• Contact
Wednesday, February 1, 2023
  • Login
The African Business - News About African business
  • Home
  • EconomyNew
    Nigeria extends deadline to swap old currency notes by 10 days

    Nigeria extends deadline to swap old currency notes by 10 days

    Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

    Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

    Ethiopia and the World Bank sign financing agreements worth $745 million

    Ethiopia and the World Bank sign financing agreements worth $745 million

    Trending Tags

  • Business
    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa startups defy funding slump as debt financing fuels growth

    Africa startups defy funding slump as debt financing fuels growth

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Court told Anglo turned blind eye to Zambian lead poisoning

    Court told Anglo turned blind eye to Zambian lead poisoning

    Ethiopian Airlines set to fly to Atlanta

    Ethiopian Airlines set to fly to Atlanta

    Angola: Poor Management of the Petroleum Sector with Effects on Declining Production

    Angola Sonangol plans to list on Angolan stock exchange by 2027

    Nigeria artists conquer the NFT marketplace in Africa

    Nigeria artists conquer the NFT marketplace in Africa

  • Finance
    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    Yellow Card expands payment feature across Africa

    Yellow Card expands payment feature across Africa

    Government starts payment of $674,5 trillion matured securities

    Government starts payment of $674,5M matured securities

    South African rand steady with investor focus on Fed minutes

    South African rand steady with investor focus on Fed minutes

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

    Angola banks entry into local Bourse gives credibility to economy

    Angola banks entry into local Bourse gives credibility to economy

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
  • Home
  • EconomyNew
    Nigeria extends deadline to swap old currency notes by 10 days

    Nigeria extends deadline to swap old currency notes by 10 days

    Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

    Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

    Ethiopia and the World Bank sign financing agreements worth $745 million

    Ethiopia and the World Bank sign financing agreements worth $745 million

    Trending Tags

  • Business
    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa startups defy funding slump as debt financing fuels growth

    Africa startups defy funding slump as debt financing fuels growth

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Court told Anglo turned blind eye to Zambian lead poisoning

    Court told Anglo turned blind eye to Zambian lead poisoning

    Ethiopian Airlines set to fly to Atlanta

    Ethiopian Airlines set to fly to Atlanta

    Angola: Poor Management of the Petroleum Sector with Effects on Declining Production

    Angola Sonangol plans to list on Angolan stock exchange by 2027

    Nigeria artists conquer the NFT marketplace in Africa

    Nigeria artists conquer the NFT marketplace in Africa

  • Finance
    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    Yellow Card expands payment feature across Africa

    Yellow Card expands payment feature across Africa

    Government starts payment of $674,5 trillion matured securities

    Government starts payment of $674,5M matured securities

    South African rand steady with investor focus on Fed minutes

    South African rand steady with investor focus on Fed minutes

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

    Angola banks entry into local Bourse gives credibility to economy

    Angola banks entry into local Bourse gives credibility to economy

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
The African Business - News About African business
No Result
View All Result
Home Economy

PetroChad exports first oil via Chad-Cameroon pipeline

TAB by TAB
28/07/2022
in Economy
0
PetroChad exports first oil via Chad-Cameroon pipeline
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter

PetroChad exports first oil via Chad-Cameroon pipeline

In less than one month under new leadership, PetroChad Mangara has announced the export of its first barrel of oil via the Chad-Cameroon pipeline, ushering in a new era of production and revenue generation for Chad.

Related posts

Nigeria extends deadline to swap old currency notes by 10 days

Nigeria extends deadline to swap old currency notes by 10 days

30/01/2023
1
Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

28/01/2023
1

At a time when global demand for oil is on the rise, the export marks a significant step towards restarting and rebuilding production in Chad, as the company aims to position the country as a globally competitive oil producer.

What makes this development such a cause for celebration is that it demonstrates the commitment of both international oil companies and the country itself, while signaling a new era of production growth in Chad. Just last month, European independent oil and gas company Perenco completed the acquisition of Anglo-Swiss multinational Glencore’s corporate entities in Chad, providing the company with full ownership of PetroChad Mangara. With the acquisition, Perenco kicked off an ambitious production drive, with the company announcing its intention to restart production across key fields, bringing the country’s oil output back up to 16,000 barrels per day in the near term. Now, having announced its first export, this target is well on track, with a new era of industry growth awaiting the country.

Currently, PetroChad operates three major oil fields in Chad, namely, Mangara and Badila – both producing since 2014 and exporting oil via the Doba Oil Pipeline – and the undeveloped, yet high potential Krim oilfield. The announcement of first export via the Chad-Cameroon pipeline – a 1,070km-long pipeline linking the Doba oil fields in Chad with Cameroon’s Atlantic Coast pumping stations, ancillary facilities and infrastructure – marks the first step in the independent’s drive to resume production, while triggering associated exploration activities across the basin. The Krim oilfield itself represents a particularly attractive hydrocarbon hotspot, and with revenue generated from exports, exploration can kickstart and national output increase even further.

According to Perenco, the export of first oil would not have been possible without the close coordination with Société des Hydrocarbures du Tchad (SHT) and the Ministry of Petroleum and Energy, led by Minister Djerassem le Bemadjiel. Both the ministry and SHT have emphasized the role that oil and gas will play in Chad’s energy and economic future, and by working closely with international energy major, Perenco, the country is already seeing growth. For SHT and the ministry, the announcement reaffirms Chad’s readiness to welcome international explorers and investors into the country while for Perenco, it demonstrates the company’s capacity to deliver operational results in a remarkably short time.

“Production is getting back on track. I am bullish about what this project. I have always believed that when African nations stop throwing up roadblocks and start working to ensure that our oil and gas operators invest, our best economic opportunities comes to fruition. Chad as a country will reap the benefits of its huge reserves now that its leaders are taking this historic opportunity with Perenco and other operators and we encourage them to continue the dialogue and put the right policies in place. Under Minister Djerassem le Bemadjiel, Chad has created an environment worthy of foreign investment and following this announcement, new developments are set to follow,” states NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC), adding that, “These kind of developments are what we at  the AEC are excited to see in Africa. We have been saying for years that we need to develop our oil and gas resources to make energy poverty history and by getting production back on track, kickstarting exploration and utilizing intra-African pipeline networks such as the Chad-Cameroon pipeline, Africa will develop.”

At a time when the African energy sector is getting ready to convene in Cape Town for the continent’s premier event for the oil and gas industry, African Energy Week (AEW) – taking place from October 18-21, 2022 – the announcement of first export from PetroChad’s operations brings new hope for improving production in Africa. As it stands, declines in legacy fields across oil producing countries, inadequate investment in upstream activities and ongoing energy transition trends continue to hamper any real growth of the African upstream sector. However, as emerging producers such as Chad strengthen their sectors and exports begin to once again flow, a new era of development awaits the continent.

PetroChad exports first oil via Chad-Cameroon pipeline

Source: African Business Communities
Previous Post

Congo oil blocks auction draws warnings of environmental catastrophe

Next Post

Ecobank Nigeria extends remittance services to its business account holders

Next Post
Ecobank Nigeria extends remittance services to its business account holders

Ecobank Nigeria extends remittance services to its business account holders

RECOMMENDED NEWS

Africa will have 57 million pay TV subscribers by 2028, report

Africa will have 57 million pay TV subscribers by 2028, report

4 days ago
1
The biggest economic risks for 2022

The biggest economic risks for 2022

1 year ago
8
Elon Musk tweeted saying he was going to buy Manchester United, then quickly said he was just joking

Elon Musk tweeted saying he was going to buy Manchester United, then quickly said he was just joking

6 months ago
3
Saudi Arabia courts Australian miners for $170 billion plan

Saudi Arabia courts Australian miners for $170 billion plan

3 months ago
3

BROWSE BY CATEGORIES

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Ads

Categories

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized
The African Business – News About African business

We bring you the best Premium news about African Business.

Follow us on social media:

Recent News

  • World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man
  • Nigeria launches payments card program to rival Visa and Mastercard
  • Develop enabling legislation to fuel the cannabis sector to new highs and boost the economy

Category

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Legal Information

Terms and Conditions
Privacy Policy
Complaints Book

  • Contact

© 2021 The African Business

No Result
View All Result
  • Home
  • Economy
  • Business
  • Finance
  • Opinion
  • Lifestyle
  • Sports
  • Green Economy

© 2021 The African Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In