“Marginal fields would [henceforth] be prioritised in terms of their location to those who have modular refineries, so that they will be able to produce,” he said.
It bolsters “our growth aspirations and ongoing commitment as a key partner in Egypt’s energy landscape. Successful delivery of our current exploration campaign is part of Shell Egypt’s growth strategy.”
The need to sidetrack is “disappointing”, he said. “It would have been fantastic to get this all in one go. It’s still only the second well in the basin and it’s the first time we’ve drilled into the Lower Angwa,” Macmillan said. “We are going to get some surprises, good and bad.”
Operations at the Nigerian oil block have been halted for more than a decade by a series of trials and competing legal claims.
In September, Apex started producing gas at the Faramid project, in IEOC’s East Obaiyed. Apex has a 25% stake in the project, which is producing 24.4 million cubic feet per day of gas.
Capricorn will “vigorously defend” its position, it said. This may include “exercising rights under the sales agreement”, it said.
“The wider refinancing continues, and while the overall cost of the debt has increased, the maturity of the debt has been extended, which takes pressure off the balance sheet in the near term,” Kelty said.
FEED work “could facilitate” a final investment decision (FID) on Preowei, Africa Oil, said.
A domestic Ivoirian company, Ice Oil & Gas, has signed a licence to explore a block offshore, previously held by TotalEnergies.
Dhir said the Glencore debt and Tullow’s cash, in addition to $800mn of free cash flow from 2023 to 2025, would “allow us to fully address all outstanding 2025 notes”.
The block is to the north of Block 2913B, where TotalEnergies has made discoveries including Venus.
OMV had held its licence under force majeure until September this year. It declared the contractual stoppage in 2014.
“We look forward to rapidly bringing these high-value barrels into production. The result also confirms the significant potential of the Dussafu licence where we have multiple additional future prospects.”
The company holds Block 2914B, next to Shell’s Block 2914A. Galp is to the north, at PEL 83, where it intends to begin drilling on the Mopane complex this month.
In September, it sold non-operated stakes in the Kaybob Duvernay and Placid Montney for $104 million. The plan is to invest some of the proceeds in international works.
The two officials denied impropriety. Hamuli told BIJ the process had been “rigorous, transparent and credible … I didn't have to bribe the minister, the poor guy.”
Zenith is claiming at least $48 million under the ISCID case. It did not specify a value for the separate ICC proceedings.
The FPSO is on its way to West Africa, the CEO said, while the FLNG facility should leave Singapore by the end of 2023. According to Marine Traffic, the FPSO is today offshore Maputo.
Speaking at the company’s AGM, the executive said drilling on this well had been “much, much better” than the Mukuyu-1.
“ARA is now well positioned to take decisive steps towards developing the asset and ensuring that the natural gas produced from the Ntorya field is introduced to the market as quickly as possible."
The company said ANOH had faced challenges in the “security situation, poor weather, and contractor performance”.
Equatorial Guinea Vice President Teodoro Nguema Obiang Mangue said state-backed Gepetrol was on the way to increasing its operational capacity.
The company had made a commitment to spend $31mn on the Chiapas blocks by February 2024.
Total plans to drill one exploration well. Should it be successful, it may drill up to nine more.
“The significant prospectivity of PEL 83 together with its relatively shallower water depth, position it to be one of the most significant and profitable developments in the Orange Basin,” he added.