May 27, 2018

Enel Could Sell Assets in Algeria and Egypt


Petroleum Africa Enel SpA could sell off $1.07 billion of assets in Europe and Africa a Bloomberg report said. The sale would be help with slower growth and weak demand that the company is seeing. The company is said to be considering selling upstream assets in Algeria, Egypt, and Italy as well as its renewable energy assets in Portugal. It was not clear if the company would sell off all of its assets or just individual permits. If the company sells off its holdings in Algeria,it means exiting the Isarene Permit where it is partnered with Petroceltic International and Sonatrach….

ENI/Lukoil Strike Oil and Gas in the Western Desert


Petroleum Africa ENI and Lukoil have made a new oil and gas discovery in Egypt’s Western Desert. The discovery was made with the drilling of the Melehia West Deep 1X well on the Melehia concession. The exploration well was drilled to a depth of 13,697.5 ft, intersecting a 65.6 ft net accumulation of light oil in the Lower Cretaceous age of the Alam El Bueib formation. The well also encountered a significant accumulation of gas and condensates in the Upper Jurassic age in the Safa formation. In a statement ENI said the well began production with an initial flow of…

Africa set for an oil and gas boom


PM News Africa’s energy industry could boom in the coming years, with Mozambique and Tanzania set to emerge as new frontiers if they can attract enough badly needed investment, a report said Wednesday. Six of the top 10 global discoveries in 2013 were made in Africa, with more than 500 companies now exploring across to the continent, according to a study by PriceWaterhouseCoopers. Large gas finds in Mozambique and Tanzania would make the world “take note of east Africa as an emerging player in the global industry,” said the report’s advisory leader, Chris Bredenhann. The boom has brought investment opportunities,…