The Borr Norve jack-up rig was utilised to drill a target area located approximately 3.2 kms west-northwest of the MaBoMo. (Image source: Adobe Stock)

BW Energy has confirmed increase in reserve estimates following the presence of good quality reservoir in DHBSM-2P pilot well in the northern end of the Hibiscus South deposit

Drilled from the MaBoMo production platform to a total depth of 5,130 m, BW aims to acheive well completion of DHBSM-2P by the end of 2024.

The Borr Norve jack-up rig was utilised to drill a target area located approximately 3.2 kms west-northwest of the MaBoMo.

Evaluation of logging data, sample examination and formation pressure measurements confirm approximately 25 metres of pay in an overall hydrocarbon column of 35 metres in the Gamba formation.

The well data provides additional confirmation that the Hibiscus South structure is a separate accumulation with a deeper oil-water contact than the nearby Hibiscus Field. This will enable the company to book additional reserves not currently included in its annual statement of reserves and provide the opportunity to drill one or more additional production wells from the MaBoMo facility.

“We continue to increase the production and reserve base through low-cost and low-risk development activity in line with BW Energy’s strategy,” said Carl K. Arnet CEO of BW Energy. “The Hibiscus South pilot well is another confirmation of the significant potential of the Dussafu licence which holds multiple additional prospects.”

Preliminary evaluation indicates gross recoverable reserves of 5 to 6 million barrels of oil and approximately 14 million barrels of oil in place.

The MOU is valid to 31 May. (Image source: Adobe Stock)

Wildcat Petroleum has signed an MOU with the Ministry of Petroleum (MOP) covering the following:

To establish a collaboration agreement to form a Production Sharing Service Agreement (PSSA) between the MOP and WCAT to work together to advance the development and commercial exploitation of the hydrocarbon assets in selected fields in the Republic of South Sudan.

A working party made up of members of both WCAT and MOP will be established to select suitable fields for development and agree suitable terms and conditions. 

The MOU is valid to 31 May and recognises the current status of existing exploration and production contracts in South Sudan including pre-emption rights. It can be terminated on 30 days' notice by either party.

Chairman Mandhir Singh said, "It was very disappointing that the Company was unable to secure the Bamboo field in Sudan (North), however the Company hopes to make up for this disappointment by concentrating on South Sudan."

Yinson Production entered into a firm contract for the provision, operation and maintenance of the Agogo FPSO with Azule Energy in February 2023. (Image source: Adobe Stock)

Yinson Production is pleased to announce the successful closing of the limited recourse term loan facility of up to US$1.3bn for the pre- and post-delivery financing of the Agogo FPSO.

The financing is provided by a consortium of 13 lenders, including international banks and institutional investors, and will be utilised over the course of the construction of the FPSO. The financing comprises three pari-passu secured tranches with staggered maturities of up to 10 years post-delivery of the FPSO. Subject to satisfaction of certain conditions, the financing will become non-recourse post-delivery of the FPSO. Standard Chartered Bank (Singapore) Ltd. acted as Global Coordinating Bank for the financing.

Yinson Production entered into a firm contract for the provision, operation and maintenance of the Agogo FPSO with Azule Energy, a 50/50 joint venture between BP and Eni, Angola’s largest independent oil and gas producer, in February 2023. The contract has a firm operation period of 15 years, with additional optional periods of up to 5 years and a total contract value of up to approximately USD 5.7 billion. The Agogo FPSO will have a production capacity of 120,000 barrels of oil per day. Once construction is completed, the Agogo FPSO will be deployed to the Agogo Integrated West Hub Development Project located in the West Hub of Block 15/06 offshore Angola.

The Agogo FPSO is designed with a comprehensive suite of carbon emission reduction technologies, including the first-ever carbon capture technology onboard an FPSO. With an estimated reduction of carbon emissions of 27% compared to a conventional design, the Agogo FPSO also incorporates other technologies to reduce emissions including closed flare system, hydrocarbon blanketing, combined cycle technology, automated process controls and all electric drives systems. These features are integral to Yinson Production’s transition towards achieving carbon neutral by 2030 and net zero by 2050.

Commenting on the successful closing of the financing, Yinson Production’s chief financial officer, Markus Wenker said, “This transaction is a significant milestone for Yinson Production. It not only is our single largest financing to date, but the commercial multi-tranche structure – the first of its kind in the industry – significantly increases the efficiency of the financing compared to traditional structures, whilst diversifying the funding base by combining different lender groups in a single transaction. We thank all our lenders for their trust in us and support in passionately delivering this powerful financing solution for the Agogo FPSO.”

Azule will be recognised with a 42.5% interest in Block 2914A in the area. (Image source: Azule Energy)

bp-Eni joint venture Azule Energy and private exploration company Rhino Resources Namibia have executed a farm-in agreement in regards to the highly prospective Orange Basin offshore Namibia