All posts tagged featured


Apache Pushes Up Egypt’s Reserves Estimates

Apache-Egypt-Map

Test of new discoveries total 14,700 barrels, 28 MMcf per day

– Riviera SW-1X flows 5,822 barrels, 2.8 MMcf per day in Lower Bahariya test
– Narmer-1X Paleozoic strat trap sets up new play
– West Kalabsha appraisal tests 3,500 barrels, 3.2 MMcf per day

Apache Corporation has reported seven oil and gas discoveries in four different geologic basins and six different concessions, south of the Meditteranean sea in Egypt’s onshore Western Desert. All seven finds have been tested and Riviera SW-1X is already producing, the company reported in a statement.

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A Looming Downstream Boom, Not In Refining

The 1,000BOPD Ogbele Diesel Plant Is the only refinery completed in Nigeria in the last 15 years

Assembling the political will and investment resources to build a refinery in Africa is a daunting task
By Neil Fleming, courtesy of the Oxford Institute for Energy Studies

Led by booming economies like that of Côte d’Ivoire, Mozambique and Ethio­pia, sub-Saharan Africa’s oil demand is set to jump by 50 percent in the next decade, outstripping growth in the rest of the world by a factor of around four to one.

That’s the forecast from downstream African consulting specialists CITAC, who predict African oil demand will hit 5.1 MMBOPD in 2023, up from 3.4MMBOPD in 2012. By 2020, demand is set to be some 4.5 MMBOPD, with West and Central African demand growing the fastest (44 percent), and North Africa likely to grow by 26 percent.

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AP Is Desperate To Farm Down In Liberia, Cote d’Ivoire

AP Is Desperate To Farm Down In Liberia, Cote d’Ivoire

African Petroleum, the Australian junior whose Liberian discovery may turn out to be the most significant discovery in the West African Transform margin in the last three years, is keen on getting ahead with appraisal, possible field development and monetization of the asset.

But the company is cash strapped.  After carrying the entire cost of drilling three wells in deepwater Liberia (Block LB-09), AP is desperate for a financing partner to share costs of the appraisal and development. The company’s exploration funds are also spread thin over other acreages in Cote d’Ivoire, Senegal, Gambia and Sierra Leone.

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Synfuels Help Sasol Soar

Sasol

A four percent increase in output volumes from Sasol’s synfuels business, which comprised 60 percent of the company’s operating profit in 2012, helped bolster earnings, raising profit by as much as 30% year on year.

So also did the 14 percent decline of the Rand, South African currency, against the dollar.

Production volumes at Sasol Synfuels rose to 7.4-million metric tonnes compared with 7.1million metric tonnes produced the previous financial year, Sasol said.

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Namibia Is Oh So Disappointing

Wingat-Murombe

By Sully Manope

Namibia has experienced four dry holes out of four wells drilled in the country in the last 18 months. The wells were drilled in two distinct, “promising” basins.

The Brazilian Independent, HRT, in late July 2013, plugged and abandoned its second unsuccessful well in the space of three months. Wingat-1 and Murombe-1 were drilled in Petroleum Exploration Licence (PEL) 23, in water depths exceeding 1,400metres in the Walvis basin.

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Petrofac Co-Founder, Maroun Seeman, Retires From The Board

Maroun Semaan

Maroun Semaan, President, Co- Founder and Executive Director of Petrofac has decided to retire from the company at the end of 2013, stepping down from the Board position he has held since 2002. He had more than 22 years with the Engineering services company, according to a Petrofac news release.

“Since we co-founded Petrofac International in 1991 the business has enjoyed tremendous growth, building our capabilities and expanding our geographic reach so that Petrofac now has one of the world’s leading names in

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Sobande Caught In GE’s African Expansion

Gbolahan Sobande is caught up in General Electric’s ambitious growth plan for Africa. America’ largest industrial group has focused more on emerging markets in the past few years and has claimed ‘localisation’ as one of its key priorities. Sobande, who retired in 2009 as General Manager Finance  JV & PSC Liaison at Shell Nigeria, is one of the several select heads working for localizing the GE workforce on the continent. “GE head hunted me via an executive of the Nigerian National Petroleum Corporation (NNPC), says Sobande, a trained mechanical engineer. “When I found that my objectives in retirement (training and support for Nigerian content development) could also be met via GE, without jeopardising the work we were doing under GSO&G/AVODAN, I decided to join them.

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Lekoil Inches Closer To A Prized Asset

Lekoil

Nigerian minnow, Lekoil inched closer to having a prized hydrocarbon asset last week with its farm in agreement with Afren PLC to acquire an overall 30% economic interest, including a 17.14%  participating interest, in OPL 310, located offshore Lagos, Nigeria,  in the Benin Basin. The acreage is squarely in the West African Transform Margin, where the promising cretaceous plays offshore  Ghana, Cote D’Ivoire, Liberia and Sierra Leone reside.

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Nigeria: Vandals Drain Profits Out Of Marginal Fields

Pan Ocean's Amukpe To Escravos Pipeline

Four Nigerian marginal fields, with total output of 22,000Barrels of Oil Per Day(BOPD), resumed production last weekend, after more than two months of complete shut in, with nary a drop of oil out of the hole.
Indeed, they have been out of production in four out of the last seven months.

The fields were shut in between October and December 2012, reopened and shut-in again from mid-February to the last week of April 2013.

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An African Giant Pumps Up The American Economy

An African Giant Pumps Up The American Economy

As a rule, Foreign Direct Investments(FDIs),  flow from the rich west to the jungles of Africa. One case that proves the exception is Sasol’s proposed investment in America’s plastics and chemicals industry.

The South African born synfuels manufacturer and the world’s largest producer of motor fuel from coal, says it will profit from the investment in two new plants, based in Louisiana, the United States Of America. “The proposed investment is estimated to be between $16 and $21 billion, making it the largest foreign investment in the State of Louisiana’s history”, Sasol says in a statement.

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