Page 13 - AfrOil Week 12 2023

AfrOil PROJECTS & COMPANIES AfrOil

Meanwhile, Kuwait Foreign Petroleum Explo- further well currently being drilled from the
ration Co. (KUFPEC) owns the remaining 40%. platform.
The first well the partners brought on stream According to the statement, the installation
using the EPF was GNN-6. As of March 27, this of the new EPF was accomplished with the
well was yielding approximately 4,200 barrels support and guidance of Egypt’s Ministry of
per day (bpd) of crude oil. Petroleum and Mineral Resources. The project
In its statement, Cheiron said it expected also reflects the efforts of many stakeholders
to complete two additional predrilled wells, in the development, including Petro Gulf Misr
GNN-3 and GNN-8, from the EPF in the com- Joint Operating Co., Ganope, Egyptian General
ing weeks, followed by the drilling of up to four Petroleum Corp. (EGPC), KUFPEC and key
more wells. Once this phase of development contractors such as PICO Petroleum Integrated
work at GNN has been completed, it said, gross Services (PPIS), Petroleum Marine Services Co.
oil output rates at the concession are set to top (PMS) and Petrojet. ™
25,000 bpd.
Cheiron discovered the GNN field – its first
find within the Nukhul formation in the Geisum
concession – in 2019 after conducting an exten-
sive multi-year exploration and development
campaign. The oilfield is now estimated to hold
over 300mn barrels of oil in place (OIP), and its
sizeable reserves demonstrate the significant
remaining potential of the region, even though
the Gulf of Suez is a relatively mature hydrocar-
bon province.
Thus far, Cheiron has focused on the south-
ern area of the GNN field, using extended-reach
drilling techniques to carry out appraisal and
development drilling. This has allowed the com-
pany to complete three production wells from
the existing Geisum field GD platform, with a GNN was Cheiron’s first find in the Nukhul formation at Geisum (Image: Cheiron)

Libya’s NOC to set up new unit

to increase gas exports to Europe

LIBYA THE head of Libya’s state-owned National Oil main oilfields. Libya has two rival administra-
Corp. (NOC), Farhat Bengdara, has revealed tions supported by different militias and foreign
plans to attract more oil investments, boost pro- powers. The country has therefore faced many
duction and introduce a new natural gas unit challenges as rival factions have repeatedly
to study the possibility of increasing exports blocked main oil facilities to demand financial
to Europe. He also noted that such plans had or political benefits in a battle for control of oil
the backing of both eastern and western rival revenues.
authorities in Libya. “That kind of support is Bengdara also said NOC is also working to
very important for NOC to continue production set up a separate unit to explore possibilities of
and boost improvement,” he said. exporting gas to Europe, which is seeking to
In an interview with the Financial Times, replace halted supplies from Russia. Libya sup-
Bengdara said he aimed to expand Libyan oil plies about 8bn cubic metres of gas to Europe
production to 2mn barrels per day (bpd) over annually through a pipeline to Italy, but this
three to five years as the country is now open meets only 2% of European demand. ™
to attract more foreign investments. The OPEC
member state currently produces 1.2mn bpd.
Libya is currently planning to introduce
changes to its fiscal regime for oil and gas invest-
ments. In January this year, Libya and Italian
energy group Eni signed an $8bn deal to develop
an offshore gas field as evidence of progress.
Exploration operations were making slow
progress in Libya in the past years due to the
fluid security situation and frequent closures of Libya already exports gas to Italy via subsea pipeline (Photo: Green Stream)

Week 13 30•March•2023 www. NEWSBASE .com P13