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While accounting for roughly eight percent of global oil production in 2020, Africa is home to massive untapped natural resource wealth, with a view to becoming a global energy powerhouse. Between 2021 and 2025, an estimated 428 oil and gas projects are expected to start operations on the continent, which is set to become a hive of activity over the next decade. Indispensable to economic and social development, Africa’s rich endowment of oil and gas resources are projected to catalyze growth across the continent, accounting for 7.1% of global proven oil and gas reserves.
TANZANIA LNG LIQUEFACTION PLANT
Led by Shell, the $30-billion Tanzania Liquefied Natural Gas (LNG) Liquefaction Project, also known as the Likong’o-Mchinga LNG Project, is expected to commence construction in 2023, with completion aimed for 2028. The LNG export terminal will be built at Lindi in the southern part of the country, and will have the capacity to produce 10 million tons of LNG per year. The megaproject will be the first and most expensive LNG project in Tanzania, which holds estimated recoverable resources of 57.5 trillion cubic feet of natural gas, of which 49.5 trillion cubic feet is located offshore. The facility will comprise up to five trains, each with a capacity of producing five million tons of LNG per year.
ROVUMA LNG
With FID on the project expected by 2023, the $30-billion Rovuma LNG Terminal is set to begin production in 2025. Located approximately 40km off the Cabo Delgado coast in northern Mozambique, the Rovuma LNG project is based on three gas reservoirs in the Area 4 Block of the Rovuma Basin, which contain an estimated 85 trillion cubic feet of natural gas. ExxonMobil is leading the construction and operation of the facility, which is set to promote skills development and create over 5,000 local job opportunities. As one of the largest projects in Africa, the Rovuma LNG facility has a planned capacity of 15.2 million tons of LNG per year and is expected to transform the country’s natural gas industry over the next decade. The project’s initial phase will develop the Mamba reservoirs in Area 4, and will see the construction of two onshore trains, each with a capacity of 7.6 million tons of LNG per year.
MOZAMBIQUE LNG
Currently under construction on the Afungi Peninsula in the Cabo Delgado Province, the inception of the Mozambique LNG facility began with the discovery of vast quantities of natural gas off the country’s northern coast in 2010, which led to a $20-billion FID on the project in 2019. The large-scale development will tap into an estimated 75 trillion cubic feet of recoverable natural gas from Mozambique’s Offshore Area 1, and utilize a two-train liquefaction plant with a capacity of 12.9 million tons per year to deliver LNG and start production by 2024. Similar to the Rovuma LNG project, Mozambique LNG is expected to shape the country’s economic future by supporting socioeconomic development, delivering positive environmental and social projects and providing thousands of jobs over several years.
OGIDIGBEN GAS REVOLUTION INDUSTRIAL PARK
Fully owned by the Nigerian National Petroleum Corporation, the $20-billion Ogidigben Gas Revolution Industrial Park is a planned downstream refinery and petrochemical complex set for construction in Nigeria’s Delta Region. Covering over 27 km2, the industrial park is planned to feature fertilizer, methanol, petrochemical and aluminum plants to make use of Nigeria’s abundant natural gas volumes as feedstock, and is estimated to create over 250,000 direct and indirect jobs. The project aims to tap into 18 trillion cubic feet of proven natural gas reserves located in the nearby Odidi, Okan and Forcados fields, with gas further supplied by the country’s dominant gas pipeline network, the Escravos-Lagos Pipeline System.
ZABAZABA AND ETAN INTEGRATED DEVELOPMENT
In water depths ranging between 1,200m and 2,400m, the Etan and Zabazaba oil fields are located in OPL 245 offshore Nigeria in the Niger Delta. The 300,000-km2 delta is the world’s twelfth-largest oil and gas resource, estimated to contain 34.5 billion barrels of oil and 93.8 trillion cubic feet of proven natural gas reserves. Together, the Zabazaba and Etan Fields are estimated to contain a combined 560 million barrels of oil equivalent. The $13.5-billion integrated development project is being undertaken by the Shell Nigeria Exploration and Production Company, Eni and Nigerian Agip Exploration – the last of which will serve as operator for the project. Expected to support small- and medium-sized businesses in Nigeria, half of the Zabazaba topside is slated for integration into the country. The Zabazaba floating production storage and offloading unit will tap into both fields and will be spread-moored with a capacity of 120,000 barrels of oil per day.
Source: AECP
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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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