Samuel Kamau Mbote

Statoil confirms Eldar Sætre as CEO

[twitter-follow screen_name=’oilnewskenya’] Statoil has confirmed the appointment of Eldar Sætre  as new CEO after four months  as acting as president and CEO. Sætre who has 35 years’ experience from Statoil and the oil- and gas industry has extensive operational and financial experience from Statoil and having been a member of the Corporate executive committee since …

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Solo acquires Kiliwani North Development Licence in Tanzania

[twitter-follow screen_name=’oilnewskenya’] Solo has announced it has now signed the Asset Purchase Agreement with Aminex plc for the first 6.5% interest in the Kiliwani North Development Licence (KNDL) at a total consideration of US$3,500,000. The announcement  follows prior statements in October and December last year where the company said it had signed binding heads of …

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Afren receives $300 million debt facility

[twitter-follow screen_name=’oilnewskenya’] Afren plc has provided an update regarding the review of its capital structure, liquidity and funding requirements as announced on 27th January as the business seeks to address how it manages the overall leverage position of the Company. Further to its previous announcements, Afren has obtained from the lenders of the US$300m Ebok …

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EMAS AMC secures contracts worth over $65 million

[twitter-follow screen_name=’oilnewskenya’] Leading contractor and provider of integrated offshore solutions to the oil and gas industry Ezra Holdings has announced that the Group’s Subsea Services division, EMAS AMC, has secured multiple contracts from various energy companies valued at more than US$65 million (including options). Scope of work includes project management, engineering, and transportation and installation …

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Kenya’s Block L6 farmout pushed further to late 2015

[twitter-follow screen_name=’oilnewskenya’] Block L6 operator Australian explorer Far Ltd has said it does not expect a farmout deal on the northern extent of the block until late in 2015. In the offshore portion where the company holds 60 percent paying interest Far says it continues to progress with a farmout initiative. The deal was initially …

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BG Group and KBR signs global alliance

[twitter-follow screen_name=’oilnewskenya’] BG Group has signed a global alliance with KBR that will enhance the company’s capacity to deliver commercially attractive oil and gas projects around the world. The single-partner alliance, which has been signed for an initial six years also has options to extend to up to 10 years and will involve KBR’s experienced …

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Experts call for clear tax policies on farm down transactions in Kenya

[twitter-follow screen_name=’oilnewskenya’] Tax experts Deloitte East Africa have expressed fear that the unclear tax policy position on farm down transactions may be a draw back with the potential to derail the momentum in the industry. The experts took issue particularly with the assumption by policy makers that all farm down transactions generate windfall profits warning …

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Caterpillar expects tough 2015, restructuring anticipated

[twitter-follow screen_name=’oilnewskenya’] World’s leading manufacturer of construction and mining equipment Caterpillar has said it expects a tough 2015 as a result of the modest improvement anticipated globally as well as the continued weakness in commodity prices—particularly oil, copper, coal and iron ore as to which the company depends on for its sales. The company adds …

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Mozambique’s extractive sector revenue triple boosted by capital gains tax

[twitter-follow screen_name=’oilnewskenya’] Revenue from the extractive sector in Mozambique hit almost $400 million in 2012 thanks to the introduction of capital gains tax in the country according to a new report by the Extractive Industry Transparency Initiative, EITI. The rise in revenue is largely attributable to the US $170m capital gains tax (CGT) payment made …

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Afren reviews its capital structure to solve liquidity and funding requirements

[twitter-follow screen_name=’oilnewskenya’] In light of the significant dislocation in the industry and related financing markets resulting from the rapid decline in oil prices Afren says its board has been reviewing the funding and liquidity requirements of the business and seeking to address how it manages the overall leverage position of the Company. The Company had …

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