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“This is in spite of oil prices that have been con- timely manner and in lieu of the Arbitration Company can have discussions.
sistently above the oil price benchmark of the Panel and ICC resolving these issues on behalf Roy Kelly, CEO of Victoria Oil & Gas, com-
federal budget.” of the parties. mented: “Demonstrating that it really is busi-
According to Ajileye, this is proof that Nige- Logbaba update, Quarterly Production: GDC ness as usual in Cameroon, we are very pleased
ria is “hurtling towards a fiscal crisis without the continues to safely produce and sell natural gas to report that GDC achieved a third consecutive
buffer that the ECA provided in 2008 to 2010.” to a variety of customers in the Douala area. quarter of gas sales growth, with this growth
bna/IntelliNews, July 28 2022 Quarterly gross and net gas sales and conden- being largely organic. Following the Arbitral
sate shipments at Logbaba are as follows (net gas award against GDC at the start of the quarter, we
Victoria Oil & Gas issues and condensate sales attributable to GDC, 57%): continue to work with RSM to seek a post-award
Gas and condensate sales: Thermal (Q2-2022: commercial settlement.”
Q2-2022 operational and 278 mcf net, 488 mcf gross; Q1-2022: 266 mcf Victoria Oil & Gas, July 22 2022
net, 466 mcf gross). Industrial power (Q2-2022:
corporate update 12 mcf net, 22 mcf gross; Q1-2022: 17 mcf net, Angola could save 275mn
31 mcf gross). Total (Q2-2022: 290 mcf net, 510
Victoria Oil & Gas, whose wholly owned subsid- mcf gross; Q1-2022: 283 mcf net, 497 mcf gross). litres of diesel per year
iary, Gaz du Cameroun (GDC), is the onshore Daily average gross gas sales rate (Q2-2022: 5.6
gas producer and distributor with operations mcf per day; Q1-2022: 5.5 mcf per day). Con- through energy transition,
located in the port city of Douala, Cameroon, densate shipped (Q2-2022: 2,419 barrels net,
has provided shareholders with a brief opera- 4,243 barrels gross; Q1-2022: 2,674 barrels net, minister says
tions update for the second quarter of 2022 and 4,691 barrels gross).
an update on corporate matters. Logbaba Field Performance: There were Angola’s minister of Energy and Water, João
Operations Summary, Sales: Average daily some very high daily sales in the quarter, with Baptista Borges, said the replacement of thermal
gross gas sales rate for the quarter was 5.6 mcf intra-day, instantaneous peaks occasionally energy with solar energy represents a saving of
per day (up 2% on Q1-2022: 5.5 mcf per day), reaching approximately 8.0 mcf per day. The 275mn litres of diesel per year for the country,
and a gross volume of 4,243 barrels (Q1-2022: Logbaba field has now produced a cumulative Ver Angola reported on July 22.
4,691 barrels) of condensate was shipped to of approximately 21.8 bcf of natural gas, and Speaking at the inauguration of the Biópio
customers. GDC continues to use two of the three wells at photovoltaic (PV) power plant in Benguela
Matanda: Rig contract negotiations con- any time. province, he said the construction of such is part
tinue, and the mobilisation of a rig to Douala is Customers: GDC’s online customer count of a strategy to produce cheaper, more accessible
expected to be complete by end July, this being remained around 30 for the period. and cleaner energy, in line with Angola’s com-
at the owner’s own cost and risk. Site and access Matanda update: The Company continues to mitment to curb global warming.
preparations will be somewhat hindered by the market the Matanda Farm-Out opportunity and The Biópio plant as well as the Baía Farta
rainy season at this time of the year. absent success with that process, the Company is solar PV plant, are part of a set of seven units in
Corporate Summary, ICC Award: As progressing negotiations in relation to alterna- Angola with a combined capacity of 370MW.
announced on April 4, 2022, along with a Par- tive sources of funding. “With the entry into operation of these two
tial Final Award, the Tribunal directed the par- The Company has selected a 1,700 HP rig, parks, the proportion of renewable capacity
ties (GDC and RSM) to confer regarding the which is moving to contract negotiation stage increases from 60% to 65%,” Borges said, recall-
proposed procedure for resolution of costs and and, as previously disclosed, the rig owner has ing the goal set by Angola’s president to reach
attorney’s fees with a target date for resolution by chosen to relocate the rig to Doula at his own risk 72% by 2025.
June 30, 2022. and cost. In the event, that a contract is executed, bna/IntelliNews, July 28 2022
The Arbitration Panel and the International there would likely be a mobilisation charge to
Chamber of Commerce (ICC) are still evaluating move the truck-mounted rig from Douala to the
a number of issues connected to the proceeding, Marula wellsite. May heralded the start of the POLICY
including Costs, and consequently the ICC has rainy season, which of course makes ground-
extended the time limit for rendering the final works more challenging. Shell comments on
award until December 31, 2022. We continue West Med update: The process to find a
settlement discussions with RSM with a view buyer for SGI continues. International sanc- dismissal of Dutch
towards achieving resolution of these matters tions continue to hinder funds transfers to Rus-
and a commercially realistic settlement in a more sia and limit the counterparties with which the investigation into OPL 245

Shell has made the following statement after the
Dutch Public Prosecutor’s office announced it
had dismissed its investigation into bribery alle-
gations related to Oil Prospecting Licence (OPL)
245 in Nigeria.
“We welcome today’s decision, which marks
an end to the criminal investigation in The Neth-
erlands. It follows the Milan Public Prosecutor’s
appeal withdrawal earlier this week, which
ended all criminal proceedings and confirmed
the Milan Tribunal’s decision to acquit Shell and
four of our former employees in March 2021.

P16 www. NEWSBASE .com Week 30 28•July•2022