BP has announced the sell of its interests in Gulf of Suez oil concessions in Egypt to Dubai-based Dragon Oil, a wholly-owned subsidiary of the Emirates National Oil Company (ENOC). The deal, which is subject to the Egyptian Ministry of Petroleum and Mineral Resources’ approval, is expected to complete during the second half of 2019 and is part of BP’s plan to divest more than $10 billion of assets globally over the next two years.
Bob Dudley, BP chief executive, said: “Egypt is a core growth and investment region for BP. In the past four years we have invested around $12 billion in Egypt – more than anywhere else in our portfolio – and we plan another $3 billion investment over the next two years. We look forward to continuing to broaden our business here, working closely with the government of Egypt as we develop the country’s abundant resources.”
Hesham Mekawi, regional president, BP North Africa, added: “We continue to bring on new developments and deliver important gas supplies for the country. We remain on track to triple our 2016 net production from Egypt by 2020. As we grow our business here, we also keep our portfolio under review. We believe Dragon Oil is well-placed to operate these mature assets, delivering further value for Egypt.”
This acquisition for a total value of $ 50 billion (the cost of repurchase + the repurchase of Anadarko’s debt) will strengthen the position in shale oil and liquefied natural gas. Thanks to this purchase, Chevron will get its hands on a very important natural gas field in Mozambique, on various oil fields in Algeria as well as Ghana and South Africa. It should be noted that this operation will enable Chevron to become the world’s second largest oil company.
Eiffage Génie Civil Marine, pilot of a consortium with Saipem, has been appointed by BP to perform the EPCI (Engineering, Procurement, Construction and Installation) contract for the Hub/Terminal of the Greater Tortue Ahmeyin Field. This important project, valued at € 350m, consists of the construction of a marine infrastructure, protected by an offshore breakwater. It will be used to host a floating liquefied natural gas (FLNG) and docking LNG carriers. The subsea infrastructure will be connected via production pipelines to a floating production, storage, and offloading (FPSO) vessel. From there, liquids are removed and the export gas is transported via pipeline to the floating liquid natural gas (FLNG) hub terminal where the gas is liquefied.
The breakwater will consist of 21 concrete caissons weighing 16,500 tons each built by Eiffage in Dakar, Senegal. They will be based on 2.5 million tons of quarry extracted in Mauritania.
OPEC member countries and their allies have agreed to cut oil output by 1.2 million barrels / day. This arrangement comes as oil prices have fallen by -30% in the last two months. Two-thirds of the decline, or nearly 1% of world production, will come from the 14 member countries of the Organization.
Photo: HE Suhail Mohamed Al Mazrouei, UAE Minister of Energy and Industry; and President of the OPEC Conference
The French group Total and the Algerian state-owned company Sonatrach signed two agreements on Sunday 7 October in Paris. The first is a new concession contract for the joint development of the Issasouane Erg gas field, located in the South of the Tin Fouyé Tabankort gas field from which Total is the historical partner. Both companies are committed to make the necessary investments in order to value its reserves, estimated at more than 100 millions of oil-equivalent barrels (mboe). Investment needs for this project, for which the production launch is planned at the end of 2021, are up to 400 million dollars. In turn, a second agreement of joint-venture will allow to start their common project in Arzew (in Western Algeria). It will gather the construction of a dehydrogenation of propane factory as well as a polypropylene production unit with a 550 000t per year capacity. The first engineering studies are planned for November.
” Agreements signed today marked a new step-in the development of the strategic partnership between Sonatrach and Total in order to pursue the value of the country’s gas reserves bringing the best if our technological expertise,” stated Patrick Pouyanné, Total CEO.
From the Toma South facilities, the South Sudan just got its oil production back. For the time being estimated to 20 000 barrels per day, it should reach 80 000 barrels from the end of the year. The pumping in this country zone had been stopped in 2013, which marked the Sudanese civil war, and has been officially announced by the South Sudanese Minister of Oil Azhari Abdulqader. Oil represents one of the main source of income in South Sudan and this revival is one of the greatest hopes of peace for its population.
(Photo : The South Sudanese Minister of Oil, Azhari Abdulqader, opening a sluice gate in the Toma South facilities)
ALE has recently completed the lifting and load-our of four suction anchors for the Zohr gas project, located in the Egyptian sector of the Mediterranean Sea.
The various manoeuvres took place in the Port of Alexandria where the four suction anchors were stored near the dock. Each of the columns had different weights and dimensions, ranging from 185t to 220t. The anchor parts were moved using a crawler crane with 850t capacity and a radius of up to 30m. In addition to these pieces, ALE has loaded-out other less imposing pieces such as a 65t circular hub and a 95t rectangular ladder piece. The ALE team completed the installation of all parts safely and within the deadline set by the client.
Oil giant Statoil ASA (Norway) has approved by the annual general meeting the new name Equinor ASA on Wednesday, 15 May 2018. This metamorphosis penalizes the evolution of the company, which recently decided to refocus part of its activities towards renewable energies.
By 2030, between 15% and 20% of Equinor’s investments should be devoted to “new energy solutions”.
Founded in 1972, Equinor ASA (Statoil ASA) is the largest company in Norway with more than 29,000 employees and a turnover of more than $ 51 billion in 2017.
The French group Total and the Algerian state-owned hydrocarbon company Sonatrach have just signed an agreement to launch the engineering studies planned for this summer for a petrochemical project in Arzew (located in western Algeria). This project will include a propane dehydrogenation unit (PDH) and a polypropylene (PP) production unit with an output capacity of 550,000 tons per year and an investment of approximately $ 1.4 billion for the two partners. It will be used to transform propane into polypropylene, a type of plastic whose demand is rising strongly.