Page 10 - AfrOil Week 36 2019

AfrOil
NEWS IN BRIEF
AfrOil
UPSTREAM
LEKOIL reports on extension of OPL 310 licence
LEKOIL, the Africa-focused oil and gas explo- ration, development and production company, is pleased to announce that pursuant to a letter dated September 4, 2019, the federal govern- ment of Nigeria and the Ministry of Petroleum Resources has approved the extension of OPL 310’s exploration licence for three years, subject to the holders of the licence paying an extension fee of US$7.5mn within 90 days, effective from August 2, 2019.
The company expects to fund 100% of the licence fee from a mix of existing financial resources and a potential funding partner as previously announced on August 30, 2019.
Both Optimum Petroleum Development Company and LEKOIL Nigeria (acting through its wholly owned subsidiary, Mayfair Assets and Trust) have agreed to progress with the appraisal of the block and subsequent conversion to an oil mining licence at the end of the exploration period, as soon as practicable. Following a suc- cessful appraisal, a full field development pro- gramme will be undertaken, for which LEKOIL and Optimum are in advanced discussions with a potential funding partner.
Lekan Akinyanmi, LEKOIL’s CEO, com- mented: “We are pleased to be working effi- ciently with Optimum and the Nigerian Department of Petroleum Resources to ensure timely approvals for our upcoming drilling and work programme(s) and we now look forward to unlocking significant value from the asset for all stakeholders, [whom] we thank for their con- tinued patience and support through this pro- longed process.”
LEKOIL is entitled to 90% of the economic benefits related to LEKOIL Nigeria’s operations and net assets, based on the terms of agreements under which the entity was established.
LEKOIL, September 06 2019
Neptune Energy announces
first gas export production
at Touat, Algeria
Neptune Energy and Sonatrach today announced first natural gas export production from the Touat gas development in Algeria. Touat will deliver around 75,000 barrels of oil equivalent per day (boepd) at plateau (around 450mn cubic feet or 12.74mn cubic metres of gas per day).
The development, located around 1,400 km
southwest of Algiers and close to Adrar, com- prises 19 development wells, a gas treatment plant for gas and stabilised condensate with a gathering network and export pipelines.
Production from Touat will represent around 6% of Algeria’s total gas exports, and the field will be in production for more than 20 years. The pro- ject has involved the installation of a connection to the main GR5 pipeline, built by Sonatrach, to collect the gas from South West Algeria and bring it to Hassi R’Mel, located around 800 km to the north.
The Touat project is led by Groupement Touat Gaz (GTG Partners), consisting of Nep- tune Energy Touat (65%) and Sonatrach (35%). It is Neptune’s first jointly operated project in North Africa.
Jim House, Neptune’s CEO, said: “We have made significant investment in the Touat project and this milestone represents a series of firsts for our business: the first North Africa project we have seen over the line and the first we have taken forward as an operator in the country, alongside our partner Sonatrach. Algeria is of great stra- tegic importance for our global gas production portfolio, and this development underlines the substantial commitments we have made to both enhancing our footprint in the country and to building on our strong, long-term relationship with our partners.”
Philip Lafeber, Neptune’s vice president for North Africa and Asia-Pacific, said: “With Phase I complete, we now look forward to implement- ing Phase II, which covers the remaining eight fields, [and these] will help to maintain the pla- teau of 450 mcf (12.74 mcm) per day for many years to come.”
Within Neptune Energy Touat, ENGIE holds 46% and Neptune 54%.
Neptune Energy, September 07 2019
SERVICES
Schlumberger and TGS announce new 3D multi- client re-imaging project in Egyptian Red Sea
Schlumberger and TGS today announced a new 3D seismic re-imaging project in the Egyptian Red Sea.
The project will comprise re-imaging data from three overlapping seismic surveys totaling 3,600 square km that were acquired between 1999 and 2008 – the only available 3D data in this part of the Red Sea. It includes the integration of all legacy seismic and non-seismic data and will apply advanced imaging technologies to better define complex subsalt structures.
The project, which is supported by industry prefunding, will be carried out by TGS and West- ernGeco®, the geophysical services product line of Schlumberger. Data will be available before the closing of Egypt’s offshore Red Sea interna- tional bid round on September 15, 2019.
“Our comprehensive geological understand- ing, innovative seismic imaging techniques and full integration of non-seismic methods will define new exploration trends in this frontier basin,” said Maurice Nessim, president, West- ernGeco. “This collaborative approach will help our clients identify high-potential play seg- ments, assess exploration risks and accelerate hydrocarbon discovery.”
“The Red Sea 3D re-imaging project follows a multi-client 2D seismic acquisition program that was completed in March 2018 as the initial step in mitigating the complex salt imaging challenges
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Week 36 10•September•2019