Page 16 - AfrOil Week 08 2022

AfrOil NEWS IN BRIEF AfrOil

PIPELINES & TRANSPORT within 30 months from February 18 – i.e., by
mid-August 2024.
Libyan resumes gas under the contract are within the business scope
“The work and services to be performed
shipments to Italy of the coatings division of Wah Seong group and
the risks are the normal operational risks asso-
via Green Stream ciated with the said business,” the bourse filing
said, noting that the EACOP contract was pro-
pipeline, says Eni ject-specific and not renewable.
EACOP is a key component of the $10bn
Libya’s gas pumping to Italy was resumed Lake Albert Development Project, which also
through the Green Stream pipeline after a main- comprises the development of multiple oilfields
tenance period that lasted for nearly two weeks, in western Uganda. The upstream component
according to a statement from Italy’s energy of the project calls for the establishment of pro-
group Eni. duction and processing infrastructure at Tilenga, consulting firm in Nigeria, has assigned A-Z
The resumption of gas flow came via the Mel- operated by the French major TotalEnergies, and Petroleum Products Limited a long-term rat-
lita Oil and Gas Complex, Eni said, explaining Kingfisher, operated by China National Offshore ing of BBB with a stable outlook for the year
that the gas quantities would increase gradually Oil Corp. (CNOOC). 2022/2023.
until they reached normal levels. bna/IntelliNews, February 23 2022 The BBB rating indicates slight risk, shows
Eni said earlier this month that Libyan gas fair financial strength, operating performance
flows would drop due to maintenance work and and overall business profile. A-Z Petroleum has
said gas flows were expected to resume by Feb- INVESTMENT the ability to meet its ongoing obligations, but
ruary 19. its financial strength is vulnerable to adverse
The Italian company said in October last year TotalEnergies makes changes in economic conditions, DataPro said.
that it was giving potential contractors more A-Z Petroleum, incorporated in Nigeria in
time to bid on the construction of two new fixed contingent payment to December 1994, is a leading maker of petro-
offshore platforms and related facilities opposite leum products supplied to the African market
the Mellitah complex in western Libya through Tullow following Tilenga FID and overseas, including automotive lubricants
its partnership with state-owned National Oil and solvents. The new rating carries a maximum
Corp. (NOC). Tullow Oil (UK/Ireland) said in a statement shelf life of 12 calendar months, in line with
The new platforms, which will be known as dated February 16 that it had received a contin- international best practices.
Structure A and Structure E, will have a com- gent consideration payment of $75mn related to bna/IntelliNews, February 21 2022
bined weight of 85,000 tonnes. Together, they the sale of its former assets in western Uganda.
will be able to handle around 760mn cubic feet In the statement, Tullow explained that the Angola transfers Block 24
(21.52mn cubic metres) per day of gas, 42,000 payment had been triggered by TotalEnergies’
barrels per day (bpd) of condensate and 5,000 decision to take a final investment decision from Sonangol to ANPG
bpd of crude oil. (FID) on the Tilenga project.
bna/IntelliNews, February 21 2022 The French major announced that it was Angola’s government assigned Block 24, an
moving ahead with Tilenga, which is key to the offshore licence area in the pre-salt of the coun-
Malaysian piping specialist larger-scale Lake Albert Development Project, try’s offshore zone, to the National Oil, Gas
and Biofuels Agency (ANPG) on February 23
earlier this month.
Wah Seong secures and operatorship of the Tilenga fields from the development.
TotalEnergies acquired a majority stake in for the purpose of facilitating exploration and
$254.1mn EACOP contract Anglo-Irish company in March 2020, and its signed during a meeting of the Council of Min-
Luanda made the assignment in a decree
agreement with Tullow provides for that com-
Wah Seong Corp. has secured a MYR106bn pany to retain some measure of exposure to isters. It then issued a statement announcing its
($254.1mn) contract to provide thermal insu- Tilenga through future cash considerations. decision, saying that ANPG had been granted, in
lation services for the East Africa Crude Oil Future payments will be contingent on the aver- its capacity as the national concessionaire, “the
Pipeline (EACOP) consortium, the Malaysian age price of Brent crude oil once production mining rights of prospecting, research, devel-
oil- and gas-piping specialist announced on begins, the statement said. opment and production of liquid and gaseous
February 22. bna/IntelliNews, February 17 2022 hydrocarbons in the concession area of Block
Wah Seong’s indirect subsidiaries, Italy-based 24, in order to, with potential investors, make the
ISOAF S.r.L and Tanzania-based ISOAF TZ Ltd, DataPro gives Nigeria’s exploration and development of hydrocarbons
have been awarded the contract for the provi- in the respective concession area more viable and
sion of line pipe thermal insulation services for A-Z Petroleum Products profitable.”
EACOP and its feeder line, which will run from As of press time, ANPG had not commented
the town of Kabaale in Uganda to the port of long-term BBB rating on the matter.
Tanga in Tanzania. Block 24, which has been in the hands of the
In a filing with Bursa Malaysia, Wah Seong with stable outlook national oil company (NOC) Sonangol after
said the work and services to be performed were being partially developed by a consortium of
within the business scope of the coatings division DataPro Limited, a technology-driven credit rat- international oil companies (IOCs), is located in
of the group and are expected to be completed ing agency (CRA) and fraud risk management the Benguela basin.

P16 www. NEWSBASE .com Week 08 23•February•2022