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Post by Blitz on Jun 20, 2024 9:17:13 GMT -5
Chevron kicks off exploration in uncharted “ultra-deep” waters offshore Angola June 19, 2024 www.worldoil.com/news/2024/6/19/chevron-kicks-off-exploration-in-uncharted-ultra-deep-waters-offshore-angola/(WO) – Chevron, through its subsidiary Cabinda Gulf Oil Company Limited, has signed two Risk Service Contracts (RSC) for Block 49 and Block 50 offshore Angola, in the ultra-deep waters of the Lower Congo Basin. Source: African Energy Chamber These contracts, awarded January 2024, mark the beginning of exploration and development in these offshore blocks. Announced by the African Energy Chamber (AEC), the organization praised Chevron’s commitment to expanding Angola’s oil and gas market, highlighting the country’s strong regulatory environment that has supported Chevron's 70 years of operations. Block 49 and Block 50 are Chevron’s first operated assets outside the Cabinda concessions and are near other productive offshore concessions, like Block 17. Post exploration, these new blocks are expected to yield substantial returns and enhance Angola’s portfolio of ultra-deepwater assets. Chevron has already agreed with Angola’s National Oil, Gas & Biofuels Agency to conduct seismic surveys to better understand the geology of these blocks. Chevron’s existing assets in Angola include significant stakes in Block 0 and Block 14, which produce substantial quantities of oil and gas. Block 0’s concession has been extended to 2050, and an agreement in 2020 improved fiscal terms for Block 14, extending its production sharing contract to 2028. Chevron also operates the Block 14/23 concession, with a 31% stake. Additionally, Chevron holds non-operating interests in the Angola LNG plant, which processes gas from offshore concessions. The Sanha Lean Gas Connection Project, valued at $300 million, will enhance LNG production by connecting Blocks 0 and 14 to the LNG facility. Chevron also signed an agreement in 2023 to explore low-carbon business opportunities in Angola, including carbon offsets and lower-carbon intensity fuels like hydrogen. NJ Ayuk, Executive Chairman of the AEC, said, ““Chevron’s recent signing of two RSCs further underscores the value of implementing a strong regulatory and fiscal environment in Africa. When governments open up the market through attractive fiscal terms, the industry will respond positively. This is clearly evident in Angola where a commitment to creating an enabling environment for doing business has and continues to attract foreign companies. Other countries in Africa should learn from this and adopt proactive measures to attracting foreign capital,” states NJ Ayuk, Executive Chairman of the AEC. //////////////////////////  |
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Post by bjspokanimal on Jun 20, 2024 11:36:49 GMT -5
Pretty high expectations for blocks that haven't shot seismic yet. They're talking about development before knowing what's there.
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Post by Blitz on Jun 24, 2024 6:31:51 GMT -5
Chevron ups Africa exploration game with offshore acreage deal US major has signed production sharing contracts for blocks in Equatorial Guinea Equatorial Guinea's Minister of Mines & Hydrocarbons Antonio Oburu (left). Photo: AFP/SCANPIX Iain Esau, Africa Correspondent, London - Updated 40 minutes ago www.upstreamonline.com/exploration/chevron-ups-africa-exploration-game-with-offshore-acreage-deal/2-1-1665918Chevron has struck a deal to explore two promising blocks offshore Equatorial Guinea over which it has just secured production sharing contracts (PSCs). The US giant will spend some $2 billion on these exploration efforts, according to investment platform Energy Capital & Power. This agreement is the latest indication that Chevron is trying to up its exploration game in Africa where, compared to most of its peers, it has been sitting on the sidelines for years. You need a subscription to read this story ///////////////////////// CVX is bracketing African deepwater blocks...    |
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Post by bjspokanimal on Jun 24, 2024 11:50:15 GMT -5
Chevron is very much transitioning toward becoming an ultra-deepwater
specialist. Chevron is now active in all 3 of the most prominent,
ultra-deepwater regions, the GOM, west africa and, provided it's
acquisition of Hess is consummated, Guyana/Suriname.
If the Hess merger goes through, it wouldn't surprise me at all if
Chevron were to spin off much of it's Hess holdings and just concentrate
on Guyana, since everybody, including XOM, knows that's what it was
after all along.
Chevron has a relationship with Transocean as well, with contracts on the
Titan and the Conqueror lasting until 2028 and 2025 respectively. Hopefully
that relationship will extend to new opportunities for Transocean fixtures
as Chevron continues accumulating deepwater tracts.
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Post by Blitz on Jun 24, 2024 12:30:46 GMT -5
Chevron is very much transitioning toward becoming an ultra-deepwater specialist. Chevron is now active in all 3 of the most prominent, ultra-deepwater regions, the GOM, west africa and, provided it's acquisition of Hess is consummated, Guyana/Suriname. If the Hess merger goes through, it wouldn't surprise me at all if Chevron were to spin off much of it's Hess holdings and just concentrate on Guyana, since everybody, including XOM, knows that's what it was after all along. Chevron has a relationship with Transocean as well, with contracts on the Titan and the Conqueror lasting until 2028 and 2025 respectively. Hopefully that relationship will extend to new opportunities for Transocean fixtures as Chevron continues accumulating deepwater tracts. Those dots you connected... make it seem more like their plan than not. |
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Post by Blitz on Jun 24, 2024 12:33:27 GMT -5
Chevron is very much transitioning toward becoming an ultra-deepwater specialist. Chevron is now active in all 3 of the most prominent, ultra-deepwater regions, the GOM, west africa and, provided it's acquisition of Hess is consummated, Guyana/Suriname. If the Hess merger goes through, it wouldn't surprise me at all if Chevron were to spin off much of it's Hess holdings and just concentrate on Guyana, since everybody, including XOM, knows that's what it was after all along. Chevron has a relationship with Transocean as well, with contracts on the Titan and the Conqueror lasting until 2028 and 2025 respectively. Hopefully that relationship will extend to new opportunities for Transocean fixtures as Chevron continues accumulating deepwater tracts. $53 billion Chevron-Hess deal may stall into 2025 over ExxonMobil’s claim to prolific assets offshore Guyana June 23, 2024 www.worldoil.com/news/2024/6/23/53-billion-chevron-hess-deal-may-stall-into-2025-over-exxonmobil-s-claim-to-prolific-assets-offshore-guyana/(WO) – The arbitration process to determine whether ExxonMobil can block the $53 billion sale of Hess Corp to Chevron is stalled due to the incomplete appointment of a third arbitrator, according to Reuters. The case, filed three months ago, concerns Exxon's claim to a right of first refusal over Hess' operations in an oil-rich region offshore Guyana. Delays in appointing the final arbitrator could prevent a decision within this year. The International Chamber of Commerce, which oversees arbitration, has not provided a timeline for the decision. Both sides appoint one arbitrator each, and those two choose the third. Hess expects a decision by the end of 2024, but the timeline is uncertain and dependent on arbitration rules. Exxon argues that Chevron is bypassing its preemption right in the Guyana oil consortium's joint operating agreement (JOA). Exxon holds 45% of the consortium, Hess 30%, and CNOOC 25%. Chevron contends that the preemption right does not apply to the sale of Hess Corp as a whole. Hess aims for arbitration to be completed by the end of 2024, but Exxon believes the dispute may extend into 2025. Exxon emphasizes the intent behind the JOA, created with its original partner Shell, as crucial in arbitration. The specific language and valuation of the asset offshore Guyana in the JOA will be central to the arbitration decision. Chevron hoped to finalize the acquisition by mid-2024, but the arbitration and pending regulatory review by the U.S. Federal Trade Commission introduce uncertainties. This story was orginally reported by Reuters. |
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Post by Blitz on Jun 26, 2024 7:37:37 GMT -5
www.deepwater.com/documents/FleetStatusReport/Fleet%20Status%20Report%20-%20April%202024.pdfTransocean Ltd. Provides Quarterly Fleet Status Report STEINHAUSEN, Switzerland—April 17, 2024—Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company’s fleet of offshore drilling rigs. This quarter’s report includes the following updates: Deepwater Asgard – Awarded a 365-day contract extension in the U.S. Gulf of Mexico at a rate of $505,000. Deepwater Skyros – Customer exercised a three-well option in Angola at a rate of $400,000.
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Post by bjspokanimal on Jun 26, 2024 11:18:47 GMT -5
Skyros is the only Transocean floater in west Africa so I believe it's current $310k/day contract is marginally profitable at best. Angola is a relatively inexpensive locale to operate in and dayrates on the aggregate of floaters operating there reflect that. But without sharing infrastructure and services with other company rigs in the region, economies of scale for skyros are undoubtedly a challenge, at least until skyros gets its $90k/day raise next February on an improved contract. With demand for floaters accelerating to exploit the many large discoveries there, including the gigantic mopane and Venus finds, it'll be interesting to see how Transocean approaches tenders there vs the multiple lucrative ones in Brazil this summer. With the likes of Mopane and a couple of blocks transitioning ownership shares there, timelines could be slipped somewhat but as we learned from freakmaster's post yesterday, operators like Petrobras are getting antsy about making sure they've got rigs secured today for drilling they'll need them for years down the road.
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Post by Blitz on Jul 4, 2024 7:27:23 GMT -5
Angola: SLB OneSubsea awarded contract for TotalEnergies’ Kaminho deepwater project 04 Jul 2024 www.onesubsea.slb.com/resources/news/2024/slb-onesubsea-awarded-contract-for-totalenergies-kaminho-deepwater-projectCollaborative field development to launch the first pre-salt Kwanza Basin project, offshore Angola SLB has announced the award of a contract by TotalEnergies to its OneSubsea™ joint venture for a 13-well Subsea Production System scope, including associated equipment and services, in the development of the Kaminho project, offshore Angola. The project will be developed by TotalEnergies and its Block 20/11 partners in two phases for the Cameia and Golfinho discoveries. Together, SLB OneSubsea and TotalEnergies will work to deliver a sustainable project that will improve production in Angola. During the Kaminho project’s first phase of development for the Cameia field, SLB OneSubsea will collaborate with TotalEnergies to deploy a highly configurable subsea production platform with standardized vertical monobore subsea tree, wellhead, and controls system. 'We are excited for this opportunity to unlock the large potential of the Kaminho project together with TotalEnergies,' said Mads Hjelmeland, CEO of SLB OneSubsea. 'Our collaborative contract model enables us to leverage both standardization and highly configurable subsea production platforms, creating greater efficiencies and long-term value for this and future projects in Angola and around the world.' The Kaminho project overall will involve more than 10 million man-hours in Angola, mainly with offshore operations and construction at local yards. SLB OneSubsea will play a significant role in supporting the Kaminho project locally in Angola for offshore operations including assembly, manufacturing of modules, installation, commissioning, and life-of-field services. First production is targeted for 2028, with an estimated 70,000 barrels of oil per day. Original announcement link Source: SLB OneSubsea |
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Post by Blitz on Jul 4, 2024 7:52:16 GMT -5
Because of the proximity the Orange Basin area, I'm throwing in this article about Nigeria's desire for more of the oil & gas pie form the West side of Africa's offshore bounty. That said, I think the lack of investment money is due to corruption concerns and protecting the infrastructure the money buys. Offshore resources provide an added level of security as compared to shore-based assets due to the difficulties required to steal offshore oil and gas. Top Nigeria official declares ‘war’ on obstacles to oil growth NNPC chief executive Mele Kyari says there is no reason why Nigerian oil output should not hit 2 million bpd Mele Kyari, group chief executive of NNPC. Photo: REUTERS/SCANPIX Iain Esau, Africa Correspondent, London - Updated 4 July 2024, 06:19 www.upstreamonline.com/finance/top-nigeria-official-declares-war-on-obstacles-to-oil-growth/2-1-1672630?message=%5Bnuxt%5D+instance+unavailable&stack=&statusCode=404&statusMessage=%5Bnuxt%5D+instance+unavailable&url=%2Ffinance%2Ftop-nigeria-official-declares-war-on-obstacles-to-oil-growth%2F2-1-1672630Nigeria’s state oil company NNPC has declared “war” on the impediments to the country hitting an oil production target of 2 million barrels per day, according to group chief executive Mele Kyari, while the company’s head of finance has called for the creation of more institutions to fund African energy projects. Nigeria is produced 1.25 million bpd of oil in May — plus 217,000 bpd of condensates — but is struggling to grow output due to the slow pace of decision-making and a lack of willing investors. Kyari said: “We have decided to stop the debate. We have declared war on the challenges affecting our crude oil production. You need a subscription to read this story /////////////////////////// Nigeria LNG boss slams ‘blanket’ risk perception as major block to investing in African energy Mshelbila says private capital is critical conduit for local projects to access much-needed funding Nigeria LNG chief executive Philip Mshelbila speaks during a panel discussion at the Global Energy Transition (GET) 2024 Congress in Milan, Italy. Photo: DAVIDE GHILOTTI/UPSTREAM Davide Ghilotti - Published 3 July 2024, 05:38 www.upstreamonline.com/finance/nigeria-lng-boss-slams-blanket-risk-perception-as-major-block-to-investing-in-african-energy/2-1-1671814A misunderstood perception of Africa as a single entity carrying high risks for investors is preventing capital from reaching projects in need, according to the chief executive of Nigeria LNG. Speaking in Milan, Italy, during the Global Energy Transition (GET) Congress this week, Philip Mshelbila slammed what he described as an unsophisticated approach that tends to tar an entire continent with the same brush, thus failing investors as well as the needs of local companies to grow. “Risk perception is one of the highest issues we face,” Mshelbila told delegates during a panel discussion at GET. You need a subscription to read this story |
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Post by Blitz on Jul 4, 2024 8:14:32 GMT -5
Well, if they have one of these coming to the area... this is getting serious. And now this... Saipem weeks away from signing up yard to build FPSO for TotalEnergies’ $6 billion Angola project Italian player preparing to sign contract with Asian yard in late July to fabricate FPSO for supermajor’s $6 billion Kaminho project Saipem chief executive Alessandro Puliti. Photo: SAIPEM Xu Yihe, Asia Correspondent, Singapore - Published 4 July 2024, 04:36 www.upstreamonline.com/exclusive/saipem-weeks-away-from-signing-up-yard-to-build-fpso-for-totalenergies-6-billion-angola-project/2-1-1672233Italy’s Saipem is set to finalise a contract within three weeks with an Asian offshore contractor for the construction of a floating production, storage, and offloading vessel that will serve TotalEnergies’ ambitious $6 billion Kaminho project — formerly known as Cameia-Golfinho — offshore Angola. Kaminho is crucial for Angola’s government as it aims to attract further investment in upstream activities, sustain oil production, and stimulate development in the pre-salt Kwanza basin. Despite already beginning engineering work in April at China Merchants Heavy Industry (CMHI), well-placed sources indicated that the formal commercial contract between Saipem and CMHI will not be signed until July 22. You need a subscription to read this story //////////////////// Background: TotalEnergies launches $6 billion Kaminho deepwater oil and gas project offshore Angola May 21, 2024 www.worldoil.com/news/2024/5/21/totalenergies-launches-6-billion-kaminho-deepwater-oil-and-gas-project-offshore-angola/(WO) – On Monday, May 20, Patrick Pouyanné, Chairman and CEO of TotalEnergies, João Lourenço, President of Angola, Diamantino Azevedo, Minister of Mineral Resources, Oil & Gas (MIREMPET), Paulino Jerónimo, Chairman and CEO of ANPG and Gaspar Martins, Chairman and CEO of Sonangol, announced that the company has made a Final Investment Decision (FID) for the Kaminho deepwater oil and gas project offshore Angola. TotalEnergies (40%), along with its Block 20/11 partners, PETRONAS (40%) and Sonangol (20%), announced the Final Investment Decision (FID) of the Kaminho deepwater project to develop the Cameia and Golfinho fields, located 100 km offshore Angola, in 1,700 m water-depth. The Kaminho oil and gas project, which is the first large deepwater development in the Kwanza basin, includes the conversion of a Very Large Crude Carrier (VLCC) to a Floating Production Storage and Offloading (FPSO) unit, which will be connected to a subsea production network. Designed to minimize greenhouse gas (GHG) emissions and eliminate routine flaring, this FPSO is all-electric, and associated gas will be fully reinjected into the reservoirs. Production start-up is expected in 2028, with a plateau of 70,000 bopd. The Kaminho oil and gas project will involve over 10 million man-hours in Angola, mainly with offshore operations and construction at local yards. “This project, which leverages innovation to fit with our investment criteria - breakeven under 30 $/b and carbon intensity of 16 kg CO2e/boe - will become our seventh FPSO in the country and the first-ever development in the Kwanza basin”, said Patrick Pouyanné, Chairman and CEO of TotalEnergies. Paulino Jerónimo, Chairman of the Board of ANPG, said, “The first development in the maritime zone of the Kwanza basin is important to showcase the opening of new oil frontiers in Angola, and it’s part of our strategy to keep Angola on the top of African oil producers, bringing important income to our economy.” |
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Post by Blitz on Jul 6, 2024 8:11:37 GMT -5
Saipem weeks away from signing up yard to build FPSO for TotalEnergies’ $6 billion Angola project Italian player preparing to sign contract with Asian yard in late July to fabricate FPSO for supermajor’s $6 billion Kaminho project Saipem chief executive Alessandro Puliti. Photo: SAIPEM Xu Yihe, Asia Correspondent, Singapore - Published 4 July 2024, 04:36 www.upstreamonline.com/exclusive/saipem-weeks-away-from-signing-up-yard-to-build-fpso-for-totalenergies-6-billion-angola-project/2-1-1672233Italy’s Saipem is set to finalise a contract within three weeks with an Asian offshore contractor for the construction of a floating production, storage, and offloading vessel that will serve TotalEnergies’ ambitious $6 billion Kaminho project — formerly known as Cameia-Golfinho — offshore Angola. Kaminho is crucial for Angola’s government as it aims to attract further investment in upstream activities, sustain oil production, and stimulate development in the pre-salt Kwanza basin. Despite already beginning engineering work in April at China Merchants Heavy Industry (CMHI), well-placed sources indicated that the formal commercial contract between Saipem and CMHI will not be signed until July 22. You need a subscription to read this story |
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Post by Blitz on Jul 11, 2024 8:17:07 GMT -5
Angola: Vallourec wins a major order from TotalEnergies in Angola 11 Jul 2024 www.vallourec.com/app/uploads/2024/07/20240710-PR-vallourec-TotalEnergies-Angola.pdfFollowing a call for tender, Vallourec, a world leader in premium tubular solutions, announces that it has been awarded a contract by TotalEnergies to supply almost 5,000 tonnes of OCTG solutions and associated services for the Kaminho deepwater project on Block 20, 100 km off the coast of Angola. On this project, Vallourec will supply its world-renowned range of VAM® connections and use CLEANWELL®, its more environmentally-friendly, dope-free solution. The Group will also provide its offshore expertise via VAM® Field Service as well as its Tubular Management Services (TMS) offering, which involves managing the inspection and preparation of tubes before they leave for the drilling platform, and on their return to the storage area. The products will be manufactured at Vallourec plants in France, Brazil, and Indonesia, taking advantage of the Group’s strategic premium production hubs. More broadly in Africa, Vallourec is supporting its customer with a complete range of premium products and services, including its CLEANWELL® solution in Nigeria, Gabon, Congo, and Mozambique. The Group has also worked with TotalEnergies in its exploration and appraisal campaigns, such as in Namibia, a region with strong development potential, where the Group has already supplied almost 5,000 tonnes of tubes and connections. Philippe Guillemot, Chairman of the Board of Directors and Chief Executive Officer, commented: 'We are proud to support TotalEnergies in its developments and exploration projects. I would like to thank the Vallourec teams for their commitment.' |
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Post by Blitz on Jul 17, 2024 9:56:48 GMT -5
Saipem signs deal with Chinese yard to build FPSO for $6 billion TotalEnergies project Angola's pivotal Kaminho project advances as Saipem and Chinese yard finalise FPSO contract TotalEnergies chief executive Patrick Pouyanne. Photo: TODD BUCHANAN/CORPORATEEVENTIMAGES/UPSTREAM Xu Yihe, Asia Correspondent Singapore - Updated 17 July 2024, 05:28 www.upstreamonline.com/exclusive/saipem-signs-deal-with-chinese-yard-to-build-fpso-for-6-billion-totalenergies-project/2-1-1678653Italian contractor Saipem has awarded a Chinese shipyard a significant contract to deliver a floating production, storage and offloading (FPSO) vessel for TotalEnergies’ $6 billion Kaminho project — formerly known as Cameia-Golfinho — offshore Angola. The award, made Wednesday, marks a key milestone to monetise oil and gas deposits in Angola’s pre-salt Kwanza basin, which is pivotal for an Angolan government that aims to attract further investment in upstream activities, sustain oil production and stimulate development. Kaminho is the first deepwater development in the Kwanza basin, targeting the Cameia and Golfinho fields situated in 1700 metres of water, about 100 kilometres offshore. You need a subscription to read this story |
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Post by Blitz on Jul 17, 2024 10:20:02 GMT -5
Angola’s 2025 oil and gas licensing round to follow “string” of milestones from ExxonMobil, TotalEnergies, more July 15, 2024 www.worldoil.com/news/2024/7/15/angola-s-2025-oil-and-gas-licensing-round-to-follow-string-of-milestones-from-exxonmobil-totalenergies-more/(WO) – To support production growth, Angola has introduced a fresh slate of blocks spanning marginal fields, onshore and offshore opportunities. In a first for the country, five marginal fields are on offer in Block 4, Block 14, Block 15 and Block 18 – all of which are operational. Additionally, 24 other block opportunities are available, including nine offshore blocks as part of the 2025 limited tender and four onshore blocks in the Kwanza basin. Up to 11 blocks are available as part of the country’s permanent offer program, including deepwater assets in the offshore Lower Congo basin, shallow water acreage in the Kwanza basin and one deepwater block in the Namibe and Benguela offshore basins. In its recent licensing round which concluded in January 2024, Angola offered 12 blocks in the Lower Congo and Kwanza Basin, receiving 53 bids. This initiative is expected to attract significant foreign investment and spur technological advancements in the sector. This month, Angola awarded new concessions for Block CON 8 – located in the Lower Congo Basin – to oil and gas companies Etu Energias, Effimax Energy and Grupo Simples Oil. These efforts signal a move to revitalize the nations onshore potential. Angola’s recently launched block opportunities follow a string of milestones achieved in the country in recent months. In May 2024, energy major TotalEnergies and its partners on Block 20/11 announced a final investment decision (FID) for the Cameia and Golfinho fields. The announcement signals the start of development of the $6 billion Kaminho deepwater project – the first large-scale deepwater development in the Kwanza Basin. This project is set to significantly boost Angola’s oil production and enhance its standing as a leading oil producer in Africa. The French major also made FID in 2022 for the development of the Begonia oil field and is set to commission the Block 17/06 project in late 2024. Set to produce 30,000 bpd once operational, the project will utilize advanced subsea technology and contribute significantly to Angola’s oil production. The government has also given the greenlight for international oil companies to ramp up exploration efforts in Angola, leading to significant discoveries. Energy major ExxonMobil, international energy companies Azule Energy and Equinor and national oil company Sonangol recently discovered oil in the Likembe-01 exploration well in Block 15, marking the first well to be drilled as part of the Angolan government’s Incremental Production Program. The Incremental Production initiative is set to offer new incentives to increase production at active blocks in the country as well as license extensions and favorable fiscal terms to investors. Meanwhile, the government is expanding its oil and gas infrastructure to accommodate growing production and support regional demand. New initiatives include the increase of refining infrastructure and oil processing capacity, with the construction of the 200,000 bpd Lobito Refinery and the 60,000 bpd Cabinda Refinery underway. The first phase of the Cabinda Refinery will generate 30,000 bpd and is expected to be commissioned in November 2024. “Angola’s oil and gas sector stands at a pivotal juncture, demonstrating resilience and potential for growth. Despite being a mature market, efforts to revitalize exploration through competitive tenders, strategic marginal opportunities and regular engagement with IOCs are set to drive production growth. The country’s approach to attracting investment is one that should be replicated continent wide,” states NJ Ayuk Executive Chairman of the African Energy Chamber. |
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Post by bjspokanimal on Jul 17, 2024 11:26:02 GMT -5
Clearly, continental drift split Brazil's and Angola's share of the pre-salt
formations right down the middle. The post above discusses mostly "marginal"
and "operational" fields onshore and in shallower water. The best prospects
are in the deeper water, including the pre-salt deposits there that are similar
to Brazil's.
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Post by Blitz on Jul 17, 2024 18:19:42 GMT -5
Etu Energias makes deepwater entry with $443 million Galp Energia deal offshore Angola July 17, 2024 www.worldoil.com/news/2024/7/17/etu-energias-makes-deepwater-entry-with-443-million-galp-energia-deal-offshore-angola/(WO) – Etu Energias has entered a deal to acquire Galp Energia’s stake in Block 32, Block 14, and Block 14K offshore Angola for $443 million. The announcement was made by PAC Capital Limited, an investment banking firm involved in the transaction. Signatory Parties of the deal on the sidelines of the 31st Afreximbank Annual Meetings (AAM) and the 3rd AfriCaribbean Trade and Investment Forum (ACTIF) in Nassau, Bahamas (Source: PAC Capital Limited) The acquisition transaction includes Galp’s 5% non-operating stake in Block 32, 9% non-operating stake in Block 14, and 4.5% non-operating stake in Block 14K. “The close collaboration between the different parties was fundamental to the success of this business, which represents Etu Energias’ entry into deepwater oil production. The conclusion of this Transaction demonstrates the resilience of our company and represents a huge step in our strategy to build a profitable and diversified portfolio.” said Edson R. Dos Santos, Etu Energias´s Chairman and CEO. This acquisition significantly enhances Angola's energy security by empowering local companies to own strategic petroleum assets, thereby strengthening the nation’s energy sector. It marks a pivotal moment in the ongoing effort to boost local participation and leadership in the oil and gas industry in Angola. Humphrey Oriakhi, Managing Director of PAC Capital, expressed his excitement about the deal, saying, “This transaction provides the opportunity for another African company to make inroads into these strategic assets, previously dominated by International Oil Companies (IOCs), thereby giving a significant advantage for majority stakes.” |
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Post by bjspokanimal on Jul 18, 2024 0:12:23 GMT -5
@ blitz re: Galp selling Angola offshore oil interests; We are all familiar with Galp as the company that is currently taking bids to sell half of its 80% interest in the Namibia block that contains the giant deepwater Mopane discovery. It appears that Galp is monetizing both half of its Mopane and the Angola stakes in order to ensure that it has the money to pay for it's share of the cost to bring Mopane into production. 40% of the cost of developing Mopane will entail a lot of money, but it will also ultimately produce a ton of cash flow for Galp. The farm-in for 40% of the Mopane block will greatly accelerate its development, which will also accelerate the contracting of the necessary drillships they'll need.
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Post by Blitz on Jul 18, 2024 6:08:02 GMT -5
@ blitz re: Galp selling Angola offshore oil interests; We are all familiar with Galp as the company that is currently taking bids to sell half of its 80% interest in the Namibia block that contains the giant deepwater Mopane discovery. It appears that Galp is monetizing both half of its Mopane and the Angola stakes in order to ensure that it has the money to pay for it's share of the cost to bring Mopane into production. 40% of the cost of developing Mopane will entail a lot of money, but it will also ultimately produce a ton of cash flow for Galp. The farm-in for 40% of the Mopane block will greatly accelerate its development, which will also accelerate the contracting of the necessary drillships they'll need. Thanks, bj. I agree. They don't want to be like the Guyana players that bought blocks and cannot exploit them. I believe I read XOM is currently making something like $1.3B/month offshore Guyana. A company can catch up pretty quick once the revenue starts flowing along with the oil & gas. |
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Post by bjspokanimal on Jul 18, 2024 11:48:20 GMT -5
@ blitz; The big difference with ultra-deep E&D is that that is where the giant
discoveries are yet to be made, but it's very expensive to develop them. So companies
like Galp successfully bid on tracts with nice looking seismic echos, drill a couple
of wildcats, and if they hit paydirt like Mopane, they farm a big IOC like Exxon,
Shell or Chevron into it for a big payday to help with their share of the expenses and
bank the proceeds once it produces years down the road.
It's very easy for a less-capitalized oil company to get in over their heads with
ultra-deepwater when they try too hard to go it alone, given the immense costs of
rig dayrates, FPSOs and all the high-pressure capable infrastructure that's involved.
But there just aren't any more multi-billion barrel discoveries left to be made on
land or in shallow water, and that's why every analyst projection is that ultra-
deepwater will lead the pack in the years and decades to come.
The fact that ultra-deepwater is where the big finds are left is also a big reason
why it's doubtful that new discoveries will ever be on par with global consumption
ever again. The more resources needed to find and develop oil, the harder it will
be for discoveries to match up with consumption. That would be a recipe for much
higher future oil prices if not for OPEC's massive resources, but it will provide
key OPEC players with more and more pricing power over the decades to come.
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Post by Blitz on Jul 23, 2024 6:51:49 GMT -5
En-BP venture studies tantalising Angola exploration well Azule’s well in lightly drilled part of prolific block was a non-commercial discovery, but offers insight into area holding two untapped finds Azule Energy chief executive Ardriano Mongini. Photo: AZULE ENERGY Iain Esau, Africa Correspondent, London - Published 40 minutes ago www.upstreamonline.com/exploration/en-bp-venture-studies-tantalising-angola-exploration-well/2-1-1681599Azule Energy is evaluating the oil and gas potential of a promising area of its core acreage in Angola after tantalising results from an exploration well drilled last year. Along with TotalEnergies, the Eni-BP joint venture is the most active driller in Angolan waters as it searches for deposits it can exploit quickly via early production systems before embarking a full-field projects. Last September, Upstream reported that Azule had completed a probe called Lumpembe-1 in Block 15/06 using Saipem’s semi-submersible rig Scarabeo 9. You need a subscription to read this story |
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Post by Blitz on Jul 24, 2024 11:29:08 GMT -5
ExxonMobil could invest $15 billion offshore Angola following successful exploration campaigns July 24, 2024 www.worldoil.com/news/2024/7/24/exxonmobil-could-invest-15-billion-offshore-angola-following-successful-exploration-campaigns/(WO) – Following the results of ongoing drilling campaigns, oil and gas major ExxonMobil could invest as much as $15 billion in Angola’s Namibe basin by 2030. Active in the country for 30 years, the company is developing a series of large-scale oil and gas projects while implementing initiatives to maximize output at producing fields. Boasting 18 discoveries in Block 15 alone, ExxonMobil is intensifying its exploration and production activities in the country, aligning with national objectives to maintain production above 1.1 MMbpd through 2027. The company currently produces 200,000 bpd across various high-potential blocks, with interests in Blocks 15, 17, 32, 30, 44, and 45. Hitting a milestone of 2.5 Bbbl of cumulative production at Block 15 in 2023, the company remains committed to supporting production growth in Angola. The company’s commitment to reinvesting in active oil fields is beginning to unlock new opportunities for production growth in Angola ExxonMobil is making great strides towards maximizing production at active oil fields in Angola. In line with the country’s Incremental Production initiative – which aims to incentivize investment in producing fields through amended fiscal terms – the company made a discovery at the Likember-01 research well in Block 15 this year. Situated in the Kizomba B development area, the well revealed the existence of high-quality hydrocarbon-bearing sand packages and was the first to be drilled as part of the Incremental Production program. The discovery follows another find made at the Bavuca Sul-1 exploration well in November 2022, both of which underscore additional potential at Block 15. “Angola has transformed from a nascent explorer into one of Africa’s largest oil producers. ExxonMobil has contributed significantly towards the growth of the Angolan energy market through large-scale investments, innovative technologies, infrastructure development and a commitment to local empowerment. Notwithstanding the value of producing projects, the company’s commitment to reinvesting in active oilfields is beginning to unlock new opportunities for production growth in Angola, showing the value of directing capital towards maximizing output,” stated NJ Ayuk, the Executive Chairman of the African Energy Chamber. |
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Post by Blitz on Jul 24, 2024 11:30:08 GMT -5
All eyes on ExxonMobil's long-awaited deepwater wildcat Drillship arrives on US giant's offshore Angola block, ready to spud groundbreaking exploration well ExxonMobil chief executive Darren Woods. Photo: JESSICA CHRISTIAN/SAN FRANCISCO CHRONICLE/AP/SCANPIX Iain Esau, Africa Correspondent - Updated 24 July 2024, 10:25 www.upstreamonline.com/exploration/all-eyes-on-exxonmobils-long-awaited-deepwater-wildcat/2-1-1682380ExxonMobil is about to spud a long-awaited deepwater wildcat in the frontier Namibe basin offshore Angola. If the US giant strikes big oil with its Arcturus-1 probe in Block 30, it will be a huge boost for one of Africa’s long-neglected plays, opening up a new exploration frontier in a basin that extends into northern Namibia. Drillship Valaris DS-9 arrived at location on 23 July and appeared to be preparing to spud ExxonMobil’s wildcat, according to marine intelligence provider VesselsValue. You need a subscription to read this story |
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Post by Blitz on Jul 30, 2024 20:34:15 GMT -5
I get the feeling you need big bucs to play in deepwater... Saipem signs deal with shipyard to build FPSO for $6 billion TotalEnergies project Angola's pivotal Kaminho project advances as Saipem and Chinese yard finalise FPSO contract TotalEnergies chief executive Patrick Pouyanne. Photo: TODD BUCHANAN/CORPORATEEVENTIMAGES/UPSTREAM Xu Yihe, Asia Correspondent Singapore - Updated 18 July 2024, 05:35 www.upstreamonline.com/exclusive/saipem-signs-deal-with-shipyard-to-build-fpso-for-6-billion-totalenergies-project/2-1-1678653Italian contractor Saipem has awarded a Chinese shipyard a significant contract to deliver a floating production, storage and offloading vessel for TotalEnergies’ $6 billion Kaminho project — formerly known as Cameia-Golfinho — offshore Angola. The award, made Wednesday, marks a key milestone to monetise oil and gas deposits in Angola’s pre-salt Kwanza basin, which is pivotal for an Angolan government that aims to attract further investment in upstream activities, sustain oil production and stimulate development. Kaminho is the first deepwater development in the Kwanza basin, targeting the Cameia and Golfinho fields situated in 1700 metres of water, about 100 kilometres offshore. You need a subscription to read this story |
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Post by bjspokanimal on Jul 31, 2024 14:06:22 GMT -5
All eyes on ExxonMobil's long-awaited deepwater wildcat Drillship arrives on US giant's offshore Angola block, ready to spud groundbreaking exploration well ExxonMobil chief executive Darren Woods. Photo: JESSICA CHRISTIAN/SAN FRANCISCO CHRONICLE/AP/SCANPIX Iain Esau, Africa Correspondent - Updated 24 July 2024, 10:25 www.upstreamonline.com/exploration/all-eyes-on-exxonmobils-long-awaited-deepwater-wildcat/2-1-1682380ExxonMobil is about to spud a long-awaited deepwater wildcat in the frontier Namibe basin offshore Angola. If the US giant strikes big oil with its Arcturus-1 probe in Block 30, it will be a huge boost for one of Africa’s long-neglected plays, opening up a new exploration frontier in a basin that extends into northern Namibia. Drillship Valaris DS-9 arrived at location on 23 July and appeared to be preparing to spud ExxonMobil’s wildcat, according to marine intelligence provider VesselsValue. You need a subscription to read this story If this is another Venus or Mopane, then it's katy bar the door down there. This has the potential to move that basin ahead of Guyana's big developments. Since there are many more oil companies involved with those blocks in Angola and Namibia, each could advance it's own development projects with it's own floaters. In Guyana, 90% of the development is one partnership, namely Exxon, Hess and CNOOC in the Stabroek block. |
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