Page 16 - AfrOil Week 23 2022

AfrOil PROJECTS & COMPANIES AfrOil

The former is similar in terms of porosity and our drilling campaign further demonstrates the
permeability to the producing interval known as quality of our premier Etame asset. We expect
Deep Dentale at North Tchibala, while the latter the well to be online in June and will provide the
can be tested and completed at some point in the market with an update when we have initial pro-
future, it said. duction data.”
The well also “[penetrated] a thin section of VAALCO is the operator of Etame Marin
the Gamba sand that is not economically via- and has a 58.8% stake in the block. ™
ble to complete in this wellbore,” the statement
noted.
VAALCO is now working to complete South
Tchibala 1HB-ST and hopes to start produc-
tion in June. Once the well is on stream, it can
be included in the company’s 1P reserves, the
statement said. At that time, it noted, the suc-
cessful drilling project serves to add to VAAL-
CO’s 2P reserves while also identifying potential
new drilling sites within the Deep Dentale trend
across the Etame Marin block.
George Maxwell, VAALCO’s CEO, high-
lighted these points. “With the drilling of the
South Tchibala 1HB-ST well and completion
in the Deep Dentale interval, VAALCO will
add new reserves and production that were not
previously in our 2P reserve base. Additionally,
there is the D9 sand that will remain cased as
we produce out of the D1 that could be tested
or completed in the future. This discovery is
analogous to our producing Dentale in North
Tchibala,” he stated. “The continued success of South Tchibala is a field within Etame Marin (Image: VAALCO Energy)

Sonangol keen to collaborate

with NNPC on downstream

NIGERIA/ANGOLA ANGOLA’S national oil company (NOC) their hydrocarbon value chain and create energy
Sonangol conferred with its Nigerian counter- security for the continent.” He added that the
part last week, saying it hoped to learn from and visit was timely, given NNPC’s focus on com-
collaborate with Nigerian National Petroleum mercial and operational efficiency as it trans-
Co. Ltd (NNPC) on downstream reforms. forms into a limited liability company.
A Sonangol delegation met with a team However, speaking to NewsBase last this
from NNPC in Abuja. During that meeting, the week, several industry commentators expressed
Angolan side said it intended to “understudy surprise that Angola wished to use Nigeria as its
the company’s downstream logistics and mech- template. This preference is unusual in light of
anisms of sales and distribution of petroleum “the latter’s poor performance in the refining
products ... and lay the foundation for new part- sector and the prevalence of powerful fuel mar-
nerships,” according to an NNPC statement. keters that hinder the state’s ability to reduce fuel
The delegation was led by Ana Paula Marran- subsidies,” said one source, speaking on condi-
jal Mesquita Do Carmo, a member of Sonangol’s tion of anonymity.
executive committee in charge of distribution. “While both countries have enormous
She said: “Angola is in transition from a monop- potential, this feels like the blind leading the
olistic market to a competitive market and blind,” another source added.
Sonangol needs to learn from an established and The news comes as both countries are under-
functional system like NNPC.” going major refining expansion programmes.
The Sonangol representatives received a Angola is building three refineries with a com-
tour of various NNPC downstream facilities in bined 360,000 barrels per day (bpd) of through-
Abuja, Lagos and Ogun State. put capacity, while Nigeria is rehabilitating
NNPC CFO Umar Ajiya said that the com- 445,000 bpd of state-owned capacity alongside
pany is “happy” and committed to working the construction of another 955,000 bpd of pri-
with other African companies to “add value to vate-led projects. ™

P16 www. NEWSBASE .com Week 23 08•June•2022