Page 7 - AfrOil Week 25 2022

AfrOil PIPELINES & TRANSPORT AfrOil

EACOP will be 1,443 km long (Image: African Energy Chamber)
The fields are expected to yield about 260,000 TotalEnergies, with 62%; Uganda National Oil
barrels per day (bpd) of oil, and TotalEnergies Co. (UNOC), with 15%; Tanzania Petroleum
and CNOOC will use EACOP to export 216,000 Development Corp. (TPDC), with 15%; and
bpd of the total. The link will follow a 1,443-km CNOOC, with 8%.
route from Hoima in Uganda’s Kabaale district The special-purpose company is currently
to the Chongoleani Peninsula near the Tanza- concluding the process of contract awards with
nian port of Tanga. the aim of launching construction work in July.
The cost of building the EACOP link is likely EACOP is due to be completed in 2025 and will
to reach $5bn. The project will be carried out be the longest heated crude oil pipeline in the
by a special-purpose company split between world. ™

INVESTMENT
Global Petroleum talks up farm-out deal

for PEL 94 in Walvis basin offshore Namibia

NAMIBIA AIM-LISTED Global Petroleum said it had magnitude of these finds and noted that Shell
observed rising interest in Namibian opportuni- and TotalEnergies were optimistic about finding
ties among international oil companies (IOCs) even more oil at their licence areas in the Orange
in the course of its effort to farm out a stake in Basin.
PEL 94, an offshore licence area in the Walvis But it also talked up the potential of PEL 94,
Basin. which lies much further to the north. It pointed
In a statement dated June 22, Global Petro- out that its own licence area was in a section of
leum noted that IOCs were paying close atten- the offshore zone where the seawater was signif-
tion to Namibia in the wake of recent finds by icantly shallower and suggested that this feature
Shell (UK) at PEL 39 and TotalEnergies (France) was likely to reduce project costs.
at PEL 56. Shell announced a large discovery of “Whilst focus is understandably intense in
light crude oil at the Graff-1 well in late Janu- the Orange Basin, especially in the region of the
ary, and TotalEnergies followed with news of [Graff-1 and Venus-1x] discoveries, Global’s
an even larger discovery at the Venus-1x well view is that oil-prone opportunities there are
shortly thereafter, in early February. both limited and likely to be very expensive,” the
Together, these two sites, which are both statement said. “The company believes that the
located in the Orange Basin off Namibia’s south- Walvis basin, where PEL 94 is situated, also has
ern coast, appear to contain at least 3bn barrels the potential to be extremely successful but has
of crude. the advantage of much shallower water depths
Global Petroleum acknowledged the generally than the discoveries in the south.”

Week 25 22•June•2022 www. NEWSBASE .com P7