China’s Bold $10 Billion Investment in Nigerian Hydrocarbons Developers in the pursuit of commercially available oil found it in Nigeria in 1956, with the country’s first oil field beginning production in 1958. The last 56 years have seen Nigeria oil production surge to 2.524 million barrels per day and the country join OPEC, but the last five decades have also seen most Nigerians denied the benefits of the nation’s cash inflow, as a succession of corrupt military and civilian administrations raided the income, by some estimates of over a half trillion dollars. However, the gravy train is unlikely to stop soon. Pan Minerals has invested nearly US$3.5 million to date in the pursuit of farm-ins on proven oil fields in West Africa and the Solo's additional investment will assist in the completion of these arrangements. Now financing is in place Pan Minerals expects to conclude the farm-in arrangements and commence the recompletion of the discovery well and its tie-in to local oil export infrastructure. Subsequent activities will include additional development wells and may potentially see the drilling for deeper exploration targets. And now it appears the Chinese are putting US$50 Million Into the Pan Minerals and Solo Oil joint venture which they are fast tracking as the discovery is thought to one of the largest dicoveries to date. Solo have now completed thier seismic survey and have identified targets for the Ntorya discovery and finalised locations for future exploration drilling.
As of 2000, oil and gas exports accounted for more than 98 percent of export earnings and about 83 percent of federal government revenue, as well as generating more than 14 percent of its GDP. The U.S. government’s Energy Information Administration estimates Nigeria’s oil reserves at between 16 and 22 billion barrels, adding that “Nigeria is the largest oil producer in Africa and was the world’s fourth leading exporter of LNG in 2012…Major international players in Nigeria’s oil and natural gas sectors are Shell, ExxonMobil, Chevron, Total, and Eni. International oil companies participating in onshore and shallow water oil projects in the Niger Delta region have been affected by the instability in the region. As a result, there has been a general trend for IOCs to sell their interests in onshore oil projects. Nigeria has the second largest amount of proven crude oil reserves in Africa, but reserve estimates have been stagnant as exploration activity has been low. Rising security problems coupled with regulatory uncertainty have contributed to decreased exploration activity.” Well, never mind the experiences of Shell, ExxonMobil, Chevron, Total and Eni, Chinese companies are willing to brave the Nigerian new frontier and invest onshore there. On January 10, the federal government in Abuja approved a $10 billion in Chinese oil exploration in the Bida Basin. According to Niger State commissioner of mi
January 20, 11:18 AM TANZANIA GAS SALES DEAL WILL SIGNED: AMINEX Following the Aminex management successful trip to Tanzania in December 2013, the gas sales agreement is completed and executed...
Following the Aminex management successful trip to Tanzania in December 2013, the gas sales agreement is completed and will be executed once TPDC gives its final approval, Aminex said. .? The company’s Chief Executive, Jay Bhattacherjee told investors that the final meeting between Aminex and Tanzania’s national oil and gas firm TPDC is due to take place shortly. “With this process nearing its close, first production on the horizon and high impact nature of the company's appraisal portfolio in Tanzania, the management team is excited about the prospects for Aminex in 2014 as it seeks to drive forward value for shareholders," he said. The sales agreement foresees the start of commercial gas delivery into the new paid-for pipeline, which is under construction, to Dar es Salaam early next year.
alltheaimmarketnews's insight: TANZANIA GAS SALES DEAL SIGNED: AMINEX/SOLO OIL
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