Kosmos looks for inflection, but TEN a drag
โWith 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.โ
โWith 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.โ
Past drilling on the block has suggested there is potential, with an โextensive prospect inventoryโ within tie-back distance to Ceiba and the Okume complex.
Africa Oil said the block contains a number of gas-prone prospects in water depths of less than 80 metres. Crucially, it is close to existing infrastructure, including the Alba gas field and the Punta Europa LNG plant.
OPEC appointed Obiang Lima president for 2023. He is also the head of the Gas Exporting Countries Forum (GECF). For now, he continues to hold both those positions.
โPanoro is entering a phase of continual drilling activity which will see at least 10 wells being drilled in Gabon and Equatorial Guinea over the next 12 to 15 months and deliver a step-change in working interest production,โ said company CEO John Hamilton.
โProduction is not at the level we would like. We intend to own the asset and we need a new plan of development, which will take different things into consideration,โ he said. Many wells need to undergo workovers, he said, in order to make it fit for the long term.
โRight now, we have close to 64 wells that need to be redrilled, and for this, we cannot find funds. A lot of infrastructure has been designed for a specific period and without funds, we are left with a lot of problems.โ
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.
ExxonMobil is โworking towardsโ decommissioning its Zafiro Producer unit, offshore Equatorial Guinea.
Equatorial Guinea has said it will send the Heroic Idun VLCC, and crew, to Nigeria, where they may stand trial for charges related to potential oil theft.
A London court has ordered commodity trader Glencore to pay ยฃ280.97 million in penalties as a result of its bribe paying.
Vaalco Energy has completed the installation of new floating infrastructure off Gabon, shortly after completing its merger with TransGlobe Energy.
Nigeriaโs Atlas Petroleum International has objected to Vaalco Energyโs announced plans to develop the Venus field, in Equatorial Guinea.
Equatorial Guinea has approved the Venus plan of development hatched by Vaalco Energy, targeting first oil in 2026.
In this day and age, there is no space for a small cap oil company, according to TransGlobe Energy CEO and president Randy Neely, making the case for a tie up with Vaalco Energy.
Zafiro has halted production after water entered the floating production unit (FPU), with the operator evacuating non-essential workers.
Trident Energy has signed up a rig from Island Drilling for work offshore Equatorial Guinea.
African ministers have put the case forward for gas, both as an export commodity and a domestic enabler, with an eye on the upcoming COP27.
Iraqโs SOMO has endorsed Saudi Arabiaโs take on the oil marketโs situation, expressing concerns around โfalse signalsโ for the market.
Two Chinese companies have signed a framework agreement to build a modular refinery in Equatorial Guinea.
Equatorial Guineaโs navy has arrested a VLCC that had fled from Nigeria, after an alleged attempted loading at the Akpo field.
Africa could build 120 million tonnes per year of LNG capacity, the International Gas Union (IGU) has said, but development remains slow.
Egyptian companies have struck deals to carry out work in Equatorial Guinea, according to recent high-level talks.
Glencore has agreed to pay penalties of $1.06 billion to US and Brazilian authorities. More is to come in a UK settlement with the Serious Fraud Office (SFO).
Vaalco Energy will focus on delivering its expansion projects this year, while avoiding any threats to production, CEO George Maxwell has said.