Oil and Gas | - Part 2

Nigeria Refining Push Prompts $3.6 Billion Petrolex Plan

LAGOS (Capital Markets in Africa) – Nigeria is set to get another new oil refinery as a government push to end fuel imports attracts investors to the industry. Petrolex Oil & Gas Ltd. plans to build a $3.6 billion plant with a capacity of 250,000 barrels a day, Chief Executive Officer Segun Adebutu said in an interview in Lagos. The closely held company is working on the “front-end engineering design” and will complete construction in 2021, he said….

OPEC Crude Output Drops to Six-Month Low on Angola Maintenance

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LUANDA (Capital Markets in Africa) – Crude production from the Organization of Petroleum Exporting Countries dropped again in November to a six-month low. Total production fell 80,000 barrels a day to 32.47 million a day last month, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. That was the lowest level since May, when output was 32.29 million. Angola led the declines in November, with a drop of 100,000 barrels a day from…

Oil to Open 2018 Stuck Between Thirst for Growth, Wary Investors

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LONDON (Capital Markets in Africa) – Investor exhaustion with poor returns from the oil and gas industry may mean less financing to expand the U.S. shale boom next year, and less of a drive for consolidation. After nearing a record in 2016, equity issues from U.S. oil and gas companies are on pace for an eight-year low this year, amid doubts about the stability of the rally in global crude prices. Mergers and acquisitions and…

Goldman’s an Oil Bull in 2018 With 9% Total Returns Forecast

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LONDON (Capital Markets in Africa) – Goldman Sachs Group Inc. predicts oil prices will retain their strength, at least through 2018. The bank raised its forecast for U.S. West Texas Intermediate as well as global benchmark Brent crude, saying OPEC and its allies showed a stronger commitment than expected to extending their output curbs at the producer group’s meeting last week. It expects positive total returns of 9 percent from crude over the next 12 months, according to a…

Israel, Egypt Ministers Said to Discuss Potential Gas Exports

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CAIRO (Capital Markets in Africa) – Ministers from Egypt and Israel held a call last week to discuss the potential sale of Israeli gas to Egypt, according to a person with direct knowledge of the matter. Egyptian Oil Minister Tarek El-Molla and Israel’s energy minister, Yuval Steinitz, spoke after an interview El-Molla gave to Bloomberg earlier this month sent shares of Israeli gas companies tumbling on speculation Egypt would halt talks on buying gas from Israel, the person said. El-Molla…

Egypt Calls for Less LNG in Tender as Domestic Gas Boost Looms

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CAIRO (Capital Markets in Africa) – State-run Egyptian Natural Gas Holding Co. is seeking 12 LNG cargoes for delivery in the first quarter of 2018 in a tender, according to two people with direct knowledge. That compares with more than 100 cargoes it planned to purchase via tenders or government-to-government contracts for this year. Traders are monitoring how much LNG Egypt will buy next year as Africa’s biggest gas market weighs it needs for imports against a…

Zimbabwe to issue new bond notes to bolster liquidity

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HARARE (Capital Markets in Africa) – It was announced by the Governor of the Reserve Bank of Zimbabwe (RBZ), Dr Mangudya, on 15 September 2016, that “bond notes” will be issued by the end of October, in an effort to ease the recent cash shortages in the country. Liquidity difficulties – Zimbabwe has run out of US dollars, and does not have its own currency – have meant civil servants’ salaries are in arrears, and…

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