Page 13 - AfrOil Week 11 2022

AfrOil POLICY AfrOil

“If we are still depending on the importation Kyari, said that authorities are working to fix
of fuel in Nigeria, it means that there will be a refineries to make the most of the current mar-
significant issue in terms of the cost of bringing ket opportunities.
in products into Nigeria, considering the level “A minor disruption in supply can cause the
of inflation that the sanctions that have been chaos that you’re seeing in our state. And that
imposed on Russia will cause globally,” said Isaac means that those redundancies must be settled,”
Botti, a public finance expert. Kyari said. “As a country, we must address the
Speaking at the International Energy Sum- issue of local production of finished petroleum
mit in Abuja last week, the Nigerian National products even in the short term, and this is what
Petroleum Corporation (NNPC) head, Mele we’re doing.” ™

PROJECTS & COMPANIES
Capricorn to drill at South Abu Sennan

EGYPT CAPRICORN Energy (formerly Cairn Energy) $946mn. The deal added 113mn barrels of oil
is preparing to spud two exploration probes equivalent (boe) to Capricorn’s working inter-
in the South Abu Sennan concession onshore est 2P reserves and also included investment by
Egypt, which are due to commence drilling in Cheiron Petroleum.
the second half of this year. Its working interest from existing Egyptian
They are the first in a drilling campaign that oil and gas assets averaged around 36,500 barrels
will cover all of Capricorn’s operated Western per day of oil equivalent (boe/d) in 2021, land-
Desert concessions, extending through to the ing at the middle of its guidance range. Revenues
end of 2023, the London-listed oil and gas explo- from the company’s Egyptian portfolio reached
ration and development company said. $56m, with its realised oil price averaging
Capricorn has a 50% working interest in $77.80/b and gas prices at USD2.90/’000 cubic
the two wells at South Abu Sennan, which it feet. ™
acquired from Shell as part of a deal that added
11 Western Desert concessions to its portfolio
in the third quarter of 2021. These include eight
exploration, development and production con-
cessions operated by Cheiron Petroleum, and
three new exploration prospects operated by
Capricorn.
The Western Desert concessions where drill-
ing targets were identified following the Shell
deal hold significant short-cycle exploration
potential, according to Capricorn, allowing it to
make firm commitments to drill nine wells and
conduct three seismic acquisition programmes
by 2025.
Capricorn bought Shell’s Western Desert
portfolio in March 2021 in a deal worth The company’s assets are in Egypt’s Western Desert (Image: Capricorn

Euroguarco, Geronimo Oil and Gas to

construct fabrication facility in Ghana

GHANA EUROGUARCO and Geronimo Oil and Gas Euroguarco is an Italian project manage-
Services, a subsidiary of the Geronimo Middle ment, manufacturing and service company spe-
East Africa (GMEA) Group, have entered into cialising in the field of energy, sealing, piping,
a partnership to build the first-ever fabrication valves and insulation products for the oil & gas,
facility to service heavy industries with equip- petrochemical, process, railways and marine
ment in Ghana, myjoyonline.com reports. industry..

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