West Africa ///

Nigeria isn’t crossing its fingers on $62 billion profit-sharing claim

Nigeria does not expect that it would get all of the $62 billion claim made against international oil companies in a dispute over sharing of profits from deepwater wells.

Seplat to buy Eland as it pursues top spot among Nigeria E&Ps

The deal highlights how the retreat of some oil majors in recent years is allowing independent players to grow.

Nigeria, oil majors start talks to end $62 billion dispute

Nigeria began preliminary talks with international oil companies to settle a dispute over revenue. The government, citing a 2018 Supreme Court ruling, says it’s entitled to $62 billion from the companies after they failed to comply with a 1993 law that hands the state a greater share of income when oil exceeds $20/bbl.

Cameroon delegation visits LAGCOE to seek out industry expertise

A delegation of 20 companies from Cameroon visited LAGCOE this week, seeking industry expertise and investment dollars to meet the West African nation’s growing energy challenges.

U.S. Ambassador hosts Angolan delegation to explore joint E&P opportunities

U.S. ambassador to Angola, the Hon. Nina Maria Fite, hosted a delegation of top Angolan oil and gas officials to explore opportunities for the two nations to collaborate on the next phases of Angolan energy development.

Nigeria demands $62 billion from oil majors for past profits

Nigeria is seeking to recover as much as $62 billion from international oil companies, using a 2018 Supreme Court ruling the state says enables it to increase its share of income from production-sharing contracts.

OPEC is prepared to make deeper cuts if needed, Nigeria says

“Everybody agrees in OPEC that we need to stabilize the market. We cannot allow prices just to plummet,” Nigerian Minister of State for Petroleum Resources Timipre Sylva said.

Equatorial Guinea launches 2020 investment agenda with the African Energy Chamber

Supported by the African Energy Chamber, the Year of Investment 2020 is an initiative of the Ministry of Mines and Hydrocarbons to pursue Equatorial Guinea's agenda of energy cooperation and investment, and see the signing of several energy deals in 2020.

Angola publishes bid round rules for 10 frontier blocks

The nine blocks on offer in the Namibe basin include—11, 12, 13, 27, 28, 29, 41, 42 and 43. The single block on offer in the Benguela Basin is block 10. All are considered frontier and currently have no hydrocarbon production.

CGG delivers 4D BP Angola survey ahead of schedule

Radwa El Zidan, geophysicist from the BP-Angola asset team, said “We were very impressed by the CGG team’s commitment to achieving an early delivery of the data on what was already a challenging schedule. The early delivery of results will accelerate our active reservoir management program for this field.”

TGS kicks off latest 3D survey offshore Africa

TGS has has fired first shot to commence a new survey in the MSGBC Basin, offshore north-west Africa. The Senegal Ultra-Deep offshore 3D survey covers over 4500km2, with a modern broadband acquisition set-up.

Uganda pushes oil companies to carry on, even as Tullow plan fails

Uganda is pressing the developers of its oil fields to commit to making a final investment decision this year, anxious to ensure that a failed plan by Tullow Oil to sell a stake in the project doesn’t stymie progress.

VAALCO kicks off its offshore Gabon drilling campaign

The objective of the Etame 9P appraisal wellbore is to test the Dentale reservoirs beneath the Etame field. VAALCO estimates that there could be up to 4.6 MM gross barrels of recoverable oil present in the Dentale reservoirs.

ION announces new 2D multi-client program offshore West Africa

ION Geophysical announced a new 2D multi-client program offshore West Africa. The industry-supported NamibeSPAN program covers the underexplored Namibe basin offshore southern Angola.

First oil

Kurt Abraham, World Oil

Another mixed outlook awaits the E&P sector

OPEC’s Equatorial Guinea banking on a $700 million IMF deal by 2020

Equatorial Guinea wants to secure $700 million in support from the International Monetary Fund by January as the country seeks to help shore up central Africa’s common currency.

Total suspends $3.5 billion pipeline project after Tullow deal collapses

Total SA has suspended its planned $3.5 billion crude export pipeline from Uganda to Tanzania after the collapse of a deal to buy a stake in Tullow Oil’s oil fields in Uganda.

Sonadrill JV scores $101 million Angola drillship contract

Sonadrill, Seadrill Limited’s 50:50 joint venture with an affiliate of Sonangol, has secured a nine well contract with six options, each for one well, in Angola for the Libongos drillship.

Airborne Oil & Gas secures TCP Flowlines contract with supermajor in West Africa

Airborne Oil & Gas has been awarded a large contract from a supermajor through Oceaneering International to supply Thermoplastic Composite Pipe (TCP) flowlines for deployment in West Africa.

Nigeria can “easily” boost oil output next year, Kyari says

Nigeria can easily boost its oil production next year to at least 2.5 MMbpd, according to the newly appointed head of the state oil company.