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If FAR withdraws, it will not participate in blocks are close to 1,500 metres, but more than
upstream development operations, it explained. 70% of the acreage lies above a water column
According to information posted on FAR’s that measures less than 100 metres.
website, the Esperanca Blocks 4A and 5A and FAR holds a 21.43% non-operating stake in
Sinapa Block 2 lie adjacent to each other in the the three blocks. It had been hoping to work with
Casamance salt sub-basin offshore Guinea-Bis- Petronor to sink its first exploration well at one
sau. They cover an area of nearly 5,000 square of the blocks before its licence expired in Octo-
km. Water depths on the western side of the ber 2023. ™

Nigerian court says Shell cannot sell SPDC

stake until oil spill fine appeal is settled

NIGERIA A Nigerian federal court of appeals in Owerri controlled by the federal court of appeals within
has ordered Shell (UK) to suspend an asset sale, two working days – presumably, to be held in
saying that the multi-national should not move escrow in the event that Shell’s appeal fails. As of
ahead with plans to unload a package of onshore press time, it was not clear whether the multina-
oil and gas licences until it has concluded its tional had complied with this part of the order.
appeal of a $2bn fine imposed for a crude spill The court is due to hold its next hearing on
that occurred several years ago. Shell’s appeal case on May 5. Reuters quoted a
The court began hearing Shell’s appeal in spokesperson for the company’s Nigerian divi-
January of a ruling that was handed down in sion as saying on March 14 that Shell would seek
November 2020, and its panel of three judges to overturn the order suspending the sale in the
issued an order blocking putting the sale on hold meantime.
on March 11, according to a Reuters report. “We are disappointed at this outcome,” the
In that order, seen by the news agency, the spokesperson told the news agency. “We have
judges wrote that Shell would not be permitted a strong belief in the merit of our case and will
to engage in “selling, allocating, vandalising or take immediate steps under the law to appeal
disposing of any of its assets/properties” until it and stay the execution of the decision until the
settled its appeal of the earlier ruling. Shell can- appeal is determined.” ™
not take any of these actions directly or through
subsidiaries or agents, the document stated.
The order pertains to Shell’s 30% stake in
Shell Petroleum Development Co. (SPDC), a
joint venture that operates 19 onshore oil and
gas licences in southern Nigeria. The multina-
tional is hoping to sell the stake for $2bn-3bn
and has received bids from five local companies
– Famfa Oil, Niger Delta Exploration & Produc-
tion (NDEP), Sahara Group, Seplat Energy and
Troilus Investments.
In its March 11 order, the court also
instructed Shell to deposit $2bn in an account SPDC controls 19 onshore sites in southern Nigeria (Image: Shell)

Eni, BP finalise deal to combine Angola

assets, form independent JV Azule Energy

ANGOLA ENI and BP have finalised an agreement first The new company, Azule Energy, will be
announced in May 2021 to form an independ- managed independently. It will produce more
ent joint venture in Angola that will combine all than 200,000 barrels of oil equivalent per day
of the two majors’ assets in the African country. (boepd) and will have 2bn boe of net resources.

P8 www. NEWSBASE .com Week 11 16•March•2022