Connect with us

Energy

Angola’s Onshore Bid Round Attracts Global Interest With Multiple Bids

Published

3 years ago

on

oil jerk

Angola’s oil and gas regulator, the National Oil, Gas and Biofuel’s Agency (ANPG) achieved an important milestone earlier this week, when it opened bids for its 2020 onshore licensing round. All of the nine oil and gas onshore blocks in the Lower Congo and Kwanza basins received bids from a variety of oil and gas operators, a rare result in an increasingly competitive and investment-shy global environment. Forty-five proposals from fifteen different companies were submitted to the national petroleum agency, totaling a proposed investment sum of over USD 1 billion for Angola’s oil and gas sector.

This initial bid round result demonstrates Angola´s potential to continually attract interest from investors into its oil and gas sector. The ANPG, backed by promising data about its onshore acreage, is seeking to replicate past success borne by Angola’s prolific offshore fields. The onshore sedimentary basins on offer, – namely, the Lower Congo and Kwanza – have long been home to world-class hydrocarbon discoveries. Naturally, the expectation is that Angola’s prolific offshore basins hold petroleum systems with corresponding onshore counterparts; indeed, early onshore exploration activities in Angola have led to the discovery of approximately 13 commercial-sized oil fields and one natural gas field, with reserves ranging in size between 5 and 40 million barrels of oil. Significant upside potential remains by tapping into deeper targets in both the rift and transitional phase reservoirs. The ability to unlock onshore acreage via advanced seismic and drilling technologies is what the ANPG expects will be the outcome of onshore exploration activity.

“From the initial data at our disposal, we believe strongly in the potential of the 9 blocks on offer. We look forward to finding the right partners for exploring them at the end of this process. It is our fervent hope that these blocks will play an important role in increasing Angola’s oil output in the future,” said Ms. Natacha Massano, Executive Director and board member at the petroleum Agency in charge of negotiations. The agency’s efforts in streamlining bidding requirements and cutting entry barriers by eliminating the one-million-dollar entry fee for companies wanting to bid, can be partially credited for the large turn-out.

Now, all proposals will be scrutinized by ANPG’s technical teams. Final official results are expected to be announced on August 25th, 2021.

“These promising early results are a good indication that the reforms made earlier to improve the operating environment in the Angolan oil and gas sector are bearing fruit” said Verner Ayukegba, Senior Vice President of the African Energy Chamber. “The ANPG has only been around for just under three years, and yet, they have been able to organize a bid round during a challenging pandemic. This is a testament of the commitment of the agency under the leadership of experienced oil veteran HE Paulino Jeronimo to stem the tide of declining production in Angola”, Mr. Ayukegba continued.

The proposals also included considerable commitments to the development of social and community projects, and the implementation of environmental protection measures to the tune of over several millions of dollars proposed commitments. These commitments are in reflection of the importance placed by the Agency to promote socially responsible and environmentally friendly exploration in Angola.

This tender is only yet another licensing round in line with Presidential Decree 52/19, which foresees yearly bid rounds until 2025. Angola’s regulator, the ANPG, is intent on attracting interest far beyond the traditional players in Angola’s oil and gas sector. Special attention has been given to attract mid-sized explorers to new exploration acreage Angola.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Continue Reading
Comments

Energy

Petroleum Marketers Abandon Dangote Refinery For Foreign Sellers Over Short Supply 

Published

9 hours ago

on

October 21, 2024

By

Dangote Refinery

Contrary to its earlier promise, Dangote Refinery has reportedly failed to meet the demand of Nigerian petroleum marketers.

Consequently, the oil dealers have returned to their mode of buying the product outside the country and shipping them into Nigeria to sell.

They accused Dangote Refinery of inability to meet their demand, stressing that the need to prevent fuel scarcity forced them into patronising foreign petroleum refiners.

According to them, the development is to supplement the country’s fuel supply.

The old dealers also cashed in on the fair market price to be importing the product following the federal government’s full deregulation of the downstream oil sector.

In September for instance, the marketers imported about 141 million litres of fuel in September.

Investors King gathered that no fewer than four vessels carrying 123.4 million litres of Premium Motor Spirit (PMS) arrived at Nigerian seaports between Friday, October 18, and Sunday, October 20.

In a document by the Nigerian Port Authority (NPA), the four newly shipped vessels landed at the Apapa port in Lagos and the Calabar port in Cross River State.

It was gathered that 35,000, 37,000 and 10,000 metric tonnes of PMS arrived at Apapa port on Friday, October 18 in different batches.

Another 10,000 metric tonnes of fuel was said to have arrived at Calabar port on Sunday, October 20.

Dangote Refinery had promised to produce 650,000 barrels per day to meet its promised production target.

However, oil dealers had earlier disclosed that the refinery was producing only 10 million litres of petrol daily, far below its initial promise of 25 million litres.

The total fuel so far imported into the country stands at approximately 123.4 million litres of petrol if the conversion rate of 1,341 litres to one metric tonne is considered.

Continue Reading

Energy

Independent Operators to Takeover Management of National Grid After Seventh Collapse in Less Than a Year

Published

16 hours ago

on

October 21, 2024

By

In an attempt to address the persistent collapse of the national grid, the Nigerian Electricity Regulatory Commission (NERC) has announced plans to initiate talks with Independent Operators to take over the management of the grid.

The announcement follows the recent collapse of the national grid, which left the entire country in darkness.

Recall that the national grid collapsed in the early hours of Saturday, October 19, marking the third time in one week and the seventh time in less than a year.

NERC made the announcement via a statement on its X handle.

In the statement, the commission decried the persistent collapses of the national grid, noting that they reverse many of the gains achieved by the commission.

While confirming Saturday’s collapse, NERC attributed the situation to an explosion of a transformer at the Jebba transmission station as the cause of the failure.

Furthermore, the statement revealed that NERC had already initiated discussions to transfer the management of the national grid to Independent System Operators.

According to the commission, the move is in line with the provisions of the Electricity Act 2023 and is expected to bring more discipline to grid management.

The statement also emphasized that this step reflects the government’s commitment to finding a permanent solution to the national grid’s challenges.

The statement read: “The Nigerian Electricity Regulatory Commission notes with concern the recent escalating incidence of grid disturbances, often leading to significant outages in several states, thus reversing many of the gains recently achieved in reducing infrastructure deficits and improving grid stability.

“Initial reports on the grid disturbance that occurred this morning indicate that today’s outage was triggered by an explosion of a current transformer at the Jebba transmission station at 08:15 hours and an associated cascade of power plant shutdowns arising from the loss of load.

“However, efforts to restore supply have advanced with power significantly restored, as of 13:00 hours, in 33 states and the FCT.

“In line with the provisions of the Electricity Act 2023, the unbundling of the System Operator function from the Transmission Company of Nigeria Plc is ongoing, with the expectation that an Independent System Operator will bring more discipline to grid management and optimize investment in infrastructure.

“In pursuit of a permanent resolution to the national grid’s challenges, the Commission will soon conduct an investigative public hearing to identify the immediate and underlying causes of recurring grid disturbances and widespread outages.

“The date and venue of the public hearing will be announced shortly in the national dailies, and stakeholders are encouraged to participate.”

Continue Reading

Energy

Nationwide Blackout as Nigeria’s Power Grid Collapses for the Third Time in a Week

Published

3 days ago

on

October 19, 2024

By

Nigeria’s national grid collapsed on Saturday morning, throwing over 90 percent of the country into complete darkness.

Blackouts were reported in Lagos State, Ogun State, Oyo State, Kano State, Kaduna State and other parts of the country.

While the Transmission Company of Nigeria (TCN) is yet to comment on the situation, this is the third time the national grid will collapse in a week.

In a post on X, the National Grid monitoring handle announced the breakdown of the national grid.

It said “BREAKING: National Grid suffers a major setback,” the national grid monitor posted.

“DisCo Load 08:40 a.m: Abuja DisCo- 0 MW Benin DisCo- 0 MW Eko DisCo- 0 MW Enugu DisCo- 0 MW Ibadan DisCo- 0 MW Ikeja DisCo- 0 MW Jos DisCo- 0 MW Kaduna DisCo- 0 MW Kano DisCo- 0 MW PHarcourt DisCo- 0 MW Yola DisCo- 0 MW.”

Investors King had on Wednesday reported that the Transmission Company of Nigeria (TCN) announced that supply had been restored to the Abuja axis and other major distribution load centres nationwide after national grid collapsed on Monday.

TCN General Manager, Public Affairs, Ndidi Mbah, had disclosed this in a statement, adding that ongoing restoration of the national grid was still ongoing and almost completed.

The national grid had collapsed on Monday triggering nationwide blackout as distribution companies declared lack of supply to their customers.

TCN also confirmed the development noting that national grid experienced a partial disturbance, on Monday, 14th October 2024 at about 6:48 pm.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending