Page 8 - AfrOil Week 31 2022

AfrOil INVESTMENT AfrOil

The parties have not spoken publicly about the between Tullow, the operator, with 50%;
proposed terms of sale. TotalEnergies, with 25%; and Africa Oil Corp.,
However, Tullow is reported to be angling with 25%. Oil from the sites is slated to flow to
for a price of at least $3bn for its 50% stakes in market via the Lokichar-Lamu Crude Oil Pipe-
the South Lokichar licence areas, which are line (LLCOP) project, a component of the Lamu
also known as Blocks 10BB and 13T. If OIL and Port-South Sudan Ethiopia Transport Corridor
ONGC Videsh buy the stakes, they will serve (LAPSSET) initiative. This 892-km link will have
as joint operators of the project, according to a an initial throughput capacity of 60,000-80,000
Bloomberg report. barrels per day (bpd), rising later to 100,000 bpd
Equity in the South Lokichar basin is split or more. ™

PERFORMANCE
NOC: Libyan oil output returns to 1.2mn bpd

LIBYA LIBYA’S National Oil Corp. (NOC) announced appointment.)
on July 31 that the country’s crude production Meanwhile, armed clashes between rival
had returned to its previous level of 1.2mn bar- factions are continuing in the war-torn coun-
rels per day (bpd). try. Libya has experienced no small amount
In a statement, the company explained that of chaos, violence and conflict since the Nato-
output had increased after the lifting of force backed popular uprising that led to the ouster of
majeure at production sites and export termi- ex-president Moammar Qaddafi in 2011. Two
nals in mid-July. authorities currently exist in the country; the
Last month, Libya’s crude output hit a two- first is the UN-backed Government of National
year low of 650,000 bpd as force majeure was Unity (GNU) in the west, and the self-styled
implemented on loadings out of the Es Sider, Libyan National Army (LNA) in the east, led by
Ras Lanuf, Brega and Zueitina terminals, as well Khalifa Haftar.
as production operations at the El-Feel (Ele- In February, the LNA-backed eastern par-
phant) and Sharara fields. liament in Tobruk gave a vote of confidence
The return to higher production levels to Prime Minister-designate Fathi Bashagha.
occurred after nearly three months of inter- However, the High Council of State, based in
mittent closures due to protests and political the country’s capital Tripoli, in the west, contests
struggles over control of oil production and the legitimacy of the new government; its leader;
exports, which are the country’s main income Prime Minister Abdulhamid Dbeibah refuses to
source. They also followed the replacement of step down, insisting that he will only hand over
NOC’s longtime chairman Mustafa Sanalla with power to a government elected by all Libyans.
ex-central bank governor Farhat Bengdara on Dbeibah’s administration was due to conduct
July 14 by the Tripoli-based government. (San- elections last December but has postponed them
alla has, however, refused to accept Bengdara’s indefinitely. ™

(Image: Twitter/@NOCLibya)

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