“The cost of getting things done is astronomically higher for oil and gas than for the greener projects,” he said. “In the longer term it’s bullish for prices, as not enough investment is going into the areas where it should be.”
The company said media reports had been “clearly calculated to spread false information”. Seplat will work with the ministry to tackle the allegations, it said.
In Cote d’Ivoire, the independent is planning to drill an exploration well in 2024 on CI-524. The company has also secured a new licence in the country, CI-803, where it sees insights from its Tano Basin knowledge.
“We remain fully focused on taking the Anchois project to first gas in a way that can continually grow the resource and project scale and help unlock the basin scale potential that we see across our licence area."
The Deepsea Bollsta rig carried out the Jonker work. Shell said the semi-submersible would remain on PEL 39 to drill further exploration and appraisal wells.
Saipem’s contract did not, though, cover reactivation costs for the rig. As a result, Deep Value Driller entered into a loan facility for $75 million, which will mature in three years.
While the court found against them, the six organisations appear determined to continue their legal fight. “We will continue to work harder than ever in the courts and elsewhere”, Kamugisha said.
While Aker Energy has attributed delays at Pecan to Lukoil, the company has faced other problems. The company’s first plan was seen as overly aggressive and politically unpalatable, forcing it to rethink development.
“With higher production and lower capital, free cash flow is expected to rise into 2024 providing multiple pathways for the company to deliver value for our shareholders.”
It did though note that “armed and unknown men” had forcibly evicted Eroton staff from the Alakiri gas plant on February 24. These men claimed to represent OML 18 Energy Resource, a subsidiary of Sahara Group.
The plan, he said, would not be “to appraise everything”. Instead, the partners in the block would “accelerate the time to market … if we have the chance to really confirm the volumes which seems to have been discovered, there will be room to make fast track developments, like we did on Block 17, 25 years ago.”
While drilling is ahead of schedule in Mozambique, gas production was 2% lower, Sasol said. This is “due to reduced demand from our own operations and the external market largely due to the ongoing power outages”.