Connect to share and comment

Uganda signs agreement with foreign oil companies, clearing the way for crude production

KAMPALA, Uganda - Uganda's government has signed an agreement with three foreign oil companies, a government official said Thursday, clearing the way for commercial production of crude reserves. A memorandum of understanding signed on Wednesday lays out the strategy for oil production amid warnings that the sector hasn't been transparent enough to avoid corruption and misuse of oil revenue.

Uganda signs agreement with foreign oil companies, clearing the way for crude production

KAMPALA, Uganda - Uganda's government has signed an agreement with three foreign oil companies, a government official said Thursday, clearing the way for commercial production of crude reserves. A memorandum of understanding signed on Wednesday lays out the strategy for oil production amid warnings that the sector hasn't been transparent enough to avoid corruption and misuse of oil revenue.

Tullow says finds more oil in Kenya

Fresh oil finds were announced Wednesday in Kenya's arid and under-developed north, further raising the prospect of a potential major boost to the country's economy, Tullow Oil said. Tullow, a British-listed company focused on Africa, said it had raised its estimate of resources there to over 600 million barrels after new discoveries at two onshore wells in northern Kenya.

Analysis: Kenya shutdown tempers east African oil ambitions

By Edmund Blair NAIROBI (Reuters) - Tullow Oil's <TLW.L> suspension of drilling in Kenya after weekend protests shows that popular impatience for a share of the spoils is compounding the problems energy firms face building an oil and gas industry from scratch in east Africa. Backed by local politicians, demonstrators from Kenya's poor, northern Turkana community marched on Tullow sites demanding jobs and other benefits, prompting one of Sub-Saharan Africa's most experienced oil explorers to "temporarily" halt work.

Uganda says many firms interested in $2.5 billion refinery project

By Sarah Young and Elias Biryabarema KAMPALA/LONDON (Reuters) - Uganda said over a dozen companies were interested in investing in a $2.5 billion refinery project and it would soon issue two further production licenses, helping the country move closer to pumping reserves discovered seven years ago. Uganda hopes to become a significant oil producer after Tullow Oil <TLW.L> found oil in the Albertine rift basin along the border with the Democratic Republic of Congo.

Tullow fails to find more oil off French Guiana

British exploration company Tullow Oil on Tuesday revealed that it had failed to locate more oil off the coast of French Guiana. "The Priodontes-1 well, offshore French Guiana, has now been drilled to a total depth of 6,318 metres in water depths of 1,750 metres," Tullow said in a statement. "Having encountered no hydrocarbons in the main target reservoir, the well has been plugged and abandoned." Tullow is part of a joint-venture exploration project involving Shell and Total that is searching for oil in deep waters off the French territory in South America.

Ex-div stocks drag Britain's FTSE 100 closer to 6,300

* FTSE down 0.1 pct * Ex-divs take 17.4 points off the index * Vodafone on Kabel Deutschland purchase report * Tullow Oil rallies after results, Kenya update By David Brett LONDON, Feb 13 (Reuters) - Heavyweight stocks trading ex-dividend dragged on the FTSE 100 on Wednesday, outweighing gains in miners, as Britain's blue chip index continued to struggle to convincingly clear the 6,300 points hurdle. Falls in AstraZeneca, BP, Royal Dutch Shell and Sage Group had together knocked a hefty 17.41 points off the index by 1152 GMT.

UPDATE 2-Tullow eyes first commercial oil for Kenya

* "First potentially commercial production" * Still a lot of exploration and appraisal to do * Shares up 5.2 pct By Andrew Callus LONDON, Feb 13 (Reuters) - Africa-focused oil company Tullow Oil Plc released a set of Kenyan well test results on Wednesday which it said could lead to the country's first commercial production.

Britain's FTSE hits 6,200 after Unilever earnings boost

* FTSE 100 ends up 0.3 pct after hitting new 4 1/2 year high * Unilever touches all-time high after sales beat forecasts * Energy stocks led higher by Tullow on drilling speculation By Alistair Smout LONDON, Jan 23 (Reuters) - Britain's FTSE 100 share index hit the 6,200 level for the first time since May 2008 on Wednesday after Unilever got the UK earnings season off to an encouraging start, sending its stock to a record high.

UPDATE 3-Tullow drilling in spotlight after mixed 2012

* Set to drill 49 wells this year * 2012 output undershoots; 2013 view below some forecasts * Uganda exploration wells find no commercial hydrocarbons * Shares down 5 percent * Jubilee FPSO capacity to be tested in coming weeks By Andrew Callus
Syndicate content