Page 14 - AfrOil Week 12 2023

AfrOil PROJECTS & COMPANIES AfrOil

Honeywell secures $500mn contract

to develop South Refinery project

LIBYA US-BASED energy group Honeywell has Libya, which was destroyed by Islamic State mil-
secured a deal worth $500mn to implement itants in 2015.
engineering work on the South Refinery project, Libya is currently planning to introduce
Reuters reported on Monday, March 27. The changes to its fiscal regime for oil and gas invest-
contract was signed with Libya’s Zallaf Oil and ments, and in January this year signed an $8bn
Gas, a subsidiary of the state-owned National deal with Italian energy group Eni to develop an
Oil Corp. (NOC). offshore gas field.
The project will be constructed in two phases, Exploration operations have been making
Zallaf said in a statement. slow progress in Libya in recent years due to the
The South Refinery will produce LPG, jet unstable security situation and frequent closures
fuel and other refined petroleum products. It of main oilfields. Libya has two rival administra-
is expected to produce 1.4mn litres per day of tions supported by different militias and foreign
gasoline and 1.1mn lpd of diesel. powers, and the country has faced many chal-
In addition, the US oilfield services provider lenges as rival factions have repeatedly blocked
Halliburton is reportedly set to sign a new, $1bn main oil facilities to demand financial or polit-
energy deal with NOC to rebuild production ical benefits in a battle for the control of oil rev-
infrastructure at the al-Dhara oilfield in central enues. ™

Atlas Petroleum, GEPetrol, VAALCO

to develop Venus discovery at Block P

EQUATORIAL GUINEA ATLAS Petroleum International Ltd (Nigeria), (bpd) of oil upon completion of the develop-
along with its joint venture partners VAALCO ment wells and injector well, it added.
(US) and GEPetrol, the national oil company Prince Arthur Eze, executive chairman of
(NOC) of Equatorial Guinea, has said it will Atlas Petroleum, expressed satisfaction with
proceed with the development of the Venus dis- recent developments. “We are pleased that
covery in Block P, located offshore Equatorial the development of the Venus discovery can
Guinea. now swiftly proceed, thanks to the Ministry
This company took a decision to this affect of Mines and Hydrocarbons being a true ena-
after receiving notice on March 8 that the gov- bler of investment in the Republic of Equato-
ernment of Equatorial Guinea had approved rial Guinea [and] VAALCO’s sound technical
its plan of development (POD). The plan was expertise to develop and monetise the asset, as
submitted in early March and quickly approved well as GEPetrol’s crucial role as stewards of the
by the Ministry of Mines and Hydrocarbons of Equatoguinean hydrocarbons sector,” he said.
Equatorial Guinea. “This POD approval and development is first
According to Atlas Petroleum, the POD and foremost a success story for the people of
calls for the joint venture to acquire, convert Equatorial Guinea.”
and install production infrastructure over a VAALCO is the operator of Block P, holding
period of three years. The partners aim to spud a 60% stake. Atlas Petroleum holds a 20% par-
their first development well in early 2024 and ticipating stake, and GEPetrol has a 20% carried
will then drill an additional development and a stake. ™
water injection well in 2025-2026.
First oil is expected in 2026, the Nigerian
company said.
It went on to say that the Venus field was
anticipated to add 23.1mn barrels of oil to the
block’s proven and probable (2P) gross reserves.
The site will yield about 15,000 barrels per day (Image: Atlas Petroleum International Ltd)

P14 www. NEWSBASE .com Week 13 30•March•2023