Page 16 - AfrOil Week 05 2023

AfrOil NEWS IN BRIEF AfrOil

business new africa bna/IntelliNews

Blocks 18 and 31 are currently achieving gross being Ghana ($300mn), Gabon ($40mn) and as operational tests of the plant’s systems and
production of approximately 60,000 bpd of oil Ivory Coast ($20mn). compressors were conducted. The facility will
each and are generating strong and stable cash “Tullow continues to focus on the process to introduce naphtha processors in order to start
flows, particularly in the current oil price envi- secure a strategic partner for the development the final operation.
ronment. These are world-class, super-major project in Kenya,” the London-listed company bna/IntelliNews, 27 January 2023
operated assets with considerable medium term said in a statement on January 25.
development potential and we are excited by the “In parallel, Tullow and its JV Partners are Ghana takes in $492mn
transformational impact that these acquisitions working with the Energy and Petroleum Regu-
will have on the Company’s long-term potential. latory Commission Authority (EPRA) and the from oil lifting in H2 2022
The economic effective date of the Trans- Ministry of Energy and Petroleum to finalise the
action is April 22, 2022 and final completion is FDP (Field Development Plan).” Ghana earned $492 mn from oil lifting in the
expected to take place once customary condi- Tullow and its joint venture partners in second half of 2022, according to the latest
tions precedent have been satisfied and the Con- December 2021 submitted the FDP to the min- Ghana Petroleum Funds (GPF) report, My Joy
sortium has received approval from the Angolan istry, whose approval is needed to proceed. reports.
Ministry of Mineral Resources, Oil and Gas. The company has been in various stages of Five liftings took place from July through
We are very pleased to be working with the exploration across its licences in Kenya, which December, with the Sixty-sixth Jubilee recording
senior management team at Somoil and con- include exploration on a number of blocks the highest amount of $119.83mn, followed by
fidently look forward to a long-term partner- (10BA, 10BB and 13T in Turkana County; and Twenty first TEN, which recorded $111.35mn.
ship, working alongside the other participating Block 12B encompassing Kisumu, Nandi, Ker- During the half-year period, the state received
interest owners and the Angolan oil and gas icho, and Homa Bay Counties). $202.55mn in corporate tax paid by Tullow Oil,
authorities, to best effect for all stakeholders, bna/IntelliNews, 27 January 2023 Kosmos and PetroSA. Interest income accrued
particularly in relation to a number of sustaina- from the Petroleum Holding Fund (PHF) was
bility community-based projects once the trans- estimated at $2.07mn.
action has been completed. PERFORMANCE The data also show that some $1.06bn has
Proposed Listing Process: The Company been accrued as petroleum funds investment
continues its work to prepare for a listing for the Libya’s Ras Lanuf industrial as of December 30, including the Ghana Sta-
company’s issued share capital on the LSEG’s bilisation Fund (GSF), which recorded an esti-
AIM market, and intends to undertake this once complex to resume full mated $143.6mn, and the Ghana Heritage Fund
the proposed acquisition of the Angolan inter- (GHF), which recorded an estimated $918.2mn.
ests is completed. capacity shortly In the first 10 years since Ghana started
Commenting, Bobo Kuti, CEO, Sirius Petro- commercial oil production in 2011, it secured
leum Plc, said: “In line with our group strategy, Libya’s Ras Lanuf industrial complex is expected $7.33bn in revenue, of which $6.02bn was
we are building a portfolio of world class pro- to resume full capacity in the following weeks obtained from total liftings.
ducing and development assets, working in after the state oil utility, National Oil Corp. bna/IntelliNews, 27 January 2023
partnership with our excellent asset, funding and (NOC), having successfully operated the com-
operational partners. We are establishing strong plex’s ethylene plant, NOC head Farhat Beng-
and long-lasting relationships with the national dara said on Thursday, January 26. POLICY
oil companies in Nigeria and Angola and have “The NOC will utilise all capabilities to restart
established a strong financial base from which the industrial complex at its full capacity in order NCDMB pledges continuous
to achieve our future growth plans.” to strengthen the national economy and serve
Sirius Petroleum, 31 January 2023 the local market’s needs,” Bengdara added. support to local content
He emphasised the NOC’s pursuit to provide
Tullow Oil to invest $10mn more opportunities for regional firms and create development in Africa
jobs in different segments of the private sector.
in Kenyan development plan to restart the industrial complex by import- toring Board (NCDMB) is ever ready to support
The company was able to implement the first The Nigerian Content Development and Moni-
projects, will seek ing quantities of ethylene to operate the first line other African nations in developing and imple-
of the polyethylene plant, up to the stage of local menting local content policies as a strategy for
strategic partner marketing. improving indigenous participation and value
The units of the industrial complex are optimisation from hydrocarbons and mineral
Tullow Oil has earmarked $10mn towards ready to operate, including the ethylene plant, resources.
investments into Kenyan development projects
this year, as it continues to look for a strategic
partner on the ground.
The Africa- and South America-focused oil
and gas explorer, which took in an estimated
$1.7bn in revenue last year, is also awaiting
approval from the Kenyan government for its
development plan.
The $10mn it has earmarked for Kenya
amounts to just 2.7% of its planned $370mn
investment in four African countries, the others

P16 www. NEWSBASE .com Week 05 02•February•2023