stands out as a top solar energy producer in West Africa, boasting an installed capacity of 92 MWp, surpassing neighbouring countries like Mauritania, Ivory Coast, and Mali. The completion of the Donsin solar power plant is set to strengthen Burkina Faso’s standing in the renewable energy sector.

According to the East African, Abdi confirmed the recent assertion by a Turkish official about a plan for a deep-sea oil operation by 2025.

Abdi affirmed the agreement with Turkey, confirming that seismic surveys and drilling operations will commence along the coastlines adjacent to Barawe and Hobbio districts. This aligns with the announcement made by Turkey’s Energy and Natural Resources Minister, Alparslan Bayraktar.

In early March, Somalia signed a new oil and gas deal with Turkey, which officials of both countries said would aid cooperation in the exploration and exploitation of petroleum products.

The deal was inked in Istanbul by Somalia’s Petroleum and Mineral Resources Minister Abdirisaaq Omar Mohamed and Turkish Energy Minister Alparslan Bayraktar.

Somalia’s minister, Omar Mohamed, who signed the cooperation in exploration and exploitation deal, explained that both countries had a bilateral understanding, describing a broad cooperation framework.

An official Somalian memo said the deal targets hydrocarbon reserves in Somalia’s exclusive economic zone, but little was said about how revenue from the investment was going to be shared.

The minister further indicated that revenue sharing will emerge when the parties reach a stage to sign a Production Share Agreement (PSA).

The Turkish energy minister claimed that the deal would bring more benefits to the Somali government and people.

The Turkish minister emphasised that through this agreement, they will conduct collaborative efforts to ensure the resources of Somalia benefit the Somali people.

He further explained that Turkey seeks to establish its presence in the Horn of Africa with new deals in the field of energy.

The UK supermajor had been on the probe since February 27, 2024, with the semi-submersible rig. Deepsea Bollsta.

Enigma-1X is located 15 kilometres south-southeast of Shell’s Jonker-2A appraisal well.

The wildcat is part of Shell’s second multi-well exploration and appraisal campaign, which began in December 2022, after the inaugural campaign that resulted in the announcement of the Graff-1 discovery.

Shel’s basin opening, Graff-1, declared in February 2022, effectively launched the series of discoveries that have bolstered Namibia’s profile as a hydrocarbon hot spot, featuring hub-sized wins by TotalEnergies and Galp Energia and pulling the otherwise conservative Chevron into the fray.

But the size of the prize has been smaller for Shell than its European rival, TOTAL.

Shell’s Graff and Jonker accumulations have, respectively, been reported by the Namibian Ministry of Mines. and Energy as holding between 250 million and 400 million barrels of estimated recoverable reserves of oil. each, whereas TOTAL’s Venus discovery, which came after Graff, reportedly holds in excess of 2 billion barrels of oil and is now the centre piece of the French major’s regionwide exploration and development. effort in Southern Africa, including neighbouring South Africa.

If Jonker is the focus of Shell’s commercial project in Namibia, as the energy press has widely claimed, the likelihood is that Shell is planning the development of a cluster of fields as opposed to developing single accumulations.

Ongoing Data Evaluation Determines Commercial Potential of Enigma-1 Discovery

This is according to a projection by an African energy expert at Standard and Poor’s’ Global Commodities Insights, Kelly Norways.

The Norwegians who made the projection at the S&P podcast titled “Exploring West Africa’s oil product flows in a changing refining landscape” pointed out that the Dangote refinery will significantly reduce energy imports across the West African sub-region, putting the figure for petrol at as much as 290,000 barrels daily from 2024 and 2026.

In reality, there’s ongoing debate about the actual timeline for scaling up production. Despite Dangote’s assertive statements about producing gasoline by May, analysts anticipate a more realistic timeframe closer to the fourth quarter of this year.

Galp said it conducted testing operations at the Mopane-1X well in January and the Mopane-2X well in March to early April. In both wells, which are 8km apart, it said “significant light oil columns were discovered in high-quality reservoir sands.”.

The Mopane field is located in the Orange basin, along Namibia’s coast, where Shell and France’s TotalEnergies have made several oil and gas discoveries.

Galp said flows achieved during the tests reached the maximum allowed limit of 14 thousand barrels per day, potentially positioning Mopane as an important commercial discovery.

“In the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10-billion barrels of oil equivalent, or higher,” Galp said.

Galp holds an 80% stake in Petroleum Exploration Licence 83, which covers an area of almost 10,000 km2 in the Orange basin.

Namibia could become a new source of revenue for Galp, which has strong investments in projects off the coast of Brazil and is also present in a natural gas project in Mozambique’s Rovuma basin.

Galp has previously indicated it could launch a process to attract other investors to its projects in Namibia, as they could reach a large scale.

An African industry official revealed that the oil cartel OPEC+, which has seen the departure of Angola and other members in recent years, is considering Namibia for potential membership. This move comes as OPEC+ aims to establish what could become Africa’s fourth-largest oil output by the next decade.

As stated by South Sudan’s Finance Minister, Awow Daniel Chuang, to Argus Media, the pipeline will undergo repairs while the country continues to rely on the Greater Nile Pipeline to carry its Nile Blend crude oil from the Jath and Mala oil fields to the Bashayer terminal for export.

The pipeline has suffered gelling issues, leaks, and pressure drops, primarily because of diesel shortages, which are used to heat and dilute the crude to help it flow.

Maintenance challenges in Sudan due to conflict have made it difficult to conduct the necessary upkeep. Consequently, South Sudan’s crude production decreased by half to approximately 80,000 barrels per day (bpd) in March, down from its previous level of around 150,000 bpd.