Page 6 - AfrOil Week 45 2021
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AfrOil PIPELINES & TRANSPORT AfrOil
Suez Canal Authority’s LNG transit
fees to remain steady in 2022
EGYPT EGYPT’S Suez Canal Authority (SCA) has
exempted vessels transporting liquefied natural
gas (LNG) from the 6% transit fee hike applied
across the board on all types of cargo passing
through the canal in 2022.
The exemption was granted partly because
of the reduction of the rebate applied to LNG
ships, which dropped from 25% to 15% effective
November 1.
The canal’s management is capitalising on
the fact that the waterway is the shortest route
between large-scale LNG producing facilities
in the Persian Gulf and high demand countries
in Europe. More specifically, it hopes to benefit
from the five-fold jump in the price of natural
gas sold on European markets. No less than 84 LNG tankers passed through the Suez Canal in October (File Photo)
These hopes are not misplaced. No less than
84 LNG tankers transited the strategic waterway toll revenues increased by 12.4% year on year
in October 2021, compared with 46 in October to $551mn, driven by the high volume of LNG
2020, up 82% year on year. tanker traffic.
The Suez Canal set other records in the The Suez Canal is a key reliable foreign
month of October, as the total ship tonnage exchange earner for the Egyptian economy. It
crossing the strategic waterway hit 112.1mn generated $5.91bn in revenues in Fiscal Year
tons, up 11.4% year on year, according to 2020/2021, which ended last June, down from
Osama Rabei, SCA’s chairman. The canal’s total $5.8bn in FY 2019/2020.
INVESTMENT
Maurel & Prom signs co-operation deal
with Gabon on oil exploration, production
GABON THE French independent Maurel & Prom
announced on November 5 that it had signed
a cooperation deal with Gabon’s government to
strengthen cooperation in the upstream sector.
The deal includes the immediate release of
$43mn placed in escrow related to pre-2018 car-
rying costs on the Ezanga oil permit, plus pay-
ment of a “complementary amount” of $57mn
to the government.
In return, Gabon authorities have signed an
amendment to the Ezanga Exploration & Pro- Onal field at Maurel & Prom’s Ezanga oil permit (Photo: Maurel & Prom)
duction Sharing Agreement (EPSA) that M&P
operates with an 80% stake. Oil production from Ezanga averaged
In addition, the Paris-based company has around 19,000 barrels per day (bpd) in the first
signed EPSAs for the 100%-operated Kari and half of 2021, some 10% less than capacity due to
Nyanga-Mayombe areas, with their exploration both COVID-19 related restrictions and OPEC
periods to run until 2029. quotas.
P6 www. NEWSBASE .com Week 45 10•November•2021
