Page 15 - AfrOil Week 23

AfrOil
nEws in BRiEf
AfrOil
development of additional indigenous natural gas resources and a domestic liquefaction facility.
e MOU was signed today in Luanda by New Fortress Chairman and CEO Wes Edens and Hon. Diamantino Azeved, Minister
of Mineral Resources and Petroleum. e President of Angola also approved the MOU with New Fortress.
“ is partnership will provide cleaner, a ordable natural gas to Angola, creating signi cant economic and environmental bene ts,” said New Fortress CEO Wes Edens. “With Angola’s transition to a gas economy, signi cantly lower fuel costs will encourage further investment and directly bene t Angolans. We commend President Lourenço and the government of Angola for their leadership and look forward to building this historic partnership.”
“ e signing of this MOU is the rst step in moving Angola to become a gas economy,” said Hon. Diamantino Azeved, Minister of Mineral Resources and Petroleum. “ is unprecedented event involves the approval
of three ministries and is supported by the President of Angola to move the country in a new direction.”
e MOU is non-binding on the parties, and actual terms of any de nitive agreement may di er from the terms of the MOU. nEw foRtREss EnERgy, june 5, 2019
Eni and Sonangol agree
on renewable energy
initiatives in Angola
Eni and Sonangol signed today in Luanda the Heads of Agreement for the incorporation
of Solenova, a joint controlled company set up to assess and develop renewable energy opportunities in Angola. e creation of this new company is consistent with the country’s energy strategy that establishes a target of
800 MW of installed renewable capacity by 2025, with a speci c focus on utility scale solar projects.
e rst business opportunity jointly identi ed in the renewable energy sector consists in the phased development of a 50 MW photovoltaic plant in the Southern
part of the country, which currently relies mainly on diesel thermal plants for electricity production.
is initiative, and the others under evaluation, are in line with the Angolan global strategy for the electricity sector of promoting renewable energy with the aim to reduce the diesel consumption, lowering operating costs and polluting CO2 emissions.
Eni strategy in renewables business foresees the realization of more than 60 worldwide brown eld and green eld projects, for a total of over 1.6 GW of wind and solar capacity by 2022 and up to 5 GW by 2025, with an investment of 1.4 billion euros in the 2019-22 period.
Angola is a strategic Country for Eni’s organic growth. Eni has been present in the Country since 1980 and currently accounts an equity production of about 150,000 boepd. Eni, june 5, 2019
Tower notes Cameroon drilling plans
We made great progress on our ali license in Cameroon in 2018, as discussed in the Operational Review below, and we are looking forward to the NJOM-3 well in 2019, and the prospect of reaching our rst oil production from the Njonji structure in 2020.
Following this work, we received an extension of the current rst exploration phase of our license, to September 2019, and we contracted with Vantage to charter the Topaz Driller jack-up rig to drill the NJOM- 3 well on the Njonji structure during that extension. is is planned to be the rst in a
four-well phase of work to place the reservoirs in Njonji into an extended well test, beginning in the rst renewal period of the licence. We hope this well test will commence in 2020 and will mark our rst substantial production of oil.
Since the year-end, we have completed the well engineering, ordered long lead items, and retained Bedrock Drilling, who managed the two wells on the Etinde block in Cameroon, also using the Topaz Driller, to manage this well. We have also now selected the full suite of contractors to provide services for the well including the test programme. e Topaz Driller is currently scheduled to move to the site in July.
towER REsouRCEs, june 4, 2019
Victoria settles debt with Weatherfords
Victoria Oil & Gas is pleased to announce
that its wholly owned subsidiary, Gaz du Cameroun (GDC), has signed a settlement agreement with Weatherfords Services and Rental and a full and nal payment of US$1.4 million has been made to extinguish the outstanding debt. In accordance with the settlement, the parties have signed and led with the relevant court consent orders for the statutory demand to be set aside, which is now only a matter of process at court.
With this settlement GDC has now settled all outstanding obligations relating to the drilling programme of La-107 and La-108 at Logbaba.
viCtoRia oil & gas, june 4, 2019
NGMC posts 2018 profit
e Nigerian Gas Marketing Co. (NGMC) made an a er tax pro t of 12.476 billion
naira for 2018, according to a statement from NNPC on June 7, quoted by the News Agency of Nigeria (NAN). Announcing the pro t, NNPC’s spokesman, Ndu Ughamadu, said this came despite pipeline vandalism and other challenges.
NNPC’s managing director, Maikanti
Baru, said NGMC was “going into the West African market to position ourselves as the best marketer of gas in the sub region”. e company has signed contracts with companies in Benin.
Total revenue was 243.63 billion naira compared to its 275.162 billion naira for 2017. is reduction came about as a result of power producers buying gas direct from producers since June 2018.
Week 23 11•June•2019
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