Page 16 - AfrOil Week 09 2021

AfrOil NEWS IN BRIEF AfrOil

The addition of Quest to the portfolio expands Jaco Stemmet, Fugro’s Director for Africa, London Stock Exchange, announces its audited
Petrefuel’s geographic coverage beyond KwaZu- said: “Our vessels are supporting Eni in Angola results for the financial year ended December 31,
lu-Natal and sees Petredec take its first steps into and delivering a range of specialised Geo-data 2020.
non-fuels retailing. services. These projects are two great examples Operational highlights: Working-interest
Quest Petroleum was founded in 2005 by of how we unlock insights to help our clients production within guidance at 51,183 boepd,
Shaun Hitzeroth and Jay Smith and began oper- design, build and operate their assets in Africa despite demand fall and OPEC+ quotas. Liq-
ations by distributing lubricants in the Port Eliz- in a safe, sustainable and efficient manner.” uids production of 33,714 bpd, gas production
abeth area, before entering the fuels market in Fugro, March 01 2021 of 101mn cubic feet (2.86mn cubic metres) per
2007 to distribute diesel, petrol, illuminating day. Eland OML40/Ubima assets produced
paraffin and LPG across the Eastern Cape and UTEC wins survey work for 8,855 bpd, 26.3% of Group liquid volumes.
Free State. Today, besides an extensive customer Low unit cost of production at $8.90/boe, with
base in the wholesale sector, the business also Coral South FLNG project, cost-cutting initiatives ongoing, particularly at
supplies a network of 80+Quest-branded service OML40/Ubima. Drilled/completed nine wells
stations and operates its own chain of conveni- offshore Mozambique and brought eight onstream in 2020. ANOH
ence stores under the EZEE Exprez brand. project now budgeted under original $700mn
Petredec, March 01 2021 UTEC, a global surveying company and part FID estimate, but COVID-19 related delays to
of marine energy and infrastructure services H1-2022.
group Acteon, has been awarded survey work by Financial highlights: Final dividend of $0.05
SERVICES TechnipFMC plc to support the development of per share recommended ($0.10/share for full
Coral-Sul FLNG (floating liquefied natural gas) year). EBITDA of $265.8mn, operating profit
Fugro performs project, the world’s first ultra-deepwater project. of $121mn (before non-cash impairments and
The Coral-Sul FLNG, which is approximately 50 unrealised fair value losses). Strong cash posi-
environmental and km from the Mozambique coast, will operate in tion of $259mn after $100mn RCF repayment,
2,000 metres of water in Coral field, which is in $58mn dividends paid in the year, and $150mn
geotechnical surveys the southern part of Area 4 in the Rovuma basin. capex; net debt at $440mn with most maturities
Eni is the operator of the Coral South Project on after 2021. IAS 36 COVID-19 impact assessment
offshore Angola behalf of the Area 4 Partners. and IFRS 9 non-cash impairment provision of
$144.3mn, majority booked in Q2-2020.
The work includes pre-lay surveys; long base-
Fugro has been awarded multiple contracts line array installation and calibration; survey and Corporate updates: Creation of New Energy
by Eni Angola to carry out geotechnical and positioning support; support for the installation unit to manage gas processing and future
environmental surveys off the coast of Angola of manifold foundation piles, manifolds, tether low-carbon to zero-carbon initiatives. AGPC
between now and May, and two Fugro vessels piles, flexible lines, umbilicals, wellhead jumpers financing signed in February 2021, $260mn
from their world’s largest fleet of specialist geo- and flying leads; pre-commissioning operations raised, with commitments for $450mn.
technical and geophysical vessels are currently surveys; and riser hook-up and as-built surveys. Advanced stage to extend maturities for exist-
active in the region. “We are proud to support TechnipFMC and ing Eland RBL, raise additional funding via
Multipurpose survey vessel the Fugro Scout, the Coral-Sul FLNG project,” says Ross Leitch, off- taker financing for Elcrest capex. $5.0mn
specifically designed for seabed sampling and in General Manager, UTEC Europe and Africa. funding of share purchase programme, by Trus-
situ testing in water depths up to 3,000 metres, “We have worked hard to build a strong rela- tee, for Seplat LTIP, starting immediately. Board
has embarked on a deepwater environmental tionship with TechnipFMC, and we look for- directive to eliminate Related-Party Transac-
survey to acquire, analyse and interpret sediment ward to continuing our collaboration. We strive tions by end of 2021.
and water samples from Eni Angola’s Agogo field to connect with our customers and ensure that Outlook for 2021: Full-year production guid-
development. During the survey operations, they receive a world-class service and the right ance of 48-55 kboepd, subject to market condi-
specialist marine fauna observers (MFOs) will solutions. It is our people who make the real tions. Full-year capex expected to be around
carefully monitor the marine mammals, turtles difference. We add value to projects through $150mn, with a focus on gas projects and an
and seabirds that can be found in the area, and using a multiskilled, multidisciplinary crew and exploration well to meet reserves replacement
the study will gather key environmental baseline eliminating costs incurred from survey-related targets.
data on offshore Angola’s benthic communities, downtime.” Roger Brown, Chief Executive Officer, said:
physicochemical sediment characteristics, and The survey work is due to begin in April 2021. “2020 was a challenging year for the Company
water column productivity. The resulting Geo- The start-up of the 3.4mn tonne capacity Cor- but Seplat has once again shown its resilience
data will characterise the site stratigraphy for Eni al-Sul FLNG is planned for 2022. and ability to overcome challenges and deliver
Angola and define the mechanical and physical UTEC, February 25 2021 production in line with guidance, operating with
properties of the soil for their subsea facilities. minimal incidences of COVID-19 cases.
The Fugro Scout will also perform a range of geo- “From the $330mn of cash generated from
technical site investigations on the project, with PERFORMANCE operations, we have increased our capital invest-
work due to start early this month. ment, invested in ANOH and voluntarily paid
A second vessel, the Fugro Helmert, will Seplat Petroleum reports on down $100mn of debt, further deleveraging
join the Fugro Scout to conduct a route survey the balance sheet. Despite seeing the lowest oil
in Angola’s nearshore areas, including various audited results for 2020 prices in our 10-year history, we have continued
environmental, geotechnical and geophysical to honour our commitment to shareholders of a
surveys, to allow Eni Angola to calculate the best Seplat Petroleum Development Co., a leading regular income stream on their investment, by
installation route and optimise cable burial pro- Nigerian independent energy company listed maintaining a total dividend of $0.10 per share
tection for the New Gas Consortium. on both the Nigerian Stock Exchange and the for the year.”

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