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AfrOil NEWS IN BRIEF AfrOil

UPSTREAM
BW Energy provides

update on Hibiscus/Ruche
development plan

BW Energy is presenting at the Pareto Securities’
Energy Conference today.
The presentation references the progression
of an alternative development plan for Hibiscus/ LPG storage terminal. Upon completion, the distribution of LPG and other related activities
Ruche, offshore Gabon, utilising a converted facility will become the largest of its kind is in Cote d’Ivoire and its neighbouring countries
jack-up instead of constructing and installing Sub-Saharan Africa and, more importantly, such as Mali, Burkina Faso and Guinea.
a new wellhead platform. The conversion con- support the government’s efforts to meet Cote The investment will also bridge the current
cept is expected to reduce development capex, d’Ivoire’s growing LPG demand. product supply and storage gap in the market
time to first oil and enable a substantial reduc- Speaking at the execution of the agreement, and ensure more product availability and secu-
tion to field-development related climate gas Ibrahima Diaby, Director General of Petroci, rity by increasing stock holding from 15 days to
emissions by re-using already existing energy said: “This joint venture project is the first of its 27 days.
infrastructure. kind in Cote d’Ivoire and will serve as a model Sahara Group is already a leading LPG sup-
The alternative development plan has the for other projects in the energy sector. It is a plier on the continent via its joint ownership of
potential to lower the estimated cash break- historic event that will pave the way for a robust MT Africa Gas and MT Sahara Gas, LPG vessels
even oil price for the Hibiscus/Ruche (phase and seamless storage, distribution, and supply with a combined capacity of 76,000 cubic metres
1 and 2) development to approximately $25 of LPG. This translates to more clean energy, (cbm). The vessels have delivered about 600,000
per barrel Brent. A final decision to restart the growth, and productivity in Cote d’Ivoire. We metric tonnes of LPG, making households, com-
Hibiscus/Ruche development is subject to lifting are delighted and look forward to more collabo- munities and nations cleaner and safer as well as
of COVID-19 restrictions to allow for efficient ration with Sahara Energy.” boosting economic growth and development
project execution, currently expected towards Olayemi Odutola, Country Manager for across markets.
year-end 2020. Sahara Energy, said the project was in tandem Sahara Energy, September 13 2020
The presentation also refers to the expected with Sahara Group’s commitment to promot-
impact from completion of the remaining two ing clean energy in Africa through investments,
wells of the Tortue phase 2 development. These new technology, and collaboration with regional PERFORMANCE
are currently expected to be completed at end of and global institutions. He stated that the part-
Q2 2021, adding 8,000-9,000 gross barrels per nership with Petroci further reiterates Sahara Sound Energy issues report
day (bpd) at peak. Group’s support and commitment to enhancing
BW Energy, September 16 2020 economic growth in Cote d’ Ivoire and contrib- for H1-2020
utes to the UN SDG7 goal, which aims at ensur-
ing access to affordable and clean energy. Sound Energy, the Moroccan focused upstream
DOWNSTREAM “We are excited about the project and the oil and gas company, has announced its unau-
huge opportunity it will confer on Cote d’ Ivo- dited half-year report for the six months ended
Sahara Energy, Petroci sign ire as the leading LPG hub in the sub-region. June 30, 2020.
Sahara Energy continues to support the energy
Operational and corporate highlights: LNG
$43mn deal to boost LPG value chain in the nation as a foremost partner. Heads of Terms (HoT) signed with a lead-
ing Moroccan Energy Group; Environmental
Sahara Group remains unwavering in its com-
supply in Cote D’Ivoire mitment to enhance capacity, productivity, Impact Assessment EIA) approvals for 120-km,
reliability, safety, profitability, competitiveness, 20-inch (???-mm) pipeline and gas treatment
Sahara Energy Logistics Holding, a Sahara and sustainability in Africa’s energy sector. We plant/compression station received in January
Group company, and Société Nationale d’Opéra- will continue to explore other investment and 2020 and March 2020 respectively; Successful
tions Pétrolières de la Cote d’Ivoire – the national partnership opportunities to replicate similar renegotiation of the terms of the Anoual explo-
oil company of Cote d’Ivoire, Petroci Holding projects across the continent,” he said. ration permit in July 2020.
– have entered into a Joint Venture Agreement Industry experts say the development is Financial summary: Structural reduction in
(JVA) to facilitate the construction of a 12,000 cheery news for the nation with a population of administrative expenses by 57% compared with
Tonne Liquefied Petroleum Gas (LPG) storage 25mn people which has recently emerged as one H1-2019; Total Cash balances as at June 30, 2020,
facility to guarantee LPG supply security in the of West Africa’s fastest growing LPG markets. of GBP4.2mn ($5.41mn); Equity placing to raise
nation. National LPG consumption has grown from gross proceeds of GBP1.5mn ($1.93mn) at
The cost of the project is estimated at $43mn 175,000 tonnes in 2013 to 380,000 tonnes in GBP0.02 ($0.026) per ordinary share announced
and will be executed in two phases, with com- 2019, a significant increase that far exceeds the in December 2019 and completed in January
missioning scheduled for November 2021 and country’s demand for liquid products (excluding 2020; Equity placing post period end to success-
October 2022 respectively. gasoline). fully raise additional GBP3.2mn ($4.13) after
Incorporated as SAPET Energy, the joint The proposed facility will increase the coun- costs at GBP0.02125 ($0.027) per ordinary share
venture company will handle the construction, try’s LPG storage capacity by 60% and signifi- in August 2020; Continued focus on disciplined
operation, and maintenance of the ultra-modern cantly enhance importation, storage, supply and cost and cash management.

P18 www. NEWSBASE .com Week 37 16•September•2020