Page 17 - AfrOil Week 11 2021

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NOC’s Chairman of the Board Mustafa Sanalla (ZEAL), its newly incorporated fully owned
commented: “To get a significant cost savings, subsidiary, has entered into a share and purchase
reduced production losses and time savings by agreement (SPA) with Candax Energy for the
performing maintenance work locally through acquisition of a 100% interest in Candax’s fully
the investing companies, National Oil Corp. owned subsidiary in Barbados, Ecumed Petro-
(NOC) is adopting the establishment of a spe- leum Zarzis (EPZ), which holds a 45% interest
cialised technical centre in the city of Benghazi, in the Ezzaouia Concession.
with a high level of equipment and infrastruc- Pursuant to the terms of the SPA, ZEAL has
ture; the centre will be divided into suitable areas agreed to acquire 100% of the issued share capi-
for investment by international companies or and to extend our long-term partnership with tal of EPZ for the aggregate amount of $150,000
specialised manufacturers. By completing the the country, where we have been present for 50 payable at completion, as well an additional
signing of the consulting services contract with years,” said Nicolas Terraz, Senior Vice President $100,000 to be satisfied by the issue of ordinary
the Italian company Saipem, we will have started Africa, Exploration & Production at Total. shares in the share capital of Zenith to be issued
the implementation work of the project, through “We want to develop these projects with within 60 days of completion and a royalty pay-
which we are looking forward to extending the recognised partners, such as FRM, who have a able and calculated as $0.35 per each barrel of
cooperation bridge with Saipem to implement great deal to teach us, while concerting with rel- hydrocarbons produced from the Ezzaouia oil-
other projects.” evant regions to anchor our commitment in the field and allocable to EPZ, with the royalty not
During the signing ceremony, Stefano Cao, long term and contribute to local development,” being less than an amount of $50,000 per annum
CEO of Saipem, commented: “North Africa added Adrien Henry, Vice President Nature for a period of 10 years.
remains a strategic area of huge potential devel- Based Solutions at Total. Ezzaouia is located in onshore Tunisia on the
opments in both industrial and energy sectors. The project is designed to produce multiple Zarzis peninsula, south of the island of Djerba in
This project consolidates our relationship with social, economic and environmental benefits. the southern Gulf of Gabes. First discovered by
NOC and gives us the opportunity to support The planting of Acacia mangium and auriculi- Marathon Petroleum in 1986, with production
our client in creating an important centre for the formis trees on sandy plateaux exposed to recur- activities starting in 1990 with a peak production
optimal utilisation of the national resources.” ring bushfires will create a forest environment being achieved of 35,000 barrels per day (bpd) of
Saipem, March 10 2021 that will ultimately help broaden the ecosystems’ oil in 1991.
biodiversity. The project will create employment Ezzaouia produces an average of 40 degrees
opportunities, with a positive impact on several API gravity oil from the Zebbag (Lower Cre-
ESG thousand people. In addition, a local develop- taceous) and Mrabatine (Upper Jurassic) for-
ment fund will support health, nutritional and mations. It is operated by MARETAP, a joint
Total, Forêt Ressources educational initiatives to benefit neighboring operating company owned in partnership with
the national oil company of Tunisia, ETAP
villages.
Management to plant reserves on the Congo’s Batéké Plateaux offer on a 50:50 basis, which holds a 55% interest in
“The more than 10mn hectares of land (Entreprise Tunisienne d’Activités Pétrolières)
40,000-hectare forest in a fantastic way to combat climate change at Ezzaouia. Currently produces at a rate of approx-
the global level and a unique opportunity for imately of 465 bpd (approximately 210 bpd net
Republic of the Congo sustainable socio-economic development in to Zenith). Approximately 25,000 barrels of oil
isolated regions of the country,” noted Bernard are currently held in storage with a commercial
Total and Forêt Ressources Management have Cassagne, Chairman and CEO of Forêt Res- value of approximately $1,250,000.
signed a partnership agreement with the Repub- sources Management. Zenith will shortly commission a new Com-
lic of the Congo to plant a 40,000-hectare forest “This ambitious and exemplary project is part petent Person’s Report in compliance with
on the Batéké Plateaux. of PRONAR, the national afforestation/reforest- Canadian securities laws, specifically the COGE
The new forest will create a carbon sink that ation program launched in 2011 to expand the Handbook and National Instrument 51-101/
will sequester more than 10mn tonnes of CO2 country’s forest cover and increase carbon stor- Standards of Disclosure for Oil and Gas Activi-
over 20 years, to be certified in accordance with age capacity, create new wood-based businesses ties, in order to obtain an updated reserves eval-
the Verified Carbon Standard (VCS) and Cli- to diversify the national economy and foster the uation for the Acquisition.
mate, Community & Biodiversity (CCB) stand- emergence of a green economy in the Republic of Planned field production optimisation and
ards. The project, financed by Total, includes the Congo,” concluded Rosalie Matondo, Min- workover activities are expected to increase
agroforestry practices developed with the local ister of the Forest Economy of the Republic of Ezzaouia gross production to 1,000 bpd (poten-
communities for agricultural production and the Congo. tially resulting in a production of 450 bpd net to
sustainable wood energy. By 2040, responsible Total, March 16 2021 Zenith). The Acquisition has certain develop-
management through selective cutting will pro- ment obligations during the course of the new
mote the natural regeneration of local species Zenith Energy announces 20-year concession including the drilling of a
and provide Brazzaville and Kinshasa with lum- side-track, the drilling of a replacement well and
ber and plywood. acquisition of upstream that of a development well.
“With this project on the Batéké Plateaux, On April 19, 2019, the Tunisian State repre-
Total is committing to the development of natu- asset in Tunisia sented by the Ministry of Industry and Small and
ral carbon sinks in Africa. These activities build Medium Enterprises informed ETAP and EPZ
on the priority initiatives taken by the Group Zenith Energy, the listed international oil that the Comité Consultatif des Hydrocarbures
to avoid and reduce emissions, in line with its & gas production company focused on pur- CCH) had provided a favourable opinion to the
ambition to get to net zero by 2050. They will also suing African development opportunities, application submitted by ETAP and EPZ for a
help to showcase the Congo’s natural potential has announced that Zenith Energy Africa Ltd new 20-year concession to be called Ezzaouia.

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