Page 15 - AfrOil Week 47 2021

AfrOil NEWS IN BRIEF AfrOil

Group cash balance of $130.8mn and net debt of production ahead of the main multi-year and within the last six months, President Muham-
$382.7mn as at October 31, 2021 (as at October multi-well programme to be drilled following madu Buhari has twice given audience to the
31, 2020: $80.7mn and $433.3mn respectively); completion of the IPR transaction, at which time global chief executive of the company, Mr.
Total cash collections from the Nigerian Assets our initial costs will be carried by our new part- Patrick Pouyanné, and Nigeria is keen to have
up 6% to $149.2mn for the 10 months ended ner in the concession.” strategic partners like TotalEnergies to enable
October 31, 2021 (year-to-date period ended Operations have now commenced on the first us realize our targets especially in consideration
October 31, 2020: $141.1mn). well, in a three-well back-to-back development of the enactment of the Petroleum Industry Act
We reiterate our FY 2021 guidance for the fol- drilling programme, using the ECDC-2 Drilling (PIA),” he added.
lowing: Total Revenues of greater than $205.0mn Rig. This first well is targeting the oil-bearing He reiterated the Board’s confidence in
from upstream and midstream activities associ- sandstones of the Abu Roash G and Upper Baha- TotalEnergies to keep its project funnel active
ated with the Company’s three active Nigerian riya Formations, in a structurally optimal posi- through a robust portfolio of projects required
gas sales agreements and liquids sales from the tion within the North Silah Deep field. Drilling to sustain utilization of established capacities
Company’s Stubb Creek and Uquo fields; Group operations are expected to take 24 days and the and grow Nigerian Content as well as working
Administrative and Operating Costs of $55.0- well will be later tested, completed and brought collaboratively to earmark high local content
65.0mn; Group capital expenditure of up to on to production using one of the workover rigs commitments and targets. “As this Topsides sail
$65.0mn; and We are revising our Group Depre- on contract. to location for further work scope completions,
ciation, Depletion and Amortisation guidance Operations for this initial three-well pro- you can be assured that NCDMB has also set out
from $19mn fixed for infrastructure assets plus gramme are expected to finish in February local content targets that must be met to sustain
$2.6 per boe, to $20mn fixed for infrastructure 2022. Petrosilah, on behalf of the Joint Venture, the job creation drive of the Federal Govern-
assets plus $2.3 per boe primarily as a result of is currently tendering for two drilling rigs to con- ment,” he stated.
the reserves increase at the Uquo field. tinue the drilling campaign and for a H1-2022 The Executive Secretary confirmed that the
Operational Highlights: Successful drilling commencement. signed Nigerian Content Compliance Certifi-
and completion of the Uquo-11 gas production The estimated capital spend for the three cate provided that the hook-up engineering and
well, below budget; Average gross daily Nigeria development well programme is circa $2.4m net tie-in services, inspections and integrity works,
production in the year-to-date period ended to Pharos (after adjustment, post the completion pre-commissioning and commissioning, and
October 31, 2021, was 21,900 boepd, a 16% of the IPR transaction). marine services would be executed with over
increase from the average gross daily production Batran-1X Oil Discovery: The exploration 95% Nigerian personnel with locally owned
of 19,000 boepd in the same period last year; Of well Batran-1X, drilled in May 2021 inside the equipment and assets.
the total average gross daily production of 21,900 Tersa Development Lease, is currently being He commended Saipem Contracting Nige-
boepd in the year-to-date period, 88% was gas, tested by the SDF-1 Workover Rig. The Upper ria Ltd (SCNL) and its sub-contractors for
including a 16% increase in production from Bahariya UB-1 zone in the well tested oil at rates delivering the scope on schedule regardless of
the Uquo gas field compared to the same period between 25 and 90 bpd during partial clean-up. challenges brought about by the COVID-19
last year, from 99.5 mcf per day (16,600 boepd) The well is now in the process of being completed pandemic. He also hailed the technical and
to 115.6 mcf per day (19,300 boepd); Front End for a longer-term production test. There is an non-technical staff that worked on the project
Engineering Design (FEED) progressing for additional oil-bearing formation, Abu Roash and ensured its delivery within a fabrication yard
the Uquo compression project; and On June 2, Lower G, which may be tested at a later date. in-country.
2021, Savannah announced that the Company is Pharos Energy, November 22 2021 “Our mandate is to ensure that this is the case
in exclusive discussions with ExxonMobil Cor- across all the various projects including NLNG
poration with respect to the proposed acquisi- Train 7,” the Nigerian Content chieftain men-
tion of its entire upstream and midstream asset LOCAL CONTENT tioned. He reassured industry stakeholders that
portfolio in Chad and Cameroon. The Proposed the Board shall continue to remain its foremost
Acquisition continues to progress, and the Com- NCDMB lauds TotalEnergies’ partner in the development and industrializa-
pany expects to provide a further update in the tion of Nigeria.
coming weeks. local content achievements NCDMB, November 21 2021
Savannah Energy, November 23 2021
Pharos Energy announces on Ikike project
TotalEnergies has been described as the only
recommencement of El international operating company in Nigeria
that has been taking key financial investment
Fayum development drilling decisions (FIDs) on major projects in the last
10 years and kept faith with Nigeria’s oil and gas
Pharos Energy has announced a return to drill- industry. Executive Secretary of the Nigerian
ing in its El Fayum Concession in Egypt, with the Content Development and Monitoring Board
commencement of an interim three-well devel- (NCDMB), Simbi Kesiye Wabote gave the com-
opment programme. mendation at the load-out ceremony of the top-
Ed Story, President and CEO, commented: sides of the Ikike Development Project at the
“I am pleased to announce that, after a signifi- Saipem Yard in Port Harcourt recently.
cant period of restricted activity in Egypt, we He said NCDMB is also delighted with
have recommenced development drilling oper- TotalEnergies’ commitment to sustained invest-
ations in El Fayum. This three-well infill devel- ment in the gas sector, with due considerations
opment drilling programme will help increase for renewable energy. “It is no surprise that

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