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Angola made another stride in becoming Africa’s hottest oil & gas frontier by launching the first phase of its brand new six-year oil licensing strategy.Â
The licensing round was launched by CEO of the National Agency of Petroleum, Gas and Biofuels (ANPG) H.E. Paulino Jerónimo during the opening ceremony of the Angola Oil & Gas Conference 2019, attended by President of Angola H.E. JoãoManuel Gonçalves Lourençoand Minister of Mineral Resources and Petroleum H.E. Diamantino Azevedo. It covers a total of 10 blocks, including Blocks 11, 12, 13, 27, 28, 29, 41, 42 and 43 in the Namibe Basin, and Block 10 in the Benguela Basin.
“The promotion of the blocks is starting immediately. The ANPG will embark on an international roadshow in September to engage with investors in Houston, London and Dubai prior to opening the tendering process in October,†H.E. Paulino Jerónimo explained. “Our message to the global oil industry is simple: Angola is open for business. We are ready to seriously engage with existing and new players, be they international oil companies, national oil companies, independents and mid-sized operators and get them to explore in Angola.â€
This is the first public auction in Angola since the pre-salt layer blocks auction of 2011, and the first of a series of licensing rounds that will see as many as 55 blocks put up for public bidding or direct negotiations until 2025. It follows the strategy set out under Presidential Decree No. 52/19 released last February to boost exploration, maximize reserves replacement and ultimately increase national production of oil & gas. The strategy maps the auctioning of 31 blocks under public bidding in 2019, 2020 and 2023. It is also the first to take place under the oversight of the ANPG.Â
The licensing round will be carried out under Angola Law No. 10/04 of November 12, 2004 (the Petroleum Activities Law, as amended by Law No. 5/19 of April 18, 2019), and Angola Presidential Decree No. 86/18 of April 2, 2018, which establishes the Rules and Procedures of Public Tenders, and Bidders’ eligibility to be in Association with the National Concessionaire and for the Procurement of Goods and Services in the oil sector.
As the new national concessionaire, the ANPG will notify shortly, through announcements on its website and in national and international media, the dates for the forthcoming roadshows where the Agency will present technical information on the blocks to be offered. Interested parties who wish to be contacted for further details should contact licensing_round2019@anpg.co.ao.
This is not the only landmark bidding to be launched in Angola this year. The Agency is also launching Angola’s first-ever Marginal Fields Bidding Round, which is attracting new and existing African players, international independents and medium-sized operators via the offering of more attractive fiscal terms. “Our new regulatory framework provides tax incentives for the exploration of marginal fields,†added Paulino Jerónimo. “Over the years, Angola has made several discoveries deemed too uneconomical for development. Our new fiscal and contractual terms are focused on incentivising the exploration and production of such reserves for both African and international medium-sized E&P companies.â€
These upcoming licensing rounds, along with the Marginal Fields Bidding Round, place Angola as the number one African exploration frontier for years to come. This ambitious drive is led by H.E. President JoãoManuel Gonçalves Lourenço’s vision to reform the economy and overhaul the governance of Angola’s hydrocarbons sector, with the aim of increasing and replacing depleting reserves. Angola aims to “intensify the replacement of reserves in order to smooth the deep decline of oil production, ensure self-sufficiency in refined products by building new refineries and increase national production capacity,†he declared at the opening ceremony of Angola Oil & Gas 2019 Conference.Â
Source: Centurion
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Valaris Limited announced new contracts awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2023. Three-year contract with Petrobras for drillship VALARIS DS-8. The rig will be reactivated for this contract. The total contract value is approximately $500 million, including a $30 million mobilization fee. 100-day contract with a TotalEnergies affiliate for drillship VALARIS DS-12. The contract is expected to commence in second quarter 2023. 70-day contract with Beach Energy offshore New Zealand for heavy duty modern jackup VALARIS 107. The contract is expected to commence in third quarter 2023. The total contract value is approximately $26 million. President and Chief Executive Officer Anton Dibowitz said, “We are particularly pleased to have secured the award for preservation stacked drillship VALARIS DS-8, for a contract that is expected to generate a meaningful return over the firm contract term, and we remain focused on exercising our operational leverage in a disciplined manner. This most recent award represents the sixth contract awarded to one of our high-quality stacked floaters since mid-2021, and speaks volumes about our demonstrated track record of project execution when reactivating rigs.” Dibowitz added, “Following the reactivation of VALARIS DS-17 and DS-8, we will have ten floaters working across the golden triangle, including four drillships in Brazil, a market where we expect to see continued growth over the next several years.” Updated Guidance As a result of the contract awarded to VALARIS DS-8, which will require the rig to be reactivated from preservation stack, we are updating our first quarter 2023 and full-year 2023 guidance provided on our fourth quarter 2022 conference call on February 21, 2023. First Quarter 2023 Contract drilling expense is expected to increase by approximately $5 million to $385 million to $395 million. Adjusted EBITDA is expected to decrease by approximately $5 million to negative $5 million to breakeven. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $25 million to $30 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Full-Year 2023 Revenues are anticipated to be $1.8 billion to $1.9 billion, unchanged from the guidance provided on our fourth quarter 2022 conference call. Contract drilling expense is expected to increase by approximately $60 million to $1.49 billion to $1.59 billion. Adjusted EBITDA is expected to decrease by approximately $60 million to $180 million to $220 million. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $280 million to $320 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Capital expenditures are expected to increase by $60 million to $320 million to $360 million. Source: Valaris Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Seadrill Limited announced that the West Neptune has executed approximately six months of term extensions with LLOG Exploration Offshore, L.L.C in the US Gulf of Mexico. The extensions will commence in direct continuation of the existing term, and will keep the rig busy until Q3 2024, furthering Seadrill and LLOG’s long-term association. Total contract value for the extension is approximately $79 million. Source: Seadrill Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Semisub rig owner Dolphin Drilling has inked a new contract with Peak Petroleum in Nigeria for its 1974-built Blackford Dolphin. The firm contract, which follows the letter of award in January, gives the Euronext Growth-listed owner of three rigs the potential to extend the unit’s backlog by a minimum of 120 days and up to 485 days. The deal adds to and will be a direct continuation of the previously announced 12-month contract with General Hydrocarbon Limited (GHL). Øystein Stray Spetalen-backed company said the effective dayrate associated with the minimum firm period of the contract is $325,000, including the mobilisation fee. “The final award of the contract for Blackford Dolphin shows the opportunities in Nigeria at a strong dayrate, in addition to building on the backlog for the rig. It also underlines the attractiveness of our assets, and we look forward to returning to revenue-generating operations in 2023,” noted Bjørnar Iversen, CEO of Dolphin Drilling. Source: Dolphin Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
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