Page 8 - AfrOil Week 47 2022

AfrOil INVESTMENT AfrOil

Tower Resources is developing Thali under a PSC (Image: Tower Resources)
In the statement, the company said it would use approval from the group itself.
the funds to finance work on the Thali Produc- The loan should be enough to cover around
tion-Sharing Contract (PSC) in the Rio Del Rey 30% of the cost of the project at Thali.
sedimentary basin. “As previously announced, long lead items
Rio del Rey is a sub-basin of the Niger River for the well have already been purchased, and
Delta, where billions of barrels of oil have the environmental and social impact assess-
already been discovered. ment, site survey and site debris survey are
The money is to be lent by a subsidiary of complete,” Tower chairman Jeremy Asher said
BGFI Bank Group, the largest bank group in in a statement. “Therefore, we are in a position
Central Africa, pending final confirmatory to move quickly once a rig slot is finalised.” ™

PERFORMANCE
Saudi, UAE ministers deny reports of

upcoming OPEC+ oil production increase

GLOBAL DISCUSSIONS and agreements on OPEC+ oil
production cuts hit the headlines over the past
month and these levelled out with an agreement
by the group on October 5 to cut production by
2mn barrels per day (bpd). This agreement was
set to stand until the end of 2023.
Leaders of Saudi Arabia, UAE, Iraq, Kuwait,
Oman, Bahrain and Algeria all lined up behind
this agreement, with some adding that it was “a
purely technical response based on purely eco-
nomic considerations”. The point about this is
that the statement is a counter to a comment Bin Salman (Photo: Twitter/@OPECSecretariat)
from the US that the cut would boost Russia’s
foreign earnings and suggested that it had been agreed earlier in the month.
engineered for “political reasons” by Saudi Ara- The issue has rumbled on, however, and
bia, hinting at support for Moscow in its inva- Saudi Arabia’s Energy Minister Prince Abdu-
sion of Ukraine. laziz bin Salman has been reported as deny-
The issue arose at the recent COP27 confer- ing recent reports stating that the Kingdom is
ence in Egypt where OPEC+ members lined currently discussing an increase in output of
up to endorse the steep cut to its output target 500,000 bpd with other OPEC+ producers.

P8 www. NEWSBASE .com Week 47 24•November•2022