May Updates Oil & Gas

23
May

May Updates Oil & Gas

Oil prices are, this month, at their highest level since 2014: Brent crude prices are above $76 a barrel and are expected to hit the $80 mark a barrel in the following weeks.

 

Over the next 7 years, billions of dollars are expected to be spent on 88 new oil and gas fields in Africa such as conventional oil, heavy oil and unconventional oil projects. Mozambique and Angola should receive $46.2 billion (£33.6bn) and $20 billion (£14.5bn) respectively. This should lead to a production of more than 12,356 million barrels of oil and 178,209 billion cubic feet of gas.

 

According to GlobalData, Sub-Saharan Africa’s gas production will increase by 18% by 2021 to 9.1 billion cubic feet per day. This production is expected to be led by Nigerian National Petroleum Corporation (34.2%), then Royal Dutch Shell Plc (10.4%) and then Eni SpA (7.8%).

 

Country Focus | Nigeria

According to the former President Goodluck Jonathan, local content has increased from 5% to over 30% in Nigeria’s upstream and downstream operations after the passage of the local content law.

The Oil and Gas Park construction in Emeyal has being launched by the Nigerian government. The aim is to develop a regional, low-cost manufacturing hub for the Nigerian petroleum sector, which should create employment for 2,000 Nigerians.

Nigeria’s state-run oil and gas firm (NNPC) wants to make the Nigerian Petroleum Development Company (NPDC) the top oil producer in the country, announced the company’s group managing director Maikanti Baru. Their target is to increase their daily production up to 300,000 barrels per day (bpd) by the end of year and up to 500,000 bpd by 2020.

 

Country Focus | Namibia

Calima Energy was awarded over 50% interest and gained the operatorship to explore during 4 years the Orange River Basin, deepwater oil play of Southern Namibia.

 

Country Focus | Côte d’Ivoire

The gas production of Côte d’Ivoire doubled from 2016 to 2017: it reaches 216 million cubic feet per day (100 million cubic feet per day in 2016). A developing project of gas production has been launched to start intensify research and exploration in deep offshore over 3,000 meters. The government is negotiating with Foxtrot, who is planning to increase its natural gas production and also with Vitol to launch “Gazelle” field development near Grand-Bassam. A group of companies, led by Total, has been given the construction of a liquefied natural gas (LNG) regasification terminal  with a capacity of 100 million cubic feet in Abidjan port by the government, an investment of $200 million.

 

Earlier this month the Government of Côte d’Ivoire announced, alongside the commissioner for Mines and Energy of ECOWAS, the 2nd ECOWAS Mining & Petroleum Forum and Exhibition, ECOMOF 2018, 9 – 11 October 2018 in Abidjan. During the Press Conference it was highlighted that West Africa holds 30% of Africa’s Oil and Gas reserves and that the contribution of the sector to the development of the region has been significant.

 

Country Focus | South Sudan

The Republic of South Sudan announced their plan to launch new local content regulations in 2 months to provide more opportunities to its local.

 

The dates have been confirmed for the 2nd Africa oil & gas local content conference and exhibition, ALC 2018, taking place in Luanda from the 26th to 28th November 2018. The event focus is promoting local content in the 18-member oil and gas producing countries.

Company Focus| Woodside Petroleum

Australia-based Woodside Petroleum, major oil & gas explorer in Africa, has discovered a second oil prospect offshore in Gabon. They announced their will to support African governments in developing important deepwater oil and gas projects.

 

Country Focus | Angola

Following the visit from Angolan President João Lourenço to Zambia, the two leaders have agreed to cooperate in the oil & gas sector. An oil pipeline is to be constructed between Angola and Zambia. Both leaders also committed to develop intra-regional trade and improve the access to markets outside Africa, by developing transport infrastructure linking the two neighbouring countries.

Company Focus| Sonangol and Chevron

Sonangol and Chevron have agreed to co-operate to raise production in Angola after meeting at the Offshore Technology Conference.  Chevron currently produces 300,000 barrels of oil per day in Angola.

 

Company Focus| Eni

After two months from start-up, Eni has reached the production of 24,000 barrels per day in Angola’s deep offshore, Ochigufu field. This result confirms the goal of adding 54,000 barrels per day to the block’s production by 2019. The field should reach a production of over 170,000 barrels per day, thanks to the current 850 million barrels of reserves and Ochigufu field’s potential of 3 billion barrels of oil, in combination with the start  of production in the Mpungi field early next year.

 

Company Focus| Savannah Petroleum

At the beginning of May, Savannah Petroleum has announced its second Nigerian well was spudded. The drilling should last 35 days to reach a total depth of 2,576 metres. This well is aimed to evaluate potential oil pay in the Eocene Sokor Alternances first and then to evaluate potential oil pay in the Eocene Upper Sokor. Total mean unrisked recoverable resources has been assessed at 39 million barrels.

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