Page 14 - AfrOil Week 23

AfrOil PERFORMANCE AfrOil

Nigeria exceeded its OPEC+ production quota in May (Photo: Department of Petroleum Resources)
Kyari claimed earlier this week that the country is the OPEC+ group’s insistence on requiring
had pulled output levels down so much that they members that do not follow production quotas
were actually below the OPEC+ quota. to compensate the other countries involved in
This puts Nigeria on track to reduce yields the deal. The Nigerian Department of Petro-
by the full amount agreed with the group within leum Resources (DPR) said in a statement over
the next few weeks, he told Bloomberg in an the weekend that it “subscribes to the concept of
interview. compensation.”
“Definitely by the end of June, we’ll see full The statement added: “We are in full align-
compliance from Nigeria,” he said. The deadline ment with the decision to closely monitor the
will only be pushed back to mid-July “in the market dynamics and it is our conviction that
worst-case scenario.” the current gradual recovery being witnessed
One of the factors driving Nigeria’s actions will be sustained to full traction.” ™

PROJECTS & COMPANIES
Aker Energy says it remains

committed to Pecan project

GHANA NORWAY’S Aker Energy said last week that it and historic low oil prices, Aker Energy and
was determined to find a way to proceed in mul- our partners … [are] working closely with the
tiple stages with the development of Pecan, an government of Ghana [and] actively pursuing a
oilfield within the Deepwater Tano/Cape Three development concept where we can commence
Points (DWT/CTP) block offshore Ghana. phase one of a phased development of the
In a statement, the company said it remained Pecan field,” Garseth said. “Although we have an
committed to launching a “phased develop- altered timeline, we are on our way to finding
ment” programme at Pecan, despite its decision a development concept with a breakeven price
in March to delay a final investment decision that is sustainable and resilient also in a low oil
(FID) on the project. It did not say whether it price environment.”
had set a new deadline for the FID but reported Aker Energy had previously drafted devel-
that it was carrying out conceptual studies in opment plans that called for anchoring a float-
a bid to confirm the feasibility of its plans for ing production, storage and off-loading (FPSO)
Pecan. vessel at a central location within Pecan and
Håvard Garseth, the CEO of Aker Energy, using tie-ins to link the FPSO to all production
also pointed out that recent events had not led sites within the field. Now, though, it is mulling
his company to abandon the Pecan project. proposals for a phased approach that would see
“In a time when most other E&P companies it redeploying the FPSO to a site 115 km from
are putting development projects on the shelf shore and focusing first on the southern section
due to the [coronavirus] COVID-19 situation of Pecan.

P14 www. NEWSBASE .com Week 23 10•June•2020