Page 8 - AfrOil Week 08 2022

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Chevron acquired stakes in three Equatoguinean fields from Noble Energy (Image: Noble Energy)
Since its $13bn acquisition of Noble Energy Kosmos Energy.
in 2020, the US major has had a 38% stake in Chevron has expanded its holdings in the
Aseng, an offshore oilfield within Block 1; a 38% country since its acquisition of Noble Energy. In
stake in Yolanda, a gas deposit within Block 1; December 2021, it signed a production-sharing
and a 45% stake in Alen, a gas and condensate agreement (PSA) with Malabo for Block EG09
field within Block O. Noble Energy had served in the Douala basin. The PSA splits equity in the
as operator of all three fields, which added a total project 80% to the US major, which will act as
of 441bn cubic feet (12.49bn cubic metres) of gas operator, and 20% to the national oil company
to Chevron’s reserves. (NOC) GEPetrol.
As of press time, it was not clear whether Block EG09 has never been developed, but
Chevron had identified any possible buyers. it was previously assigned to South Africa’s Pet-
Other US operators working in Equatorial roSA. It is close to Aseng 6P, a successful explo-
Guinea’s offshore zone include ExxonMobil and ration well drilled at the Aseng field in 2019. ™

Somalia’s president cancels

offshore exploration deal

SOMALIA SOMALIA’S President Mohamed Abdullahi
Mohamed has moved swiftly to cancel oil and
gas exploration deals signed at the weekend by
Minister of Petroleum and Mineral Resources
Abdirashid Mohamed Ahmed, including one
with East Africa-focused Coastline Exploration.
Ahmed had announced the deal on February
19, reporting that he had finalised seven produc-
tion-sharing agreements (PSAs) with US-based
Coastline Exploration. He described the deals as
a “huge moment” that could speed up the coun-
try’s path toward developing its offshore hydro-
carbon resources.
“Recently completed seismic programmes
indicate that Somalia has the potential to
become a significant oil- and gas-producing
country,” he said in a statement. Somalia’s offshore licensing round covered seven blocks (Image: TGS)
Just a few hours later, however, the president
posted a statement on Twitter saying that the of Petroleum pact signed by the Minister on
projects would not go forward, as they had the behalf of FGS. The deal contravenes Presidential
potential to influence the upcoming presidential Decree 7/8/2021 which bans the inking of deals
election scheduled for February 25. during elections so as to protect public resources
“The Presidency FGS [Federal Govern- from exploitation during the elections,” the
ment of Somalia] hereby declares nullification statement said.

P8 www. NEWSBASE .com Week 08 23•February•2022