Page 17 - AfrOil Week 23 2021

AfrOil NEWS IN BRIEF AfrOil

“Many attractive geographies for continued fleet of ultra-deepwater drillships, versatile semi- are currently producing crude oil.
E&P investment are located in complex geolog- submersibles and modern shallow-water jack- The government disclosed this in Abuja
ical settings, where more accurate imaging of ups, Valaris has experience operating in nearly through its Department of Petroleum Resources.
the subsurface is essential for effective resource every major offshore basin. Valaris maintains an It however, stated that measures were being put
development,” commented Nathan Oliver, EVP unwavering commitment to safety, operational in place to produce oil from additional reserves
Sales & Services at PGS. “PGS is expert at effi- excellence, and customer satisfaction, with a in order to achieve the 40bn barrels oil reserves
cient management of complex offshore projects, focus on technology and innovation. target of government.
and we are very pleased with the successful Valaris, June 01 2021 According to the department, Nigeria had the
completion of this extensive 3D exploration capacity to produce about 3mn barrels per day
programme for Shell. The ELO configuration (bpd) of crude. Crude oil production in Nigeria
in combination with ION’s extended frequency PERFORMANCE had revolved around 1.4mn bpd following the
source enabled efficient recording of offsets up production cut recommended by the Organisa-
to 16 km. The innovative ELO survey design NOC reports on revenues tion of Petroleum Exporting Countries (OPEC).
combines optimal spatial sampling for better Before the decision by OPEC and its allies to cut
subsurface imaging together with long offset collected in April 2021 down crude production, Nigeria was producing
multi-sensor GeoStreamer acquisition for accu- around 2mn barrels of oil per day.
rate velocity model building. ELO is a cost-com- NOC declares that its net revenues in April The Director/Chief Executive Officer, DPR,
petitive and efficient configuration compared to 2021, obtained from the sales of crude oil, gas, Auwalu Sarki, stated, “We identified all the dis-
other solutions for imaging deep targets.” condensates and petrochemical by-products covered reserves. We have about 7,000 and we
“In today’s rapidly evolving energy landscape, have reached record levels, as the crude oil sales are producing from about 1,700 out of the 7,000
E&P customers are seeking the most effective amounted to $1,246,925,644.12, followed by already discovered reservoirs.”
technologies to help rebalance their portfolios the gas and condensates sales which amounted He added, “We took each of the producing
and maximise return on investment from their to $53,973,431.64, while the petrochemi- reservoirs to see what kind of Enhanced Oil
assets throughout the energy transition,” added cal by-products sales revenues amounted to Recovery [EOR] that we need to put. So once
Chris Usher, ION’s President and CEO. “PGS is $2,616,168.58 and €6,221,424.18 – i.e., the total we now put the EOR – that is, secondary and
a leader in identifying and efficiently integrating revenues from oil sales is $1,303,515,244.34 and tertiary recovery methods – technically, we will
innovative new technologies beneficial for the €6,221,424.18. grow the reserves. This is because those reserves
industry. We are really pleased with the results In this regard, NOC chairman Mustafa San- are recoverable now and technically we will
of our collaboration and look forward to work- alla, stated that NOC is looking forward to oper- increase the production of the country.”
ing with additional service providers to make ating the polyethylene plant during the coming He said that this was a good platform for mar-
Gemini more broadly available as our capacity weeks, which adds a substantial value to our ginal oilfields to come in to help increase and
expands over the next few months.” national economy, as this operation will con- grow the country’s reserves.
PGS, June 02 2021 tribute in providing raw materials for the trans- The chief executive officer said, “Remember,
formation industries which are currently being we left over 40mn barrels fallow in 11 fields for
Valaris wins contract imported from overseas markets, and this will 17 years. Now we have over 100mn which we
increase the revenues from polyethylene sales want to grow within the next couple of months.”
from Total for work which are priced at international prices. DPR, June 01 2021
It should be noticed that the crude oil deliv-
in Côte d’Ivoire eries to the Ubari Power Station are charged to MOVES
the General Company of Electricity, which were
Valaris announced today that it has been estimated during April by $19,898,933.18.
awarded a one-well contract with Total E&P Mellitah Co. has also been supplied with LEKOIL announces
Côte d’Ivoire B.V. offshore Ivory Coast for drill- crude oil for electricity generation purposes,
ship, VALARIS DS-12. The contract is expected which value amounted to $1,276,933.50 to be directorate change
to commence in the third quarter of 2021. settled later.
Valaris Limited is the industry leader in off- NOC continues to declare its oil revenues in LEKOIL, the oil and gas exploration and pro-
shore drilling services across all water depths line with its principles of transparency and dec- duction company with a focus on Nigeria and
and geographies. Operating a high-quality rig laration which was consistently pursued since West Africa, announces that it has terminated
January 2018 until now. the employment contract of its CEO, Olalekan
NOC, June 01 2021 Akinyanmi, with immediate effect, due to a cor-
porate governance breach.
Nigerian federal government new CEO and, in the interim period, Anthony
The Company will commence a search for a
says only 1,700 out of 7,000 Hawkins will act as interim Executive Chairman
of the Company.
oilfields discovered are the lender under a loan agreement with Akin-
As previously announced, the Company is
currently in production yanmi. As at May 31, 2021, the outstanding
balance of the Loan was approximately $1.5mn.
The Federal Government on Monday disclosed The Company will commence proceedings to
that out of 7,000 oil reserves that have been dis- recover the Loan.
covered in the country, only 1,700 of the reserves LEKOIL, June 03 2021

Week 23 09•June•2021 www. NEWSBASE .com P17