Page 13 - AfrOil Week 32

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and Esperanca petroleum licences o shore Guinea-Bissau, to CNOOC West african Petroleum E&P. Far will retain its 21.42% participating interest in each of the licences.
Under the terms of the farm-out agreement, CNOOC will be assigned a 55.55% participating interest in the Sinapa and Esperanca licences, with the obligation to fund 55.55% of all expenditures under their respective agreement for Joint Venture Participation (aJVP) and Joint Operating agreements (JOas). CNOOC’s interest will convert to a 50.0% participating interest
in each of the licences in the event of a commercial discovery.
Svenska will retain a reduced 23.03% participating interest and shall continue
to act as operator while CNOOC, upon conclusion of the upcoming o shore drilling campaign, may elect to assume operatorship. Completion of the farm-out agreement is subject to approval from the Government of the republic of Guinea-Bissau and customary Joint Venture consents, which under the aJVP, is not subject to pre-emption rights.
Svenska will continue to operate the exploration licences as the JV prepares to drill the rst ever deepwater exploration well o shore Guinea-Bissau in the rst quarter
of 2020. Subject to receiving regulatory approvals, the transaction is expected to close in the third quarter of 2019.
faR, august 6, 2019
NOCAL signs up Core Lab
e National Oil Company of Liberia has signed a multi-year well Data management agreement with Core Laboratories Sales BV, an Oil Industry Service Giant. e agreement is the rst major initiative by a major sector player in three years. e venture will see
the management value addition and re- organization of Oil Well Data collected by oil companies that operated in Liberia since the 1970s.
Speaking at the signing ceremony NOCaL Chief Executive O cer, atty. Saifuah-Mai Gray, noted that this agreement ushers in a new era in the sector that has been dormant for the past three years.
She said “a key mandate of the NOCaL aCT involves the management of data
which represents a major income stream for NOCaL. When I took over the company, Well Data Sales was poor to non-existent; coupled with the absence of operators in the basin. e need to be innovative with what we have available is very paramount.”
Seventeen wells have been drilled by Oil Companies since the 1970s, and companies have collected huge amounts of geological, geophysical, geochemical and operational
data.
noCal, august 1, 2019
Kyari Urges NLNG
Management to look
beyond Train-7 FID
e Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has urged
the Management of the Nigerian Lique ed Natural Gas (NLNG) to set their gaze beyond the execution of the much awaited Final Investment Decision on Train 7 billed for October 2019.
Welcoming the top-level NLNG Management team, led by its Managing Director, Engr. Tony attah, to the NNPC Towers on Tuesday, Kyari charged the company to consider the October Train 7 FID on the project as a done deal, noting that the focus should be on “what else can we do beyond Train 7 to expand NLNG operations’’.
e 8mn tonnes per year (tpy) Train -7 project is designed to expand the company’s production capacity from 22- 30mn tpy.
e NNPC GMD assured of the un inching commitment of the Federal Government and the NNPC Management
in the future expansion drive of NLNG, saying all obstacles that could impede the actualization of the Train 7 FID project should
be promptly identi ed and removed ahead of the October 2019 timeline.
nnPC, august 7, 2019
NEITI has extreme faith in NNPC
e commitment to transparency
and accountability by the new NNPC management, led by Mallam Mele Kyari has continued to attract commendation and support for the Corporation as the Nigeria Extractive Industries and Transparency Initiative, NEITI has expressed absolute faith in the ability of the new Group Managing Director to turn around the fortunes of the Nigerian petroleum industry.
Speaking during a courtesy visit to the GMD in abuja yesterday, Mr. Waziri adio, the Executive Secretary of the Nigeria Extractive Industries and Transparency Initiative, NEITI and Coordinator, EITI implementation in Nigeria, expressed con dence in the ability
of the new Management to transform the corporation for the good of the country.
“We have extreme faith in the new management, we are ready to work with NNPC one thousand per cent, we are
working together for the good of the country’’, the NEITI chief said. He said, based on
Kyari’s credentials and antecedent, “he is somebody who brings something to the table, something that is not usually associated to this
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