Angola to Auction off More Exploration Rights
Angola is shaping up to be the next major sweet spot in West Africa—with the potential to rival even Nigeria. Now it’s opening up more exploration potential with plans to auction off more E&P licenses next year with the goal of doubling production by the end of the decade. The auction maintains the momentum built following February’s significant deep-water discovery of some 1.5 billion barrels of crude oil by Cobalt International Energy. This is a hot venue that we highly recommend.
Jordan Issues Oil Shale Power Station License
Jordan is trying to resolve its energy crisis as quickly as possible by fast-tracking the development of its oil shale reserves. This week Jordan’s environmental regulators issued a license to Enefit Jordan to build the country’s first oil shale power station, which could be operational in 2017 and supply 20% of its energy needs. The environmental impact study took two years to complete and review. The 500-megawatt plant will use fluidized bed combustion technology, and air cooling systems to minimize water use.
Lebanon’s Offshore Oil and Gas Tenders Likely to Stall
As the conflict in Syria risks a full-on spillover into Lebanon and Hezbollah becomes increasingly entrenched with Assad’s forces, Lebanon’s political parties have delayed new elections for 17 months, citing disagreement over a new electoral law. Without a new government in place, the country will not likely be able to move forward on its oil and gas tenders for the Levant Basin.
GeoPark Makes Fourth New Discovery in Colombia
Following the successful testing of its Tarotaro well, GeoPark (LON:GPK) has announced its fourth new discovery in Colombia in just over a year. The well was drilled to a depth of 3,175 metres and a test, aided by a pump, yielded 2,239 barrels of 15.5 degree API oil per day. The other three discoveries over the last year include Max, Tua and Potrillo. TaroTaro is part of a large 15-20 well drill program.
Nicaragua Goes Ahead with Massive Canal Plans to Rival Panama
The government of Nicaragua is fighting environmental opposition to build a $40 billion canal across the country to link the Pacific and Atlantic Oceans. The project has Chinese backing and if it is actually built would become a key international maritime trade route. While the government is holding fast to this massive project, there are a number of hurdles, not the least of which are filling in the financing gaps beyond the Chinese and overcoming some significant environmental opposition over fears that the canal could deplete Lake Nicaragua.