Page 15 - AfrOil Week 13 2021

AfrOil NEWS IN BRIEF AfrOil

UPSTREAM them to realise the significant mutual benefits of exploration programme by a supermajor off-
these new arrangements.” shore Egypt. The survey will be acquired using
Pharos Energy gains Pharos Energy, March 30 2021 an Extended Long Offset (ELO) configuration,
with Ramform Tethys towing a wide multi-sen-
provisional approval for TransGlobe Energy issues sor GeoStreamer spread with an additional
source vessel located several kilometers ahead.
amending fiscal terms of operations update This will enable efficient recording of offsets up
to 16 km, critical for imaging deeper complex
El Fayum Concession TransGlobe Energy has announced an update on exploration targets.
its operations in Egypt.
The source vessel will be towing a specially
Pharos Energy has received provisional approval Western Desert, South Ghazalat (100% WI): designed low frequency source.
from the Egyptian General Petroleum Corp.’s The recompletion of SGZ-6X well to the deeper, The innovative ELO survey design combines
(EGPC) Main Board to an amendment of the more prospective lower Bahariya reservoir has optimal spatial sampling for better subsurface
fiscal terms of its El Fayum Concession, which been concluded. The well commenced produc- imaging together with long offset acquisition
is now subject to the approval of the Egyptian tion on March 21, 2021, at a field-estimated pro- for accurate velocity model building. ELO is a
Government. duction rate of about 3,600 bpd of light oil on a cost competitive and efficient configuration
Under the new terms, the Cost Recovery 32/64-inch choke with 0% watercut. compared to other solutions for imaging deep
Petroleum Percentage (i.e. the share of gross As planned, on March 22, 2021, the well was targets.
revenues that is available for the Contractor to restricted to a field-estimated 1,000 bpd of light- “We are very pleased to be awarded this con-
recover its costs) will be increased from 30% oil on a reduced choke to facilitate reservoir data tract, which secures PGS vessels to operate in
to 40%, allowing Pharos a significantly faster gathering and the preparation of an effective Egyptian waters until May 2021, building on
recovery of all its past and future investments. reservoir management plan for the lower Baha- an extended campaign for several super-majors
In return, Pharos has agreed to (i) waive its riya at this location. The Company will provide a since July 2020. In a rapidly changing energy
rights to recover a portion of the past costs pool further update on South Ghazalat once this plan market, exploration seismic requires increas-
($115mn) and (ii) reduce its share of Excess Cost has been developed. ingly advanced survey designs, such as the ELO
Recovery Petroleum from 15% to 7.5%. Work to expand the early production facility configuration, to generate high quality seismic
El Fayum phased water flood programme: at South Ghazalat has been completed. data in complex geologies.,” says Nathan Oliver,
Work for phase 1b water flood programme in Eastern Desert (100% WI): The EDC-64 rig EVP Sales & Services of PGS.
El Fayum has commenced, utilising the funds has now rigged down at SGZ-6X and is mobi- PGS, March 30 2021
raised in the equity placing earlier this year. lising to the Company’s Eastern Desert conces-
El Fayum Farm-out: The Company has been sions, where operations on the budgeted 12-well Shelf Drilling secures
encouraged by the level of interest and is cur- 2021 drilling programme are expected to com-
rently reviewing a number of attractive bids. mence in April 2021. contract extension for
An update will be provided to the market in due CEO’s Statement: “We are excited to
course. announce the successful recompletion of Trident 16 in Egypt
Ed Story, President and CEO, commented: SGZ-6X into the lower Bahariya reservoir at our
“I am very pleased with the outcome follow- South Ghazalat concession. Prudent reservoir Shelf Drilling has secured a two-year contract
ing our constructive negotiations with EGPC/ management in the short-term will ensure opti- extension for the Trident 16 jack-up rig in direct
MOP concerning potential improvements in mal resource development and maximise future continuation of its current term with Belayim
the Concession Agreement terms in order to value for shareholders. This approach will allow Petroleum Company (Petrobel) for operations
support a return to operational investment. us to maximise future economic off-take from in the Gulf of Suez offshore Egypt. The Trident
We have arrived at an agreement that mutually SGZ-6X, firm up the appraisal of this pool with 16 has been working with Petrobel in Belayim
benefits both Pharos and EGPC. The improved SGZ-6A and optimise our exploration plans on fields since 2015, and following this extension,
cost recovery terms mean past and future invest- the SGZ-7B prospect. the expected availability of the rig is February
ments in El Fayum can be recovered thanks to a “At this time, these operations are still 2023.
significant increase in Pharos’ total share of gross planned for 2022, but may be revisited mid-year, Shelf Drilling, March 25 2021
revenues. Together, these new fiscal terms mean depending on oil prices and other corporate
an improvement of up to $5.7 per barrel in the priorities including direct shareholder returns. Penspen agrees to deliver
break-even price. With the rig now moving to the Eastern Desert
“We appreciate the cooperation and com- drilling programme, we are on target to grow next-generation engineering
mitment of the leadership team at EGPC and production in Egypt in line with our previous
the support that we have received from the guidance.” project for Petrozim
Egyptian Ministry of Petroleum and Mineral TransGlobe Energy, March 24 2021
Resources. We look forward to working with We have been awarded a 10-month engineering
contract from national oil company Petrozim
SERVICES Line Ltd to deliver a next-generation engineer-
ing project for the Feruka-Harare pipeline in
PGS wins Extended Long Zimbabwe.
Designed to enhance operational efficiency,
Offset contract in Egypt the contract will see Penspen support Petrozim
on their mission to achieve maximal capacity to
PGS has been awarded a high-fidelity 3D meet increasing petroleum products demand.

Week 13 31•March•2021 www. NEWSBASE .com P15