Azule signed the main contracts for the Agogo project on Block 15/06 in February. It awarded riser and flowline supply to TechnipFMC, while Subsea 7 won transportation and installation work.
The licence extension was a condition for Afentra’s deal with Sonangol. The company agreed in April 2022 to pay $80mn for a 20% stake in Block 3/05. At the time, Afentra said it expected the deal to complete in the third quarter of 2022.
US-listed Cobalt International Energy initially explored the blocks. Total bought into the assets in 2019 from Sonangol, following Cobalt’s bankruptcy.
Frank’s was private until August 2013. It continued to pay bribes after going public, the SEC said. While public, the company won another five contracts while using its sales agent.
Oil production from the block could start as early as two years after a deal is signed, Budimbu said.
Nigeria’s emissions are 16 kg of CO2 per barrel and Angola’s 17 kg, while on the shelf they rise to an average of 33 kg.
Sonangol has set out plans to restructure its interests in the Paenal yard and create a new operating model.
ExxonMobil could invest $15 billion through 2030 if it makes commercial oil discoveries in the Namibe Basin, Paulino Jeronimo, chairman for the Angola National Agency for Petroleum, Gas and Biofuels, said in Luanda.
According to a recent Eni presentation, Agogo is due to start up in 2026. It will produce 175,000 barrels per day in 2027.
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.”
Total discovered Girassol in 1996 and began producing within five years. The field celebrated its 20-year anniversary in 2021.
CEO Silva said Galp’s upstream was now purely focused on Brazil, “at least until we have more news from [Sao Tome] and Namibia”.
Operations had returned to normal in the third quarter in Gabon, Maurel said. The company began a well stimulation campaign in the fourth quarter of 2022, with the field now capable of producing more than 21,000 bpd.
Angolan President Joao Lourenco dismissed dos Santos in November 2017, shortly after becoming president. Isabel was the daughter of Lourenco’s predecessor, Jose Eduardo dos Santos. Isabel is believed to be in Dubai.
The company said the “energy sector in particular is likely to benefit considerably from improved connectivity”.
The plan involves developing 2 GW of renewable energy in Angola, 1 GW in Uganda and 2 GW in Zambia. The agreement with Zambia set out plans to work on wind, solar and hydropower.
It cited analysis by Boston Consulting Group stating that by 2038 there would be 1,000 offshore structures in the Arabian Gulf that would no longer be economically viable.
Shelf Drilling has extended the contract on its Shelf Drilling Tenacious jack-up, offshore Angola.
The continent’s two biggest oil producing nations have made recent reforms to their upstream regulatory regimes, which were been long awaited and the changes largely well received.
PTT Exploration and Production (PTTEP) has struck a deal to sell its 2.5% stake in Block 17/06 to Somoil and exiting the country.
Yinson Production has agreed to work on the Agogo FPSO for Azule Energy, in Angola’s Block 15/06.
Sonangol has begun building a second oil tanker, following an oil cutting ceremony in South Korea on November 28.
Equatorial Guinea and Congo Kinshasa have signed an agreement to work together, including in the construction of a joint-owned refinery and a controversial licence round.
BP has picked a Valaris rig to drill four wells offshore Egypt, starting late in the third or early in the fourth quarter of 2023.
Shelf Drilling has extended a contract with Chevron in Angola for the Shelf Drilling Tenacious.