Page 7 - LatAmOil Week 34

LatAmOil NRG LatAmOil

According to Michael Osime, the chairman of debt via bank loans as well as foreign and domes-
the JV, the partners are on track to finish the tic debt instruments
plant less than a year after the start of construc- The company said in its stock exchange fil-
tion. This will make it “the quickest modular ing that it would consider establishing and/
refinery [ever] delivered [in Nigeria],” he was or extending a European Medium Term
quoted as saying in a company statement. Note (EMTN) programme up to INR350bn
Elsewhere in West Africa, Australia’s FAR ($4.71bn). The board will also decide on an addi-
has arranged to reduce its equity holding in the tional loan of up to INR100bn ($1.35bn) lever-
Sangomar block offshore Senegal from 15% to aged against its bank term deposits.
13.67%. It will transfer the 1.33% stake to Pet- ONGC has reportedly been considering
rosen, the national oil company (NOC), which is expanding its debt pile following the collapse in
looking to raise its own share of the project from international oil prices and the government’s cap
10% to 18%. on pricing of domestic natural gas production.
The deal offers some financial benefit to Across the border in neighbouring Pakistan, Saudi Aramco’s
FAR, which has not fulfilled its obligation to pay meanwhile, state-owned Oil and Gas Develop-
its share of the RSSD consortium’s expenses in ment Company Ltd (OGDCL) has plugged and shipping unit
recent months. abandoned a dry hole on its Guddu block. Bahr has ordered
Meanwhile, Uganda National Oil Co. The Umair NW-1 exploration well, which
(UNOC) is optimistic about the potential for was drilled to a total depth of 804 metres, failed 10 chemical
using the Kisumu-Jinja barge route across Lake to produce commercial quantities of oil or gas,
Victoria to increase the volume of petroleum junior partner Jura Energy said on August 20. tankers from
products flowing into the country. The Canadian independent said: “Based
The state-run company hopes to establish on the hydrocarbon shows during drilling, log Hyundai
Jinja as a hub for fuel traders serving other results and interpretations, it was concluded that
countries in the region, including South Sudan, gas accumulations existed in the targeted Pirkoh
Rwanda and Burundi, as well as the eastern and Habib Rahi Limestone formations of Eocene
regions of the Democratic Republic of Congo. age. Testing did not, however, yield commercial
(DRC). quantities of gas from both formations.”
OGDCL owns 70% of the block, while Jura OGDCL owns 70% of the block, while Jura
holds 13.5%, IPR Transoil has 11.5% and Gov- holds 13.5%, IPR Transoil has 11.5% and Gov-
ernment Holdings Private owns 5%. ernment Holdings Private owns 5%.

If you’d like to read more about the key events shaping If you’d like to read more about the key events shaping
Asia’s oil and gas sector then please click here for Asia’s oil and gas sector then please click here for
NewsBase’s AfrOil Monitor. NewsBase’s AsianOil Monitor.

Upstream battle in South Asia DMEA: Aramco bulk-buys chem tankers
India’s state-run Oil and Natural Gas Corp. Saudi Aramco’s shipping unit Bahri has ordered
(ONGC) has said it is considering raising up 10 chemical tankers from South Korea’s Hyun-
to INR450bn ($6.1bn) worth of debt, following dai Mipo Dockyard (HMD) in a deal worth
recent reports that the developer would struggle $410mn. The first of the 50,000 DWT, medi-
to finance its capital expenditure objectives. um-range tankers will be delivered in the first
ONGC said on August 24 that its board quarter of 2022. Their addition will bring Bahri’s
would meet on September 1 to consider raising total vessel count to 101.

Week 34 27•August•2020 www. NEWSBASE .com P7