Page 11 - AfrOil Week 12 2023

AfrOil PERFORMANCE AfrOil

PEL 94 is in the Walvis basin (Image: Global Petroleum)

As such, the risked mean prospective resources This process is anticipated to uphold the
attributable to Global, with its working interest company’s expectations that the eastern sec-
of 78% in PEL 94, amount to 93mn barrels for tion of the block is highly prospective, and
Marula alone and 326mn barrels for all of the Global will update the market as analysis moves
prospects and leads within the block, the state- forward.
ment said. Peter Hill, Global Petroleum’s CEO, said: “As
According to current calculations, Marula the initial conclusion from our further technical
accounts for 29% of the licence area’s total pro- work, we are pleased to report the very signif-
spective resources, Global said. It explained, icant increase in prospective resources as well
though, that it hoped to refine its geological as the improved risking for our primary pros-
model further through ongoing technical work, pect, Marula. This, together with the supporting
including the interpretation of newly acquired technical detail, will now be communicated to
2D seismic data on PEL 94. potential farm-in partners.” ™

POLICY
US Department of Justice recovers over

$53mn in Nigerian oil corruption cases

NIGERIA THE US Department of Justice (DOJ)
announced on March 27 that it had reached
a final resolution in two civil cases related to
profits obtained through bribes paid to Diezani
Alison-Madueke, Nigeria’s former Minister for
Petroleum Resources.
In a statement, the DOJ said it had been
working toward the forfeiture of various luxury
assets that were acquired with the proceeds from
foreign corruption offences and using funds
laundered in and through the US. As a result of
the outcome of the two cases, the statement said, Seized assets also include a 65-foot superyacht (Photo: Heesen Yachts)
the department has recovered approximately
$53.1mn in cash, along with a promissory note persons to bribe Alison-Madueke. (At the time,
that has a principal value of $16mn. the former minister was responsible for over-
The cases centred on charges that two Nige- seeing the state-controlled oil company, then
rian businessmen, Kolawole Akanni Aluko and known as Nigerian National Petroleum Corp.,
Olajide Omokore, had conspired with other or NNPC.)

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