All articles in the Farm in, Farm Out Section:


AP Desperate For Funding, Keeps Talking With The Chinese

African Petroleum Corporation, the Australia listed operator, is close to securing much needed financing
partnership in working up its frontier acreages in West Africa. The Memorandum of Understanding (MoU)
which it signed with PetroChina, a subsidiary of the China National Petroleum Corporation, gives the latter
until August 31, 2012 to agree an investment in up to 20% of Block LB-09 in Liberia and up to 20% in one or more
exploration blocks in The Gambia, Ivory Coast, Liberia, Senegal and Sierra Leone.
The value of the deal has not been agreed and the deal is subject to government, regulatory and other approvals, African Petroleum noted in a widely circulated release.

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My Oil Well Is In Your Premises

Several neigbouring countries in Africa are in conflict over “Oily” boundaries.

The just concluded court battle between Cross T River and Akwa Ibom States rewrites the Eritrean war of
independence in small letters.
Cross River was praying the country’s highest court to confer on it the status of a littoral state. It wanted to be defined-even if not by geography-as a state bounded by the Atlantic Ocean to the south. The verbal court
arguments, in a democratic jurisdiction, echoed the claims of angry roar of Ethiopian fighter jets pounding Eritrean territory for thirty years: “the coastline is ours!”.
The Ethiopians lost the red sea in spite of their mighty army. The Cross Riverians lost the Atlantic in spite of their sparkling brand name.

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It’s Pay Day For Africa Oil Corp

Africa Oil Corp is reaping the benefit of moving early into East Africa and buying a slew of blocks off the governments of Kenya, Ethiopia and Somalia.Nowthe company is experiencing a significant pay day. Here are some of the transactions that indicate that the “landlord” is taking his “rent”:

Kenya: Tullow Shells Out $759,000
Tullow has paid $759,000 to Africa Oil Corporation in consideration of past costs to acquire an additional 15% interest in Block 12A in Kenya. The farm in transaction has been concluded and has received Kenya government approval.

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Vanoil Receives Extension On Kenyan PSC

Vanoil Energy Ltd. has received the seven month extension to its PCS it requested from the Kenyan Ministry of Energy. This extension extends the contract for Blocks 3A and 3B from September 30, 2012 to April 30, 2013.
The extension allows Vanoil to complete the analysis of 100 sq km of high resolution 3D seismic data designed to geologically pin point its initial drill site location. The mobilization was expected to be completed in early August
2012 and data acquisition to be started mid-August and completed in early-October.

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Algeria Applies To Join The Shale Gas Club

Algeria, located squarely in water –starved desert terrain, has become the first African country to officially sanction exploration and exploitation of Shale gas in its petroliferous basins.
Nine months after signing a cooperation agreement with ENI, the country is pleading with Anglo Dutch major Shell and US behemoth ExxonMobil to bring their technologies for the development of unconventional oil, with particular focus on shale gas. Negotiations with those two companies are ongoing.

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Tunisia Hands Out Two DualEX and Alpine Oil&Gas Get Pieces of The Pie

Tunisian authorities handed out two exploration permits in September, 2009. On September 11, they granted the Bouhajla Permit, to ETAP as Holder and to DualEX, a Canadian petroleum company, as Contractor. The 416 sq km onshore acreage was granted for an initial period of three years, with two renewal period of three years each, and a commitment of a seismic acquisition and an exploration well for each mentioned period.

On September 18, the acreage known as Chorbane, (which had been converted into an exploration permit from a prospecting permit), was granted to ETAP as Holder and Alpine Oil and Gas, an Australian petroleum company, as Contractor. It is situated in Central Tunisia and covers an acreage of 2428 sqkm. The contract allows an initial period of three years with two renewal periods of three years each, during which the Contractor commitments are to drill an exploration well, each mentioned periods


Tullow Will Buy Out Heritage

UGANDA

UK listed Tullow Oil has exercised its right of pre-emption in respect of the proposed sale by Heritage Oil & Gas Limited (“HOGL”) of its 50% interest in Blocks 1 and 3A in Uganda.

“Tullow Uganda will enter into a Sale and Purchase Agreement (“SPA”) with HOGL, a subsidiary of Heritage Oil plc (“Heritage”)”, the company said in a statement.. On 18 December 2009, Heritage announced that the consideration for the transaction comprises $1.35 billion cash and a further contingent, deferred consideration of either US$150 million cash or an interest in a mutually agreed producing oil field independently valued at a similar  amount. A syndicate of Tul1ow’s-core-re1ationshi-banks- has provided the banking facilities required to enable Tullow to exercise its right of pre-emption. Completion of the SPA is subject to certain conditions which include approval by Heritage shareholders at a meeting scheduled for 3pm (GMT) on 25 January 2010 and receipt of necessary consent from the Ugandan Government.

“In parallel with exercising its pre-emption right, Tullow has been running a transparent farmout process which has attracted a significant amount of interest from major international and national oil companies. The process is now well advanced and potential partners are supportive of the Group’s decision to pre-empt.


TANZANIA: Cove Gets Rovuma Permit

Cove has received all necessary consents and approvals including the consent of the Government of the Republic of Mozambique, as represented by the Minister for Mineral Resources and Empresa Nacional de Hidrocarbonetos E.P. (“ENH”), required pursuant to the farm-in agreement entered into by Cove together with Maurel & Prom (“M&P”) for the acquisition by Cove from Artumas Group of a 10% participating interest in the Exploration and Production Concession Contract (“EPCC”) in the Rovuma Onshore Area, Mozambique.

Cove also holds a conditional 8.5% interest in the contiguous Mozambique Rovuma Offshore Area, where drilling operations have recently commenced. This is subject to approval of the Government of the Republic of Mozambique.


Shell To Pick Up Hess’ Assets In Gabon

Shell has agreed to acquire Hess Corporation’s entire upstream portfolio in Gabon and its interest in the Clair Field, which lies in British waters west of the Shetland Islands. In return, Hess would acquire Shell’s interest in a pair of Norwegian offshore fields, Valhall and Hod. This transaction is a strategic trade and no cash payment is involved.

“We are very pleased to increase our equity stake in Gabon-a country in which we have operated with great success for nearly 50 years”, said Malcolm Brinded, Executive Director of Shell’s Upstream International Business. The swap, which is still subject to government approval and other requisite consents, would rearrange the companies’ ownership interests in Gabon, the UK and Norway. Shell’s interest in its Gabonese production licenses would increase from 42.5% to 52.5% in Rabi-Kounga, from 44.3% to 94.3% in Toucan and from 20% to 60% in Atora. Its interest in the Ozigo exploration license would increase from 44.3% to 94.3%


…Shell Grabs A Chunk Of Alam El Shawish West.

Shell Egypt received ministerial approval to effect agreements signed with Vegas Oil & and Gas and GDF SUEZ to acquire a 20% interest from each in the Alam El Shawish West Concession, in the Western Desert area. Within the consortium, Shell Egypt will hold 40% and will become the operator, Vegas 35% and GDF SUEZ 25%. There are existing oil and gas discoveries in the concession with plans in place to boost production.

‘Farming-in into this block fits within our p1ans to expand Shell’s activities and investment in Egypt. As operator of the concession, our technical and operational expertise and established Western Desert infrastructure will allow us to create maximum value for the country and all partners”, said Ahmad Atallah, Chairman Shell Companies in Egypt.

Shell companies in Egypt, are wholly owned by Royal Dutch Shell plc. Active in Egypt. since 1911 , Shell Egypt business today spans Upstream Oil and Gas Exploration & Production, Downstream marketing and gas distribution. Most of Shell’s upstream operations are located in the Western Desert. However, Shell’s business portfolio also includes stakes in the offshore Nile Delta concessions of North West Damietta, North Damietta and the ultra deep water North East Mediterranean (NEMed).

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