Petronas makes offshore discovery in Gabon

PETRONAS has made the Boudji-1 discovery in deepwater Gabon. The discovery is located in Block F14 or Likuale in which PETRONAS holds 50% as an operator, Woodside holds 30% and the government holds 20%. The block lies in deepwater between depths of 2,500-3,200m. Exploration activity in the deepwater has been slow with the country previously focussing in the onshore and coastal areas. Gabon has held ad-hoc licensing rounds for the offshore...

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Shell sells onshore Gabon to Carlyle

On 24th March, Shell announced the sale of its onshore Gabon assets to Assala Energy Holdings (a portfolio company backed by Carlyle Group). Assala will pay USD587 million and assume debt of USD285 million, taking “enterprise value” to c.USD870 million. Shell will also receive up to a further USD150 million in contingent payments depending on oil prices and performance. This compares with a Wood Mackenzie NPV10 of c.USD600 million and implies...

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Sub-Saharan Africa - newsflow update

Gabon Deepwater - Leopard discovery Leopard-1 was drilled on licence BCD10 Shell 75%*, CNOOC 25% Encountered substantial gas column with 200m net gas pay Further appraisal required FLNG? 3-4 tcf may be required, although economics of sales into Europe are marginal Government is also keen to grow domestic gas market Congo Offshore - Eni/NewAge - follow up discovery in Marine XII Minsala Marine discovery Estimated 1bnboe in place, of which...

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