Page 6 - AfrOil Week 14 2021

AfrOil PIPELINES & TRANSPORT AfrOil

Elton Group plans LNG bunkering

and regasification facility in Dakar

SENEGAL ELTON Group of Senegal has announced plans “This will be the first port capable of hosting
to set up an LNG bunkering and regasification ships using LNG as fuel, giving [Dakar] a sig-
facility in Dakar. nificant competitive advantage over other ports
Last week, Agence Ecofin reported that the in the sub-region,” he was quoted as saying by
company had been a awarded a concession for Agence Ecofin.
the operation of a new natural gas terminal at The scheme will also expand the range of
the port of Dakar. Under the concession agree- Elton Group’s operations. The company cur-
ment, it will spend CFA70bn ($127mn) on the rently focuses on petroleum product distribu-
construction of a new facility capable of offering tion in Mali, Guinea-Bissau, Guinea and The
multiple types of services related to the handling Gambia. ™
of domestically produced LNG.
Elton Group has not yet divulged the value of
the project or said when it might begin construc-
tion. However, it has indicated that it intends to
build the terminal in multiple phases – and that
the facility will mostly handle LNG produced
using gas from the Tortue, Yakaar and Birallah
offshore fields, which have been assigned to BP
(UK) and Kosmos Energy (US).
Additionally, it has said the facility will serve
multiple functions. When finished, the terminal
will be capable of berthing and supplying fuel
to LNG-fuelled vessels. It will also be able to
take delivery of LNG and transfer it to a storage
depot with a capacity of 140,000 cubic metres for
re-export to neighbouring countries
Additionally, the terminal will be able to
regasify LNG for domestic consumption within
Senegal. These capabilities will allow the facility
to strengthen the country’s gas value chain and
help create new jobs, according to Elton Group.
Abderahmane Ndiaye, the CEO of the group,
said last week that he expected the project to
benefit Senegal’s economy. The terminal will mostly handle LNG from offshore fields (Image: Kosmos Energy)

INVESTMENT
Pharos Energy wins approval for revision

in fiscal terms for El Fayum concession

EGYPT PHAROS Energy has received provisional to recover its costs, will be increased from 30%
approval from Egyptian General Petroleum to 40%, allowing Pharos a significantly faster
Corp. (EGPC) for amendments made to the fis- recovery of all its past and future investments.
cal terms of its El Fayum concession, subject to In return, Pharos has agreed to waive its right
the Egyptian government’s consent. to recover a portion of the past costs pool, esti-
Under the new terms, the cost recovery mated to be around $115mn, and also to reduce
petroleum percentage, meaning the share of its share of excess cost recovery petroleum from
gross revenues that is available for the contractor 15% to 7.5%.

P6 www. NEWSBASE .com Week 14 07•April•2021