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Tullow Oil says ‘Uganda’s time has come.’

British energy explorer Tullow Oil said it was ready to take “decisive action” to exploit the resource potential in Uganda. “Uganda’s time has come [and the country] is fast becoming a prominent potential player in the world’s energy market,” Jimmy Mugerwa, general manager of Tullow Oil Uganda, said in a statement Monday. “Decisive action is now required in order to maintain that advantage.” Tullow published a country report on Uganda, tracking progress since Tullow entered the country in 2004. Tullow said it invested $2.8 million on oil exploration in Uganda where discoveries have uncovered more than 1 billion barrels of oil. In June, the High Court in London ruled in favor of Tullow in a tax case with rival Heritage Oil related to operations in Uganda. Heritage in 2009 agreed to sell its Ugandan holdings to Italian energy company Eni. Tullow had the right […]

Posted On : Published By : Tom Whipple
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Tullow Oil says 'Uganda's time has come.'

British energy explorer Tullow Oil said it was ready to take “decisive action” to exploit the resource potential in Uganda. “Uganda’s time has come [and the country] is fast becoming a prominent potential player in the world’s energy market,” Jimmy Mugerwa, general manager of Tullow Oil Uganda, said in a statement Monday. “Decisive action is now required in order to maintain that advantage.” Tullow published a country report on Uganda, tracking progress since Tullow entered the country in 2004. Tullow said it invested $2.8 million on oil exploration in Uganda where discoveries have uncovered more than 1 billion barrels of oil. In June, the High Court in London ruled in favor of Tullow in a tax case with rival Heritage Oil related to operations in Uganda. Heritage in 2009 agreed to sell its Ugandan holdings to Italian energy company Eni. Tullow had the right […]

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Britain’s Tullow Oil says it has made another oil discovery in Kenya

British energy explorer Tullow Oil said Friday an oil discovery in the Agete-1 exploration well in Kenya marks its fifth straight oil find in the region. Tullow said it encountered oil while drilling its Agete-1 wildcat well, which is positioned in a region not known previously to contain oil and natural gas reserves. “A fifth consecutive oil discovery onshore northern Kenya highlights the emerging world class exploration and production potential within our … acreage,” Angus McCoss, exploration director for Tullow, said in a statement Friday. McCoss said next year’s exploration campaign in the region would be “intensive.” Tullow provided no estimate of the potential from Agete-1. In October, Tullow halted operations at drilling sites in northern Kenya because of labor strikes. Work resumed Nov. 7 following talks with federal and local Kenyan officials. More than half of the 1,400 people employed by Tullow in […]

Posted On : Published By : Tom Whipple
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Britain's Tullow Oil says it has made another oil discovery in Kenya

British energy explorer Tullow Oil said Friday an oil discovery in the Agete-1 exploration well in Kenya marks its fifth straight oil find in the region. Tullow said it encountered oil while drilling its Agete-1 wildcat well, which is positioned in a region not known previously to contain oil and natural gas reserves. “A fifth consecutive oil discovery onshore northern Kenya highlights the emerging world class exploration and production potential within our … acreage,” Angus McCoss, exploration director for Tullow, said in a statement Friday. McCoss said next year’s exploration campaign in the region would be “intensive.” Tullow provided no estimate of the potential from Agete-1. In October, Tullow halted operations at drilling sites in northern Kenya because of labor strikes. Work resumed Nov. 7 following talks with federal and local Kenyan officials. More than half of the 1,400 people employed by Tullow in […]

Posted On : Published By : Tom Whipple
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Sudan, South Sudan's Nile, Dar Blend exports to hit 300,000 b/d next year

Exports of Nile and Dar Blend crude oil from Sudan and South Sudan could be raised to 300,000 b/d next year from a current 230,000 b/d as more fields that were previously shut-in are brought back online, officials from South Sudan’s Ministry of Petroleum and Mining said Thursday. “The shutdown was one year and two months and there is a big focus now to bring the production up. The main challenge is that the fields produced too much water during the shutdown and now we’re doing some maintenance and so many fields are currently not producing,” a ministry official said on the sidelines of a conference in Shanghai. “In 2014, the production [of both blends] may reach 300,000 b/d and there is ongoing focus in the longer term to reach up to 400,000 b/d or 500,000 b/d,” he added. Article continues below… Request a […]

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Sudan, South Sudan’s Nile, Dar Blend exports to hit 300,000 b/d next year

Exports of Nile and Dar Blend crude oil from Sudan and South Sudan could be raised to 300,000 b/d next year from a current 230,000 b/d as more fields that were previously shut-in are brought back online, officials from South Sudan’s Ministry of Petroleum and Mining said Thursday. “The shutdown was one year and two months and there is a big focus now to bring the production up. The main challenge is that the fields produced too much water during the shutdown and now we’re doing some maintenance and so many fields are currently not producing,” a ministry official said on the sidelines of a conference in Shanghai. “In 2014, the production [of both blends] may reach 300,000 b/d and there is ongoing focus in the longer term to reach up to 400,000 b/d or 500,000 b/d,” he added. Article continues below… Request a […]

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Sudan devalues currency by 22.6% amid dollar shortages

Share/Bookmark Sudan’s central bank has devalued the Sudanese pound by 22.6 percent against the dollar, the second such move in little over a year as the African country struggles with hard currency shortages. Sudan’s economy has been in turmoil since South Sudan’s secession in 2011 took away of three-quarters of oil production. Oil was the driver of the economy and source for dollars needed for food and other essential imports. Sudan produces too little to feed its around 32 million people. Bidding prices for the pound were stated as 5.6871 for one dollar, compared with 4.4 previously, central bank data on Reuters terminals showed on Monday. Ask prices were 5.7155. In 2011, the official rate was around 3. The central bank has been trying to bridge a ballooning gap with the black market rate where one dollar costs 7.8 pounds as import firms struggle to get their hand on […]

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Tullow to return to work in Kenya after strikes

LONDON, Nov. 7 (UPI) — British energy explorer Tullow Oil announced plans Thursday to restart operations at two reserve areas in Kenya shuttered previously by labor strikes. Tullow said it would restart operations at blocks 10BB and 13T in northern Kenya by Friday. It halted operations there in late October. The company said the decision follows an agreement reached with federal and local officials on labor issues. “Tullow has reaffirmed its commitment to local employment, local opportunities and transparency throughout its operations in northern Kenya,” the company said in a statement. “As Tullow’s exploration campaign progresses and gathers pace, the number of local employees and local companies involved in our work will continue to grow.” More than half of the 1,400 people employed by Tullow in Kenya are from the north of the country. Tullow in September announced it made a new oil discovery in northern Kenya. It said […]

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India says patience needed on Sudan's missed pipeline payments

NEW DELHI, Nov. 4 (UPI) — Indian energy company ONGC Videsh Ltd. was asked to be patient with Sudan, which has missed four payments for pipeline work, officials said. Sudan missed the payments to the international subsidiary of India’s Oil and Natural Gas Corp. for pipeline work in Sudan, the Times of India reported Saturday. “We should show some more patience to the government of Sudan … as it would have repercussions on our engagement with that country in the oil sector,” India’s Ministry of External Affairs was quoted as saying. The Times reported India is vying for a larger role in a Sudanese oil sector dominated by Chinese energy companies. Sudan controls most of the pipeline infrastructure in the country but lost some reserves to South Sudan when the latter gained independence in 2011. “Our ambassador has also suggested [ONGC Videsh] should look at the possibility of converting […]

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India says patience needed on Sudan’s missed pipeline payments

NEW DELHI, Nov. 4 (UPI) — Indian energy company ONGC Videsh Ltd. was asked to be patient with Sudan, which has missed four payments for pipeline work, officials said. Sudan missed the payments to the international subsidiary of India’s Oil and Natural Gas Corp. for pipeline work in Sudan, the Times of India reported Saturday. “We should show some more patience to the government of Sudan … as it would have repercussions on our engagement with that country in the oil sector,” India’s Ministry of External Affairs was quoted as saying. The Times reported India is vying for a larger role in a Sudanese oil sector dominated by Chinese energy companies. Sudan controls most of the pipeline infrastructure in the country but lost some reserves to South Sudan when the latter gained independence in 2011. “Our ambassador has also suggested [ONGC Videsh] should look at the possibility of converting […]

Posted On : Published By : Tom Whipple