Page 12 - AfrOil Week 11 2023

AfrOil PERFORMANCE AfrOil

Africa Oil is the operator of Block 3B/4B and Venus discovery and its possible westerly exten-
owns a 20% participating interest in the site. sion. We are also excited about the large pros-
Together with its partners, the company is pect inventory in Block 3B/4B; the prospects are
developing plans to carry out a two-well drilling all based on 3D seismic and are of similar age
campaign at Block 3B/4B. It is also holding dis- and type to the discoveries announced by Shell
cussions with various potential partners to farm and TotalEnergies in the Orange Basin. We are
out a gross working interest of up to 55% in the keen to begin drilling our first prospect, possibly
block. as soon as 2024, and we will start the environ-
The Canadian company’s CEO Keith Hill mental impact surveys this month.”
expressed enthusiasm about the project, say- Block 3B/4B is a 17,581 square km-site
ing: “Africa Oil is at the forefront of the excit- within the Orange basin offshore South Africa.
ing appraisal and exploration activities in the Equity in the project is split between Africa
Orange basin, probably the most sought-after Oil, is the operator, with 20%; Ricocure (South
new petroleum region globally. We are the only Africa), with 53.75%; and Azinam South Africa,
publicly-listed independent E&P company with a subsidiary of Eco Atlantic Oil & Gas (UK),
exposure to the transformational upside of the with 26.25%. ™

POLICY
Borrell says EU seeks to consolidate

energy and security ties with Algeria

ALGERIA THE European Union’s foreign policy chief Russian gas, has suffered limited energy sup-
Josep Borrell said that the EU is seeking to con- plies since the country invaded Ukraine and
solidate partnership with Algeria in energy and the West imposed sanctions against Moscow. At
security fields. the same time, Algeria’s role as a gas supplier to
Following a meeting with Algerian President some European countries, including Italy and
Abdelmadjid Tebboune late on March 14, Bor- Spain, has increased. The North African coun-
rell noted that around 90% of Algerian natural try signed a gas deal with Italy last year to boost
gas exports are destined for Europe, indicating gas supplies.
that Algeria is a reliable partner despite having Borrell called on Algeria to engage in
gone through difficult times. He also said that efforts that aim to put an end to the war which
the EU was looking to the future by giving pri- has caused human and economic suffering
ority to European investments in the renewable worldwide.
energy sector. Algeria decided to reopen its embassy in
The EU foreign policy chief further hailed Kiev after its closure when the Russian invasion
what he called Algeria’s “great history of fighting of Ukraine began last year.
against terrorism” and called for a global and Algeria is a strong strategic ally of Russia and
strategic vision to counter threats, particularly the two countries held security consultations in
in the Sahel region. March 2022 in Moscow. Tebboune is set to visit
Europe, which is largely dependent on Russia in May. ™

Borell (L) and Tebboune (R) met in Algiers on March 14 (Photo: Twitter/@JosepBorellF)

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