Page 17 - AfrOil Week 44 2022

AfrOil NEWS IN BRIEF AfrOil

business new africa bna/IntelliNews

Traffic through the canal got a boost from higher the country’s crude output by almost half. 1,200 and 3,100 metres and are located off the
oil and natural gas tanker movements via the The force majeure was lifted in July this year coast of Lagos. The majority of Nigeria’s current
strategic waterway as growing volumes of crude when Bengdara was nominated head of the oil industry is located off the coast of the Niger
oil from Russia made its way to Asian buyers and NOC by the Tripoli government. Delta, meaning that it will be expanding into
European demand for oil and natural gas from Bengdara added that Libya seeks to attract new areas.
the Gulf spiked following Europe’s search for investments to develop new supplies of oil bna/IntelliNews, November 1 2022
alternative fuel sources to Russia. and natural gas and is close to finalising a deal
Overall vessel traffic in October grew by with Italy’s Eni worth up to $6-8bn. He further
14.6% y/y to 1,847 ships carrying 126.5mn announced a programme of drilling offshore and PROJECTS & COMPANIES
tonnes of goods (up 12.6% y/y). onshore by Eni and BP would start soon.
The Suez Canal is a key foreign exchange bna/IntelliNews, November 1 2022 United Oil & Gas announces
generator for the Egyptian economy. It earned
$7bn for Egypt in fiscal year 2021/2022, up from Nigeria’s oil earnings ASH-4 well update
$5.9bn in the previous fiscal year.
Suez Canal revenues are expected to take a continue to plummet AIM-listed United Oil & Gas has announced
further boost in the current fiscal year when a an update on the drilling of the ASH-4 develop-
15% tariff hike on most types of vessels, exclud- Nigeria’s earnings from crude oil dropped sig- ment well (ASH-4) in the Abu Sennan licence,
ing dry cargo and passenger cruise ships, comes nificantly in Q3 2022, mainly as a result of inces- onshore Egypt. United holds a 22% non-operat-
into effect as of January 1st 2023. Egypt’s fiscal sant theft, the country’s federal government has ing interest in the Abu Sennan licence, which is
year runs from July 1 to June 30. revealed. operated by Kuwait Energy Egypt.
bna/IntelliNews, October 31 2022 According to the local daily Punch, which Highlights: Net pay of 20 metres interpreted
obtained production figures from the Nige- in the targeted Alam El Bueib (AEB) reservoir.
Libya’s crude production rian Upstream Petroleum Regulatory Com- The well is expected to reach TD in the coming
mission (NUPRC), oil production dropped in days, after which it will be tested and completed.
reaches 1.2mn bpd each July, August and September by a total of ASH-4 Well: The ASH-4 development well,
6.62mn barrels combined, equivalent to around which spudded on September 10, reached a
The head of Libya’s National Oil Corp. (NOC), NGN287.95bn ($654mn). depth of 3,956 metres MD on October 24, in line
Farhat Bengdara, said the country’s oil produc- According to Abuja, the issues with Nigeria’s with the pre-drill schedule and under budget.
tion has doubled to 1.2mn barrels per day, com- oil sector are to be blamed on rampant theft, The well was drilled as a step-out development
pared to only 600,000 bpd three months earlier, which the government claims has denied Nige- well into the ASH field. Initial logs have been
anticipating that the output will not face any ria billions of dollars in revenue. In the past few acquired through the primary AEB reservoir
disruptions. months, this has meant that the West African target, with net pay estimated at 20 metres.
Addressing a business conference in Abu country has failed to meet its monthly quota as The well is expected to reach TD in the com-
Dhabi on November 1, Bengdara said oil should approved by OPEC. ing days, after which it will be tested and com-
not be used as leverage for political gains. Nigeria’s federal government believes that pleted. It is then expected to be immediately
The OPEC member country has faced many around 100,000 barrels of oil are being stolen brought onstream through the existing ASH
challenges as rival factions have repeatedly per day, which translates into an estimated 3mn facilities.
blocked main oil facilities to demand financial per month. On completion, the ST-1 rig is planned
benefits or request political needs. Meanwhile, in late October, Abuja revealed to move to the ASW-1X location (previously
Armed militias loyal to Khalifa Haftar, the that it would be accepting bids for deep off- named ASF-1X) to commence the drilling of
eastern commander, disrupted almost all of Lib- shore oil and gas licenses for the first time in 15 this high-impact exploration well, targeting circa
ya’s oil production for eight months and reduced years. The available blocks are located between 8mn barrels gross recoverable resources.

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