Page 15 - AfrOil Week 15 2022

AfrOil PROJECTS & COMPANIES AfrOil

George Maxwell, the company’s CEO, expressed on our strategy and delivering strong opera-
optimism about the Etame project. “With the tional and financial results,” he commented.
drilling of the Avouma 3H-ST well, VAALCO “We are excited about the future for VAALCO
continues the success of our 2021/2022 drilling with the continued development of our inter-
campaign,” he said. “We are very excited by the ests in offshore Gabon, upside opportunities
high-quality Gamba sands that we encountered in Equatorial Guinea and the potential to inte-
drilling the Avouma 3H-ST well. The well con- grate accretive acquisitions aimed at further
firms the extension of the Avouma field into an strengthening VAALCO and growing share-
updip location that should lead to increased holder value.”
recovery at Avouma and opens the potential VAALCO serves as the operator of Etame
for additional development well opportunities. Marin and has a 58.8% stake in the block.
The continued success of our drilling campaign The US company has been using the Petróleo
further demonstrates the quality of our premier Nautipa, a floating production, storage and
Etame asset. We expect the well to be online in off-loading (FPSO) unit owned by BW Offshore
the next few weeks and will provide the market (Norway), to support development at the field.
with an update when we have initial production Rather than renew its 20-year charter for the
data. Post completion, we will begin drilling the FPSO, which is due to expire in September of
next planned well on the Avouma platform, the this year, VAALCO has arranged to hire a float-
ETBSM-1HB ST2 development well.” ing storage and off-loading (FSO) vessel for the
Maxwell went on to say that he had high project from Omni Offshore Terminals (Singa-
hopes for VAALCO’s other projects in the pore). The FSO is due to arrive at Etame Marin
region. “Our focus is on continuing to execute in the third quarter of this year.. ™

Ugandan shipping firm wins $36mn

logistics contract from TotalEnergies

UGANDA THE Ugandan logistics company ThreeWays oilfields within the framework of the Lake
Shipping Services Group Ltd has won a tender Albert Development Project (LADP). This
to provide $36mn worth of cargo transport, initiative provides for the French major and
handling and lifting services to a subsidiary of its partner China National Offshore Oil Corp.
TotalEnergies (France), according to the Daily (CNOOC) to bring Tilenga and another project,
Monitor. Kingfisher, on stream in 2025.
According to the Ugandan news group, These fields may eventually yield as much as
ThreeWays submitted a UGS126bn ($36mn) bid 260,000 barrels per day (bpd) of oil. A little more
that was selected for regulatory approval. The than 200,000 bpd of the total will be exported
other competitors in the tender included Spedag to world markets via the East Africa Crude Oil
Interfreight Uganda Ltd, Bollore Transport and Pipeline (EACOP), a 1,443-km link running
Logistics, Globetrotters Ltd, and Bemuga AMT from Hoima in western Uganda to Tanga on
JV, as well as several other local companies. Tanzania’s Indian Ocean coast. When finished,
As the winner of the tender, ThreeWays will EACOP will be the longest heated pipeline in the
be required to supply well-maintained, road- world. ™
worthy, certified transport equipment with cer-
tified drivers and certified handling and lifting
equipment for use at TotalEnergies’ Tilenga pro-
ject. The French major is set to drill 426 wells at
the field in an area that overlaps the Buliisa and
Nwoya districts near Lake Albert.
The contract award appears to represent a
turnaround for the company, the Daily Monitor
noted. ThreeWays was at the point of collapse
after it had been placed under receivership in
2016, but later secured a Court injunction that
delayed closure. A copy of the business recovery
analysis report seen by Monitor indicates that
the company’s management accounts in 2017
were very poor and its performance continued
deteriorating to the point of closure.
TotalEnergies is developing the Tilenga Tilenga is due to begin production in 2025 (Image: TotalEnergies)

Week 15 13•April•2022 www. NEWSBASE .com P15