(MENAFN- ProactiveInvestors) News that has been paid US$350mln of arrears by Egypt has provided a boon to the firms invested in the country.
It brings the total owed to BG to around US$920mln.
In November the country’s oil ministry pledged to repay almost US$5bn of debts accumulated over an uncertain three-year period after the fall of ousted autocrat Hosni Mubarak.
The arrears began to accumulate before the revolt but worsening state finances saw the debts mount while the government diverted gas earmarked for export to meet domestic demand.
It is hoped the repayments will help kick start oil and gas exploration and production in the country.
The move to wipe the slate clean will have the biggest impact on sentiment which underpins the valuations of some of the smaller firms operating in Egypt such as () and Petroceltic () here in the UK and Canada’s ().
It is a boon for oil stocks otherwise burdened by weakened oil prices.
Seasonally quiet trading saw Brent crude take another backwards step as the international benchmark gave up the US$60 per barrel level and fell towards US$57.
In the stock market meanwhile it was a week of good news for () which is now set for improved export terms for its Turkmenistan based production. The company also revealed its second oil discovery in Iraq where it is invested in an exploration venture near Basra.
Peace broke out at () as a deal was struck with the former chief executive officer (CEO) and chief operating officer (COO).
Former CEO Osman Shahenshah and former COO Shahid Ullah have jointly made a cash payment of US$17.1mln in relation to payments made to them that were not authorised by the board as per the company's announcement at the end of July 2014.
On top of that the company has received US$3mln to cover the costs of the investigation into the unauthorised payments. Shahenshah and Ullah have also granted a non-competition covenant in favour of .
On the other side of the coin has agreed to drop its legal case against Shahenshah and Ullah.
() shot up after the group unveiled a deal with ENEO Cameroon the country’s utility company to supply gas to two power stations in Douala Cameroon’s largest city.
“We finalised this deal on (December) 23rd or 24th so this was a very good Christmas present” chairman Kevin Foo told Proactive Investors.
It is estimated the 30 megawatt Logbaba and 20 megawatt Bassa plants will require 10.1mln standard cubic feet of gas a day. The take-or-pay component is 90% during the dry season and 30% during the wet period.
So on this basis Victoria (VOG) expects production to average 10.4mln cubic feet a day in 2015 with deliveries set to begin in the first quarter.
() decided to exit its onshore Morocco venture after failing to secure a partner before the expiry of a licence option on December 31 2014.
The company opted against exercising its option over the Tendrara Lakbir licence. Chief executive Carol Law said the current market conditions for oil companies had “severely hindered” Fastnet’s ability to attract partners for the project.
’s () first drilling in Utah the 16-42 well at Paradox has perforated the first of a planned seven interval programme that will cover 19 individual potential pay zones. Rose owns nearly 80000 gross acres in the Paradox area and over 245000 acres collectively between the Paradox and the adjacent Mancos play in the Uinta Basin
The company which also has mining interests on Friday agreed to sell non-core uranium assets in a deal worth up to US$1.5mln – with an initial US$750000 coming by mid-January.
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