Page 19 - AfrOil Week 23 2022

AfrOil NEWS IN BRIEF AfrOil

business new africa bna/IntelliNews

“I can proudly say that we have the skilled work- the event of a reduction.
force to lead and sustain the development of oil bna/IntelliNews, June 3 2022
fields in Africa for the foreseeable future. All
the major and serious oil and gas operating and
service companies have Nigerians in very sen- PROJECTS & COMPANIES
ior leadership positions and we are beginning
to export our workforce across the world”, he SDX Energy finds gas
added.
The Nigerian Content Boss further revealed at MA-1X exploration
that that the Board has trained over 13,000
workforce in different skill areas and over 5,000 well at South Disouq
are gainfully employed in the industry. He
mentioned that various capacity development AIM-listed SDX Energy, the MENA-focused
initiatives have been executed by the Board energy company, has announced a gas discov-
including upgrading and commissioned dilapi- ery at the MA-1X well that targeted the Mohsen
dated facilities in vocational and tertiary institu- prospect, within the Exploration Extension Area
tions in Akwa Ibom, Bayelsa and Rivers States; of South Disouq.
trained the Science, Technology, Engineering MA-1X (SDX WI: 67%) spudded on May
and Mathematics (STEM) teachers in second- up to TZS3,301 ($1.419) and TZS3,452 ($1.484) 21, 2022, and reached TD at 6,400 feet MD on
ary schools and promoted Technical vocational per litre, respectively, EWURA noted. 31 May 2022. The primary basal Kafr El Sheikh
Educational Systems (TVETS) policy across the Following President Samia Suluhu Hassan’s target was encountered at 5,762 feet MD and
country and equipping them with modern tools directive to responsible ministries and authori- discovered 56.3 feet of net pay gas sand with an
and machines and completed the ultra-modern ties to find a quick solution to stem skyrocketing average porosity of 31.9%. MA-1X will now be
vocational centre of excellence which was initi- fuel prices, on May 10, the Ministry of Energy completed and tested, with the results of the test
ated by the Petroleum Technology Development announced a subsidy of TZS100bn ($43mn) to being communicated in due course.
Fund (PTDF) in Port Harcourt; reduce fuel prices in the country. MA-1X is the third and final well of the 2022
This year’s edition of the Human Capital According to The East African, the govern- South Disouq drilling campaign.
Development (HCD) Workshop is aimed at ment is also in the final stages of securing loans Mark Reid, CEO of SDX, commented: “I
Revamping Training and Development in the from the World Bank and International Mone- am very pleased to announce the success of the
Oil and Gas industry in a post COVID-19 world tary Fund (IMF) to help cushion the rising cost MA-1X exploration well. The Mohsen discovery,
while raising compliance with the new HCD of living driven by higher food, fuel and com- which is the third success, and the largest target
Learning & Development Plan. It also seeks modity prices due to the Russia-Ukraine war. out of the three wells drilled in 2022 with a pre-
to improve employability of trainees as well as bna/IntelliNews, June 3 2022 drill gross P50 EUR of 21 bcf, demonstrates the
adopt technology to accelerate the quality and continuing potential of the South Disouq asset.
speed of training development. Kenyan MPs approve I am looking forward to providing a further
NCDMB, June 8 2022 update in the coming weeks after the well has
been tested and we have further evaluated what
Tanzanians get pump proposal to reduce VAT the discovery could mean for the wider prospec-
rates for LPG
tivity of this acreage.”
price relief as $43mn Kenyan legislators have endorsed a proposal to SDX Energy, June 8 2022
subsidy comes into force amend the 2022 Finance Bill to reduce the rate of PTTEP announces first oil
the value-added tax (VAT) levied on LPG.
Tanzania’s Energy and Water Utilities Regulatory Capital FM reported that members of par- production from Hassi Bir
Authority (EWURA) slashed fuel prices follow- liament (MPs) had approved a proposal for
ing the coming into effect of the government’s the National Assembly to amend the proposed Rekaiz Project
$43mn subsidy to tame spiralling pump prices Finance Bill 2022 to reduce VAT rates on LPG
blamed on Russia’s invasion of Ukraine. from 16% to 8% to give relief to homes using the PTT Exploration and Production (PTTEP) has
The regulator published lowered prices of fuel for cooking. announced that the Algeria Hassi Bir Rekaiz
fuel to where a litre of petrol in Dar es Salaam Kenya’s National Treasury in 2016 scrapped Project, in partnership with Sonatrach, has
was reduced by TZS306 ($0.132) to TZS994 and VAT on LPG to boost the adoption of the com- successfully commenced production with the
a litre of diesel by TZS320 ($0.138) to TZS131. modity as a clean energy source with high calo- oil production target at 13,000 barrels per day
However, kerosene increased from TZS3,112 rific value, but in July 2021 it reinstated VAT at a (bpd).
($1.34) to TZS3,299 since it was not included in standard rate of 16%. The Project will add to the total production
the subsidy. “Section 5 of the Value-Added Tax Act, volume and support the long-term growth of the
By law, EWURA is required to publish cap 2013 is amended by, in the case of the supply company.
prices for both wholesale and retail every month of liquefied petroleum gas including propane, The Algeria Hassi Bir Rekaiz Project is located
as the products are imported through a bulk 8%,” stated the proposals submitted by Kimani onshore, in the eastern part of the People’s Dem-
procurement system, though the entire market Inchungwah, MP for Kikuyu. ocratic Republic of Algeria, covering an area of
is controlled by the rule of demand and supply. The Kenya Revenue Authority (KRA) had 1,916 square km. The Project’s consortium con-
Without government intervention, prices would initially petitioned to maintain the 16% VAT sists of PTTEP 49% and Sonatrach 51%.
have been of petrol and diesel would have gone rate, arguing that it would lose out on revenue in PTTEP, June 1 2022

Week 23 08•June•2022 www. NEWSBASE .com P19