DRC and South Sudan to link on Uganda, Tanzania pipeline
DRC and South Sudan to link on Uganda, Tanzania pipeline
- Thread starter Geza Ulole
- Start date
Livale where is mount kilimanjaro found? Be straight no need of many words
Geza Ulole
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A barrel of crude oil has dropped to $30 and it's still depreciating. We will at the end of the day drink our own oil since it's now valueless!, however gas is still profitable. We should embark on agricultural produces(kilimo kwanza).
Nivlark
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- Jul 19, 2013
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seriously with all those years i purport you schooled u were not told taught where mt kilimanjaro is despite media errors
The question goes to Livale
mwaswast
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Tanzania oil pipeline according to Tanzania’s Minister for Energy and Minerals, Prof Sospter Muhongo reports Daily News.
NairobiWalker
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- Oct 31, 2012
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Dude, the shortest distance from Juba to Tanga via road is 1767.8km and it passes through Kenya. You would be a fool to think the distance would be less than 2000km if you're made to go round lake Victoria to Tanga. Anyway I understand mathematics is not you forte - you can't do simple division.
Geza Ulole
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From Hoima to Tanga is less than 1450 km and Hoima to Jubaba is less than 400km and no inch will pass through Kenya! just as usually kenyan media made a lot of noises with their figures!
The map can help u discover that Tanzania will again take the pipeline from u lazy people! That horizontal distance from Juba to South Sudan-Kenya border is equal to Hoima-Juba! Then Kenya is so wide latitudinal! Slowly u will come to understand that Juba pipeline is to connect to Hoima-Tanga pipeline.
Geza Ulole
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NairobiWalker more elaborate map, look at how kenya is fat horizontal Look at Hoima, and Juba is just North of Hoima! i am pretty sure ur lazy delegation is coming into that fact right now!
Geza Ulole
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Geza Ulole
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Tullow has warned it may have trouble meeting one of its financial covenants this year as a result of low global oil prices
Tullow has warned it may have trouble meeting one of its financial covenants this year as a result of low global oil prices
Pic: Tullow Oil
Oil and gas explorer Tullow Oil has reported a $1.3 billion (£900 million) pre-tax loss for the 2015 year to December and has warned it may have trouble meeting one of its financial covenants this year.
Revenues were down 27 per cent to $1.6 billion (£1.1 billion), making it the second year of losses for Tullow following a $2 billion (£1.38 billion) pre-tax loss booked for the 2014 year.
Tullow, which focuses its exploration activities largely in the Africa and the Atlantic Margins, reports net debts rose to $4 billion (£2.76 billion) in the 2015 year, up from $3.1 billion (£2.14 billion) in 2014.
The company said amendments to the financial covenants – an agreement between borrower and lender to stay above a set debt-to-equity ratio – were agreed in the 2015 year “to address the risk of any potential covenant breach during a period of oil price volatility and investment in production and development assets in West Africa”.
Tullow adds: “Notwithstanding our forecasts of liquidity headroom throughout the 12 month period, there remains a risk, given the volatility of the oil price environment and its impact on operating cash flows and facility availability, that the Group’s liquidity position may deteriorate and/or the Group may become technically non-compliant with one of its financial covenants at the end of 2016.”
The company said it plans to cut capital expenditure dwon from $1.7 billion (£1.1 billion) in 2015 to $1.1 billion (£760 million) in the 2016 year and then down to $300 million (£207 million) “from 2017 onwards if the low oil price persists”.
Commenting on the full-year figures, Tullow Oil chief executive, Aidan Heavey, said: “Today’s results demonstrate that Tullow adjusted well to low oil prices in 2015.
“We secured current and future cash flow through good operational delivery in West Africa, continued to build our resource base in East Africa, significantly cut costs across the Group and benefited from our strong hedging position.
“Our challenge in 2016 is to be equally robust in responding to the uncertainties that remain in the sector.”
Shares in Tullow Oil were down 2.1 per cent in early Wednesday trading.
Read more at Tullow Oil reports $1.3bn pre-tax loss for the 2015 year
Is trouble looming for shareholders at Premier Oil plc and Tullow Oil plc?
Image: Premier Oil: Fair use
By Roland Head - Friday, 1 July, 2016 | More on: PMOTLW
Mid-cap oil stocks have rebounded strongly so far this year. Shares in both Premier Oil (LSE: PMO) and Tullow Oil (LSE: TLW) have risen by 55% in just six months.
But these gains can also be seen as a warning. One of the reasons shares in Premier and Tullow fell so low at the start of the year is that the market was pricing-in the risk that these firms might have to raise cash from shareholders.
That hasn’t happened so far, partly because oil’s rebound has eased the pressure on both companies’ cash flows. But statements this week from Premier and Tullow have made it clear that the situation remains tight.
Bank tests delayed while talks continue
Premier Oil issued a statement on Friday morning confirming discussions are on-going with its lenders. The firm is trying to persuade its debt holders to relax the terms of its $2.68bn net debt, for the second time in two years.
Premier said today that the planned test of its financial covenants on 30 June has been delayed until 31 July. This will give the company and its lenders more time to negotiate a new deal.
My reading of this is that if Premier’s covenants were tested today, it would breach them. Once in default, Premier would have little choice but to raise cash through a fire sale of assets or an issue of new shares.
Although it’s good news that the lenders are still willing to work constructively with Premier’s management, these discussions have been going on for some months. Finding a solution obviously isn’t proving easy.
In today’s statement, Premier said that “in return for the proposed amendments … additional security will be provided for existing debt holders.” No further details were provided, but this could affect shareholders’ interests.
For example, Premier might issue debt holders with warrants or additional shares. Another possibility is that Premier will have to sell or suspend certain projects — such as Sea Lion in the Falkland Islands — until its financial situation improves.
Premier is an excellent firm operationally, but in my opinion there’s still a strong chance it will have to raise cash by issuing new shares. After this year’s gains, I’d sell.
Better, but not good enough?
Thursday’s trading update from Tullow Oil was broadly positive. Like Premier, Tullow is an excellent operator with a track record of successful delivery. Tullow’s West African TEN project is expected to start producing oil in the next three-to-six weeks, on schedule and on budget.
The problem is that developing TEN has cost Tullow a lot of money. Net debt is now $4.7bn, up from $4bn at the end of last year. Although the firm currently has undrawn debt and cash of $1bn, this could fall fast. The group’s borrowing facilities are scheduled to be reduced by $250m in October and by a further $200m in April 2017.
Tullow plans to refinance its loans in 2017, but admits that “strengthening the balance sheet and debt reduction” are key priorities for 2016. Options under consideration include asset sales and “other funding options”. This could include issuing new shares.
Like Premier, Tullow is an excellent operator with too much debt. In my view, this makes the shares a sell. I believe there are better choices elsewhere.
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Is trouble looming for shareholders at Premier Oil plc and Tullow Oil plc?
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bongo-live
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nothing new here, all oilies are have the same problem. A barrel of oil has been below46$ all year.
Total's profit down 30% on oil slump, revenue fall
By Inti Landauro
Published: July 28, 2016 2:31 a.m. ET
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COMMENTS
PARIS-- Total SA said Thursday its profitability fell again in the second quarter as revenue from its refineries and petrochemical plants deteriorated and oil price remained stubbornly low though not as steeply as expected.
Total said net profit fell 30% to $2.09 billion in the second quarter from the same period a year ago while revenue contracted 17% to $37.22 billion. When adjusted to exclude the effect of inventories and other nonrecurring items, the company's net profit fell to $2.17 billion down from $3.09 billion in the same quarter a year ago.
The adjusted profit data was higher than the $1.89 billion median forecast of 11 analysts polled by FactSet.
Despite cost-cutting efforts by the company and its scrambling to extract more oil from existing fields to boost revenue, Total's profitability has continually shrunk since mid-2014 when oil prices collapsed. The company had managed to keep from plunging too deep into the red thanks to favorable conditions on the market of refined products, which has deteriorated this year.
Still, Total is optimistic as oil price has risen a third in the second quarter from the previous three-month period and refining margins remained stable.
The company expects to cut costs by more than the $2.4 billion originally targeted, it said.
Write to Inti Landauro at inti.landauro@wsj.com
Total's profit down 30% on oil slump, revenue fall
By Inti Landauro
Published: July 28, 2016 2:31 a.m. ET
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COMMENTS
PARIS-- Total SA said Thursday its profitability fell again in the second quarter as revenue from its refineries and petrochemical plants deteriorated and oil price remained stubbornly low though not as steeply as expected.
Total said net profit fell 30% to $2.09 billion in the second quarter from the same period a year ago while revenue contracted 17% to $37.22 billion. When adjusted to exclude the effect of inventories and other nonrecurring items, the company's net profit fell to $2.17 billion down from $3.09 billion in the same quarter a year ago.
The adjusted profit data was higher than the $1.89 billion median forecast of 11 analysts polled by FactSet.
Despite cost-cutting efforts by the company and its scrambling to extract more oil from existing fields to boost revenue, Total's profitability has continually shrunk since mid-2014 when oil prices collapsed. The company had managed to keep from plunging too deep into the red thanks to favorable conditions on the market of refined products, which has deteriorated this year.
Still, Total is optimistic as oil price has risen a third in the second quarter from the previous three-month period and refining margins remained stable.
The company expects to cut costs by more than the $2.4 billion originally targeted, it said.
Write to Inti Landauro at inti.landauro@wsj.com
Geza Ulole
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Umesoma na hapa Tullow has warned it may have trouble meeting one of its financial covenants this year as a result of low global oil prices
Kilimo
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Mkuu big up sana, analysis yako ni nzuri mno! nahisi ile nchi ya ahadi ni TANZANIA, I wish everything we speak could happen somewhere in future
ndughuri msuya
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Leo tar 4/08/2016 rais wa Drc kabila na mseven wameongelea bomba la mafuta na congo kuunganishwa. Source voice of america swahili
Geza Ulole
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DR Congo shows interest as Uganda-Tanga Port oil pipeline preps in top gear
LYDIA SHEKIGHENDA
25 August 2016
AS the Vice-President of Total East Africa, Mr Javier Rielo, assured President John Magufuli that preparations for the construction of the 1,410-kilometre oil pipeline from Lake Albert in Uganda to Tanga Port in Tanzania are in good progress, Democratic Republic of Congo (DRC) has shown interest in using the facility.
1 Comment
Mr Rielo made the assurance in Dar es Salaam yesterday when he met with President Magufuli to brief him on the progress of work on the construction of the pipeline. He said that his company is determined to ensure that the project is successfully implemented.
The construction of the pipeline, with the capacity of transporting 200,000 barrels per day, will provide 1,500 direct employment and 20,000 indirect employments. Speaking after receiving the report, President Magufuli said he believed the project will be of great benefit to Tanzania, Uganda, Total Company and neighbouring countries.
He assured Mr Rielo of his government’s cooperation in implementing the project despite Tanzania’s geographical position being one of the advantages for the project.
Meanwhile, the DR Congo government has shown interest in using the pipeline for transporting its crude oil. DRC Minister In-charge of Hydrocarbons, Mr Ngoi Mukena, said in Dar es Salaam yesterday that his country has discovered a lot of oil and preferred to use the crude oil pipeline because the area where the oil has been found is close to it.
“I believe that if my country will succeed in using the pipeline, it will be beneficial to both countries in addition to being one way of strengthening our bilateral relations,” he remarked.
According to Mr Mukena, his country will start transporting 30,000 barrels per day, the amount to increase up to 100,000 barrel per day. The Minister for Energy and Minerals, Professor Sospeter Muhongo, said that the pipeline will transport not only crude oil from Uganda, which the DRC government has shown interest in using it.
He said that the Congolese government had shown interest even before the construction of the pipeline has started to allow Tanzania to consider its request when the work begins. Prof Muhongo said that upon completion, the pipeline will have the capacity of transporting 200,000 barrels per day, with Tanzania benefitting through taxes and tariffs from the companies, which will be using the pipeline.
In another development, Prof Muhongo reported that they have agreed to conduct joint exploration of oil and gas along Lake Tanganyika and share the revenue upon the discovery of the natural resources.
He explained that Lake Tanganyika is shared by four countries, including Tanzania, DRC, Burundi and Zambia and hence experts from the countries will convene several meetings between this month and October to see how the agreement can be implemented. In April, the government said that construction of the 1,403-kilometre pipeline is expected to be completed by June 2020.
The companies with stake in the discovered oil in Uganda include Total E&P of France, Tullow Oil of United Kingdom as well as China National Offshore Oil Corporation.
DR Congo shows interest as Uganda-Tanga Port oil pipeline preps in top gear
source: Michuzi blog
LYDIA SHEKIGHENDA
25 August 2016
AS the Vice-President of Total East Africa, Mr Javier Rielo, assured President John Magufuli that preparations for the construction of the 1,410-kilometre oil pipeline from Lake Albert in Uganda to Tanga Port in Tanzania are in good progress, Democratic Republic of Congo (DRC) has shown interest in using the facility.
1 Comment
Mr Rielo made the assurance in Dar es Salaam yesterday when he met with President Magufuli to brief him on the progress of work on the construction of the pipeline. He said that his company is determined to ensure that the project is successfully implemented.
The construction of the pipeline, with the capacity of transporting 200,000 barrels per day, will provide 1,500 direct employment and 20,000 indirect employments. Speaking after receiving the report, President Magufuli said he believed the project will be of great benefit to Tanzania, Uganda, Total Company and neighbouring countries.
He assured Mr Rielo of his government’s cooperation in implementing the project despite Tanzania’s geographical position being one of the advantages for the project.
Meanwhile, the DR Congo government has shown interest in using the pipeline for transporting its crude oil. DRC Minister In-charge of Hydrocarbons, Mr Ngoi Mukena, said in Dar es Salaam yesterday that his country has discovered a lot of oil and preferred to use the crude oil pipeline because the area where the oil has been found is close to it.
“I believe that if my country will succeed in using the pipeline, it will be beneficial to both countries in addition to being one way of strengthening our bilateral relations,” he remarked.
According to Mr Mukena, his country will start transporting 30,000 barrels per day, the amount to increase up to 100,000 barrel per day. The Minister for Energy and Minerals, Professor Sospeter Muhongo, said that the pipeline will transport not only crude oil from Uganda, which the DRC government has shown interest in using it.
He said that the Congolese government had shown interest even before the construction of the pipeline has started to allow Tanzania to consider its request when the work begins. Prof Muhongo said that upon completion, the pipeline will have the capacity of transporting 200,000 barrels per day, with Tanzania benefitting through taxes and tariffs from the companies, which will be using the pipeline.
In another development, Prof Muhongo reported that they have agreed to conduct joint exploration of oil and gas along Lake Tanganyika and share the revenue upon the discovery of the natural resources.
He explained that Lake Tanganyika is shared by four countries, including Tanzania, DRC, Burundi and Zambia and hence experts from the countries will convene several meetings between this month and October to see how the agreement can be implemented. In April, the government said that construction of the 1,403-kilometre pipeline is expected to be completed by June 2020.
The companies with stake in the discovered oil in Uganda include Total E&P of France, Tullow Oil of United Kingdom as well as China National Offshore Oil Corporation.
DR Congo shows interest as Uganda-Tanga Port oil pipeline preps in top gear
source: Michuzi blog
Geza Ulole
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Tujikumbushe!
Geza Ulole
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- Oct 31, 2009
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Tanzania & Congo sign deal for exploration in Lake Tanganyika
EAST AFRICA
by Fumbuka Ng'wanakilala, Reuters Last Updated: Wed, 05 Oct 2016 09:25:36 GMT0
Photo: Wikimedia.
Tanzania and the Democratic Republic of the Congo signed a memorandum of understanding on Tuesday for joint exploration and development of hydrocarbons in Lake Tanganyika.
The lake, which straddles the border between Tanzania, Democratic Republic of Congo, Burundi and Zambia, is the world's second largest by volume and second deepest, according to officials.
"We have signed a memorandum of understanding to exchange experiences in exploration and exploitation of petroleum in Lake Tanganyika," Congolese President Joseph Kabila told a news conference in Dar es Salaam after talks with Tanzanian President John Magufuli.
"We believe that there is petroleum in Lake Tanganyika."
Kabila, who arrived in Tanzania late on Monday for a three-day state visit, said the two countries had agreed to pursue joint oil and gas exploration activities in the lake.
"We have also discussed mutual cooperation in the proposed crude oil pipeline project to be constructed from Uganda to Tanzania. Uganda is expected to start producing oil soon and Congo will also in the next few years begin its own oil production," Kabila said.
Land-locked Uganda announced in April it would build a pipeline for its oil through Tanzania rather than Kenya, which had wanted to secure the export route.
Kabila said Congo wanted to use the same pipeline to export its future oil production from Lake Albert.
France's Total, one of the oil firms developing Uganda's fields, is taking part in the construction of the crude oil pipeline along with Britain's Tullow Oil and China's CNOOC .
Tanzanian officials said they expected construction of the pipeline to be completed in 2020 at an estimated cost of $3.5 billion.
Tanzania in 2011 awarded oil and gas exploration rights for the northern side of Lake Tanganyika to a subsidiary of Total.
Interest in East Africa as a new hydrocarbon region has been heating up in recent years after major discoveries of oil in Uganda and natural gas in Tanzania and Mozambique.
Tanzania announced in February it had discovered an additional 2.17 trillion cubic feet (tcf) of possible natural gas deposits in an onshore field, raising its total estimated recoverable natural gas reserves to more than 57 tcf.
East Africa's second-biggest economy is yet to make commercial discoveries of oil.
Tanzania & Congo sign deal for exploration in Lake Tanganyika
EAST AFRICA
by Fumbuka Ng'wanakilala, Reuters Last Updated: Wed, 05 Oct 2016 09:25:36 GMT0
Photo: Wikimedia.
Tanzania and the Democratic Republic of the Congo signed a memorandum of understanding on Tuesday for joint exploration and development of hydrocarbons in Lake Tanganyika.
The lake, which straddles the border between Tanzania, Democratic Republic of Congo, Burundi and Zambia, is the world's second largest by volume and second deepest, according to officials.
"We have signed a memorandum of understanding to exchange experiences in exploration and exploitation of petroleum in Lake Tanganyika," Congolese President Joseph Kabila told a news conference in Dar es Salaam after talks with Tanzanian President John Magufuli.
"We believe that there is petroleum in Lake Tanganyika."
Kabila, who arrived in Tanzania late on Monday for a three-day state visit, said the two countries had agreed to pursue joint oil and gas exploration activities in the lake.
"We have also discussed mutual cooperation in the proposed crude oil pipeline project to be constructed from Uganda to Tanzania. Uganda is expected to start producing oil soon and Congo will also in the next few years begin its own oil production," Kabila said.
Land-locked Uganda announced in April it would build a pipeline for its oil through Tanzania rather than Kenya, which had wanted to secure the export route.
Kabila said Congo wanted to use the same pipeline to export its future oil production from Lake Albert.
France's Total, one of the oil firms developing Uganda's fields, is taking part in the construction of the crude oil pipeline along with Britain's Tullow Oil and China's CNOOC .
Tanzanian officials said they expected construction of the pipeline to be completed in 2020 at an estimated cost of $3.5 billion.
Tanzania in 2011 awarded oil and gas exploration rights for the northern side of Lake Tanganyika to a subsidiary of Total.
Interest in East Africa as a new hydrocarbon region has been heating up in recent years after major discoveries of oil in Uganda and natural gas in Tanzania and Mozambique.
Tanzania announced in February it had discovered an additional 2.17 trillion cubic feet (tcf) of possible natural gas deposits in an onshore field, raising its total estimated recoverable natural gas reserves to more than 57 tcf.
East Africa's second-biggest economy is yet to make commercial discoveries of oil.
Tanzania & Congo sign deal for exploration in Lake Tanganyika