Page 15 - AfrOil Week 03 2023

AfrOil NEWS IN BRIEF AfrOil

Now including selections from NewsBase’s partner service

PIPELINES & TRANSPORT PPL-304-DO, PPL-305-DO and PPL-306-DO,
covering an area of approximately 6,700 square
Fossil Supplies to build kilometres in water depths ranging from 1,150
meters to 3,100 meters.
$16mn LPG storage facility region and are intended to be the first in a series
These blocks are located in the Niger Delta
near Mombasa port of bid rounds aimed at further development
of Nigeria’s prospective petroleum basins and
Kenya-based gas and petroleum company Fossil increasing national oil and gas reserves and
Supplies Ltd plans to construct a new liquefied production.
petroleum gas (LPG) terminal near the port of The first mini-bid round has been designed
Mombasa at a cost of KES1.97bn ($16mn). to attract competent investors from across the
Fossil Supplies, which owns 94 petrol service world, both local and foreign, that have the capa-
stations in Kenya and neighbouring Uganda bility and competence in operating in deep water
through its sister company Petrocity Group, dis- environments. It is designed to last for approxi-
tributes its LPG through its own brand, Cylin- mately four months, comprising registration and
ders PETGAS. pre-qualification, data prying/purchase, techni- drilling work on the Venus discovery to com-
The planned Mombasa terminal would be cal bid submission/presentation, technical bid mence by end of first quarter 2023.
used for loading and storing LPG, shortages evaluation, and commercial bid conference. Farm-out process for Block 3B/4B that is on
of which periodically hit Kenya. It will be built bna/IntelliNews, 17 January 2023 trend with Venus and Graff oil discoveries in
on 3.5 acres (1.42 hectares) leased from the the Orange Basin, is advancing with the aim of
Kenya Railways Corporation, according to The securing a new partner by end of first quarter
Standard. PERFORMANCE 2023.
Currently in Kenya, the LPG market is Africa Oil returned a total of $63.3mn to its
dominated by big brands such as Rubis Energy Africa Oil announces shareholders in 2022 including a total annual
(K-Gas), Shell, and Africa Gas and Oil’s (AGOL) dividend distribution of $23.8mn and $39.5mn
Proto gas. 2022 production results, in share buybacks. All shares repurchased in
The LPG facility will enable oil marketers’ 2022 have been cancelled.
access to “an alternative for importation and provides operational update Africa Oil President and CEO Keith Hill
supply of liquefied petroleum gas at a compet- commented: “I am pleased to report that we
itive price to the end-users,” the firm said in a Africa Oil has announced its full-year 2022 have achieved 2022 production rates that are at
regulatory filing seeking approval for the project. production results and provided an operational the mid-range of our management guidance.
bna/IntelliNews, 16 January 2023 update. The Company’s production is attrib- We are now heading into a busy operational
uted to its 50% shareholding in Prime Oil & Gas year with the OML 130 drilling campaign and
Coöperatief U.A. the potentially transformational appraisal drill-
INVESTMENT Full-year 2022 production rates(1,2,3) are in ing on the Venus discovery. We have an exciting
line with the mid-point of 2022 Management period ahead of us and we can look forward to
NUPRC to announce Guidance range. Prime recorded an average daily the upcoming catalysts, whilst taking comfort
working interest production of approximately in the strength of our debt-free balance sheet
winners of Nigeria’s deep 23,500 barrels of oil equivalent per day (boepd) and robust production and cash flows from our
and net entitlement production of 25,600 boepd, Nigerian assets.”
offshore licensing round in each case net to Africa Oil’s 50% sharehold- Africa Oil, 18 January 2023
ing. These compare with mid-range of 2022
The winners of the mini-bid for deep offshore Management Guidance figures of 24,000 boepd BW Energy announces
licensing will be announced within the coming and 25,000 boepd for working interest and net
four months, the Nigerian Upstream Petroleum entitlement production, respectively. Q4 2022 trading and
Regulatory Commission (NUPRC) has said. In fourth quarter 2022, Prime was allocated
The timeline was announced at the NUPRC’s three oil liftings with total sales volume of financial update
pre-bid conference, held in the capital city of approximately 2.9mn barrels or 1.4mn barrels
Abuja, attended by industry players, including net to Africa Oil. Average fourth quarter 2022 BW Energy has provided an update on the oper-
international oil and gas companies, local oper- realised oil sales price of $96.8 per barrel, com- ations and development of the Dussafu Marin
ators, and government officials. pares to the average Bloomberg Dated Brent license in Gabon.
At the conference, NUPRC chief executive price of $90.5 per barrel, a premium of about 7%. Gross production from the Tortue field aver-
Gbenga Komolafe pledged that the process The rig contracted to drill the Egina infill aged approximately 9,600 barrels of oil per day
would be highly transparent and competitive, wells is expected to commence operations in in the fourth quarter of 2022, amounting to a
and revealed that Scotland’s Wood Mackenzie February 2023, after obtaining its final regula- total gross production of approximately 883,000
had been contracted as the consultant for the tory approval. barrels of oil for the period. Production was
mini-bid to ensure global industry standards Prime and its partners made good progress impacted by planned field development and
are strictly adhered to. on the OML130 license renewal process in late modification activities. Full-year production
The seven deep offshore open blocks being 2022 and the Company will provide an update was 10,600 barrels of oil per day equalling a total
offered in the mini-bid round are PPL-300-DO, on the renewal in due course. gross production of approximately 3.9mn bar-
PPL-301-DO, PPL-302-DO, PPL-303-DO, Africa Oil management expect the appraisal rels of oil.

Week 03 19•January•2023 www. NEWSBASE .com P15