Page 6 - AfrOil Week 41 2021

AfrOil INVESTMENT AfrOil

Occidental to sell two Ghanaian

offshore oil assets for $750mn

GHANA HOUSTON-BASED Occidental Petroleum programme and free cash flow generation have
Corp said on Wednesday, October 13 it has enhanced our ability to reduce debt, as evi-
agreed to sell its interests in two Ghana offshore denced by the $4.5bn we have repaid year to
fields to Kosmos Energy and Ghana National date. We remain committed to creating value
Petroleum Corp (GNPC) for a total of $750mn. for our shareholders through our deleveraging
The New York-listed company said the sale efforts.” ™
to Kosmos ($550mn) had closed upon signing.
It also reported that the sale to GNPC ($200mn)
was expected to close in the fourth quarter of
2021.
The transaction covers Occidental’s inter-
ests in both the Jubilee field and the Twene-
boa-Enyenra-Ntomme (TEN) blocks, which
saw net production average 22,000 barrels of oil
equivalent per day (boepd) in the second quar-
ter of this year.
Occidental said in a statement that the sale
was in line with its plans for streamlining its
portfolio and paying down its debts.
“With this transaction, we have achieved our
post-Colombia divestiture target,” said Occi-
dental’s President and CEO Vicki Hollub. “Pro-
ceeds from the Ghana asset sale will be applied
to debt reduction. Combined, our divestiture The transactions cover the Jubilee and TEN sites (Image: Kosmos Energy)

BW Energy wins rights to G12-13

and H12-13 blocks offshore Gabon

GABON A consortium led by Norway’s BW Energy Hydrocarbures (DGH), VAALCO Energy said
has won the right to negotiate contracts for in a separate press release on October 11.
two blocks in Gabon’s 12th Offshore Licensing BW Energy is looking to negotiate a PSC that
Round. will allow exploration to be carried out over a
The company made an announcement to this period of eight years, with the option to extend
effect on October 11, saying in a statement that by another two years. During this exploration
it had been awarded operatorship of the G12-13 period, it will acquire 3D seismic data and drill
and H12-13 blocks on a provisional basis. The exploration wells at both blocks.
two sites cover areas of 2,989 square km and G12-13 and H12-13 are adjacent to Etame,
1,929 square km respectively. a block that VAALCO is developing under a
BW Energy is slated to be the operator PSC, as well as Dussafu, a block offshore South-
of these blocks and will have a 37.5% work- ern Gabon where BW Energy and Panoro are
ing interest. The non-operating partners are working under another PSC. Together, the Dus-
US-based VAALCO Energy, with a 37.5% work- safu and Etame blocks are estimated to contain
ing interest, and Panoro Energy (Norway), with 250mn barrels of crude oil.
a 25% stake. BW Energy stressed that the new blocks’
The award is subject to BW Energy and proximity to existing production sites would
its partners concluding production-sharing facilitate development.
contracts (PSCs) with the Gabonese govern- . ™
ment’s through the Direction Generale des

P6 www. NEWSBASE .com Week 41 13•October•2021