Page 10 - AfrOil Week 42 2019

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NEWS IN BRIEF
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The project scope also involves the construc- tion of a terminal for evacuation. Financing dis- cussions are progressing, with interest confirmed from key potential financing parties and further announcements will be made in due course. LEKOIL, October 21 2019
INVESTMENT
Panoro Energy announces
agreement for the sale of all
its interest in OML 113
Panoro Energy is pleased to announce that it has entered into a sale and purchase agreement with PetroNor E&P, an exploration & production oil and gas company listed on the Oslo Axess, to divest all outstanding shares in its fully owned subsidiaries Pan-Petroleum Services Holding and Pan-Petroleum Nigeria Holding (together referred to as divested subsidiaries) for an upfront consideration consisting of the allot- ment and issue of new PetroNor shares with a fixed value of $10mn plus a contingent consid- eration of up to $25mn based on future gas pro- duction volumes.
The divested subsidiaries hold 100% of the shares in Pan-Petroleum Aje, which partici- pates in the exploration for and production of hydrocarbons in Nigeria and holds a 6.502% participating interest, with 16.255% cost bear- ing interest, representing an economic inter- est of 12.1913% in Offshore Mining Lease No. 113 (“OML 113”). Following completion of the Transaction, Panoro will have no presence in Nigeria.
John Hamilton, CEO of Panoro, said: “We are extremely pleased to have reached this win-win agreement with PetroNor that perfectly suits both parties’ ambitions. Aje was a non-core asset for Panoro and allows us to further focus on expanding our organic operations in Tunisia and Gabon, while retaining exposure to the consid- erable upside at OML 113 through the deferred consideration. We are very confident that Petro- Nor has the technical and financial capabilities along with the depth of expertise and vision to advance further the next ambitious development phases of Aje in a smooth and efficient aligned partnership with the operator, YFP.”
Panoro Energy, October 21 2019
PRODUCTION
South Sudan committed
to OPEC and non-OPEC co-
large.
“We are committed to upholding the OPEC
and non-OPEC Declaration of Co-operation to show solidarity with our oil-producing partners, friends and counterparts globally,” the minister says.
South Sudan’s pre-conflict oil production was 330,000 bpd. Current resumption efforts target 250,000 bpd, an output figure that continues to support the global cuts and stabilise the market. The most recent oil discovery, in the Adar oilfield in Block 3, contains 37mn barrels of recoverable oil.
To further attract investment, the minister will announce the details of its inaugural licens- ing round in Juba in October. The ministry intends to officially launch the round by the last quarter of 2019 or the first quarter of 2020. Africa Oil & Power, October 18 2019
Increased production sees
Ghana raise its hydrocarbon
profile
When you think of the top oil and gas nations in Africa, Ghana is not one that traditionally comes to mind, but it is one of the rising stars. In the past, Ghana has been one of the smaller oil and gas producers on the continent but that production is expected to grow rapidly over the next five years.
The organisation charged with developing the West African nations’ hydrocarbon assets is the national oil company, Ghana National Petro- leum Corporation (GNPC). The rise in Ghana’s production is expected to come from the growth of existing offshore fields such as Twenboa- Enyenra-Ntomme (TEN) and Offshore Cape Three Points (OCTP).
First oil flowed from the Tullow operated TEN fields offshore Ghana to the FPSO Profes- sor John Evans Atta Mills in August 2016. OCTP is an integrated deepwater project in Ghana split into two stages: the development of first oil, then gas deposits operated by Eni Ghana. OCTP is around 60km from Ghana’s western coast and boasts approximately 40bn m3 of non-associ- ated gas reserves and 500m barrels of oil.
Mohammed Amin Adam, Ghana’s Deputy Minister of Energy in charge of petroleum, is confident that the country’s energy sector is on the brink of something big. He says the coun- try can expand oil production from 180,000- 200,000 bpd now to 500,000 bpd within six years, and is targeting up to 1mn bpd beyond that. “If we want to sustain or increase production, we will have to be very aggressive in exploration,” he said.
Africa Oil Week, October 16 2019
operation
South Sudan’s Minister of Petroleum, Awow Daniel Chuang, has reaffirmed the country’s continued support of the Organisation of Petro- leum Exporting Countries (OPEC) and non- OPEC Declaration of Co-operation.
In a bid to accelerate the stabilisation of the global oil market, the Declaration of Co-op- eration, initially agreed in December 2016 and subsequently extended, stipulates that OPEC-member states, together with 11 non- OPEC oil producing countries, have agreed to voluntary production adjustments of 1.8mn bar- rels per day (bpd) in the interests of producers, consumers, investors and the global economy at
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Week 42 23•October•2019