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Meeting this deadline will allow the investors in the condensate refinery project to make a final investment decision (FID) on schedule in July 2020, he said.
Kyari also said that NNPC saw the project as a priority, since it could help Nigeria reduce its dependence on imported petroleum products.
“This country expects that we secure all our petroleum products requirements in-country. We have a clear mandate from the President [Muhammadu Buhari] to stop petroleum importation, and we believe this can be done. Condensate refining is something that we at the NNPC are very passionate about and it’s a national objective that all needs support,” he stated.
Gas processing
NNPC and its partners signed the contract just a few days after Nigerian Gas Co. (NGC), another subsidiary of NNPC, revealed that it was look- ing into the possibility of expanding into the natural gas processing sector.
Roland Ewubare, the chief operating officer (COO) of NNPC, said at NGC’s board meeting last week that the company had already taken several steps in this direction. For example, he said, NGC has acquired stakes in several gas plants, including the Sapele gas compression
PERFORMANCE
facility, the Makaraba gas-processing facility and Assa North-Ohaji South Gas Processing Co. (AGPC).
Ewubare did not provide a detailed break- down of the company’s gas-processing plans, but he did say that a move into the downstream sector had the potential to improve NGC’s finances. “Completion of these gas-processing projects [is] expected to significantly increase NGC’s revenue and boost the Federal Govern- ment’s Economic Recovery and Growth Plan,” he said.
Nigeria’s offshore zone (Image: Energy Consulting Group)
Springfield Energy confirms
major oil discovery offshore Ghana
GHANA
SPRINGFIELD Exploration and Production (SEP) confirmed last week that it had discov- ered sizeable hydrocarbon reserves at West Cape Three Points Block 2 (WCTP Block 2), located offshore Ghana.
In a statement, the Ghanaian company said it had found crude oil in its first round of drill- ing. Results from Afina-1x, the first of two wells drilled this year, indicate that WCTP Block 2 holds 1.5bn barrels of oil in place (OIP), as well as 700bn cubic feet (19.8bn cubic metres) of nat- ural gas.
This reserve estimate may rise as exploration continues, it added. “The current undiscovered potential of the block is estimated at over 3bn barrels of oil and gas in multiple leads and pros- pects within various proven reservoir units,” it reported.
The company said it had drilled the Afina-1x well to a total depth of 4,085 metres in waters that are 1,030 metres deep. It noted that the well had encountered 50 metres of net pay in light crude oil at its primary target, the Cenomanian strata, and 10 metres of net pay in gas and light crude at its secondary target, the Turonian layer.
SEP has an 84% stake in WCTP Block 2.
The remaining equity in the licence area is
split between state-owned Ghana National Petroleum Co. (GNPC) and its exploration
arm, GNPC Exploration and Production Co. (Explorco).
Confirmed oil find offshore Ghana (Photo: Springfield Energy)
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w w w . N E W S B A S E . c o m Week 50 18•December•2019
