Subsea projects continue to surge in West Africa
FMC Technologies has contracted Aveon Offshore to fabricate more than 5,000 metric tons (5,511 tons) of subsea structures for the Egina field development offshore Nigeria. Operator Total Upstream Nigeria awarded FMC the engineering, procurement, construction, and commissioning contract for the subsea production systems.Aveon is performing fabrication at its 240,000-sq m (2.58-million sq ft) yard in Rumuolumeni, near Port Harcourt. The ffirst steel was cut in December, and load-out and sail-away of the subsea structures is expected to get under way during the second half of 2015.
Meet Shell, Total, Century Group, and key regulators at OSV Africa
Currently, there are about 500 oil companies that participate in African hydrocarbon exploration. Prospects and potential for further oil and gas finds are exceedingly positive and it is estimated that there are at least another 100 billion barrels in the regions offshore fields.
Find out the opportunities and trends for the Oil and Gas Maritime Sector from the Keynote speech of Mrs. Ify Akerele, Director General of Nigerian Chamber of Shipping.
Read more: Meet Shell, Total, Century Group, and key regulators at OSV Africa
Tanzania natural gas find could reach 200Tcf
Tanzania’s natural gas find could reach 200 trillion cubic feet in the next 24 months as the country continues to receive positive results from the ongoing deep offshore exploration.
According to Tanzania Petroleum Development Corporation (TPDC) director of exploration, production and technical services Dr Emma Msaky the Tachui and Zafarani exploration wells are expected to add up to the current reserves of 46.5 tcf.
“Judging by the past experience we should we should soon expect to have new estimates from the ongoing offshore exploration work,” says Msaky.
The view correlates with an estimated fivefold increase in gas resource by the Ministry of Energy and minerals in Tanzania.
OVL may raise USD 500-700 m to fund Mozambique acquisition
ONGC Videsh Ltd plans to raise USD 500-700 million loan by pledging future crude oil production from its overseas assets, to fund the acquisition of a Mozambique gas field.
OVL, the overseas arm of the state explorer Oil and Natural Gas Corp (ONGC), teamed up with Oil India Ltd (OIL) to buy Videocon’s 10 percent stake in Mozambique’s Rovuma Area 1 for USD 2.475 billion.
Subsequently, OVL on its own bought another 10 per cent stake in the same field from Anadarko Petroleum Corp of the US for USD 2.64 billion. The 10 per cent stake of Videocon is currently split in 60:40 ratio and total payout for OVL for the back-to-back acquisitions is USD 4.125 billion.
“For the Videocon acquisition, we raised a bridge finance (or short-term loan) of USD 1.5 billion.
Read more: OVL may raise USD 500-700 m to fund Mozambique acquisition
