Page 16 - AfrOil Week 24 2021

AfrOil NEWS IN BRIEF AfrOil

“We are excited to continue to build on the suc- on numerous factors, in competition for offshore
cess of our operations in Thailand and delivering acreage. Therefore, the Government of Liberia,
value to CABGOC in Angola.” through LPRA, following a 6-month extension,
Shelf Drilling, June 16 2021 has indefinitely suspended the 2020 bid round
and opted for Direct Negotiations to extenuate
PGS Data available for the current hurdle faced by international explo-
ration and production companies and to offer an
extended Gabon 12th attractive opportunity for investment in Liberia.
The Direct Negotiation offers a new invest-
Licensing Round ment opportunity for IOCs for several reasons.
The region has experienced major geological
PGS screening datasets allow the evaluation of discoveries with a range of multi-client data
all 35 open blocks in the ongoing Gabon shal- across this acreage including 50,487 km of 2D
low and deepwater licensing round. Packages and 31,350 square km of 3D seismic, gravity
covering north and south areas include 2D and and magnetic data, and well data. In addition,
3D seismic. Well data is also available, for assess- syn-rift and post-rift traps (both stratigraphic
ment of prospectivity and plays. and structural) can be identified over much of
Gabon’s Minister of Petroleum, Gas and Min- the area, which offer multi-level prospectivity,
ing has announced the extended closing date for with direct analogues to producing fields in
the Gabon 12th Shallow and Deep Water Licens- neighboring basins. Also, modelling predicts the
ing Round. The new closing date for the submis- source rock maturity and expulsion post-dates
sion of tenders is 30 June 2021. The acreage on the main tectonism in the basin, and regional
offer includes 12 shallow water and 23 deepwater 33 offshore blocks (LB-1 to LB-33) for Direct seal presence is evident as in other West African
blocks. Negotiations. These blocks cover the Harper Transform Margin analogues. Lastly, volumet-
An extension to the tender submission dead- and Liberia basins within the offshore Liberia ric assessment of these features suggests field
line provides an opportunity to integrate new acreage. sizes over a billion barrels of oil in place could
data into evaluations of open blocks. The direct negotiation process commences be present.
Screening datasets, such as the Gabon on June 1, 2021, and runs to May 31, 2022. LPRA, June 15 2021
MegaSurvey are a cost-effective tool for regional During this period, exploration companies can
evaluation over the 35 open blocks on offer. The express their interest in any of the offered blocks. Tullow completes sale of
Direction Generale des Hydrocarbures (DGH) Applications will be processed on a continuous
and PGS now offer over 65 000 sq. km of 3D first-in exclusive basis. Applicants are requested Dussafu asset in Gabon
seismic and over 21 000 km of 2D seismic data to follow the processes outlined in the Direct
offshore Gabon. Negotiations Investment Information Package Tullow Oil is pleased to announce that the sale
Data is also available for 167 wells within the and demonstrate their technical, and financial of its Dussafu Marin permit asset in Gabon to
MegaSurvey area. Value-added composite logs, capacities and subsequently to submit their best Panoro Energy has now completed.
used in conjunction with the regional seismic offers to undertake exploration on the desired Earlier today, Tullow received a payment of
dataset, will help the assessment of prospectivity blocks. $39mn from Panoro for the Dussafu asset and
and play evaluation. The Direct Negotiation process is framed $5mn of contingent consideration relating to the
Through their ongoing collaboration, PGS through a five-phase process including prequal- Equatorial Guinea transaction. As previously
and ION offer combined regional data pack- ification as outlined in the information package disclosed, this transaction also includes contin-
ages incorporating PGS MegaSurvey and ION located on LPRA website. Interested investors gent cash payments of up to $24mn which are
BasinSPAN data that cover both North and are required to satisfactorily complete each phase linked to asset performance and oil price.
South Gabon areas. Each regional data package before transitioning to the next phase. LPRA will The closing of this transaction follows the sat-
encompasses approximately 20,000 square km of notify the applicants about the successful com- isfaction of all completion conditions, including
3D MegaSurvey with a minimum of 4,500 km pletion of each phase and approvals and requests the approval from the Government of Gabon
of 2D SPAN. to move to the next phase will be expressly com- and Panoro shareholders and other customary
PGS, June 08 2021 municated to the applicants. In keeping with the third-party approvals. Tullow continues to have
New Petroleum Law and its amendment, only a substantial non-operated position in Gabon
pre-qualified companies will be invited to nego- and is currently planning its future investment
INVESTMENT tiate a Petroleum Sharing Agreement (PSC). in its Gabonese portfolio.
The Government of Liberia’s decision to offer Rahul Dhir, Chief Executive Officer, Tullow
Liberia in direct negotiations blocks through direct negotiations is anchored Oil plc, commented today: “The completion of
on many significant factors including the recent this transaction is the final step of our asset sale
for 33 offshore blocks investment climate, the latent impact of the programme in Uganda, Equatorial Guinea and
energy transition, COVID-19 and its cascad-
Gabon. These sales have provided over $700mn
In keeping with provisions of the Amended ing effect on the sector, but also a developing in liquidity and have helped both lower our cost
New Petroleum Law, 2019, the Government of investor appetite for frontier basins and the cur- base and support our comprehensive refinanc-
Liberia, through the Liberia Petroleum Regula- rent position of Liberia within the oil and gas ing. With no significant debt maturities until
tory Authority (LPRA), working in collabora- value chain. While the 2020 bid round yielded 2025, Tullow has the financial stability to deliver
tion with the National Oil Company of Liberia positive and strong interests, the government on its business plan.”
(NOCAL), has announced its intention to open believes that companies were challenged, based Tullow Oil, June 09 2021

P16 www. NEWSBASE .com Week 24 16•June•2021