Page 20 - AfrOil Week 48 2020

AfrOil NEWS IN BRIEF AfrOil

The contract award will be included in the Com- committed to making gas accessible and afforda-
pany’s fourth quarter 2020 inbound orders. ble for its citizens, as well as encouraged stake-
Technip FMC, November 30 2020 holders to invest in the country’s LPG sector to
accelerate the development of the domestic gas
New PGS multiclient market.
Africa Oil & Power, November 30 2020
for Ghana’s Tano basin
now available POLICY

PGS has completed imaging of the first-ever Speakers: Nigeria’s PIB
MultiClient 3D seismic survey offshore Ghana.
The broadband KPSDM data reveals sharper offers a second chance
imaging of prolific Cretaceous reservoir targets.
The 3D GeoStreamer survey acquired in 2019 for upstream growth
targets the Tano basin, an area that has recently
received high-profile exploration success with ProMedia Confidential held a webinar on
the Afina-1X discovery well. Down-dip analogs Tuesday to discuss upstream fiscal incentives,
of this play are well imaged with increased high- regulatory transparency and global competi-
and low-frequency content providing sharper tiveness associated with the proposed Nigerian
imaging and improved resolution of strati- Petroleum Industry Bill (PIB), which currently managerial appointment significantly impacting
graphic traps. sits under review after passing its second Senate the sector. The PIB seeks to address this issue by
The survey focuses on the Upper Cretaceous reading on October 20. separating the functions of the Federal Ministry
play, revealing deep marine turbidite channel Key speakers in the webinar included Najim of Petroleum Resources, the NNPC and regula-
and fan complexes that provide excellent reser- Animashaun, General Counsel of Nova Power tors, with the Ministry assuming responsibility
voir potential in the Cenomanian, Turonian, and and Senior Consultant to the National Assem- for policy development, the NNPC operating
Campanian. Deeper syn-rift plays are also well bly on Petroleum Resources; Israel Aye, Senior on a solely commercial basis, and regulators
imaged with multiple Albian-aged leads identi- Partner of Primera Africa Legal and Senior Con- remaining independent of other institutions.
fied in tilted fault blocks and inversion anticlines. sultant to the National Assembly on Petroleum Additionally, Animashaun stated that the
GeoStreamer data with FWI velocity model Resources; Antony Goldman, Director of Pro- Bill prioritises transparency and accountability,
building and AVO compliant pre-stack data Media Confidential and former Financial Times in which the alleviation of Ministerial power –
allow explorers to significantly de-risk deepwa- correspondent in Nigeria; and Olufemi Lijadu, specifically in removing the discretion of the
ter exploration in this prolific basin. Chairman of Nigeria’s Security and Exchange Minister regarding license awards and regu-
PGS, November 25 2020 Commission. lation – serves as a pathway for more efficient
The panel reached a consensus that the Bill processes. However, Animashaun identified an
represents the right course of action in ensuring ongoing concern, in which the Federal Gov-
INVESTMENT Nigeria’s energy industry survival; capitalising ernment will continue to withhold responsibil-
on a shared sense of urgency following long-held ity and control over the NNPC’s management
Nigeria approves new LPG imperatives that Nigeria needs a new petroleum selection, noting that it will be difficult to raise
money on capital markets if senior management
framework.
guidelines for investors PIB lies in what it leaves out – previous drafts of Africa Oil & Power, November 25 2020
Goldman pointed out that the strength of the is politically assigned.
In a bid to accommodate more LPG investors the Bill were considered too ambitious and too
and operators across Nigeria, the Department restrictive for foreign investors, and so were not
of Petroleum Resources has introduced new adopted. COMPANIES
guidelines as part of its policy on natural gas Key provisions of the Bill include the priori-
development. tisation of gas development, infrastructure and Libya’s NOC holds
The guidelines form part of the Department’s pricing, with a view to eliminating the bureau-
measures to increase the availability of LPG cracy that accompanied previous legislation. meeting with Total
across the country and to meet a target of 5mn Additional provisions include fiscal features of
tonnes of domestic, commercial and industrial the PIB, which Animashaun noted are com- Chairman of the Board of Directors Mustafa
LPG utilisation in the next 10 years. plementary for upstream companies, enabling Sanalla received on Tuesday, December 1, 2020,
“We have a lot of people coming into the sec- them to operate more effectively and prudently. Stephane Michel, Total’s Director of Explora-
tor to invest, and the DPR is on the ground to Because the global market has become increas- tion and Production for Middle East and North
ensure that they follow the regulatory require- ingly competitive, Animashaun argued, Nigeria Africa and his delegations.
ments. We have brought out new guidelines to needs to ensure that its sector is fiscally attractive Sanalla welcomed Michel and his delega-
encourage investors and anybody that wants to to potential investors. tion, commending the strong relations between
operate in the sector to follow the guidelines,” Furthermore, the new PIB targets the restruc- NOC and Total. He commented that NOC seeks
noted Ayorinde Cardoso, Zonal Operations turing of the Nigerian National Petroleum Cor- to expand the partnership and build bridges of
Controller of the DPR. poration (NNPC). The country’s management of co-operation with Total to develop the Libyan oil
The Nigerian government, through the its oil and gas industry has been characterised as sector, utilising Total’s advanced technology and
National Gas Expansion Programme, has political, with government interference through considerable experience in the field.

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