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Seplat Output Drops Quarter on Quarter

Seplat Petroleum’s oil and gas production experienced a slight reduction from first quarter to second quarter 2018, largely on account of shut ins caused by leakages in the Trans Forcados Pipeline.

Gross liquid output dropped from 61,150BOPD in 1Q 2018 to 52,262BOPD in the 2Q.

Gross daily Gas Production was 351MMscf/d in 1Q, declining to 337MMscf/d in 2Q 2018.

In equity terms, Seplat produced 27,306BOPD of hydrocarbon liquids and 158MMscf/d of natural gas in 1Q , but these had declined to 23,266BOPD and 152MMscf/d in the 2nd Quarter.

The reason was the disparity in the length of time that actual production took place.

Production in Q1 stood at 82% with average reconciliation losses of 7.3%; but by the end of the first half, the company reported production uptime in the period was 76% while reconciliation losses were around 8%.

There was, in an instance, two weeks of production shut in during the second quarter, whereas the highest number of days of shut in during the first quarter was four days.

Seplat has concluded plans to move into alternative evacuation facility whenever the TransForcados line is shut in, but could not execute those plans in the period under review.

Although 1H 2018 equity production averages at 25,286BOPD (Liquids) and 155MMscf/d, the company needs to keep an eye on its “working interest production guidance (before reconciliation losses) for FY 2018”, which is 24,000 to 29,000BOPD and 148 to 158MMscf/d.

This “equates to 48,000 to 55,000 BOEPD and is predicated on there being no further prolonged force majeure event”, Seplat itself says.

Energy Transition of Various Speeds

By Gerard Kreeft
In September 2015 the rig count in Angola was a robust 22; by June of 2018 this decreased to 4 rigs!

Is this the new reality?

Will $80 per barrel of oil help move the rig activity to new levels? The rig count is a vibrant sign how well the oil and gas industry is faring…at least that was the thinking before the Paris Climate Agreement of 2015. Lower oil prices have not helped buttress the case for the oil and gas community. Instead there is a growing public perception that all oil and gas assets should be viewed as ‘Stranded Assets”.

In Europe there are concrete plans to shut down natural gas operations. Witness Europe’s oldest gas field – Groningen-which within the next decade will be shut down. While scares of further earthquakes was a main driver to making this decision for the Government of the Netherlands, it is also a wake-up call for Exxon-Mobil and Shell the co-owners of this historic field. Once a cash cow it has become a stranded asset.

Yet in a country like Angola the gas age is now beginning: new exploration is being done to ensure that natural gas can be used as a fuel of choice to help expand the country’s industrial base. Putting together such a roadmap will require time, effort, strategy and implementation. Perhaps for the next 20-25 years. And perhaps the use of natural gas is also symbolic for more African countries.

Certainly it is chauvinism of the worst sort to believe that Africa should be following the route that Europe is taking. What to do? A simple proposition. An Energy Transition of Various Speeds. This requires an explanation.

The Good Old Days!

In the good old days when everyone accepted that RRR(Reserve Replacement Ratio) was a parameter to reflect the upstream status of an oil company…it also was assumed that mid-stream and downstream were in capable hands. An essential tool to define the concept of the ‘Integrated Oil Company‘.

RRR was a sign that Upstream reflected a robust industry and reflected well upon the mid-stream and downstream assets: 100% replacement on an annual basis was seen as the norm (see Figure). Yet because reserves are calculated in fossil units, any attempt for the majors to engage in renewable energy, be that solar or wind would be a complete waste of shareholder value given that these reserves cannot be added to the reserve total. It is little wonder that any RRR calculation is hard to find in the financial reporting of the majors.

Post-Paris this has changed and therefore the concept of an ‘integrated oil company’ has vanished…With the oil and gas sector unwilling to think about converting  their ‘fossil –based reserves to energy units’ the oil companies have missed a big opportunity to be an active player in the Energy Transition…for example if an oil company had participated in the North Sea Offshore Wind Consortium, this could have created the equivalent of 500,000BOE reserves (100GW energy) …Nonetheless time has passed on and the oil and gas sector has chosen to ignore such an opportunity.

The result is that in spite of the higher oil prices, the oil majors will, in the coming period, face a crisis of their own making: a splitting up of their upstream/mid-stream/downstream assets and seek consolidation to maintain some sense of value. Upstream will remain in place but will have fewer and bigger players. The same with mid-stream and downstream. Throwing RRR overboard is the most visible sign that the majors will be consolidating their entire energy value chain. This could become very ugly!

For example it would not be surprising if Shell were to rid itself of its upstream assets and becoming a gas player(mid-stream) a business they understand and do well…and given the necessity of having natural gas in an energy transition they are well positioned to do this…downstream perhaps also a merger of like-minded company units.

And swirling in the background the independents will continue to have a key role in exploration and in the mid-stream and downstream sectors…to feed the majors …then we come back to the service industry…if the above consolidation does take place…this will also have its toll on the drillers and service providers.

Back to the Future
What would the Energy Transition look like in Europe?

In 2007 Europe consumed 408 BCM of natural gas (McKinsey). In the period 2005-2014 gas consumption in the EU-28 had decreased by a quarter or 124 BCM.

Various factors have contributed to this: the economic and financial crisis; the impact of policy measures around energy efficiency and renewable energy; and competition with coal. For the future various demand forecasts exist: from a low of 425 to a high of 550 BCM in 2024 .

Yet the overarching new development will be the development of the Hydrogen economy. Two examples:

The H21 Leeds City Gate Project

The H21 Leeds City Gate Project provides the world, for the first time, a concrete example of how a Hydrogen Economy could work, both in technical and financial terms and be feasible..

The UK gas industry is over 200 years old and for its first 150 years, gas used was locally manufactured town gas which contained circa 50% hydrogen with smaller amounts of carbon monoxide and methane. With the ascent of natural gas the UK underwent a nationwide gas conversion programme in the 1960’s and 1970’s, converting 40Million appliances. Over 80% of UK households now use this gas network.

A hydrogen conversion programme would follow a similar process to the original town gas to natural gas conversion, so successfully undertaken then. The process will involve minimal disruption for the customer and require no large modifications to their property.

The H21 project has shown:
⦁Gas network has the right capacity for such a conversion;
⦁Can be converted incrementally with minimum disruption to customers;
⦁Minimum new energy infrastructure will be required compared to alternatives;
⦁Existing heat demands for Leeds can be met with ‘steam methane reforming’ and salt cavern storage;

Availability of low-cost bulk hydrogen in a gas network could revolutionize the potential for hydrogen vehicles, and via fuel cells, support a decentralised model of combined heat and power and localised power generation.

North Sea Wind Power Hub
In 2017, four transmission system operators (TenneT Netherlands, TenneT Germany, Energinet and Gasunie) formed the North Sea Wind Power Hub. The hub partners are to study and investigate the possible development of a large-scale, sustainable European energy supply system in the North Sea.
The collaboration is a key step towards the realization of a North Sea Wind Power Hub which will make a major contribution towards achieving the objectives of the Paris climate agreement (COP21). In order to achieve the climate targets for Europe alone, approx. 230 gigawatts (GW) of offshore wind energy capacity needs to be developed, of which 180 GW in the North Sea. 

What are the lessons that can be learned for the Energy Transition for Africa?
⦁Renewables both wind and solar should continue to be part of the energy mix;
⦁Natural gas can continue to be an important transit fuel for residential and industry purposes;
⦁With the anticipated tsunami in the various part of the Energy Value Chain countries could face increased competition because of scarce resources, i.e. fewer oil and gas companies in the upstream/midstream/downstream sectors.
⦁Likewise in the service sector: for example the state of the drilling industry. The sector’s players are in various states of bankruptcy, chapter 11, or re-organization. Will there be any drillers left to drill the wells?
⦁How should National Oil Companies prepare for the Energy Transition?

Gerard Kreeft is CEO of Energywise, a Knowledge production company which organizes conferences and consults in the Gulf of Guinea and the North Sea

Savannah Inks Early Crude Production Deal with the Republic of Niger

British explorer bound to submit a pre-feasibility study to the authorities

Savannah Petroleum has signed “a legally binding Memorandum of Understanding” with the Government of the Republic of Niger.

The MOU affirms both Parties’ commitment to the realisation of a proposed early production scheme (“EPS”) utilising crude oil resources associated with Savannah’s recent discoveries in the R3 portion of the R3/R4 Production Sharing Contract area in the Agadem Rift Basin (“ARB”) of South East Niger. The MOU further binds both parties to work together towards the realisation of the EPS and contains specific provisions relating to the actions each Party undertakes to conduct as well as setting out the key timelines associated with the project.

The EPS is intended to be domestic focused, with oil produced from Savannah Niger’s R3 area discoveries expected to be sold at the Société de Raffinage de Zinder (“SORAZ”) refinery, which is connected to the ARB via the third party owned 463km Agadem-Zinder crude oil transportation pipeline.

As part of the MOU, the Republic of Niger has confirmed its intention to, inter alia:

• Facilitate the conclusion of a crude oil marketing agreement between Savannah Niger, the local subsidiary of Savannah Petroleum and SORAZ.
• Facilitate the conclusion of an infrastructure access agreement between Savannah Niger and the owner of third party crude oil processing and transportation infrastructure, subject to confirmation of the compatibility of the proposed crude oil Savannah Niger intends to include in the EPS and those crude oils currently being processed and transported though this infrastructure (to be confirmed following Savannah’s planned well testing programme).

As part of the MOU, Savannah has undertaken to, inter alia:
• Submit a pre-feasibility study to the Republic of Niger within 90 days of the signature of the MOU in relation to the discovered crude oil resources in the R3 area anticipated to be included in the EPS;
• Submit an application to the Republic of Niger for the issuance of an Exclusive Exploitation Authorisation within 90 days of finalisation of commercial documentation between Savannah Niger, SORAZ and the third-party infrastructure owner.

Savannah intends to announce further details in relation to the EPS and the Company’s planned well testing campaign in due course.

Foumakoye Gado, Niger Minister of Energy and Petroleum, said:
“We are very pleased with the success Savannah has achieved in its exploration drilling campaign to date, with three discoveries from its first three wells. As a Government, we are keen to see that these and future discoveries commence production as soon as possible, given the positive contribution to economic growth, tax revenues and our local communities that they have the potential to deliver. We are committed to provide Savannah with all reasonable assistance to enable this to happen. We continue to hope that Savannah’s experiences will serve as a positive advertisement for our Government’s pro-FDI approach and would strongly encourage others to come and invest in Niger, both in oil and gas and other sectors.”

Andrew Knott, CEO of Savannah Petroleum, said:
“Our Niger project team is highly focused around the delivery of: (1) near-term production and cashflows from existing and future discoveries in the R3 area; and (2) further material reserve adds through our ongoing exploration and appraisal drilling program. The signature of the MOU provides a clear pathway in relation to our first objective and is a major milestone. In relation to the second objective, Savannah benefits from the large bank of drill-ready exploration prospects that our technical team has mapped within our PSC areas.

We believe the vast majority of these prospects have similar risk profiles to the ones we have already successfully drilled, and we therefore look forward with confidence to the results of the wells still to come in the campaign. It is an exciting period for Savannah and our stakeholders and I look forward to providing further updates as our Niger project progresses over the course of the coming months.

I would like to again thank the Government of Niger for their continued support of our project. We look forward to working with them and our other project stakeholders to making the EPS a reality and starting production and sales from our R3 licence in Niger.

I also look forward with confidence to the completion of the Seven Energy transaction this quarter, and expect to provide further announcements in relation to this shortly.”

The 230,000BOPD Kaombo Project Comes Onstream in Angola

TOTAL has started up production of Kaombo, currently the biggest deep offshore development in Angola, located on Block 32, 260 kilometers off the coast of Luanda. 
Kaombo Norte, the first Floating Production Storage and Offloading (FPSO) unit, has been successfully brought on stream and will produce an estimated 115,000 barrels of oil per day, while the second one, Kaombo Sul, is expected to start up next year. The overall production will reach an estimated 230,000 barrels of oil per day at peak and the associated gas will be exported to the Angola LNG plant.

A total of 59 wells will be connected to the two FPSOs, both of which are converted Very Large Crude Carriers, through one of the world’s largest subsea networks.

Together, they will develop the resources of six different fields (Gengibre, Gindungo, Caril, Canela, Mostarda and Louro) over an area of 800 square kilometers in the central and southern part of the block.
The Kaombo development will monetise an estimated 650 million barrels of reserves and “contribute to TOTAL’s’s growing production and cashflow in Africa,” stated Arnaud Breuillac, the company’s President Exploration & Production at TOTAL. “It will account for 15% of the country’s oil production. 

TOTAL operates Block 32 with a 30% participating interest, along with Sonangol P&P (30%), Sonangol Sinopec International 32 Limited (20%), Esso Exploration & Production Angola (Overseas) Limited (15%) and Galp Energia Overseas Block 32 B.V. (5%)

Nigerian Operator Highlights Possible Involvement of Security Forces in Crude Oil Theft

Indigenous producer emphasises the “weight of allegations with which Admiral Suleiman has been publicly confronted”.

By Fred Akanni, Editor in Chief

AITEO’s response to allegations that it had masterminded protests by oil community groups against the Joint Task Force in the Niger Delta, is one of the rare instances in which a high profile E&P company has called out the Nigerian security forces for likely complicity in the scourge.

Defending itself against charges by the JTF commander, Rear Admiral Apochi Suleiman, the Nigerian indigenous operator, in a 1,000-word statement, pointedly asks whether it was “correct that the security forces are now offering protection/escort services to those allegedly responsible for oil thefts?”

And then it follows up: “How is it that vessel movement of the oil thieves occurs unnoticed in the region despite heightened activity in large scale illegal bunkering?”

The JTF is comprised of personnel from the Nigerian Navy, Army, Police, Nigeria Security and Civil Defence Corps and Custom Service. The JTF commander had accused AITEO of masterminding the protests against the task force in an interview with ThisDay, an influential Nigerian newspaper. A group named Niger Delta Oil Monitoring Group also, in a statement, accused AITEO of sponsoring the June 1 Abuja protest “to frustrate Rear Admiral Suleiman from consolidating on his successful curbing of oil theft in the Niger Delta”.

When asked about AITEO’s statement, the JTF responded to our enquiries with a curt reply: “Go to the Defence headquarters for official details”. But our enquiries at the Defence headquarters were not replied.

Insinuations about complicity of security forces in the theft of crude oil in the region has always been made, in media reports, in the work of researchers, and in declamations of civil society organisations.

But as the work of journalism around this issue has hardly resulted in smoking gun evidence, and the other agencies are very much external actors, the default mode had been to dismiss their recurring finger pointing. On the contrary, AITEO is a significant participant in Nigeria’s crude oil production, with nameplate output capacity (90,000BOPD), which is over 4% of the country’s total export, so its statement about the security forces is hard to ignore.

“We are one of the biggest victims of oil theft in the country”, the company laments.

AITEO operates the Nembe Creek Trunk Line NCTL, a crude export pipeline with capacity to pump 200,000 Barrels of Oil Per Day throughout its 97km length, starting from Nembe Creek, to a manifold at the Cawthorne Channel field on OML 18. From here, crude is evacuated the short distance to the Bonny oil terminal. NCTL is clearly one of the four largest crude oil to export pipelines in Nigeria.

The company’s statement revisits the key challenges faced by operators in the Niger Delta and reiterates the facts of huge losses of revenue that otherwise would have accrued to the Nigerian Government, which is struggling with a large debt burden and borrowing billions of dollars to finance its budget.

  • In December 2016 alone, the company explains, 45.46% of AITEO’s total net crude injected into the NCTL was lost on the basis of crude oil theft “resulting in significant pressure reductions on the trunk line, theft points identification as well as illegal refineries, and corroborated by several Joint Investigative visits constituted by various regulatory bodies and the applicable host community”.
  • “Third party interference with the line has often resulted in oil leaks which ultimately culminate in shutting down the NCTL to undertake emergency repairs. This in itself has resulted in the NCTL being shut down for about 145 days and an approximate deferment of 50.386 million barrels of Crude Oil (Net) for the 6 injectors into the NCTL since Aiteo took over the operatorship of the Trunk line in September 2015”.
  • As recently as May 1, 2018 there were a total of 24 illegal bunkering points identified along the NCTL. AITEO has successfully repaired 9 of these illegal bunkering points during May 2018 at a huge cost to the company. These illegal bunkering points also contribute to the huge losses on the volumes injected across the NCTL by the six OMLs and the volumes actually received at Bonny Terminal.
  • Due to the continued vandalism of the NCTL and resulting oil theft, AITEO has written to the Federal Government, through the Chief of Army Staff, General TY Buratai on two occasions (April 17 and 23, 2018), requesting the involvement of the Armed Forces in reinforcing existing security arrangements to the pipeline as the incessant security breaches were resulting in losses amounting to billions of Naira for the country. “We have made similar efforts to various other arms of the security apparatus of the country”.

But the sting in the tail is the drawing out of the head of the security forces tasked with ensuring the safety of lives and property in the Niger-Delta.

AITEO had, in the June 6 2018 statement, declared; “any attempt by the embattled Admiral Suleiman to suggest AITEO’s involvement in the activities of those who undertook the protest or indeed any other related activity is a distraction designed to fail. It does not, in any way, detract from the weight of allegations with which Admiral Suleiman has been publicly confronted”.

Tullow Oil Ordered To Pay $254Million To Seadrill

Tullow Oil has responded in the media to a judgment in the English Commercial Court case brought against its wholly owned subsidiary Tullow Ghana Limited by Seadrill Ghana Operations Limited.

“The Hon. Mr Justice Teare has ruled that Tullow was not entitled to terminate its West Leo rig contract with Seadrill on 4 December 2016 by invoking the contract’s force majeure provisions and as such requires Tullow to pay Seadrill a contractual termination fee and other standby fees that accrued in the 60 days prior to termination of the contract.

“These fees amount to approximately $254Million. Tullow expects to be required to pay these fees within the next 14 days (from July 3, 2018) with Tullow being liable for a net amount of approximately $140 million, which compares with the provision of $128Million made in the 2017 Annual Report and Accounts”, Tullow says in a statement.

The company declares it is “disappointed with the decision and maintains the view that it was right to terminate the West Leo contract for force majeure. Tullow will now examine its options, including seeking leave to appeal the judgment”.

“As disclosed in the Group’s recent trading statement, Kosmos is disputing separately, through an arbitration against Tullow with the International Chamber of Commerce, its share of the liability (c. 20%) of any costs related to the use of the West Leo rig beyond 1 October 2016. The arbitration tribunal’s decision is expected shortly”.



Nembe Creek Trunk Line in the Fourth Week of Shut In

By Joacim Otutu


The seven year old Nembe Creek Trunk Line is in its fourth week of outage since early June 2018.

The 48”, 97kilometre, 150,000Barrels Per Day capacity crude oil evacuation pipeline was shut in on June 7, 2018, after significant rupture was detected.

The Nigerian independent AITEO, who is co- owner and operator of the facility, has been working on repairs of the line since then. “But it doesn’t look that the mend would be completely effected before the middle of July 2018”, sources at the company disclose to Africa Oil+Gas Report.

The NTCL, built for around $0.5Billion and commissioned in 2011, was meant as a replacement for the old Nembe Creek Pipeline, which had been severally weakened by “crude theft points” installed by oil thieves.

But the “new” Nembe Creek Trunk Line (NCTL) itself has been a target of oil thieves and vandals since its being commissioned into use. AITEO purchased a 45% stake in NCTL from Shell in 2015.


The company says that vandalism of the line by oil thieves has “resulted in the NCTL being shut down for about 145 days and an approximate deferment of 50.386Million barrels of Crude Oil (Net) for the six injectors into the NCTL since AITEO took over the operatorship of the Trunk line in September 2015”. Just a month before the June 7 shut in, “there were a total of 24 illegal bunkering points identified along the NCTL”, of which the company had “successfully repaired 9 of these illegal bunkering points during May 2018 at a huge cost”.

The current outage is apparently caused by tampering that is in a much more industrial scale than the earlier bunkering points.

CWC Group Announces Nigeria’s Leading Oil & Gas Gathering to return to Abuja in July

News Release: Nigeria Oil & Gas Conference & Exhibition, 2 – 5 July 2018, ICC, Abuja, Nigeria

High level government participation in this year’s event is highly anticipated as the industry seeks intervention in the face of global challenges. The price of crude has dropped to record levels forcing many in the industry to cancel or suspend key projects and investments.

Commenting on this edition of NOG, Wemimo Oyelana, Vice President – Production, Africa, CWC Group stated: “Now in its 17th year, NOG has become an extraordinary event in the Nigerian and international energy calendars. It brings together policy makers, operating oil companies, technology innovators and local manufacturers in an open and free discussion and debate that has the potential for developing new strategies to drive the industry forward.”

Other expected key participants include Ministers of the Federal Republic, senators, senior government representatives from the Ministry of Petroleum Resources as well as NNPC and its subsidiaries. Also participating will be key players from international oil companies, independent producers, international and indigenous service providers and industry associations.

Industry leaders already confirmed include:
⦁ Dr Maikanti Baru, Group Managing Director, NNPC
⦁ H.E. Mohammad Sanusi Barkindo, Secretary General, OPEC
⦁ Mordecai Ladan, Director, Department of Petroleum Resources
⦁ Simbi Wabote, Executive Secretary, NCDMB
⦁ Bello Rabiu, Chief Operating Officer – Upstream, NNPC
⦁ Henry Ikem Obih, Chief Operating Officer – Downstream, NNPC
⦁ Anibor Kragha, Chief Operating Officer – Refineries, NNPC
⦁ Dafe S. Sejebor, Group General Manager, National Petroleum Investment Management Services

Dr Maikanti Baru, who recently announced the assurance of the NNPC to provide more support to indigenous companies in Nigeria’s Oil & Gas Industry, has fully pledged his support for the event.

NOG will provide delegates with the ability to learn how to develop innovative and profitable solutions to aid the development of Nigeria, something which Baru has urged private companies to do. The 4 day conference and exhibition will enable private sector companies to find opportunities to partner with the public sector which will aid the realisation of the Country’s economic goals.

Sessions throughout the conference will focus on issues such as the policies needed to enhance the Nigerian oil and gas industry’s competitive edge, the changes in legislation and policy that industry players want to see, as well as how the government is working with the industry to further develop policies.

About the CWC Group:
The CWC Group is a recognised world expert in the LNG, oil and gas, power and investment sectors, with particular expertise in emerging markets. We have a wealth of knowledge offering top-level strategic events around the world. We work closely with many governments, NOCs and international corporations to highlight the key issues and challenges facing the global energy industry and facilitate debate to find solutions. View the full CWC Portfolio of events.

Contact: Tori Wilson, Marketing Manager,

Mixed Grill in The Indies’ Camp

By Fred Akanni, Editor in Chief

Africa focused Western independents, listed in London, Toronto, Oslo and New York, have a mixture of experiences about projects they are pursuing on the continent.

While it’s true that the depressed crude oil price period of 2014 to 2017 hit them hard, and several of them were on the retreat from Africa, the overall investment narrative about this species is a lot more comprehensive.

For every Ophir Energy (who is harassed by government, spurned by partners and cold shouldered by financiers), there is a Kosmos Energy, (who is applauded by the market and hailed by government partners).

For every Tullow Oil that is counting both cost and listing its blessings to look on the bright side, there is an Africa Oil Corp. which is collecting a Landlord’s rent and is on an acquisition binge.

One challenge that is common to most independents is that the new oil and gas reserves that were discovered in the heyday of the last boom have now reached development phase.

Our question remains: Are these independents still, as a group, the markers to where the opportunities lie in Africa?

Africa Oil+Gas Report’s 2018 edition of Independents’ Day, the magazine’s once-a -year review of activities of foreign independent companies operating in Africa, pays close attention to the results of these companies’ exploration ventures in little known basins on the continent, as well as details of plans for the near term. Our job is much more than presenting the general picture. It is to ensure that wherever you are on the planet, you get such a grasp of deal flow, operational plans, and short to mid-term strategies that provide you enough understanding of what’s going on around Africa’s hydrocarbon resources to make a profitable investment.

The Africa Oil+Gas Report -a monthly trade journal-is the primer of the hydrocarbon industry on the continent.

Find out in these pages.


FID Slips For Africa’s Big Four Oil Projects

By Toyin Akinosho

Two weeks to the end of 1st Half 2018 and the much advertised Final Investment Decisions (FIDs) have failed to materialise for four big African oilfield projects.

The $20Billion Ugandan Albert Basin project, (200,0000BOPD at peak), which was the most certain of the four to take FID, still has a number of conditions precedent to reach the financing close. Yet this was the project that was reported as likely to get the nod in the last quarter of 2017.

The sanction may happen in 2018, but we now know that project commissioning date will slip beyond 2020. CNOOC, the Chinese behemoth with 44% stake in the upstream development, said last week that start-up was unlikely before 2021. This project has been on the drawing board for nine years.

Two greenfield deepwater oil projects offshore Nigeria, Bonga South West Aparo (BSWAP) and Zabazaba, collectively billed for over $25Billion, look nowhere close to getting sanctioned anytime in the year.

It is now certain that an FID in 2018 cannot not work for the SNE field, offshore Senegal, located in 1,100metre Water Depth in the Rufisque, Sangomar and Sangomar Deep Blocks.

Full details of Financial Sanctions for large sized Projects in Africa are available in this link, as well as in the June 2018 edition of the Africa Oil+Gas Report.


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