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Exploration

Preliminary evaluation indicated rise in Hibiscus gross recoverable reserves. (Image source: Adobe Stock)

BW Energy announced a substantial oil discovery on the northern flank of the Hibiscus field, post conclusion of the drilling and logging of the DHIBM-7P pilot well

The oil is with good reservoir quality and a material uplift to the Hibiscus area. 

Preliminary evaluation indicated rise in Hibiscus gross recoverable reserves (mid-case) of approximately 8-12 mn bopd. Gross production from the Dussafu licence is approximately 23,200 barrels of oil per day, amounting to a total gross production of approximately 2.14 mn barrels of oil

The well will be completed as a development well later in 2024.

First Gamba-Dentale accumulation in Hibiscus 

The DHIBM-7P development adds to BW Energy's previous find in DHBSM-2P pilot well which too revealed good prospects

The DHIBM-7P pilot was drilled from the MaBoMo production platform to a total depth of 3,941 metres.

Drilled by the Borr Norve jack-up rig the target area is located approximately 1.5 kms north-northwest of the MaBoMo. 

Notably, the hydrocarbon column extends across the boundary between the Gamba and the underlying Dentale formation.

This is the first example of a common Gamba-Dentale hydrocarbon accumulation in Hibiscus Field.

The current operation in Dussafu is to complete the development well (DHBSM-2H) in the northern flank of the Hibiscus South field that was recently successfully appraised.

The acquisition increases Afentra's interest in Block 3/05 to 30%, and that in Block 3/05A to 21.33%. (Image source: Adobe Stock)

Afentra has completed the Azule acquisition offshore Angola with a 12% non-operating interest in Block 3/05, and 16% non-operating interest in Block 3/05A

This increases Afentra's interest in Block 3/05 to 30%, and that in Block 3/05A to 21.33%.

Well on schedule post government approval, this is a major development for the company since the sale and purchase agreement between Azule Energy Angola Production B.V. and Afentra (Angola) Ltd was announced last year on 19 July.

The acquisition makes Afentra the owner of a total 480,000 bbls of crude oil stock. 

Combined gross production for the first four months of 2024 has averaged 23,000bopd (Net: ~6,800, bopd).

With 45 interventions planned over two campaigns, Afentra will continue its light well intervention programme that began during 2023, continues into 2024. 

The next sale of crude oil cargo (~450,000 bbls) is planned in June.

Focus on production optimisation

Afentra CEO Paul McDade, who has always appreciated the investment environment of Angola, said, “The completion of the Azule Acquisition is the final step in the complex process of acquiring a material equity position in both Block 3/05 (30%) and Block 3/05A (21.33%) through three separate transactions. We have now achieved our first goal of having significant exposure to these world-class production and near-term development assets. The next step, working closely with our Joint Venture partners, is to deliver the full potential of these assets for the benefit of all of our stakeholders while also reducing the carbon footprint of the assets. As with the previous two transactions the acquisition structure ensures that Afentra benefits from the net cash flow from the assets while working through the completion process, significantly reducing the cash payment at completion. I would like to thank Azule, ANPG and all the other parties involved for their pragmatism and support through this complex process. The Block 3/05 asset continues to perform strongly following the successful implementation of an ongoing work programme designed to optimise production from the existing wells. The completion of this transaction presents a strong growth platform for Afentra to capitalise on further compelling opportunities in Angola as well as in target markets in West Africa as we seek to build Afentra into a leading African focused independent.”

Signed at the NNPC Ltd's corporate headquarters in Abuja, the agreement was reached to boost upstream operations. (Image source: NNPC Ltd)

In an opportunity for value acceleration, NNPC Energy Services Limited (EnServ) has entered a technical partnership agreement with Schlumberger (SLB) 

Signed at the NNPC Ltd's corporate headquarters in Abuja, the agreement was reached to boost upstream operations.

As the 70-year NNPC-SLB relationship continues to grow strong, the oilfield services company is keen on investing in local talents and building capacity through technology and performance. Mele Kyari, Group CEO, NNPC Ltd said, “We are counting on Schlumberger (SLB) as our partners of 70 years. We are in business; we see the opportunities and strategic need to work with you and ultimately, we will create value for our country." 

With a definite plan around well drilling activities and associated operations in the next few years, Kyari believes that the partnership can potentially result in heightened activity and more drilling campaigns. “Quite a number of reforms are unfolding, and at the back of it is a potential release of investment that we are seeing in a very short term. Our physical environment is excellent today; contracting processes have been reviewed by virtue of the clear reforms Mr. President has put in place; and ultimately, we are already seeing substantial energy going into unlocking opportunities of today,” he said.

From plans to introduce a rig share platform to increased gas utilisation, NNPC has all hands on deck to raise crude oil production. In April, along with its joint venture partner in the field, Newcross Exploration and Production Ltd, NNPC resumed production from the Abowa unit field which is capable of hitting 12000 bopd every month. 

Achieving exploration and production targets

“We are here to celebrate the strategic partnership that we signed with EnServ as a technical partner. This agreement is geared towards unlocking the capacities of EnServ for Nigeria, which potentially will help NNPC Ltd to achieve its exploration and production targets. We look forward to using this technical partnership as a springboard to accelerate the vision that the industry needs.

“We are pleased to be at the center of this transition and are in a position where we can bring our technical capability, technology, and capacity to the country so as to support the operations of NNPC Ltd,” said Olivier Le Peuch, CEO, Schlumberger (SLB)

SLB is committed to promoting energy innovation and decarbonisation in Nigeria, especially since the company opened a West Africa regional office in Lagos early last year. 

Already a key exporter to Europe, Algeria has upped its game to widen reach in the international gas market. (Image source: Adobe Stock)

ExxonMobil has signed a deal with Sonatrach to develop two major gas fields in Ahnet and Gourara basins in southern Algeria

Signed by Sonatrach’s chief executive Rachid Hachichi and ExxonMobil’s head of exploration John Ardill, the deal highlights technological advancements and sustainability. 

Already a key exporter to Europe, Algeria has upped its game to widen reach in the international gas market. 

It is extensively collaborating with international oil companies, and continuously looking at ways to boost production. In a latest development, Sonatrach onboarded energy tech company Baker Hughes to stimulate production from the country's largest gas field, Hassi R’ Mel

In line with its US$50bn oil and gas investment plan that extends till 2027, Sonatrach recently initiated phase two of the southwest gas project, launching three key fields – Hassi Ba Hamou, Hassi Tidjerane, and Tinerkouk

Hydrocarbon Law drawing oil majors

Post introduction of the Hydrocarbon Law in 2019, Algeria has been showered with exceptional gas yeild which broke all records last year at 136 bn cu/m. Natural gas contributed two-thirds of its total oil equivalent production.

The flexible fiscal terms of the Hydrocarbon Law drew majors such as Chevron, Pertamina and TotalEnergies to name a few. 

While Chevron is eyeing Algeria’s gas-rich Ahnet, Gourara and Berkine basins, Pertamina anticipates drilling 12 oil wells in Block 405a. The Indonesian company has plans to invest over US$800mn in the Menzel Lejmat Nord block.

Last year, TotalEnergies signed an MoU with Sonatrach to develop gas resources in the North-East Timimoun region

 

 

140,000 bopd accounts for approximately a half of Congo's oil production. (Image source: Adobe Stock)

TotalEnergies will be investing US$600mn for exploration and production upkeep of Moho Nord field in the Congolese deepwaters

At roughly 140,000 barrels of oil per day, the Moho Nord field accounts for approximately half of oil production from Congo.

With four reservoirs spanning across 320 sq km in water depths of 750m to 1,200m, TotalEnergies is working towards ensuring an additional production of 40,000 bpd, taking the country's yeild count to 267,000 bpd.

Following an acquisition agreement with Trident Energy, TotalEnergies will enjoy majority operational stake in the Moho permit with 63.5%. Trident set up shop in Congo this April following its acquisition of the entire issued share capital of Chevron Overseas (Congo) Limited.

Besides work in Moho Nord, this year TotalEnergies is expecting production from offshore Marine XX permit

Two drilling rigs have already arrived to start production from almost 2,000m water depths in an area of 3,285.8 sq km.

Gas Master Plan

The Republic of Congo's national policy game is going strong with its proposed Gas Master Plan and a strategic partnership with Algeria. The partnership will enable the respective national oil companies, Sonatrach and SNPC to share downstream expertise. They have also plans to develop an African Energy Bank to invest in oil and gas projects across the continent.

The concept of Gas Master Plan was introduced by Congo’s Ministry of Hydrocarbons and passed with heightened enthusiasm during the Invest in African Energy 2024 summit in Paris. To facilitate a more streamlined approach in leveraging the country's gas assets, Eni sold its participation interests in several upstream permits in Congo to Perenco, early this year. 

A collaboration between SNPC and Wood Mackenzie, the Gas Master Plan is currently in its final stages. Once operational, it will not only incentivise the development of the national gas sector by encouraging commercialisation of stranded assets and flared natural gas, but also serve as roadmap to harness gas resources for domestic consumption and export. It will establish a new gas code, making current fiscal terms more flexible, especially for small-scale projects.

SNPC CEO Raoul Ominga has been working closely with the Ministry to get final approval on the Gas Master Plan, which is expected this month. 

 

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