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China’s CNPC Boosts Global Oil, Gas Ties

China National Petroleum Corporation (CNPC)…

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Global Energy Advisory – 16th May 2014

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Albania plans to auction off 13 exploration blocks—12 onshore and one offshore block—to local and foreign companies. The auction follows a discovery in November by Royal Dutch Shell and Petromanas Energy Inc of good quality oil and gas in test flows from their first well in Shpirag, southern Albania. Last September, there was a regime change in Albania following the botched privatization of state-owned Albpetrol. The new Socialist-led government’s Energy and Mining Minister, Damian Gjiknuri, said they would no longer be negotiating contracts one-on-one with foreign oil companies due to the “much higher interest over the past several months.” For interested parties, OP Tactical has a localized network on the ground in Albania and full due diligence capabilities.

Legal Updates

Uganda has repossessed the second oil prospect from foreign oil companies in less than two years. The government of Uganda has declined to renew an appraisal license for the three foreign companies behind the Ngasa oil discovery: UK-based Tullow Oil Plc, China’s CNOOC and France’s Total SA. According to Uganda’s Energy and Minerals Development Ministry, since Tullow’s oil and gas discovery at Ngasa in 2008, the company has failed to conduct further appraisal activity to establish the exact size of the discovery. The government’s handling of contracts with foreign oil companies is leading to continued delays…

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