Saudi Arabia - joining the dots

A series of blog entries exploring Saudi Arabia's role in the oil markets with a brief look at the history of the royal family and politics that dictate and influence the Kingdom's oil policy

AIM - Assets In Market

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Iran negotiations - is the end nigh?

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Yemen: The Islamic Chessboard?

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Acquisition Criteria

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Valuation Series

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Showing posts with label Liberia. Show all posts
Showing posts with label Liberia. Show all posts

Saturday 6 December 2014

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 80% oil
  • In same shallow water block as the Litchendjili and Nene Marine fields, both of which are currently undergoing development

Angola - first discovery in Kwanza Basin
  • Pre-salt offshore Kwanza Basin - oil discovery made by Repsol
  • Will evaluate commerciality of the Locosso oil field
  • Located in Block 22, immediately to south of Cobalt's Block 21 which contains the play opening Cameia field
  • Given remote location and water depth, Wood Mackenzie estimates will require 300mmbbl to be commercial on standalone basis

Liberia, Cote d'Ivoire - Anadarko's non-commercial wells

Nigeria - NNPC pre-empts sale of OML25
  • NNPC has pre-empted on the sale of OML25
  • Post transaction, NNPC will own 100% and likely transfer the interest to NPDC
  • NPDC's portfolio is already overstretched and future investment will be heavily constrained
  • The winning bidder of the Shell, Eni, Total process was Crestar Integrated Natural Resources Limited
  • It is believed that the pre-emption, a decision made by the Minster of Energy, is due to Crestar's Chairman being  Osten Olorunsola
    • The Minister of Energy had fired Osten Olorunsola as Director of Petroleum Resources in June 2013
  • http://africaoilgasreport.com/2014/11/farm-in-farm-out/nnpc-in-desperate-search-for-funds-to-pay-for-oml-25/
South Sudan - fighting likely to intensify around fields
  • Government and rebels now re-arming following end of rainy season
  • Sudan is providing South Sudanese Machar-led rebels with weapons and intelligence
  • Rebels likely to set-up bases where they can attack oil fields
  • Local self defence militia are guarding fields bolstered by Chinese peacekeepers
    • Should prevent rebels gaining control of fields, but fighting likely to intensify
East African export pipeline
  • World bank has pledged USD600mm funding towards Ugandan/Kenyan export pipeline
  • Total cost estimated to be >USD4bn
  • Project still remains in early stages - commercial structure, construction, ownership and operations all yet to be determined
  • FEED contracts expected to be awarded end of 2014

Sunday 3 August 2014

Tullow exits Liberia and Sierra Leone

On 30 July, Tullow published in H1 2014 results.

Within the results, Tullow stated:

"After evaluating potential options in Liberia and Sierra Leone, Tullow made the decision not to renew its licence interests and will exit its position. Tullow’s interest in LB-15 in Liberia expired in June 2014 and its interest in SL-07B-11 in Sierra Leone will expire in August 2014, following which Tullow will have no licence interests in either country"


Acreage map taken from Simba Energy for Liberia shows Tullow's acreage position in that country:



Acreage map for Sierra Leone from Tullow and the Petroleum Directorate respectively: