Page 16 - AfrOil Week 05 2021

AfrOil NEWS IN BRIEF AfrOil

POLICY our part as the Ministry we are not against the oil to previous reserves estimates. The NPV10 after
companies moving back.” tax for the 2P reserves as at December 31, 2020,
Sylva: President Buhari is NCDMB, February 01 2021 is $116.6mn net to Wentworth. This compares
to $118.6mn for 2019. It should be noted that
committed to Niger River PERFORMANCE during 2020, Wentworth increased its cash posi-
tion to $17.8mn (unaudited), while distribut-
Delta development ing $3.2mn in dividends, compared to cash of
$13.5mn as at 31 December 2019. The full CPR
The administration of President Muhammadu Wentworth Resources is available on the Company’s website.
Buhari is very committed to the development of announces operational Wentworth Resources, February 02 2021
Bayelsa State and other states of the Niger Delta,
the Minister of State for Petroleum Resources, update and reserves update Victoria Oil and Gas
Chief Timipre Sylva said on Monday.
He spoke in Yenagoa, at the special town hall AIM-listed Wentworth Resources, the inde- announces Q4-2020
meeting organised by the Bayelsa State Govern- pendent, Tanzania-focused natural gas pro-
ment and the Ministry of Petroleum Resources duction company, has announced the following operational update
with chiefs, youths and other stakeholders in operational update and results of the year-end
the state. The interactive session was a directive Competent Persons Report for 2020. Victoria Oil & Gas, the Cameroon based gas
by President Buhari after the ENDSARS pro- Highlights: To date, there have been zero and condensate producer and distributor, has
test last year, for ministers and other top gov- reported cases of COVID-19 at Mnazi Bay. provided an operations update for the fourth
ernment functionaries to enlighten Nigerians Employee safety remains a top priority and quarter of 2020.
about the plans and programmes of the Federal robust precautionary measures remain in place. Summary: The Company remains vigilant
Government. Wentworth’s share of gross 2P Reserves as at in relation to the COVID-19 pandemic and
The Minister further stated that the Federal December 31, 2020, estimated by RPS Group adherent to the authorities’ guidelines in the
Government is promoting the development of to be 142.2 bcf (23.7mn boe) with a post-tax jurisdictions in which it works: the lockdown in
Nigerian Oil and Gas Park at Ogbia LGA of the NPV10 of $116.6mn. Debt free with $17.8mn Cameroon was eased in May 2020 and we can
state and is facilitating the development of two cash on hand as at December 31, 2020 (unau- conduct operations and projects pretty much
modular refineries within the state, notably the dited). Production guidance for full-year 2021 as normal, but a restrictive lockdown persists in
12,000 barrels per day Hydroskimming modular set at 65-75 mcf per day (gross). the YaNAO region of the FSU where our West
refinery being constructed by Azikel Petroleum Mnazi Bay Operations and Operational Out- Medvezhye asset is located, though we have no
Limited at Obunagha, Gbarain, and the 2,000 look: Repairs to the MB-2 flowline were com- near-term operations.
barrel per day (bpd) modular refinery being pleted on time on December 9, 2020, and the well Average daily gross gas sales rate for the quar-
developed by Atlantic International Refinery has continued to perform in line with expecta- ter of 5.1 mcf per day (Q3-2020: 4.7 mcf per day)
and Petrochemical Limited at Okpoama, Brass tions. A planned slickline campaign commenced of natural gas plus gross 3,109 barrels (Q3-2020:
Local Government Area. on January 22, 2021, which primarily includes a 2,438 barrels) condensate was produced safely
Responding to calls for the relocation of oil continuation of the Mnazi Bay Partners’ ongoing and sold to industrial customers.
companies to the Niger Delta region, the Min- pressure monitoring programmes La-108 Remediation work was completed
ister maintained that youths and residents of the Reserves Update: RPS Group, an independ- mid November 2020 and during initial testing
region must eschew restiveness and work for ent third-party reserves evaluator, performed the well flowed at the 19-20 mcf per day limit
peace and security as preconditions for multina- a Competent Persons Report (CPR) for the of the surface equipment, with a Flowing Well
tionals to relocate. Company with an effective date of Decem- Head Pressure (FWHP) of 3,580 psig. The full
He stressed that asking the companies to relo- ber 31, 2020. The updated full field 2P gross potential of the well is highly likely to exceed the
cate without addressing the security concerns reserves for Mnazi Bay are 445.3 bcf (90.8 bcf capacity of the plant, which is 20 mcf per day.
would only escalate Nigeria’s cost of crude oil being Wentworth’s share of net reserves). This A settlement was reached with Cameroon
production, which is one of the highest among compares to 468.9 bcf as at December 31, 2019. Holdings Ltd (CHL) to cease all legal action and
OPEC members. According to him: “We look at As full-year 2020 gross production totaled 23.9 cancel the CHL royalty agreement.
it from the perspective of cost. It will be cheaper bcf (gross), this demonstrates a minimal change Gaz du Cameroun (GDC) received, as opera-
for oil companies to operate from here because attributable to technical and economic factors tor, approval from the Minister of Mines, Indus-
it is nearer from the operating areas. The only try and Technological Development for the
concern is that we have a responsibility to bring extension of the Matanda Block licence and we
peace and security because that is another source have commenced well planning.
of cost. If you don’t have peace and security and Roy Kelly, CEO of the Company, commented:
the oil companies move back here, then you add “We are very pleased with the resilience our
to the cost of oil production.” Cameroon business has shown yet again under
He insisted that it would make sense to the oil the challenges and restrictions posed by the pan-
companies to return if the environment is safe demic. Looking ahead, we are delighted to have a
because it will be cheaper for them. He added: number of growth opportunities to increase gas
“They were before. Shell was in Port Harcourt sales in Cameroon which remains resource rich
and Warri and most of other companies were but energy poor, especially around Douala, the
here. They only ran away when insecurity took country’s largest city and the economic engine
over the region. It is time to bring back peace of the country.”
and security so that those firms can return.” On Victoria Oil & Gas, January 28 2021

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