Thursday, March 22, 2018

Equatorial Guinea News

Start of Golar's FLNG in Cameroon May Draw More Africa Clients

Golar LNG said on Monday it had started production at its floating LNG (FLNG) platform in Cameroon, the world's second working example of the nascent technology and a milestone likely to boost its Fortuna project in Equatorial Guinea. As the cost of land-based LNG plants more than tripled in the decade to 2013, Golar pioneered the conversion of ageing LNG tankers into giant refrigerators capable of chilling gas into its liquid form at minus 162 Celsius.

Gunvor Awarded Fortuna FLNG Offtake

The Ministry of Mines and Hydrocarbons (MMH), Ophir Equatorial Guinea (Block R) Ltd, OneLNG SA and La Compania Nacional De Petroleos De Guinea Ecuatorial (GEPetrol) have nominated Gunvor Group Ltd (Gunvor) as its preferred LNG Buyer for offtake from the Fortuna FLNG project. All parties have agreed the principal commercial terms subject to finalizing a Sale and Purchase Agreement (SPA) for the offtake ahead of the Final Investment Decision (FID) on the Fortuna FLNG project.

Equatorial Guinea Blames Schlumberger for Quitting LNG project

Equatorial Guinea's energy minister on Monday said U.S. company Schlumberger walked away from talks with Ophir over the development of the Fortuna LNG project because it wanted to "monopolize everything."   But Gabriel Obiang Lima said he was confident the project would go ahead and be successful, with Equatorial Guinea taking an equity stake via its state-owned companies. (Reporting by Wendell Roelf; Editing by Ed Stoddard)

Equatorial Guinea Inks Production Deal with ExxonMobil

Equatorial Guinea has signed a production-sharing contract for offshore block EG-11 with U.S. oil major ExxonMobil, the hydrocarbons ministry said on Monday. "Block EG-11 is the jewel among a group of already very prospective blocks that we are signing in 2017," said Gabriel Obiang Lima, the minister of mines and hydrocarbons in Sub-Saharan Africa's third largest producer. ExxonMobil already operates Zafiro field, the largest oil producing field in Equatorial Guinea…

Ghana, Equatorial Guinea to Sign LNG Deal

Ghana's President Nana Akufo-Addo plans to sign an agreement to import liquefied natural gas (LNG) from Equatorial Guinea during his three-day visit to the Gulf of Guinea petroleum producer due to begin on Monday, his office said. Though an oil and gas producer in its own right since its flagship Jubilee field came on stream in 2010, Ghana has in the past struggled to ensure reliable power production for a growing domestic market.

Africa to Roll out Three Floating LNG Projects

Golar LNG

Africa has planned three floating LNG export proj­ects - Cameroon, Equatorial Guinea and Mo­zambique. According to local media reports, the African nations are launching LNG projects - three such planned projects in Nige­ria; two planned LNG projects in Equatorial Guinea; two in Mo­zambique and one in Tanzania, none of which is sanctioned. Cameroon is the latest Afri­can country to signal a planned LNG project. Of the planned LNG projects one is a Floating LNG each in Equatorial Guinea, Mozambique and Cameroon.

Offshore Mooring Replacement Completed

Photo courtesy of InterMoor

InterMoor Inc., an Acteon company and part of its foundations and moorings business, finished replacing critical components in an FPU mooring system offshore Equatorial Guinea on schedule, enabling the prime contractor, Boskalis, to expand the InterMoor work scope. The original contract covered replacing old mooring chains and wire ropes for eight of the 12 mooring lines along with two drag anchors on Mobil Equatorial Guinea Inc.’s (MEGI’s) Zafiro Producer floating production unit.

Equatorial Guinea Eyes New FLNG Plants

Equatorial Guinea, which is developing Africa's first deep-water floating Liquefied Natural Gas (LNG) platform, sees scope for another two similar platforms by December, the petroleum minister said on Monday. The former Spanish colony is developing the multi-billion dollar Fortuna floating LNG project in partnership with Ophir Energy and has selected seven companies for as many blocks in its 2016 licensing round, minister Gabriel Obiang Lima told delegates attending an African oil conference in Cape Town.

Congo Republic says GDP Growth to Rise in 2017

Congo Republic's economy is expected to grow by 1 percent in 2017, after contracting 2.1 percent last year, due to increased oil production, the government said late on Wednesday. The statement by the national monetary and financial committee said growth would be lifted by this week's start of production at Total's Moho Nord oil field, which will have a production capacity of 100,000 barrels of oil equivalent per day.

Marathon Oil Takes Q3 Hit on Low Oil Prices

Marathon Oil Corp, on Wednesday reported a quarterly loss compared with a year-earlier profit, as low commodity prices prompted the a U.S. oil company with operations in Texas and Equatorial Guinea to write down the value of assets. Marathon, which slashed its dividend 76 percent last week, reported a third-quarter loss of $749 million, or $1.11 per share, compared with a profit of $431 million, or 64 cents per share.

Danos Secures West Africa Fabrication Contract

Danos has been awarded a fabrication contract by a major oil and gas producer subsidiary operating in Equatorial Guinea. The scope of work comprises the fabrication of a 50-by-60-foot deck section and all associated piping for an upgraded compressor on the producer’s offshore platform. The deck will be fabricated at Danos’ Amelia Integrated Services Complex, involving 45 craft personnel over 4 months. Danos has been working in West Africa since 1992…

SBM Offshore to Pay $238 Mln in US Bribery Case

SBM Offshore NV, a Netherlands-based maker of offshore oil drilling equipment, and its U.S. subsidiary, SBM Offshore USA Inc, agreed to settle criminal charges of bribing officials in five countries and pay a $238 million penalty, the U.S. Justice Department said on Wednesday. The companies agreed to settle charges related to schemes lasting more than a decade involving bribery of foreign officials in Brazil, Angola, Equatorial Guinea…

OPEC Oil Output Edges Higher in September

OPEC oil output has risen this month by 50,000 barrels per day (bpd), a Reuters survey found, as Iraqi exports increased and production edged higher in Libya, one of the producers exempt from a supply-cutting deal. OPEC's adherence to its pledged supply curbs slipped to 86 percent from August's 89 percent, the survey found. Top exporter Saudi Arabia continued to shoulder a larger portion of OPEC's total cut by pumping below its target.

Ophir, OneLNG JV to develop Fortuna FLNG Project


Ophir Holdings & Ventures LTD ("Ophir"), a wholly owned subsidiary of Ophir Energy plc, and OneLNGSM, a joint venture between subsidiaries of Golar LNG Limited and Schlumberger, announce that they have signed a binding Shareholders' Agreement to establish a Joint Operating Company ("JOC") to develop the Fortuna project, in Block R, offshore Equatorial Guinea utilising Golar's FLNG technology. OneLNG and Ophir will have…

Danos Completes Offshore Facility Turnaround

Photo: Danos

Danos reports it has completed a turnaround comprising four client offshore facilities in Equatorial Guinea. Though estimated to require 10 days of downtime, Danos completed the work ahead of schedule, with production resuming after only seven days. The project required approximately 70 skilled craftsmen who were mobilized from 10 different cities and then transported to West Africa, plus a crew of workers from the Philippines with specialized expertise in British Standard Scaffolding.

InterMoor Appoints Bolatiwa as Nigeria GM

Folabi Bolatiwa (Photo: InterMoor)

InterMoor, an Acteon company, has appointed Folabi Bolatiwa as general manager in Nigeria. Bolatiwa will be responsible for overseeing the company’s continued growth in the region. InterMoor provides integrated solutions that include the design, provision and installation of both temporary and permanent moorings, as well as customized foundation and subsea installation and recovery services. The company has worked in West Africa for more than 10 years, and has bases in Luanda and Malongo in Angola.

Ophir inks JV with Schlumberger for Equatorial Guinea project

British oil and gas explorer Ophir Energy Plc said it had signed an agreement with OneLNGSM, a joint venture between units of Golar LNG Ltd and Schlumberger, to develop the Fortuna project in Equatorial Guinea. Shares in the company rose as much as 13.8 percent, before trading at 77.75 pence at 0956 GMT on the London Stock Exchange on Thursday. Ophir said earlier this month that it could go forward without new partners…

Equatorial Guinea, Taleveras to Build Giant Oil Storage Hub

Nigerian energy firm Taleveras Group said on Monday it had signed a deal with the government of Equatorial Guinea to build a giant oil storage hub in the central African country. The Bioko Island facility will have a total capacity of 1.34 million tonnes of storage for crude oil and products such as gasoline, naphtha, jet fuel and fuel oil, the firm said. It will be the largest crude and products storage facility in Africa.

OPEC Oil Output Jumps to 2017 High as Nigeria, Libya Pump More

OPEC oil output has risen in June by 280,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, as a further recovery in supply from the two member countries exempt from a production-cutting deal offset strong compliance by their peers. High compliance by Gulf producers Saudi Arabia and Kuwait helped keep OPEC's adherence with its supply curbs at a historically high 92 percent in June, compared with 95 percent in May, the survey found.

OPEC Oil Output Jumps to 2017 High on Further Libya Recovery

OPEC oil output has risen this month by 90,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal. A dip in supply from Saudi Arabia and lower Angolan exports helped to boost OPEC's adherence to its supply curbs to 84 percent. While this is up from a revised 77 percent in June, compliance in both months has fallen from levels above 90 percent earlier in the year.