Page 11 - AfrOil Week 34 2019

AfrOil
NEWS IN BRIEF
AfrOil
Additionally, Rosne has signed a memo- randum on the expansion of co-operation in Mozambique with the National Hydrocarbon Company (Empresa Nacional de Hidrocar- bonetos, ENH). e document was signed by Igor Sechin and the CEO of ENH, Omar Mitha.
Upon the signing, Rosne will be granted the right to study available geological data on a num- ber of onshore and o shore blocks in Mozam- bique in order to examine their potential, as well as the opportunity to enter the projects on those blocks in the future. Sechin noted: “Mozambique is one of the perspective areas of the Rosne ’s international business. We are keen on further expanding the project portfolio in the country. I sincerely hope that the agreements signed today will contribute to that.”
In late 2015, RN-Exploration (a subsidiary of Rosne ) and a subsidiary of ExxonMobil were declared the winners of three blocks in the h licensing round organized by INP. Rosne and ExxonMobil were awarded three license areas: A5-B in the Angoche Basin and Z5-C and Z5-D in the Zambezi Delta. In October 2018, the con- sortium (in which Rosne holds 20%) signed concession agreements for the exploration and production of hydrocarbons on the three areas with the government of Mozambique. e com- panies have started exploration works.
Rosneft, August 22 2019
FINANCE
US Eximbank’s board
votes to notify Congress
of proposed financing to
support Mozambique LNG
The board of directors of the Export-Import Bank of the United States (EXIM) today voted to notify the US Congress, pursuant to the EXIM charter, of its consideration of a $5bn direct loan to support the export of US goods and ser- vices from multiple states for the development and construction of an integrated LNG project located on the Afungi Peninsula in northern Mozambique.
At the conclusion of a 35-day congressional notification period, the transaction may be considered for a nal vote by EXIM’s board of directors..
If finally approved, the transaction would support US exports of goods and services for the engineering, procurement, and construction of the onshore LNG plant and related facilities. ese US exports are facing direct competition from nancing o ered by foreign export credit
agencies.
EXIM’s nancing could support an estimated
16,400 American jobs over the ve-year con- struction period, including jobs at suppliers in Texas, Pennsylvania, Georgia, New York, Ten- nessee, Florida, and the District of Columbia. Through follow-on sales, thousands of addi- tional jobs may be generated across the United States. Through fees and interest earned, the transaction also could create more than $600mn in revenue for US taxpayers, according to EXIM projections.
e Mozambique LNG project would begin to develop the Rovuma Basin, one of the world’s most extensive untapped reserves of natural gas. e project is anticipated to have a transforma- tive impact on Mozambique’s economy during the expected operational period of the project.
If nally approved, EXIM’s nancing would support US exports to the Area 1 concession of the Mozambique LNG project, which covers approximately 10,000 square km and is antici- pated to supply up to 64trln cubic feet (1.8trln cubic metres) of gas. e borrower would be Mozambique LNG1 Financing Company, which is owned by a group of sponsors including Ana- darko Petroleum, which was recently acquired by Occidental Petroleum Corporation.
“With the backing of the Trump Administra- tion, US investment in Africa has taken on a new urgency,” said Secretary of Commerce Wilbur Ross, an ex o cio member of EXIM’s board of directors. “ is critical project is not only a win for American companies and workers, support- ing over 10,000 jobs in the United States, but also for the people of Mozambique as well.” Export-Import Bank of the United States, August 22 2019
Petronor E&P receives
confirmation of continued
listing
African Petroleum advises that Oslo Bors today has con rmed that the company will retain its listing on Oslo Axess following completion of the Transaction. The company is required to implement measures to comply with the requirements related to the spread of share own- ership and composition of the board of directors within as short a time as possible a er the deci- sion on continued listing. Accordingly, subject to ful lment of the conditions for completion as further set out in the extended stock exchange announcement, completion is now targeted to occur during next week.
Commenting on the update, Eyas Alhomouz, Chairman Designate of the combined company, said: “We are delighted to have received this approval, representing the nal material con- dition to complete the merger of the two com- panies. e board and management team of the enlarged company are excited to formalise the merger and look forward to setting in motion the strategies designed to deliver material and sus- tainable value for the Company’s shareholders.”
Jens Pace, CEO of African Petroleum, com- mented: “ is is an exciting development. We look forward to closing the final chapter as African Petroleum and starting our new story as PetroNor E&P, a company underpinned by reserves and steady production, an experienced team and a well-defined strategic vision to achieve long-term growth.”
African Petroleum, August 23 2019
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