Page 14 - AfrOil Week 01 2021

AfrOil NEWS IN BRIEF AfrOil

INVESTMENT prospect is defined by a robust dataset acquired farm-out of a 55% share of Pharos’ interest in the
by Mobil in the early 1990s that includes seismic, El Fayum Concession and the North Beni Suef
Invictus Energy plans to gravity, aeromagnetic and geochemical data. The Concession to IPR, as announced on September
Company is advancing the current exploration 15, 2021.
raise $5.5m to support program with the acquisition of infill seismic Pharos Energy, December 29 2021
data for a planned H1-2022 basin opening drill-
development of Cabora ing campaign. PERFORMANCE
Invictus Energy, December 29 2021
Bassa project

Invictus Energy has announced a Placement of Pharos Energy receives Angola powers through
$3.5m and Share Purchase Plan (SPP) of up to MPs’ approval for third with 2021 projects
$2m to raise a total aggregate amount of up to
$5.5m. amendment to El Fayum The COVID-19 pandemic and subsequent
Invictus Managing Director Scott Macmil- country-wide lockdowns have caused unprece-
lan commented: “We are pleased to offer our concession agreement dented impacts on Africa’s oil and gas industry.
long-term and loyal shareholders the right to Project delays, tightening investment channels
participate in a SPP alongside the placement Pharos Energy has announced that on Sunday, and re-directed national budgets have led to a
participants. As announced on December 9, December 26, 2021, the Egyptian Parliament global slowdown in oil and gas developments.
2021, we are positioning Invictus to undertake approved the Third Amendment to its El Fayum However, Angola has emerged as a champion in
a two-well exploration campaign commencing Concession Agreement, which encourages ensuring energy sector developments continue,
H1-2022, including the drilling of Muzara- investment into this Concession to increase pro- despite the challenging socio-economic context,
bani-1 well targeting prospective resources of duction rates for the mutual benefits of Egypt with several small- and large-scale project devel-
8.2 trillion cubic feet [232.2bn cubic metres] and Pharos and its partners. opments coming online in 2021.
plus 247mn barrels [of] conventional gas con- The Third Amendment will now go to the Developments Across the Oil Value Chain
densate. The placement & SPP follows on from desk of the Egyptian President Abdel Fattah Make Headway: National objectives to increase
recent announcements securing the Exalo #202 El-Sisi for ratification. Signature of the Third production in the face of declining levels have
Rig and a farm in option agreement with Cluff Amendment by the Minister of Petroleum led to renewed interest in Angolan exploration.
Energy Africa. and Mineral Resources, the Egyptian General Throughout 2021, the country has seen several
“We have a busy first half of 2022 planned, Petroleum Corporation (EGPC) and Pharos is upstream achievements including Eni’s discov-
with finalisation of our data processing for our expected shortly thereafter. ery of light oil at the Cuica exploration projects
seismic survey, update of our prospect and lead The approved terms, which includes an in Block 15, 16; the Angola National Oil, Gas
inventory, conclusion of our farm-out process increase of the cost recovery petroleum percent- and Biofuels Agency launch of the 2020/2021
and securing long lead items as we embark on age and a three-and-a-half-year extension to the onshore bidding round; and the awarding of risk
our planned two-well drilling campaign of our exploration licence term, was approved by the service agreements for Blocks 30, 44 and 45 to
world class asset, including the Muzarabani-1 EGPC Main Board in March 2021 and by the ExxonMobil and Sonangol.
well, which will be one of the largest conven- Egyptian Cabinet in October 2021. Regarding the midstream sector, Angola
tional targets drilled globally in 2022.” The improved fiscal terms are backdated to celebrated the start of production at TotalEner-
About the Cabora Bassa Project: The Cab- November 2020, increasing the contractor share gies-operated CLOV 2 project in Block 17 off-
ora Bassa Project encompasses the Muzarabani of revenue from circa 42% to circa 50% and low- shore Angola, with a capacity of 40,000 barrels
Prospect, an 8.2 trillion cubic feet (232 bcm) gas ering the development project break-even while per day (bpd); and Zinia Phase 2 short-cycle pro-
and liquids rich conventional gas-condensate in full cost recovery mode. ject, with a production capacity of 40,000 bpd.
target, which is potentially the largest, undrilled Signature of the El Fayum Third Amend- Correspondingly, in November, BP announced
seismically defined structure onshore Africa. The ment is one of the conditions precedent to the the start of production at its Platina field in
Block 18. These developments have sparked a
resurgence in domestic production, position-
ing the country as one of the continent’s top oil
producers.
On the downstream front, Angola has taken
an aggressive approach to develop and enhance
domestic refining capacity. With the aim of
reducing refined product imports and estab-
lishing a sustainable oil sector, the country has
focused efforts on refinery developments with
the launch of several large-scale refineries in
2021. Notably, in September 2021, the Quan-
tem consortium announced that it will invest
$3.5mn for the development of the 100,000 bpd
Soyo refinery. Additionally, the Angolan govern-
ment launched a public tendering process for the
investment and development of a 200,000-bpd
refinery in Benguela – the Lobito refinery.

P14 www. NEWSBASE .com Week 01 05•January•2022