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The government of Senegal aims to provide all citizens with access to affordable and reliable electricity by the year 2025. The objective forms part of the Emerging Senegal Plan, a development model that is focused on accelerating the country’s progress toward emerging market status.
Senegal boasts one of the highest access to electricity rates in West Africa, equating to 76% at the end of 2019. However, the rural and urban population’s access rates remain significantly disparate, with rates currently at 94% and 53.9%, respectively.
“These inequalities are likely to impact the efforts of the State for a balanced development of the territory and, more generally, hamper economic and social development at the national level,” the Ministry of Petroleum and Energy in said in a press release.
In order to address these differences and increase access to 100%, government is re-directing a focus on electrification projects. To fast-track this objective, the government organized a two-part virtual roundtable event – held on Tuesday April 6 and again on Thursday April 8, 2021 – that aims to mobilize 732 billion CFA francs (equivalent to US$1.3 billion) for the development of projects in both rural and peri-urban areas. The roundtable event was co-chaired by H.E. Sophie Gladima, Minister of Petroleum and Energy, and H.E. Amadou Hott, Minister of Economy, Planning and International Cooperation, and saw the participation of public institutions, technical services of the State, development partners, as well as the private sector.
“The roundtable’s main objective is to present the government’s strategy to achieve universal access to quality energy, in sufficient quantity, at a lower cost and sustainably by 2025. The country has decided to collect financial commitments from technical and financial partners from the private sector to support its implementation. The roundtable is in line with the actions identified for the implementation of the Complementary Plan for universal access to electricity,” stated the Ministry.
Additionally, the World Bank has demonstrated its commitment to assisting Senegal in achieving its electrification objectives. On Tuesday April 6, the World Bank announced a $300 million pledge to two electrification projects, in which a third of this financing will enable the electrification of 24% of households currently without access to electricity. Capitalizing on the World Bank’s expertise, Senegal is well on its way to achieve universal access to electricity by 2025.
In a bid to increase international participation and investment within the region, Africa Oil & Power (AOP) is proud to host the first-ever MSGBC Oil, Gas & Power 2021 conference and exhibition on 26-27 October 2021 in Dakar. The event will be hosted by AOP, under the auspices of H.E. President Macky Sall, and in partnership with the Ministry of Petroleum and Energy, COS Petrogaz, Petrosen and various United U.S. and Canadian energy industry associations.
Source: Africa Oil and Power
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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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