All posts tagged featured


GNPC Wants To Be An E&P Operator

Alexander Mould

Seeks partners who will commit to developing independent operating capability of the corporation

Ghana’s state hydrocarbon company Ghana National Petroleum Corporation (GNPC) wants to be an E&P operator.

Until now it has combined the roles of state hydrocarbon company, with those of industry upstream regulator as well as being the interface between government (Ministry of Energy) and oil companies seeking to establish a presence in the country.

But in the past two years, the corporation’s regulatory powers have been reduced, as a new Petroleum Commission finds its feet. Now GNPC wants to concentrate on commercial issues.

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Nigerian Deepwater Success Is On the Wane, PIB Or Not

Natznet Tesfay and Ade Onitolo, IHS Consultants, at the Lagos Oil Club (1)

Nigeria’s deepwater success rate has been decreasing since 2005.

IHS Energy, the global firm of oil industry scouts,  says that average success rates in drilling in water depths from 200 metres upwards “have been significantly lower (at 28%) from 2005 to 2013, versus the 70% seen over the 1995-2004 period, raising concerns over Basin prospectivity”.

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ENI Makes Hay On Etete’s Acreage

ENI

Italian major ENI is racing to deliver first oil from the deepwater Oil Prospecting Lease OPL 245 by 2016.

The subject fields are Zabazaba and Etan, which are to be developed as a cluster. Investment decision hasn’t yet been taken, and could possibly happen before the end of 2014, but the company has gone far in the contract tendering process. The Field Development Plan calls for conversion of a Very Large Crude Carrier (VLCC) to a Floating Production Storage and Offloading (FPSO). The two fields are in water depths of between 1,500 and 2,000metres.

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Questions Linger Over BG’s Lamu Probe

Sunbird Prospect

BG’s wildcat well Sunbird-1, off the coast of Kenya, was found to contain a hydrocarbon column in the primary target, a massive reef of Miocene age. However, extensive losses of drilling fluid into the reservoir restrained the UK independent from determining the hydrocarbon footage in the deep-water well, its first probe in L10A, an acreage in Kenya’s Lamu basin.

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German Operator Improves On Gas Production In Egypt

Seismic Shoot

51MMscf/d NWK Field Gets A Boost
By Mohammed Jetutu

German minnow RWE Dea reports successfully flowing 16Million Cubic Feet per day (16MMscf/d) in its most recent appraisal of the North West Khilala (NWK) gas field.

NWK-1-4 is the fourth well to be drilled in the NWK structure and reached a total measured depth of 3,175 metres in the Abu Madi Formation.

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Platform Sells Egbeoma Gas Plant For $21Million

Egbeoma Plant

Pipeline construction from Egbeoma To Oben starts 3rd Quarter 2013

Nigerian gas developer, Owei-Linkso, has agreed to pay $21Million to the Platform/Newcross Joint Venture for the purchase of the 30Million Standard Cubic Feet Per Day (30MMscf/d) Gas Processing Plant on the Egbeoma Field in the Western Niger Delta.

The agreement calls for Owei-Linkso to revamp the plant, which was constructed for $39Million, but had struggled with commissioning hitches, as a result of flawed design. Egbeoma field produces 1,600BOPD of oil, but has a high GOR, resulting in significant flaring, a reason for which the plant was constructed in the first place.

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Seplat Starts Trading First Week In April

ABC Orjiakor

Roadshows in Abuja, Singapore, London, Capetown, Johannesburg, New York
By Fred Akanni, in Lagos

Nigerian independent Seplat plans to start trading on the London and Nigerian stock exchanges by April 3, 2014.

The company is hoping to have raised $500Million through the Initial Public Offering (IPO). The four year old E&P operator gave notice it was listing on the two exchanges on Tuesday, March 11, 2014.

Seplat’s analysts are currently marketing the product to investors round the world.

The company’s full management, however, embarked on the Nigerian leg of the roadshow in Abuja on Monday, May 17, 2014. By March 20, it starts on the road to the major investment hubs around the world, including London, Singapore, Johannesburg, Capetown and New York.

One African investor on the radar is the Public Investment Corporation (PIC), South Africa’s biggest fund manager, which only recently invested $270 million inCamacEnergy Inc, the Houston based E&P independent also founded by Nigerians.

Seplat’s schedule anticipates the ‘books to be closed’ by April 2, 2014, by which time it would have known how much has been raised from institutional investors and the market would have determined the starting share price. By April 4, 2014, the company should be trading, simultaneously on the main market of the London Stock Exchange and the Nigerian Stock Exchange. Seplat is trading 25% of its shares in each of these two bourses. The share price will be the same on both exchanges at any point in time.

Seplat’s listing on the LSE is not premium listing , the company will remain incorporated in Nigeria and as such would not be eligible to join the benchmark FTSE 250 index. Seplat acknowledges the commentaries on these in the international media, which sometimes come across as misgivings. “Some people will think we opted for the standard listing because the rules re not rigorous, but that’s not true”,  Seplat spokespersons insist, “all our corporate governance rules are in line with premium listing.” To be  premium listed, the company has to become a UK company. “We want to establish that we are a Nigerian company, create that identity. We don’t want to start by being a UK company operating in Nigeria”.

Seplat says that the money it raises will be used as follows: (i) $[48] million to repay in full all outstanding amounts under its shareholder loan from MPI S.A. and (ii) the remainder of the net proceeds to be available for acquiring and developing new acquisitions, and/or pay down any additional debt raised in connection therewith, of both onshore and shallow offshore acreages, assets or joint venture farm-ins. The main source of acquisitions is expected to come from divestitures by various international oil companies.

Seplat is in the running to acquire the 45% stake held by Shell, TOTAL and ENI, in one of the four Oil Mining Leases (OMLs) 18, 24, 25 and 29, that the three European partners have put up for sale. Shell, which is managing the transaction, is expected to announce the winners by April 2014.

Seplat Chairman, Ambrosie Bryant Chukwueloka Orjiako says: “Our company was founded by Nigerians for the purpose of investing in Nigerian oil and gas opportunities and we are proud to have been the first Nigerian company to acquire and become operator of onshore oil and gas assets from international oil companies”.


Wintershall boosts income in spite of Libya

Wintershall

New European assets compensated for decreased oil production from the troubled, North African country
By Toyin Akinosho

German independent Wintershall reported an increase in net income by close to 50% in 2013, despite the fact that it has not had production in Libya for close to half of the year.

The company calls its net income of 1.8 billion ($2.5Billlion) “a new record”. The previous year’s net income was 1.2Billion ($1.67Billion), on sales of 14.8Billion ($20.6Billion).

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The “DISCOVER THE DIFFERENCE“ Event Was a Success!!!

Ofserv Event

The first of its kind “ Discover the Difference “ Technology event held in Lagos on Friday March 7th, was highly commended by attendees. There were 39 delegates from 18 organizations in attendance at the event. They were top drilling and geological personnel from International Oil Companies (IOCs) as well as the Nigerian independent (marginal field) operators. Delegates included representatives of the NCDMB, DPR & NAPIMS.

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Spaniards Spud A Well In The Precambrian

Repsol

Spanish operator Repsol, has spud the first exploration well in Licence Block Ta10 in central Mauritania.

The well is being drilled in rocks of Precambrian age, the oldest epoch in geologic history. It is the period of time that extends from about 4.6 billion years ago (the point at which Earth began to form) to the beginning of the Cambrian Period, 542 million years ago..

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