Page 19 - AfrOil Week 34 2022

AfrOil NEWS IN BRIEF AfrOil

business new africa bna/IntelliNews

The Principal, Opokuma Grammar School,
FemoneDaniel thanked the Board for siting the
ICT Centre in the school and promised to ensure
the safety and proper utilisation of the facility by
students and teachers in the school.
NCDMB, August 19 2022
Equatorial Guinea backs
Saudi Arabian calls for a

stable oil market

At a time when global oil markets are experienc-
ing significant volatility, member countries of
OPEC+ have the means to address these chal-
lenges, and Equatorial Guinea will continue to Salman stated, OPEC+ have the means to create firms, including US Occidental, Italian Eni and
support efforts to improve market stability. stability, whether this is through production cuts French TotalEnergies to invest in the energy
In a recent statement, His Royal Highness or any other method. sector
Prince Abdulaziz bin Salman, Minister of As an OPEC member and the 2023 organisa- bna/IntelliNews, August 25 2022
Energy of Saudi Arabia, emphasised that the tion President, Equatorial Guinea fully supports
Organisation of Petroleum Exporting Coun- OPEC+ and the methods it employs to ensure ReconAfrica receives
tries (OPEC) and its allies have the commitment, stability,” stated H.E. Gabriel Mbaga Obiang
flexibility and means to directly address ongoing Lima, Minister of Mines and Hydrocarbons of three-year extension to ECC
market challenges. As thin liquidity and extreme Equatorial Guinea, adding that, “Producing
volatility undermine the market’s core function markets in Africa have and will continue to sup- covering PEL 73 in northeast
while introducing new risks for the value chain, port the calls for market stability and the reduc-
employing tactics to ensure market stability and tion in volatility. For Africa, ushering in stability Namibia
reduce volatility are key, now more than ever. As will not only be key for mature and emerging oil
the OPEC President for 2023, Equatorial Guinea and gas markets, but will reduce risks for market Reconnaissance Energy Africa (ReconAfrica)
fully supports HRH Prince Abdulaziz in his pur- participants, allowing them to efficiently hedge has received a three year extension to its Envi-
suit of stability, as do other producing countries and manage uncertainties. As many countries in ronmental Clearance Certificate (ECC), from
in Africa. Africa begin their journeys towards becoming the Office of the Environmental Commissioner,
Currently, the state of the global oil and gas producers, ensuring well-functioning markets Ministry of Environment, Forestry and Tourism
market can be described as more of a disconnect will be key.” of the Republic of Namibia, covering the entire
between the paper and physical, with a lack of As HRH Prince Abdulaziz bin Salman PEL 73 permit, which covers over 6.3mn acres
sufficient liquidity resulting in paper markets states, “Witnessing this recent harmful volatil- (25,000 km square km), in northeast Namibia.
unable to effectively reflect the realities of physi- ity disturb the basic functions of the market and The ECC authorises ReconAfrica, to con-
cal markets. HRH Prince Abdulaziz bin Salman undermine the stability of oil markets will only tinue drilling stratigraphic test wells, to depths,
offers a clear explanation, emphasising that “in a strengthen our resolve.” approved by the Ministry of Mines and Energy
way, the market is in a state of schizophrenia, and The African Energy Chamber fully supports and NAMCOR as well as completing a sidetrack
this is creating a type of yo-yo market, sending and endorses this position. of the Company’s first well, Kawe 6-2, in the
erroneous signals at times when greater visibil- African Energy Chamber, August 23 2022 Kavango Basin. The extended ECC is valid for
ity and clarity and well-functioning markets are three years from August 26, 2022 until August
needed more than ever to allow market partici- 26, 2025. The ECC extension was approved on
pants to efficiently hedge and manage the huge PROJECTS & COMPANIES August 11, 2022.
risks and uncertainties they face.” Scot Evans, CEO of ReconAfrica, stated: “The
Essentially, this disconnect has significantly Sonatrach announces new extension of the Environmental Clearance Cer-
impacted market operations, a trend which has tificate was underpinned by extensive on-the-
only been amplified with the “unsubstantiated oil discovery in Adrar ground and research based data gathering by our
stories about demand destruction, recurring technical teams working in combination with
news about the return of large volumes of sup- Sonatrach announced on August 24 that a new our third-party technical partners. The exten-
ply, and ambiguity and uncertainty about the oil discovery had been made in the southern sion further demonstrates how ReconAfrica is
potential impacts of price caps, embargoes and region of Adrar with a capacity ranging between working collaboratively with our interested and
sanctions.” As such, the need to address this dis- 48mn and 150mn barrels of crude. impacted stakeholders in Namibia including
connect and usher in a new era of market stabil- The discovery was made during the drilling local and national government entities/repre-
ity and growth is of uttermost importance, and of the Hassi Elatou well, in Raqa Sebaa, in Adrar. sentatives, as well as with the Traditional Author-
OPEC+ represents the solution. In July, Sonatrach revealed discoveries of two ities, as we pursue the commercial development
“Over the last two years, OPEC+ have made gas wells and one oilfield in partnership with the of the Kavango Basin. The extension enables the
clear its role in stabilising and strengthening Italian firm Eni. Company to plan and execute our current strati-
global oil and gas markets, and in 2022, this will The Algerian state oil firm signed contracts graphic drilling and sidetrack programmes.”
only continue. As HRH Prince Abdulaziz bin worth $4bn last month with a number of foreign ReconAfrica, August 17 2022

Week 34 25•August•2022 www. NEWSBASE .com P19