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PIPELINES & TRANSPORT
Libya reopens four out

of six coastal oil export
terminals, NOC says

Four of the six Libyan oil exporting ports reo-
pened after temporarily shutting amid bad
weather conditions, according to the state oil
utility National Oil Corp (NOC).
The four terminals that opened are located in
Ras Lanuf, Brega, Zuetina and Es Sider. The ports
at Mellitah and Zawiya remained closed.
NOC said earlier yesterday that unfavourable
weather conditions had closed six main oil ports
and prevented the loading of tankers.
Libya currently produces about 1mn barrels
per day, according to OPEC data. Its 2021 aver-
age production was 1.148mn bpd.
Ongoing struggles and armed clashes support Turkish companies that expressed inter- increased to $134mn, 58% higher compared
between Libyan factions have left the country’s est in upstream opportunities in Nigeria. He also to 2020, primarily due to increased reserves at
oil infrastructure fragile and unable to cope with said that Turkish firms would be willing to invest South Harmattan and an increase in forecast
strain. in natural gas projects under the right circum- commodity pricing. Egyptian net present value
bna/IntelliNews, March 6 2022 stances but did not elaborate. of future net revenues (2P reserves discounted
As of press time, it was not clear whether the at 10%, forecast pricing, after tax) increased to
two officials had discussed any specific invest- $289mn, 155% higher compared to 2020, prin-
INVESTMENT ment prospects. cipally due to the increased net entitlement share
bna/IntelliNews, March 9 2022 resulting from the Merged Concession Agree-
Nigeria urges Turkey ment as well as an increased Brent oil price fore-
cast from year end 2020.
to invest in onshore oil PERFORMANCE fication and President’s signature into law in
Egypt: In Egypt, the Parliamentary rati-
and gas projects TransGlobe Energy December 2021 of the agreement to merge,
amend and extend the Company’s three existing
Nigeria’s Minister of State for Petroleum announces reserves Eastern Desert concessions (West Gharib, West
Resources, Timipre Sylva, discussed the pros- Bakr and North West Gharib – collectively, the
pects for Turkish investment in Nigerian oil and as of year-end 2021 Merged Concession Agreement) resulted in
gas during a brief meeting with Turkey’s Deputy increases to both reserves volumes and values.
Minister of Energy and Natural Resources Alp- TransGlobe Energy has announced the results of 2P drilling additions of 2.4mn barrels (1P: 1.4mn
ersen Bayraktar on Tuesday (March 8). its independent reserves evaluation for the year barrels) resulted from successful drilling in the K
According to a report from This Day, the ended December 31, 2021 as prepared by GLJ and H field, while improved production perfor-
two officials spoke on the sidelines of the CER- Ltd. All dollar values are expressed in US dollars mance and the term extension realized from the
AWEEK conference in Houston. During the unless otherwise stated. Merged Concession Agreement resulted in pos-
conversation, Sylva told Bayraktar that new Highlights: Proved Developed Producing itive 2P technical revisions of 3.2mn barrels (1P:
opportunities were becoming available because (PDP) gross reserves increased 30% to 19.9mn 6.8mn barrels). Egypt represents 65% and 58%
several major international oil companies boe from 15.3mn boe at year end 2020. Total of TransGlobe’s reserves on a 1P and 2P basis,
(IOCs) were unloading their onshore Nigerian proved (1P) gross reserves increased about respectively.
assets. 23% to 28.0mn boe (year-end 2020: 22.8mn Canada: In Canada, continued success in
“Now that IOCs like Shell, ExxonMobil and boe) while total proved plus probable (2P) the South Harmattan area has led to significant
others are planning to divest from onshore gross reserves increased about 19% to 46.1mn increases in both reserve volumes and values,
assets,” there is more room for Turkish busi- boe (year-end 2020: 38.9mn boe). TransGlobe providing the Company with a large inventory
nesses, he said. “More investments in that sec- replaced 199% and 211% of 2021 production of high-value development locations. 2P drill-
tor would be a great opportunity for Turkey to (4.7mn boe) on a 1P and 2P gross reserves basis, ing additions of 5.7mn boe (1P: 1.3mn barrels)
expand its investments interest in Nigeria.” respectively (excluding economic factors). resulted from the three-well drilling program
Sylva also highlighted the Nigerian govern- Net present value of future net revenues in South Harmattan and associated undevel-
ment’s passage of the Petroleum Industry Act increased to $423mn (2P reserves discounted oped location bookings. To date, TransGlobe
(PIA) in August 2021, saying that the country at 10%, forecast pricing, after tax), 114% higher has drilled five wells (five net) in the South Har-
was eager to attract new investment and had than year end 2020 ($198mn). Canadian net mattan area. Canada represents 35% and 42%
streamlined its legal regime in a bid to do so. present value of future net revenues (2P reserves of TransGlobe’s reserves on a 1P and 2P basis
Bayraktar responded by asking Sylva to discounted at 10%, forecast pricing, after tax) respectively.

P18 www. NEWSBASE .com Week 10 09•March•2022