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Latest news and what's happening in our industry

BP Completes Acquisition of 10% Equity In Zohr Gas Project From Eni

Feb-2017: Eni has completed the sale of 10% equity in the Shorouk concession (Mediterranean Sea, offshore Egypt) to BP. The concession includes the giant Zohr gas field, and Eni now holds a 90% stake in the licence. Rosneft has also agreed to acquire 30% asset equity from Eni, subject to Egyptian governmental approval. Eni has also confirmed that the Zohr field first gas production is set to start later in 2017, two years after the initial discovery in August 2015. The field, with 30 TSCF estimated gas reserves, is believed to be largest discovery in the Mediterranean. Eni and BP are also partners in the Nooros gas field (discovered in 2015 in the Nile Delta, and producing 880 MMSCFD 15 months after start-up), and in the Baltim SW offshore development (expected to come online in 2019).

Tanzania’s Mnazi Bay Field Nears Plateau

Feb-2017: Maurel et Prom said it was unable to produce higher Mnazi Bay gas volumes in 2016 because the off-taker (Tanzania Petroleum Development Corporation) reduced its demand. The field started production in August 2015 and is currently producing 80 MMSCFD of gas. The reduced off-take is believed to be due to a contractual dispute with a power generator. The Mnazi Bay gas field is owned by Maurel et Prom (48.06%, operator), Wentworth Resources (31.94%), and the Tanzania Petroleum Development Corporation (20%).

LNG Bunkering Sector Could Spread To South Africa

Feb-2017: Wärtsilä and two other companies are actively looking at the potential of LNG as a transport fuel both on land and for bunkering in South Africa. This could see the construction of LNG bunkering facilities that will cater primarily to European customers, and comply with marine emissions legislation.

Tullow Oil To Shut Down Jubilee Field in 2017 For FPSO Vessel Offloading Upgrade

Feb-2017: Tullow Oil has indicated that it will carry out another round of shutdowns in 2017 to upgrade the offloading system in the Jubilee field, offshore Ghana. An issue with the Jubilee FPSO Kwame Nkrumah vessel turret bearing was identified in February 2016, resulting in the implementation of new operating and offtake procedures, utilising tugs, a dynamically positioned shuttle tanker and a storage tanker. The partnership’s preferred long-term solution to the turret issue is to convert the FPSO vessel to a permanently spread-moored vessel with offtake through a new deep-water offloading buoy. A shutdown of up to 12 weeks is anticipated to complete some of the work in 2017. The final phase of the project will install a deep water offloading buoy in the first half of 2018.

Natural Gas Exploration May Turn South Africa Into A Big Gas Producing Nation

Feb-2017: Successful exploration of natural gas prospects off the Northern Cape coast by Forest Oil and Anschultz Corporation could put South Africa firmly in the mainstream of the international natural gas sector. Initial estimates of 2.5 TSCF gas reserves are believed to be conservative, and the companies aim to prove more than 15 TSCF gas reserves after exploration. The infrastructural development is expected to kick off with the construction of a 160 km pipeline to bring the gas from the first well (AK2) to shore. This would be followed by the construction of a 150 megawatt gas power station, pending clearance from the National Electricity Regulator.

Qatar Petroleum To Explore For Hydrocarbons in Morocco

Feb-2017: Qatar Petroleum will explore for petroleum in Morocco and Cyprus as it seeks to compensate for sluggish growth at home by expanding its liquefied natural gas (LNG) assets abroad. The company bought 30% equity in three offshore deep water leases offshore Morocco from Chevron in August 2016.   The offshore lease areas are located 200 km offshore Morocco, and stretch over approximately 29 200 square km in water depths ranging from 100 – 4 500 m.