Page 9 - AfrOil Week 30 2021

AfrOil INVESTMENT AfrOil

Although the roster of companies participat- companies such as BP, Eni, ExxonMobil and
ing in the licensing round does not include any TotalEnergies.
international majors, ANPG has said it is satis- The contest was designed to attract small and
fied with the outcome of the auctions. medium-sized firms, especially local operators,
Hermenegildo Buila, the agency’s director while BP and the other IOCs “are focused on
of negotiations, declared earlier this month that another horizon – offshore, for offshore blocks,”
he was not overly concerned by the absence of he commented. ™

PERFORMANCE
EGPC reports 100% success rate in drilling

wells in third quarter of FY 2020/2021

EGYPT STATE-OWNED Egyptian General Petroleum in Abu Sennan linked to Al-Hamra port at a cost
Co. (EGPC) has drilled three exploratory wells of approximately $56mn. The pipeline aims to
and eight developmental wells in the Eastern serve all sister companies in the Western Desert.
and Western Deserts during the third quarter The company also has plans to construct a
(January-March) of fiscal year (FY) 2020/21, natural gas pipeline at a cost of $10mn to begin
achieving a 100% success rate, Al Mal newspa- producing from the Northwest Bahar field in
per reported. the Eastern Desert. Production is estimated at
The company made $50mn in total invest- around 15mn cubic feet (425,000 cubic metres)
ments during the quarter. Some $16mn of the per day of gas. ™
total was used to cover drilling costs.
Also during the third quarter of the fis-
cal year, EGPC brought the HH 83/2 offshore
discovery on stream with a total production
capacity of 3,500 barrels per day (bpd). The
company will continue the project by construct-
ing a 13-km pipeline with a 6-inch (152-mm)
diameter.
Concurrently, EGPC is about to complete the
construction of a 170-km underwater pipeline EGPC drilled 11 wells in January-March (File Photo)

NNPC reports on payment of

overdue pre-2016 cash calls

NIGERIA NIGERIAN National Petroleum Corp. (NNPC) federal government’s Federation Accounts Allo-
recently disclosed that it had paid off more than cation Committee last month, Punch noted.
two thirds of the cash call arrears owed to for- The document provided a breakdown of
eign partners. the payments. It reported that NNPC had paid
According to the Punch newspaper, the $1.06bn to Chevron Nigeria Ltd (CNL), a sub-
state-owned company said it had paid $3.22bn sidiary of Chevron (US); $833.75mn to Mobil
to international oil companies (IOCs) to cover Producing Nigeria (MPN), a subsidiary of
cash calls predating 2016 as of May 31, 2021. This ExxonMobil (US); $477.43mn to Nigeria Agip
sum accounts for nearly 69% of NNPC’s nego- Oil Co. (NAOC), a subsidiary of Eni (Italy);
tiated pre-2016 arrears, which total $4.69bn. It $455.3mn to Shell Petroleum Development
brings the amount still owed down to $1.46bn. Corp. (SPDC), a subsidiary of Royal Dutch Shell
The company disclosed these numbers in a (UK/Netherlands); and $395.39mn to Total
document outlining payments to joint venture Exploration and Production Nigeria (TEPNG),
partners that was presented to members of the a subsidiary of TotalEnergies (France).

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