Page 12 - AfrOil Week 25

AfrOil
nEWs In bRIEF
AfrOil
undoubtedly lead to a humanitarian crisis,” said the NOC chairman. “ e corporation is being attacked, both physically and online. Oil sector workers are being put in harm’s way by people who using our facilities for military purposes. is is unacceptable.”
Sanalla emphasized that NOC’s recent success in increasing production and oil revenues, despite security challenges, has been achieved by remaining non-partisan. “ e country is experiencing dangerous levels of disinformation. ese campaigns, many directed at NOC and me personally, are paid for by foreign powers determined to divide and undermine us. e architects of these campaigns must be held to account,” he added.
e importance of upholding international law and United Nations Security Council resolutions, in particular, was also discussed. According to Sanalla: “Successful attempts
to sell crude oil would undoubtedly be used to further fuel the war – potentially dividing the country forever. NOC must be allowed to keep oil owing to pay for basic services and build a future economy for our young people. I am fearful for our collective future if the integrity of the oil sector is not maintained.” noC, june 19, 2019
WEst aFRICa
Platina drilling in 2020
BP Angola expects to begin drilling the Platina eld, in Block 18, by mid-2020. Macauhub quoted BP Angola’s head, Helder Silva, as saying two contracts were ready to be awarded in pursuit of this goal. e company struck an investment agreement on the area in December 2018 with Sonangol.
BP Angola should produce 137,000 bpd, Silva said, from Blocks 18 and 31.
Angola hits overhang
Angola has struggled to sell oil this month, amid the US-China trade war, Reuters has
reported. Previously, the West African state had bene ted amid Iranian and Venezuelan export issues, which had driven interest in its heavier crudes.
Quoting traders, Reuters said there was a surplus of eight cargoes with a new August programme released. is was the rst overhang of the year, they said.
Around two thirds of Angola’s production goes to China every month. Amid increasing woes around China’s economy, pressure is starting to be felt on Angolan exports.
Tower plans raising with eyes on Cameroon
tower Resources announces an update with respect to the nancing of its Cameroon operation and an intention to raise gross proceeds of approximately GBP150,000 through a subscription of approximately
15 million new ordinary shares of 1 pence each at a subscription price of 1 pence per subscription share.
Admission of the subscription shares to trading on AIM is expected to take place at 08:00 on or around June 26, 2019.
tower’s near-term focus remains the nancing and drilling of the NJOM-3 well
on its ali license, o shore Cameroon, which is planned to spud in Q3 2019. e company is in negotiations with several parties to nance some or all of the NJOM-3 well, which it hopes will be concluded soon. e company is also continuing to explore longer-term options for debt, equity or pre- nancing of the remainder of the rst phase development of the Njonji structure, which might or might not be linked to the nancing of the current well. e company’s preferred route of nancing is to conclude a transaction with an industry partner on terms that are favourable to shareholders, and that may obviate or minimise the need for further equity nancing.
However, depending on the terms of
the asset-level deal achieved, it may also be necessary or in shareholders’ interests to raise
a portion of the additional nance via the issue of further corporate equity.
toWER REsouRCEs, june 21, 2019
Lukoil eyes Cameroon LNG
Lukoil’s president, Vagit Alekperov, has said Cameroon presents a good opportunity
for LNG projects. e o cial was speaking during the company’s AGM, on June 20.
e company has recently expanded its African footprint through the acquisition of a stake in Marine XII, from New Age, in Congo Brazzaville. e Russian company considers many African basins to be under explored. ere have been reports that it is also interested in Ghana and Nigeria.
Lukoil is interested in LNG projects, Alekperov said, but would only consider investing in these outside Russia. Congo Brazzaville and Cameroon both o er LNG opportunities for the company.
Ghana energy sector debt questions
Ghana’s Minority Caucus, in Parliament, has raised concerns about “crippling debt” in the energy sector. e Ghanaian times reported denials from the National Democratic Congress (NDC) about the state of debt in January 2017, when it le power.
Ghanaian President Nana Akufo Addo had said the country inherited debt of US$5 billion. e NDC denied this, saying it was actually US$2.2 billion in January 2017. e opposition went on to call for more detail on the president’s debt claims.
Akufo-Addo has said the country has paid o half the US$5 billion debt he had inherited, but that the remainder “hanged on the neck of his administration like an albatross.”
e NDC denied this claim and said the government was actually compounding energy sector debt.
One MP was cited as saying Ghana owed Karpower US$150 million, Eni US$160 million, and Ghana Gas US$735 million.
Sirius postpones 2018 accounts
Sirius Petroleum wishes to advise that
it will not be in a position to publish its 2018 nancial accounts by 30 June 2019. e Company was preparing its 2018 nancial accounts on the basis it had signed a conditional farm-in agreement and
P12
w w w . N E W S B A S E . c o m
Week 25 25•June•2019