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INVESTMENT
ExxonMobil secures

exploration rights to two
offshore blocks in Egypt’s

Mediterranean

US oil major ExxonMobil has secured explo-
ration rights to two blocks, Masry and Cairo,
located offshore Egypt. The blocks are located
north of the Nile Delta covering more than
11,000 square km of the Mediterranean Sea
floor. The awards are subject to governmental
approval of the concession agreements covering
the blocks and their signature in due course.
ExxonMobil Egypt (Upstream) will operate potential to deliver upside value. It will also mark on the Mediterranean Sea to boost LNG exports.
both blocks and hold 100% interest. Exploration the inception of our partnership with Sonangol Egyptian LNG terminals have a combined pro-
activities are scheduled to begin in 2023, subject in Blocks 3/05 and 3/05A, where we intend to duction capacity of 12mn tonnes per year (tpy).
to signature of the concession agreements. work closely with Sonangol to optimise produc- bna/IntelliNews, 11 January 2023
ExxonMobil holds an industry-leading port- tion and to extend the life of this quality, long-life
folio of resources and is one of the largest inte- asset.” PetroNor E&P reports Q4
grated fuels, lubricants and chemical companies (1) Subject to final government approval of
in the world, whose range of activities spans the distribution of the China Sonangol Interna- 2022 PNGF Sud production
from exploration and development to retail. tional (CSI) interest to the remaining joint ven-
bna/IntelliNews, 11 January 2023 ture partners, Afentra’s working interest in Block increase to a decade high
3/05A will increase from 4% to 5.33%.
Afentra provides update on Afentra, 12 January 2023 Average working interest production for Petro-
Nor E&P increased to 4,700 bpd of oil (1) in the
Angolan acquisitions PERFORMANCE fourth quarter of 2022, compared with 4,100 bpd
of oil in the previous quarter and 3,700 bpd of oil
Afentra has provided following update regarding in the corresponding period of 2021. PetroNor’s
the previously announced Angolan acquisitions. Egypt exports 8mn tonnes December production was 5,1001 bpd of oil.
Approval of INA Acquisition: Afentra is The improvement is driven by added capacity
pleased to announce that it has received approval of LNG, generating $8.0- from the ongoing infill drilling programme on
from the Ministry of Mineral Resources, Oil the PNGF Sud field complex which is achieving
and Gas for the acquisition from INA-Indus- 8.5bn in revenues in 2022 production levels not seen for over a decade.
trija (INA) of a 4% interest in Block 3/05 and 4% Following initial success on the Litanzi Field,
interest (1) in Block 3/05A offshore Angola pur- Egypt exported around 8mn tonnes of LNG, particular emphasis in the last quarter was on
suant to a sale and purchase agreement between generating between $8.0 and $8.5bn in revenues Tchibeli NE, where production was added from
INA and Afentra’s wholly-owned subsidiary, in the financial year ending in December 2022, two wells in both the main Cenomanian res-
Afentra (Angola) Ltd, dated July 19, 2022. Petroleum Minister Tarek El Molla said at a con- ervoir and the newly discovered pre-salt Vanji
The Company is now working with INA to ference in the Saudi capital, Riyadh. reservoir late November, yielding production
finalise the formal completion of this acquisition. The minister expects his country’s LNG contribution to the quarter.
Sonangol SPA extension: Afentra can now exports to increase both in volume and value Looking forward, the infill drilling pro-
confirm that it has agreed with Sonangol to this year in the event of the market price of LNG gramme will be paused to allow the jack-up rig,
extend the long-stop date from December 31, experiencing further rises. The Egyptian gov- Petrofor Dagda, to be converted to a permanent
2022, to March 31, 2023. ernment has adopted a multi-pronged strategy production platform. Infill drilling will resume
We look forward to providing shareholders to maximise LNG exports to bring in foreign on the Tchibeli field using the jack-up rig Axima,
with further updates in due course. currency critical to addressing balance of pay- scheduled to start in April 2023.
Commenting on the update, CEO Paul ments problems. PetroNor holds an indirect ownership inter-
McDade said: “The receipt of approval from It is exploring with foreign partners ways to est of 16.83% in PNGF Sud in Congo, which is
the Ministry of Mineral Resources, Oil and step up natural gas production from existing the Company’s core production licence. Total
Gas for the INA Acquisition is a key step in this and prospective fields. It has adopted energy gross field production from this asset amounted
process and we now look forward to complet- efficiency measures such as dimming light- to 23,9301 bpd of oil in 2022, corresponding to
ing the acquisition in the coming weeks. It will ing at public buildings to reduce natural gas an average working interest production to Petro-
mark our entry into Angola and the first of two consumption to free substantial quantities for Nor of 4,030 bpd of oil (1).
highly complementary acquisitions that will LNG exports. It is trying to expand natural gas At year-end, the Company had a crude oil
provide Afentra with a strong growth platform, imports from neighbouring Israel to maximise stock of more than 240,000 barrels (Q4 2021:
underpinned by robust cash flow and significant the utilisation of its two liquefaction terminals 24,235 barrels).

P16 www. NEWSBASE .com Week 02 12•January•2023