Page 9 - AfrOil Week 05 2022

AfrOil INVESTMENT AfrOil

Afreximbank to help NNPC borrow $5bn

NIGERIA THE African Export-Import Bank (Afrex-
imbank) pledged on January 27 to assist Nige-
ria’s national oil company (NOC) with a $5bn
fundraising effort.
Afreximbank’s President Benedict Oramah
told Mele Kyari, the group managing director of
Nigerian National Petroleum Corp. (NNPC), in
a meeting that the bank was prepared to support
the NOC as it sought to secure $5bn worth of
credits.
According to a bank document summaris-
ing the meeting, Oramah indicated that Cai-
ro-based Afreximbank was willing to assume a
“financial advisory and fundraising mandated NNPC and Afreximbank officials met
lead arranger role” in this process and would in Cairo on January 27 (Photo: NNPC)
underwrite $1bn in loans, or 20% of the total.
The document further noted that NNPC had Nigeria’s government re-incorporated
recently been re-incorporated as a limited liabil- NNPC as a commercially oriented company
ity company, National Nigerian Petroleum Co. within the framework of the Petroleum Industry
Ltd (NNPC Ltd). The new entity intends to use Act (PIA), which was signed into law in August
the money that NNPC raises for the purpose of 2021. The legislation eliminates the company’s
purchasing and managing producing oil and gas regulatory function and prevents it from directly
assets in Nigeria, it stated. accessing state funding. ™

PERFORMANCE
BW reports output up at Tortue in Q4-2021

GABON BW Energy (Norway) succeeded in raising
production levels at Tortue, an oilfield within
the Ruche Exclusive Exploitation Area (EEA)
offshore Gabon, in the fourth quarter of 2021
despite an ongoing shortage of gas lifting
capacity.
In a statement on its performance in the
October-December 2021 period, BW Offshore
reported that gross output levels at Tortue had
averaged 12,250 barrels per day (bpd) of crude.
Total production for the quarter amounted to
approximately 1.1mn barrels, the company
noted.
It went on to say that yields had risen quarter
on quarter but did not give a comparative figure
from the July-September period.
However, it did attribute the increase to the
launch of two new production wells at Tortue
within the framework of its Phase 2 develop-
ment programme. Tortue lies within the Ruche EEA offshore Gabon (Image: BW Offshore)
BW Offshore also said that four of the six
production wells drilled at the field had been net total of 1.17mn barrels of crude oil from the
stable and that it intended to seek an interim Tortue field in the fourth quarter of 2021.
solution for the shortage of gas lifting capacity This included “130,000 barrels of quarterly
during a planned 12-day shutdown that began Domestic Market Obligation (DMO) deliveries
in late January. with an over-lift position of 107,000 barrels at
The company further stated that it had sold a the end of the period,” BW Offshore said.

Week 05 02•February•2022 www. NEWSBASE .com P9