Page 13 - AfrOil Week 25

AfrOil
nEWs In bRIEF
AfrOil
conditional joint operating agreement on a Nigerian oil and gas eld in advance of publication of the accounts.
e proposed transaction (which is
not related to the transaction noti ed
on 4 December 2018 and 18 February
2019 in relation to OML 109) has been unavoidably delayed and as a consequence, the publication of the 2018 nancial accounts has been delayed. e Company will provide appropriate updates on the status of the proposed transaction and timing for the publication of 2018 nancial accounts as soon as it is able.
sIRIus PEtRolEum, june 21, 2019
NNPC’s NETCO records N6.758 billion profit
e National Engineering and technical Company of Nigeria (NEtCO), the engineering subsidiary of the Nigerian National Petroleum Corporation, on tuesday posted a pro t before tax of N6.75 billion for 2018 representing an increase of 107% over the N3.26 billion recorded in 2017. Pro t a er tax stood at N4.597billion compared to N2.483billion recorded in 2017.
Speaking at the Annual General Meeting of the company in Abuja, Mallam Bello Rabiu, Chief Operating O cer, Upstream of the NNPC who is also the Chairman of NEtCO Board of Directors, said the quantum leap in performance was attributable to two major projects undertaken within the period under review.
Rabiu listed the projects to include the Mobil Producing Nigeria Limited Major Integrity Projects (MIPs) EPC m2 and the Nigerian Petroleum Development Company (NPDC) FPSO Mystras Operations & Maintenance Contract.
He added that the path to increased pro tability was made smooth by the enforcement of cost-reduction measures put in place during the period and driven by the doggedness of Management and sta . nnPC, june 18, 2019
Wike warned off OML 25
Rivers Governor Nyesom Wike has been warned by local communities not to meddle in the issue of OML 25. Groups from Belema, O oin-Ama and Ngeje host Shell Petroleum Development Co. (SPDC) at the licence. e communities said the closure of the eld was with the presidency, and that they would boycott meetings with state o cials.
e three communities shut down OML 25 operations two years ago, Vanguard reported, at the Belema ow station. ey complained
of neglect and a failure to execute CSR by SPDC.
A representative from the communities was quoted as saying that Wike’s meeting had not invited the “key players and rightful leaders” and that those who had been brought in were not members of the host communities.
soutHERn aFRICa
Tlou aims for commercial flows
tlou Energy is pleased to announce that the Lesedi 3 production pod has successfully reached Critical Desorption Pressure (CDP). CDP is the pressure that gas begins to come out of the coal a er a careful dewatering process.
tlou’s Managing Director, tony Gilby commented, “Since the commencement of production testing, the dewatering process at Lesedi 3 and Lesedi 4 has steadily progressed with CDP recently being reached at Lesedi 3. e primary objective remains to demonstrate a commercial gas ow rate.”
Lesedi 3, the rst dual lateral production pod completed earlier this year, has reached Critical (gas) Desorption Pressure (CDP) in the horizontal well bores. Reaching CDP is a positive milestone in the operation and means that as a result of a careful and successful dewatering process to date, gas begins to come out of the coal.
e next stage of the operation at Lesedi
3 involves continued water pumping which should see gas pressure steadily increase inside
the casing to an optimal point so that ow testing and aring of the gas can begin.
Lesedi 4 (the second pod drilled and completed) continues to be carefully dewatered. Water is continuing to be drawn down in a controlled manner as planned. tlou EnERgy, june 19, 2019
Farmers against Rhino
South African farmers have led an appeal against a decision to grant an exploration application to Rhino Oil and Gas Exploration. e landowners in KwaZulu Natal and Free State have described the licence as unlawful, amid concerns that work would be carried out in environmentally sensitive areas.
IOL reported around 170 farmers had lodged the appeal against South African Energy Minister Gwede Mantashe’s issue, under the Mineral and Petroleum Resources Development Act (MPRDA) on June 14.
e Petroleum Agency of South Africa (PASA) had “unlawfully” allowed Rhino’s “fatally awed” application, they said. Farmers expressed concerns about fracking and potential pollution.
e application was despite the moratorium issued by the energy ministry, which was published in June 2018. “ e moratorium states that no application for an exploration right can be accepted in terms of section 70 of the MPRDA a er June 28, 2018.”
East aFRICa
Ethiopia coup fails
An alleged coup has failed to seize power
in Ethiopia. On June 22, the chief of sta of the army, Seare Mekonnen, was shot dead
in his Addis Ababa home by his bodyguard, in addition to a visitor, a retired general. e same day, the president of Amhara State, Ambachew Mekonnen, and an advisor, were also killed in the regional capital of Bahir Dar.
A statement from Ethiopian Prime Minister Abiy Ahmed said these attacks were linked and were part of an attempted coup
in Amhara. A general, Asamnew tsige, was said to have tried to seize power in the region. Asamnew was released from prison in 2018 as part of an amnesty programme. He had recently been reported by Reuters to have encouraged those living in Amhara
Ethiopia is in the process of radical changes as the new administration attempts to reform the East African state, driven by the prime minister. ese moves have angered some in the security services.
Week 25 25•June•2019
w w w . N E W S B A S E . c o m
P13