Page 19 - AfrOil Week 28 2020

AfrOil
NEWS IN BRIEF
AfrOil
In addition, Mammoet brought two of its largest super heavy li ring cranes with li ing capacities upto5,000tonnes–thePTC200DSandPT50– to bring maximum e ciencies to the execution of the project. eir li ing capacity, combined with a long reach and a small footprint, enabled more e cient approaches to li ing and install- ing heavy and oversized components, such as a3,000-tonne regenerator (the heaviest item ever transported over a public road in Africa) and a 2,000-tonne crude column (the largest crude column in the world).
Throughout the duration of the project, Mammoet transported 239 items from the jetty to site, with a combined weight of 84,905 tonnes, and installed 154 items with a combined weight of 68,415 tonnes.
Over 100 Mammoet professionals worked on this project for around two years, adhering to the strictest safety standards and ensuring transpor- tation and installation activities were e ciently scheduled and safely executed. Precise planning and thorough coordination were crucial to mini- mise delays and additional costs, maximising the project’s e ciency.
During the project, Mammoet and its part- ner in Nigeria, Northridge Engineering, con- tributed to the local community by ensuring that the operations created value and opportu- nities by supporting local employment, training and encouraging local businesses to be part of the supply chain. Some 54 local employees were crucial to this work, covering a range of skills including SPMT operators, crane riggers and drivers. Mammoet also subcontracted work to 43 Nigerian businesses throughout its two years on site.
Paul van Gelder, CEO of Mammoet, com- mented: “We are very honored that the Dangote Group entrusted us with the entire heavy li ing and transport scope for one of the most signif- icant projects in Nigeria and the West Africa region.”
“I am very proud of what our strong, driven team have achieved. ey delivered an
exceptional performance. is project proves our commitment and focus to realising the most e cient and cost-e ective approaches for our clients. Once again, we have demonstrated that Mammoet provides smarter, safer and stronger solutions for any heavy li ing or transport chal- lenge, anywhere in the world.” he added.
Dangote re nery is a 650,000 barrel per day (bpd) integrated refinery and petrochemical project under construction in the Lekki Free Zone near Lagos, Nigeria. It will be Africa’s big- gest petroleum re nery and the world’s biggest single-train facility. Once onstream, the re nery will increase the country’s oil exports and reduce its reliance on imports of petroleum products, thereby boosting economic growth in Nigeria and generating thousands of jobs.
Mammoet, July 09 2020
INVESTMENT
SDX Energy announces sale of non-core Egyptian asset
AIM-listed SDX Energy, the MENA-focused oil and gas company, has disposed of its 50% work- ing interest in the North West Gemsa licence, situated in the Eastern Desert of Egypt. e pur- chaser, Gulf Energy, a private Egyptian oil and gas company, has paid $3.0mn in consideration for the Company’s interest, of which $1.4mn has been used to discharge the Company’s remain- ing liabilities on the licence.
e net $1.6mn proceeds exceeds manage- ment’s expectations for the sale of this non-core asset. The disposal is part of SDX’s ongoing focus and commitment to capital discipline and careful management of the Group’s portfolio whilst also providing additional cash to further strengthen its balance sheet.
Mark Reid, CEO of SDX, commented: “We are pleased to complete the sale of our interest in the North West Gemsa licence. Whilst we have
presented our interest in the licence as non-core for some time, owing to its reducing production and marginal netbacks, it is a welcome outcome to be exiting the licence with a useful cash con- sideration and also avoiding the upcoming asso- ciated budgeted capex of approximately $2.0mn for the year. is deal demonstrates our contin- ued focus on portfolio and capital management, and we look forward to recycling the cash into projects that will further enhance and grow our business in the future.”
e NW Gemsa Concession is an 83-square km onshore concession located approximately 300 km south-east of Cairo in the Eastern Desert adjacent to the Gulf of Suez.
e concession consists of three main oil- elds – Al Amir SE, Al Ola and Geyad elds – producing light 42 degree API oil. NW Gemsa is a late-life asset with increasing water cut and declining production.
SDX Energy, July 14 2020
COPL says ShoreCan JV
and Essar Mauritius have
extended backstop date
Canadian Overseas Petroleum Ltd (COPL), an international oil and gas exploration and devel- opment company focused on o shore Africa, is pleased to announce that its 50% owned joint venture company, Shoreline Canadian Over- seas Petroleum Development Corporation (ShoreCan) and Essar Exploration & Produc- tion Limited (Mauritius) have agreed to extend the backstop date to July 20, 2020, to enter into definitive documentation as outlined in the agreement in principal, announced on June 4, 2020, to resolve their disputes with each other concerning, among other things, their respec- tive obligations under the Essar Exploration and Production Limited (Nigeria) Shareholders Agreement. e agreement between ShoreCan and Essar Mauritius to extend the backstop date also extends the immediate stay in proceedings of the claim led by Essar Mauritius against Sho- reCan in the High Court of Justice of England and Wales, also announced on June 4, until July 20, 2020.
Arthur Millholland, President and CEO, commented: “ e time taken to enter into the de nitive documents has taken longer than both parties thought at the outset. With the commer- cial terms settled in the agreement in principal, the legal language over a number of agreements has taken time to conclude. We are close to com- pletion on these, but with both parties working amicably we just ran out of time. We continue to look forward to the future working relationship with Essar to unlock the potential of OPL 226.” COPL, July 10 2020
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