Page 17 - AfrOil Week 31 2022

AfrOil NEWS IN BRIEF AfrOil

INVESTMENT
ADNOC Distribution buys

50% stake in TotalEnergies
Marketing Egypt for $203mn

ADNOC Distribution, UAE’s largest fuel and
retail distributor, bought a 50% equity stake in
TotalEnergies Marketing Egypt for approxi-
mately $186mn with an additional earn-out of
up to $17.3mn.
The partnership with TotalEnergies, a lead-
ing global multi-energy company with a strong
brand and successful track record in Egypt,
includes a diversified portfolio comprising 240
fuel retail stations, more than 100 convenience
stores, more than 250 lube changing stations
and car washes, as well as wholesale fuel, avia-
tion fuel and lubricant operations. Established in the global market, enabling further economic volumes of hydrocarbons in place of the Baleine
1998, TotalEnergies Egypt is among the top four growth in-country. Field, which are now estimated at 2.5bn barrels
fuel retail operators in Egypt. The acquisition Elie Lahoud, COO for Petrofac’s Engineering of oil and 3.3 trillion cubic feet of associated gas.
marks another important milestone in delivery & Construction division, said: “The Petrofac and PGS has excellent seismic coverage over the
of ADNOC Distribution’s regional expansion GCB consortium is testament to our focus on Tano Basin including the Baleine 1X and Baleine
plans, which started in Saudi Arabia in 2018. local delivery, through investment in local sup- East 1X wells -enabling analogs to be drawn,
The acquisition, which is expected to be ply chains and work forces. We are very pleased supported by a regional understanding of the
completed in the first quarter of 2023, will see to have been notified of this provisional award petroleum systems across the highly prospec-
the refurbishment of several service stations to by Sonatrach, which reflects their confidence tive basin. The dataset also occurs along-strike
full ADNOC branding, with certain future sites in our ability to drive in-country value, whilst of the 2021 Eni Eban-1X discovery, offshore
being constructed under the ADNOC brand, safely delivering strategically significant energy Ghana which is reported to have found light oil
offering a robust foothold in a fast growing fuel infrastructure.” in an 80-metre thick section of Cenomanian
retail market in Egypt. Petrofac has decades of experience in Algeria sandstones. These discoveries highlight the sig-
bna/IntelliNews, July 29 2022 with a strong track record of safe execution. In nificant remaining potential of Cretaceous shelf
2018 the Company was awarded a contract with edge play within the Tano Basin.
Sonatrach for Tinrhert EPC1, which, includes This survey is part of our continuous seismic
PROJECTS & COMPANIES delivery of a new inlet separation and compres- data coverage across the entire Transform Mar-
sion centre, successfully extending the existing gin, from Côte d’Ivoire in the west to Nigeria in
Petrofac consortium Ohanet CPF. This project recently achieved a the east.
major milestone with the safe introduction of the
PGS, August 3 2022
awarded EPC project first hydrocarbons for the start-up of production. Sirius Petroleum secures
Petrofac, August 4 2022
in Algeria

Petrofac, leading a consortium with Genie Civil PGS Cote d’Ivoire OML 65 approvals from
et Batiment (GCB), has received notification of MegaSurvey tracks NNPC Ltd
a provisional award for an engineering, procure-
ment and construction contract with Sonatrach regional prospectivity Sirius Petroleum, an African-focused oil and
for the Tinrhert EPC2 Development Project gas production and development company, has
in Algeria. The contract is valued at approx. from Baleine East announced that its JV partner, COPDC, has
$300mn, with Petrofac’s share around $200mn. received the requisite approvals from Nigerian
Located in Alrar, around 1,500 kms southeast PGS congratulates Eni on the recent extension National Petroleum Co. Ltd (NNPC Ltd) that
of Algiers, EPC2 will provide a new Central Pro- of the Baleine discovery in Cote d’Ivoire. Eni’s enables the company to proceed with the draw-
cessing Facility (CPF) with inlet separation and Baleine East 1X well highlights the continued down of financing in order to commence Phase
decarbonisation units. The scope of work also success of the Upper Cretaceous petroleum sys- 1 of the Approved Work Programme (AWP) in
includes tie ins to the existing Alrar Separation tem offshore Côte d’Ivoire and Ghana. respect of OML 65 in Nigeria.
and Boosting Facilities, which Petrofac orig- Eni and partners have successfully drilled Sirius is a 30% shareholder in the joint ven-
inally helped deliver in 2018, along with com- the Baleine East 1X well, offshore Côte d’Ivoire. ture company, COPDC Petroleum Develop-
missioning, start-up and performance testing. This second discovery on the Baleine structure ment Co. Ltd (COPDC), which has executed
When completed, the development will boost expands the field into Block CI-802. Accord- agreements with NPDC, a subsidiary of NNPC
natural gas production and remove CO2 from ing to the Eni release, the excellent results Ltd, regarding the development of the OML 65
the field’s gas reserves, within specifications for have allowed an increase of around 25% in the licence, onshore Nigeria.

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