Gulf Oil and Gas accountACCOUNT

Total to Buy Shares in Kenyan Oil Blocks from A.P. Moeller-Maersk

Source: Reuters 1/23/2018, Location: Africa

Share |
Total SA is to buy shares in three Kenyan oil blocks from A.P. Moeller-Maersk , the office of Kenya’s President Uhuru Kenyatta said on Tuesday.

Britain’s Tullow Oil and its Canadian partner Africa Oil discovered commercially viable crude in the Turkana region in the far north of Kenya in 2012. A.P. Moeller-Maersk later bought equity in these blocks.

Full production is expected in early 2021 after completion of a planned $2.1 billion pipeline to transport the crude through the proposed port of Lamu.

Kenyatta’s office said Total had committed to the pipeline, prompting the government to agree to a proposal for the French oil major to buy “the issued and to-be-issued share capital of Maersk Oil Exploration International (Mogas Kenya) in respect of Blocks 10BA, 10BB and 13T”.

The statement followed a meeting between Kenyatta and Momar Nguer, a member of Total’s executive committee and its head of marketing and services.

It did not give any details on the size or value of the proposed transaction.

A spokeswoman for Total said the company will gain access to oil reserves in Kenya after it acquires the Maersk Oil assets.

“Total respects the commitments made by Maersk Oil. Kenyan oil will be shipped via a pipeline in Kenya with the agreement of the government,” she said.

Kenya’s recoverable oil reserves are estimated at 750 million barrels and considered feasible for production at a price of $55 a barrel.

The spokeswoman added that Total’s separate project in neighbouring Uganda’s Lake Albert region, which includes a separate pipeline running through Tanzania, has been confirmed and maintained.

Acquisitions and Divestitures News in Kenya >>

Spain >>  2/22/2018 - Columbus, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, provides the following update ...
Ghana >>  2/19/2018 - Aker Energy AS, a 50-50 joint venture between Aker ASA and TRG AS, has entered into an agreement with a subsidiary of Hess Corporation to acqui...

Russia >>  2/19/2018 - PAO NOVATEK (NOVATEK) won the open auction to acquire a 100% stake in Maretiom Investments Limited (owns 100% equity share in Geotransgaz) and 100% of...
United Kingdom >>  2/19/2018 - Baron Oil PLC has entered into an option agreement with Corfe Energy Limited to be assigned part of its rights to farm in to UK North Sea Licence P223...

United Arab Emirates >>  2/18/2018 - On behalf of the Abu Dhabi Government, the Abu Dhabi National Oil Company (ADNOC) signed an agreement with Cepsa, a Spanish integrated oil and gas com...
United Kingdom >>  2/16/2018 - Angus Energy Plc, the conventional oil and gas production and development company, announces that pursuant to the Company’s 22 January RNS it has init...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Kenya Oil & Gas 1 >>  2 | 3 | 4 | 5 |

Oil & Gas Projects in Kenya >>

More News

 

Oil & Gas Companies in Kenya >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.