Page 18 - AfrOil Week 44 2022

AfrOil NEWS IN BRIEF AfrOil

UOG’s CEO Brian Larkin commented: “The next three to five years as oil production facilities shore up its foreign reserves. Energy revenues
ASH-4 well result marks a successful return restore their full working capacity and invest- are expected to climb to $50bn by end-2022,
to drilling on a prolific area of the Abu Sennan ments are made in increasing crude production. from only $35.4bn last year.
licence. Based on the initial petrophysical inter- The projected increase in Libyan supplies bna/IntelliNews, October 28 2022
pretation we expect that this well will deliver a may ease some of the pressure on global oil
material increase to current production lev- prices in 2023. San Leon Energy
els. The updated technical information from bna/IntelliNews, November 1 2022
this well, and the three other producing ASH provides update on
wells coupled with the reprocessed seismic, is Sonatrach signs
expected to further enhance our understand- Oza field in Nigeria
ing of the field which will support the optimi- $600mn deals with
sation of the recovery of the material reserves San Leon, the independent oil and gas produc-
and value. This provides further encouragement Italian firms for oil tion, development and exploration company
for the forthcoming exploration well and the focused on Nigeria, notes the announcement
remainder of our 2022 work programme.” extraction and transport made on October 27, 2022, by Decklar Resources
United Oil & Gas, October 27 2022 in Canada. San Leon has a 11% shareholding in
Algeria’s state-owned energy group Sonatrach Decklar Petroleum Ltd (DPL), the local subsidi-
Libya’s NOC agrees with has signed agreements worth a combined ary of Decklar operating in Nigeria, and has also
$600mn with Italian firms to extract and trans-
made a $5.5mn loan to DPL, via 10% per annum
Eni, BP to explore natural port LPG, Sonatrach said in a statement on unsecured subordinated loan notes.
Part of the text of Decklar’s announcement is
Thursday, October 27.
gas in western region ised a major energy deal where the former will set out below:
A few months back, Algeria and Italy final-
Decklar Resources is pleased to announce
Libya’s National Oil Corp. (NOC) has concluded provide additional 4bn cubic metres of gas to that it has recommenced loading crude oil into
an agreement with energy groups Eni (Italy) and help the European country face gas challenges trucks at the Oza oilfield in Nigeria.
BP (UK) to begin extracting natural gas from a aggravated by Russian gas supply cuts. Delivery of Crude Oil: “Decklar and its
Mediterranean gas field. Sonatrach reached a $400mn agreement co-venturer Millenium Oil & Gas Co. are
In an interview with Skynews Arabia on with Italian firm Tecnimont for the building of pleased to announce that the required permits
the sidelines of an industry conference in Abu an LPG extraction plant. The facility will be con- have been obtained and loading of crude oil into
Dhabi, on October 31, NOC head Farhat Beng- structed in three years with an overall capacity trucks has recommenced at the Oza oilfield.
dara said the gas field will be larger than Egypt’s of 1,000 tonnes per day (tpd) of LPG, 300 tpd of The crude will be trucked to a crude processing
Zohr field, noting that Eni would invest $8bn to condensate and 8.7mn cubic metres per day of and sales terminal in Nigeria with which the
develop natural gas fields in western Libya. gas, according to a statement. Company has entered into an agreement. As
Libya expects oil revenues to range between The Algerian pipeline firm ENAC will also previously announced, the agreement with the
$35bn-$37bn in 2022. The north African coun- build a 65-km duct to facilitate transportation, company that owns the crude processing and
try has 80tn cubic feet in proven natural gas Sonatrach added. sales facilities provides for an initial delivery of
reserves. Sonatrach and France’s TotalEnergies signed 10,000 barrels. The parties are also in advanced
In February, NOC and BP agreed to resume a $170mn deal with Italy’s Arkad to build a unit discussions to increase the initial sales quantity
exploration activities in line with a 2018 deal linking 24 new wells to an existing plant. Another to 30,000 bbls and to possibly agree a minimum
between the two companies and Eni. three smaller deals were signed for LPG-related monthly quantity of barrels of Oza oilfield crude
NOC said in August 2022 the country’s crude infrastructure and equipment. to be sold.”
output is expected to reach 2mn bpd within the The hikes in gas prices has helped Algeria to San Leon Energy, October 28 2022

P18 www. NEWSBASE .com Week 44 03•November•2022