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AfrOil NEWS IN BRIEF AfrOil

UPSTREAM schedule. The Company will continue to keep Suriname, Namibia and South Africa.
the market up to date with its progress. Moderating the discussion will be Dr. Valérie
Canadian Overseas commented: “We understand that the length of International Affairs. This will ensure rigor-
Arthur Millholland, President and CEO, Marcel of Chatham House, the Royal Institute
Petroleum provides of time that has passed since the process for ous analysis of the regional and country-specific
the extension of the OPL 226 PSC started has challenges and opportunities at the centre of the
update on drilling licence caused concern among some shareholders and discussion.
market participants. The COVID-19 situation
The expert contributors include: Tracey K.
extension for OPL 226 has caused most governments globally to react Henderson, Chief Exploration Officer, Kosmos
to protect their organs of government as well as Energy; Duncan Wallace, Technical Director,
Canadian Overseas Petroleum Ltd (COPL), their citizens through restrictions on meetings Chariot Oil and Gas; Wissam Al Monthiry, MD,
an international oil and gas exploration and or gatherings to air travel. This is true for Canada Tullow Ghana; Adam Pollard, Senior Research
development company focused on sub-Saha- and the United Kingdom as well as for Nigeria. Analyst, SSA Upstream Oil and Gas, Wood
ran Africa, has announced that further to the To date, we have only had constructive conver- Mackenzie.
announcement of its second quarter results on sations with NNPC, so we believe this delay is To accompany the session, Africa Oil Week
September 15, 2020, COPL is giving an update due to COVID-19 bureaucracy pressures. Our has released the latest in a series of complimen-
on its drilling licence extension for OPL 226. Company, through ShoreCan and the other tary reports produced alongside its long-stand-
On August 4, 2020, the Company announced shareholder of the Nigerian Affiliate, continues ing partner, Wood Mackenzie. With “A Major
that shareholders of the Nigerian Affiliate had to be confident in the process and its outcome.” Transition for Sub-Saharan Africa?” as its title, it
executed definitive agreements to resolve their Canada Overseas Petroleum, September 24 2020 covers topics including environmental consider-
disputes. Completion of this agreement is sub- ations, new SSA gas projects and potential buy-
ject to the Nigerian National Petroleum Corp. Oil and gas operators set ers for those African assets the majors are keen to
(NNPC) granting an extension of the explora- divest. The report will kickstart conversation at
tion period under the OPL 226 PSC beyond Sep- to discuss their near-term AOW Virtual and is available to download now
tember 30, 2020. The Nigerian Affiliate applied for free.
for this extension in early June 2020 and has sub- strategic outlooks for Africa Brought to you by Africa Oil Week (AOW),
sequently held a number of constructive meet- AOW Virtual on October 7-8, 2020, is a free-
ings with the NNPC post-application. It’s no secret that the COVID-19 pandemic, com- to-attend online conference aimed at reignit-
COPL is confident that it will receive confir- bined with ambitious emissions targets, are cur- ing African oil, gas and energy. True to AOW’s
mation of its exploration licence extension dur- rently forcing oil and gas Operators worldwide roots, the conference will be packed full of stra-
ing Q4-2020. No notice of termination has been to re-evaluate – and in many cases slim down tegic outlooks, debates, and a much-anticipated
received by COPL’s Nigerian Affiliate, which – their portfolios. But what does this mean for government bidding round. It will offer AOW’s
under the terms of the PSC would need to be Sub-Saharan Africa? This question will be top of global oil and gas audience a platform to dis-
issued sixty days before the September 30, 2020, the agenda at the “Operators’ Strategic Outlook” cuss insights, challenges and opportunities post
expiry date. The two previous extensions to the session at AOW Virtual on October 7, 2020. COVID-19.
drilling license at OPL 226 were received by the Participating is Tullow Oil’s most senior Hundreds of C-level executives from across
Nigerian Affiliate post the previous expiration representative in Ghana, who will be updating the value chain are expected to attend, as well
dates. delegates on the company’s progress following as government representatives from countries
COPL understands that COVID-19 restric- a turbulent year. Also joining are senior leaders including Somalia, The Gambia, South Africa
tions are creating delays within the NNPC. Once from Chariot Oil and Gas and Kosmos Energy, and the US.
COPL’s Nigerian Affiliate has received formal which recently inked a farm-down agreement Africa Oil Week, September 24 2020
confirmation of PSC extension and its terms, for up to $200mn with Shell to on a portfolio of
the Affiliate will set out its forward operation its exploration assets in São Tomé and Príncipe,
SERVICES
Leading geophysical and

drilling contractors join

African Energy Chamber to
discuss exploration

The oil and gas industry globally is currently
going through a period of transition, during
which the industry is re-adjusting itself to oper-
ate in a post COVID-19 environment with oil
prices likely to stabilise between $35-50 per bar-
rel. Despite these challenges, drilling activity in
Africa, according to African Energy Chamber
projections, is expected to drop in 2021 only
slightly from projected 2020 levels.

P18 www. NEWSBASE .com Week 39 30•September•2020