All posts tagged farm in-farm out


AOC Executes Rift Basin PSA, ETHIOPIA

Africa Oil Corp has announced the formal execution of a new Ethiopian Production Sharing Agreement.  The agreement covers the 42,519 square kilometer “Rift Basin Area”, previously held by the Company under a Joint Study Agreement and referred to then as the “Rift Valley Block”.     The Rift Basin Area is located north of the Company’s South Omo Block and includes the extension of the Tertiary-age East Africa Rift Trend in Ethiopia.  The new license is on trend with highly prospective blocks in the Tertiary rift valley including the South Omo Block, and Kenyan Blocks 10BA, 10BB, 13T, and 12A.  During the joint study period, the Company completed an airborne high resolution gravity and magnetic survey over the block. In addition, satellite-imaged natural oil slicks were ground truthed, which indicate the presence of an active petroleum system in parts of the block. The Company plans to complete a Full Tensor Gravity Gradiometry survey and exhaustive environmental/social impact assessment over the block during 2013.


Rwanda Grants Extension To Vanoil

Rwandan authorities have approved a two month extension to Vanoil Energy’s Technical Evaluation Agreement with the Rwandan Ministry of Natural Resources.

The agreement provides Vanoil with the exclusive right to negotiate a Production Sharing Contract (PSC) covering approximately 629 square miles (1,631 square kilometers) of the East Kivu Graben, located beneath Lake Kivu, Rwanda.

 


Brazillains Sell Some To Portuguese

Namibian authorities have approved the sale of some percentage of HRT’s stakes in each of three offshore blocks, Petroleum Exploration Licences (PEL)  to Galp Energia HRT is a Brazillian firm. Galp Energia is Portuguese. In the deal, first announced in November 2012, the two companies said that Galp had acquired a 14% stake in the three exploration blocks in return for covering a portion of drilling costs.

This assignment is related to PEL 23, located in the Walvis Basin, and PELs 24 and 28, both located in the Orange Basin. HRT will retain operatorship of these PELs. The deal helps clear the way for HRT to start drilling in what it considers “the highly prospective region” off Namibia’s coast, which geologists believe could hold an area similar to Brazil’s subsalt because the two areas were connected millions of years ago. Billions of barrels of crude oil were discovered under a thick layer of salt in the Atlantic Ocean off Brazil.

HRT holds operating stakes in 10 blocks and minority shares in two others in the Walvis, Orange and Namibe basins.

 


ANGOLAN INTRIGUES/Canadians Buy Into Disputed Territory

Canadian minnow Kilimanjaro Capital Ltd., has signed an Oil Assignment Agreement with the Republic of Cabinda and the Front for the Liberation of the State of Cabinda (FLEC). The license becomes fully active upon international recognition of the Republic of Cabinda.

The Assignment Agreement grants future rights to Cabinda’s disputed Northeast Block. Angola’s state owned Sonangol currently claims the concession. However control of the countryside in the region has been contested between FLEC and the Angolan army for almost four decades. The Cabinda Northeast Block’s hydrocarbon potential is currently unknown due to the proximity of FLEC’s forward bases, dense vegetation and hilly terrain.
Cabinda is a former Portuguese Protectorate. In 1975, Cabinda attained independence but the oil rich territory was invaded by Angola and a 38 year struggle ensued. Cabinda’s current government of President AphonseMassanga and Premier Joel Batila has focused on civil and political remedies. Batila will join the Kilimanjaro Capital Advisory Board. In 2012, the African Union’s Banjul Commission at the request of FLEC took jurisdiction over disputed claims to Cabinda’s dormant onshore resources including the Northeast Block.
Kilimanjaro Capital recently signed agreements for exclusive oil and minerals rights with the exile governments of Southern Cameroons and Biafra. Forest Gate Energy also has a 20% stake in Southern Cameroons.
CEO Zulfikar Rashid has indicated the Northeast Block acquisition completes Phase One of Kilimanjaro’s portfolio which also includes the disputed Cabinda offshore blocks currently operated by Chevron. Kilimanjaro will now concentrate on development of its assets through strategic partnerships, assignments and joint ventures in order to maximize shareholder value.


Uganda Goes To The Market in 2013

The Ugandan government is planning a bid round of more than 10hydrocarbon tracts in the Albertine Rift Basin in 2013, once the current ban on licensing of new acreage is lifted.

At least 14,000 square kilometres – roughly 60% of the basin – remain unlicensed, according to the ministry of Energy and Mineral Development performance report 2011/2012.

A total of 17 oil blocks were demarcated in the basin. Four of the blocks were awarded before Uganda imposed a licensing ban on new acreage in 2007. The remaining blocks will be auctioned as soon as President YoweriMuseveni enacts a new law lifting the licensing ban.

Uganda’s parliament finally passed two new hydrocarbon laws, in late December 2012, thatmay clear the way for lifting of ban on lease sale. The Petroleum (Exploration, Development, Production) Bill and Petroleum (Refining, Gas Processing, Conversion, Transportation and Storage) Bill were introduced in parliament in February 2012 to give legal effect to the national oil and gas policy that was approved in 2008.

Among those companies that have expressed interest in buying exploration tracts are some indigenous Ugandan firms, including Nile Valley Oil Exploration Plc,Intex Construction, Asker Investments Ltd, Canaan Investments Ltd and TRC Group.

Of the foreign companies keen on a slice of the Ugandan hydrocarbon property, the list includes China Petroleum Engineering and Construction Company (China), Rapid African Energy (South Africa), Sinopec (China), Marubeni (Japan), Pet Oil (Turkey), Turner And Townsend (South Africa), Whitanker Group (USA), Bain and Company (USA, India), Trans-Oceanic Projects and Developments (Kenya) and Toyota (Kenya). But the really big names that are known to have expressed interest include Italy’s Eni, Russia’s Lukoil Holdings, and India’s Essar Oil Ltd.

British explorer Tullow Oil, French major TOTAL and Chinese behemoth CNOOC are the three main players in the country. They are all planning to invest around $10-12 billion to develop oil fields in four blocks as Uganda continues plans to join the ranks of African oil producers. They have submitted a plan of development, since July 2012, which the government is considering. First oil is expected around early 2018. Ugandan authorities say that oil companies operating in the basin have had a success rate of around 87%, finding oil in 76 oil wells out of the 87 wells drilled so far. In the five years since the acreage licencing ban has been in place, some of the blocks previously licensed to oil companies have been returned to government through relinquishment requirements and the expiry of licenses.

A 2013 licensing round will be Uganda’s first since it imposed the ban in 2007, which was put in place following the confirmation of commercial oil reserves.

 


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.

→   Read the rest of this entry


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.

→   Read the rest of this entry


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.

→   Read the rest of this entry


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.

© 2021 Festac News Press Ltd..