Equatorial Guinea to Offer Ophir's Old Blocks
Equatorial Guinea will offer offshore Block R with the related Fortuna gas development project in the April licensing round, after the concession was reclaimed from Ophir Energy Plc, the oil minister said on Tuesday.Gabriel Obiang Lima told Reuters in Cape Town that Block R would be one of up to 13 deepwater and ultra deepwater blocks offered in the licensing round on April 1.Ophir was denied an extension in December to its licence for Block R and its plan for a floating liquiefied natural gas (LNG) project.
Ophir Loses Block R Licence, Equatorial Guinea
London-based oil and gas exploration and production company Ophir Energy said that it has received notification from the Equatorial Guinea Ministry of Mines and Hydrocarbons that the Block R Licence, which contains the Fortuna gas discovery, will not be extended following expiry of the licence on December 31, 2018."As a consequence, there will be an additional non-cash impairment of the asset, expected to be around $300 million…
WoodMac on Medco Energi's Potential Takeover of Ophir Energy
Wood Mackenzie Research Director, Angus Rodger, provides insight on a of UK-listed Ophir Energy by Indonesia's Medco Energi."On the first day of 2019, Ophir announced it was in talks with Indonesia's Medco Energi regarding a cash takeover. No amount or other details have yet been released, other than Medco has to make a clear binding offer by the 28th of January if a deal is to proceed. Ophir's upstream portfolio includes assets in Thailand, Vietnam, Indonesia, Malaysia, Equatorial Guinea and Tanzania.
Medco Energi's Potential Deal with Ophir Seen as Diversification Play
Medco Energi Internasional Tbk PT would boost its valuations and gain access to international assets if its potential takeover of London-listed Ophir Energy occurs, analysts said on Wednesday.Medco confirmed this week that it was in talks with Ophir about a possible cash offer for the oil and gas exploration and production company currently based in Britain. Medco, headquartered in Jakarta, earns the bulk of its revenue from oil and gas operations…
Golar LNG Unwinds Joint Venture with Schlumberger
Golar LNG said on Thursday it would wind down its joint venture with Schlumberger, called OneLNG, which had been involved in the development of the Fortuna LNG project with Ophir in Equatorial Guinea.Golar said despite an agreed development plan and extensive efforts in the last 12 months by OneLNG and Ophir management, it has not been possible to finalise an attractive debt financing package.This, together with other capital and resource priorities, resulted in a decision from Schlumberger to end their participation in
Equatorial Guinea May Strip Ophir of LNG Project Due to Finance Delays
Equatorial Guinea will force Ophir Energy out of the company's flagship liquefied natural gas (LNG) project and may scrap it entirely unless long-delayed financing deals worth $1.2 billion are presented to the government by December.The ultimatum is a blow to UK-listed Ophir, which has set aside $150 million of its own cash to develop west Africa's first deepwater LNG project, Fortuna, by 2022 despite its lack of a track record in LNG and small balance sheet."We have a clear idea of who we would give the license to but
[Op/Ed] Congo and OPEC: A Marriage of Mutual Need
The Republic of the Congo has suffered dearly during the oil collapse; and Congolese President Denis Nguesso has pledged that the country would no longer be sitting on the side lines — suffering the effects of global decision-making in the oil industry without a voice. In an official communiqué announcing the bid for OPEC membership, he stated that he wished to “place our country in the rank of the world’s leaders.”In January…
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.
Danos Completes Offshore Facility Turnaround
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.
OPEC Oil Cut Adherence Rises in December
OPEC deepened compliance with an oil supply-cutting deal in December due to a further decline in Venezuelan output and extra cuts by Gulf exporters, a Reuters survey found, showing strong commitment to the deal despite higher prices. Adherence to the curbs rose to 128 percent from 125 percent in November, the survey found. The United Arab Emirates for the first time since the deal took effect in January 2017 pumped below its OPEC target, joining Saudi Arabia and Kuwait.
OPEC Oil Output Falls in November to Lowest since May
OPEC oil output fell in November by 300,000 barrels per day (bpd) to its lowest since May, a Reuters survey found, pressured by a drop in Angolan and Iraqi exports, strong compliance with a supply cut deal and involunary declines. OPEC's adherence to pledged supply curbs rose to 112 percent from October's 92 percent, the survey found. Top exporter Saudi Arabia pumped below its OPEC target, as did all other members except Ecuador, Gabon and the United Arab Emirates.
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…
Big Gas Exporter Nations Blast Unilateral Sanctions in US Dig
Representatives from a group of major energy-exporting nations on Friday said they oppose the use of unilateral sanctions on any of their members - an apparent dig at the United States for its moves against Russia, Iran and Venezuela. The Gas Exporting Countries Forum, which also includes members like Libya, Equatorial Guinea and Nigeria, expressed their "profound concern" about sanctions affecting the gas sector that are not authorized by the United Nations…
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…
Congo Republic Pledges to Reform State Oil Firm as Seeks Bailout
Congo Republic plans to replace the board of directors and appoint an audit committee at state oil company SNPC, as it strives to improve accountability and convince international lenders to bail out the country. SNPC, which holds equity in fields operated by Italy's ENI and France's Total, has been dogged by allegations of corruption and mismanagement, and the government on Wednesday criticised the "dysfunction" of its current set-up.
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.
Swiss Traders Grab $10 Billion Slice of LNG Market
Traders mopping up LNG glut, finding new emerging market buyers. Swiss trading houses are muscling in on the global market for liquefied natural gas, until now the preserve of energy giants, and expect to grab a $10 billion share of the rapidly growing business this year. Trafigura, Gunvor, Vitol and Glencore are all shaking up a decades-old system dominated by Western oil majors and state energy producers which sell LNG directly to large consumers on long-term contracts.
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.
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.
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.