On September 4, 2019, the Company announced that Gardline’s M/V Kommandor survey vessel had mobilized to SEL 1/11 to undertake the site survey over the area of the Barryroe field within SEL 1/11. The projected programme provides for a minimum of two locations to be surveyed at this time with the scope to increase the number of locations upon receipt of the APEC Loan Amount or alternative financing being secured. As of the close of business yesterday, the Company can confirm that the site survey of the first location has been completed and the Company has already started site survey operations over the second location.
Finance, Economics & Strategy
Eroton Exploration and Production Company Limited
Aug 2017 – Mar 2019
1 yr 8 mos
Functioned as a group resource (Midwestern) and primarily seconded to Eroton E&P, operator of the OML18 JV.
Supported strategic efforts in the areas of: petroleum economics and fiscals valuation, project financing (debt & equity), working capital management, capital budgeting, investment appraisal, risk management and stakeholder engagement.
- Frontline support (bank modeling and economic evaluations) which helped to achieve a successful 398M$ re-financing for the OML18 asset
- Economics and business case modeling which gained stakeholders’ approval on a 150M$ project finance strategy, for the development of an alternative crude oil evacuation infrastructure
- Supported the evaluation and negotiation of options for crude oil hedge policies, covering annual volumes in excess of 3.5MMbbls
- Focal resource on the successful renewal of the 2018/2019 OML18 Energy Insurance Package, with savings of circa 0.5M$
Others include co-promoting the construction of a 48km pipeline and a floating storage facility for OML 18 crude evacuation and possibly other asset in the region, adding that the facility will also act as an alternative to the Nembe Creek Trunk Line (NCTL).
"The Minister of State for Petroleum, Timipre Sylva on Thursday said that Nigeria has agreed to cut oil production by 50% this month, by 100 percent in October this year.
A statement of the Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu disclosed that.
It quoted the minister as saying “We have agreed to comply with production cuts of 50% this month (September 2019) and 100% FROM October this year.”"
Don 't understand why this would be in anyway desirable, or taken seriously, within Nigeria
Production cut of 100%? So, they produce no oil in October?
‘FROM October’. Which implies more months beyond that.
I can’t see it being true, government revenues would collapse.
Beyond the Gulf states, the attack could have a big impact on energy prices around the globe, with some analysts estimating that the price of crude oil could jump $10 when trading opens Sunday evening.
“This is a big deal,” Lipow Oil Associates president Andrew Lipow told CNBC on Saturday. “Fearing the worst, I expect that the market will open up $5 to $10 per barrel on Sunday evening. This is 12 to 25 cents per gallon for gasoline.”
Oil up 8% so far - estimated that Saudi may have lost HALF of its output. That is more than others can make up just by ramping up production if true, so expect the price to remain high until Saudi gets something in place to work around it.
This means that Demand will be far outstripping supply for a while, so there will be a big drawdown on stored oil (only ever a max of about 3 months global supply stored) and prices high enough for U.S. frackers to gear up to grab market share, at least in the short term.