NEW BENIN ASSET GREAT POTENTIAL
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Offer for Sèmè Field in Benin
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA) , the energy company with proven revenue generating production, exploration and development assets in Africa and Europe , is delighted to announce that on September 15, 2022 (the last valid day for participation in the offer submission process) it presented an offer (the "Offer") to the relevant Ministry in the Republic of Benin for the award of an initial nine-year licence to operate Block 1 containing the Sèmè oilfield, offshore Benin ("Block-1").
About Block-1
· A proven oilfield, with significant unexploited potential, having estimated recoverable reserves (P2) of 22-28 million barrels of oil and 428 billion cubic feet of natural gas (Kerr McGee 2005).
· Has produced a reported 22 million barrels of oil to date, with last production having taken place in 1998.
· Historical recovery factor of 22%, leaving significant margin for improvement of the recovery factor utilising modern completion techniques, horizontal drilling, and improved 3D seismic.
· Last produced at a rate of approximately 2,000 barrels of oil per day.
· 23 wells have been drilled in Block-1, with the last well having been drilled in 2009 by South Atlantic Petroleum (SAPETRO). This well discovered oil, however, due to the prevailing oil price at the time (approx. US$30) it was deemed uncommercial.
· Located in shallow water (30m) offshore with onshore facilities and tank farm for processing of oil production.
· Discovered in 1967 by Union Oil, Block-1 covers 551 sq. km with over 355 sq. km of recent 3D seismic data.
· Significant development and exploration potential in the emerging Syn-Rift play extending from neighbouring Nigeria.
· Production facilities comprised of three platforms, the last being installed in 2014-2015.
Andrea Cattaneo, Chief Executive of Zenith, commented:
"We are delighted to have submitted this Offer for what is an extremely exciting opportunity in Benin, representing the largest and most prospective oilfield in the country.
"Block-1 has significant untapped, independently assessed oil and gas reserves, a proven history of material oil production and existing field infrastructure. These key qualities make it a potentially highly enriching addition to our portfolio and fully satisfy the key criteria defining our growth strategy.
"Benin is a stable and attractive jurisdiction for foreign investment, and we look forward with great enthusiasm to working closely with the local authorities to ensure we achieve a fruitful and enduring partnership in the event our Offer is accepted ."
Details of the Offer and Next Steps
The Company has presented an offer that outlines certain investment commitments and terms to be negotiated as part of an award for an initial nine-year licence.
The Offer contains specific details surrounding how the Company will restore and expand the productivity of Block-1. Specific geological attention will be directed towards developing the emerging Cretaceous Play along the West African coast, which has proven to be a highly prolific basin extending from Côte d'Ivoire, Ghana to the West, to the east in Nigeria, with the large 'Ogo' oil and gas discovery, as well as producing in the Aje Field.
If Zenith's Offer for Block-1 is accepted, Zenith will progress in completing a rigorous due diligence process and begin negotiations with the Ministry aimed at finalising a draft Production Sharing Agreement to be approved by the legislature of Benin (in accordance with the Hydrocarbon Code).
Operationally, following potential acceptance of the Offer, the Company will seek to use the existing infrastructure installed in 2015, where previous development was stalled due to the low oil price environment at the time, to rapidly restore commercial production in the current high oil price climate for the benefit of the citizens of the Republic of Benin and Zenith Energy shareholders.
As part of the Offer, the Company has also presented a comprehensive social development plan, outlining agricultural community engagement initiatives aimed at fostering productivity and local employment, in addition to a sustainable development plan that takes into consideration the natural history of the region and places environmental sustainability at the heart of the Company's business development activities in Benin.
About Benin's Oil Industry
In recent years, there has been an attempt to revive domestic oil production in Benin following the previous involvement of various Western oil companies between 1984-1998, including the Norwegian Saga Petroleum.
In late 2019, CNPC signed a construction and operation agreement with the Government of Benin for the construction of the Niger-Benin Crude Pipeline, a 1,980km cross-border crude pipeline connecting the Agadem Rift Basin (ARB) region in Niger to Port Seme Terminal in the Republic of Benin. Construction of the pipeline is underway and is expected to be completed by the close of 2023.
Benin is a founding Member of the African Petroleum Producers' Organization ("APPO"), and its Minister in charge of Hydrocarbons serves as Vice-President of the APPO.
-ENDS-
("Zenith" or the "Company")
Offer for Sèmè Field in Benin
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA) , the energy company with proven revenue generating production, exploration and development assets in Africa and Europe , is delighted to announce that on September 15, 2022 (the last valid day for participation in the offer submission process) it presented an offer (the "Offer") to the relevant Ministry in the Republic of Benin for the award of an initial nine-year licence to operate Block 1 containing the Sèmè oilfield, offshore Benin ("Block-1").
About Block-1
· A proven oilfield, with significant unexploited potential, having estimated recoverable reserves (P2) of 22-28 million barrels of oil and 428 billion cubic feet of natural gas (Kerr McGee 2005).
· Has produced a reported 22 million barrels of oil to date, with last production having taken place in 1998.
· Historical recovery factor of 22%, leaving significant margin for improvement of the recovery factor utilising modern completion techniques, horizontal drilling, and improved 3D seismic.
· Last produced at a rate of approximately 2,000 barrels of oil per day.
· 23 wells have been drilled in Block-1, with the last well having been drilled in 2009 by South Atlantic Petroleum (SAPETRO). This well discovered oil, however, due to the prevailing oil price at the time (approx. US$30) it was deemed uncommercial.
· Located in shallow water (30m) offshore with onshore facilities and tank farm for processing of oil production.
· Discovered in 1967 by Union Oil, Block-1 covers 551 sq. km with over 355 sq. km of recent 3D seismic data.
· Significant development and exploration potential in the emerging Syn-Rift play extending from neighbouring Nigeria.
· Production facilities comprised of three platforms, the last being installed in 2014-2015.
Andrea Cattaneo, Chief Executive of Zenith, commented:
"We are delighted to have submitted this Offer for what is an extremely exciting opportunity in Benin, representing the largest and most prospective oilfield in the country.
"Block-1 has significant untapped, independently assessed oil and gas reserves, a proven history of material oil production and existing field infrastructure. These key qualities make it a potentially highly enriching addition to our portfolio and fully satisfy the key criteria defining our growth strategy.
"Benin is a stable and attractive jurisdiction for foreign investment, and we look forward with great enthusiasm to working closely with the local authorities to ensure we achieve a fruitful and enduring partnership in the event our Offer is accepted ."
Details of the Offer and Next Steps
The Company has presented an offer that outlines certain investment commitments and terms to be negotiated as part of an award for an initial nine-year licence.
The Offer contains specific details surrounding how the Company will restore and expand the productivity of Block-1. Specific geological attention will be directed towards developing the emerging Cretaceous Play along the West African coast, which has proven to be a highly prolific basin extending from Côte d'Ivoire, Ghana to the West, to the east in Nigeria, with the large 'Ogo' oil and gas discovery, as well as producing in the Aje Field.
If Zenith's Offer for Block-1 is accepted, Zenith will progress in completing a rigorous due diligence process and begin negotiations with the Ministry aimed at finalising a draft Production Sharing Agreement to be approved by the legislature of Benin (in accordance with the Hydrocarbon Code).
Operationally, following potential acceptance of the Offer, the Company will seek to use the existing infrastructure installed in 2015, where previous development was stalled due to the low oil price environment at the time, to rapidly restore commercial production in the current high oil price climate for the benefit of the citizens of the Republic of Benin and Zenith Energy shareholders.
As part of the Offer, the Company has also presented a comprehensive social development plan, outlining agricultural community engagement initiatives aimed at fostering productivity and local employment, in addition to a sustainable development plan that takes into consideration the natural history of the region and places environmental sustainability at the heart of the Company's business development activities in Benin.
About Benin's Oil Industry
In recent years, there has been an attempt to revive domestic oil production in Benin following the previous involvement of various Western oil companies between 1984-1998, including the Norwegian Saga Petroleum.
In late 2019, CNPC signed a construction and operation agreement with the Government of Benin for the construction of the Niger-Benin Crude Pipeline, a 1,980km cross-border crude pipeline connecting the Agadem Rift Basin (ARB) region in Niger to Port Seme Terminal in the Republic of Benin. Construction of the pipeline is underway and is expected to be completed by the close of 2023.
Benin is a founding Member of the African Petroleum Producers' Organization ("APPO"), and its Minister in charge of Hydrocarbons serves as Vice-President of the APPO.
-ENDS-
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Gullit
30.09.2022 kl 10:04
4762
Nå må investorer kjenne sin besøkelsestid, om vi får tilslag her vil det virkelig ta fyr., 5-10* er ett rolig estimat ..
patek5146
30.09.2022 kl 10:46
4690
😂🤣😂🤣😂 Ikke for at virke negativ eller noget men siden hvornår har dine estimater med datoer holdt stik
patek5146
30.09.2022 kl 13:23
4519
Selvfølgelig er jeg inde og godt lastet men deprimerende at se på når konfirmand tradere styrer kursen med +-5% dag ud og dag ind, samtidig som Dansker investeret på Oslo casino børs hvor ens tab i forhold til DK kroner og Norske matador penge giver et tab på 7% på en måned, satme svært at være positiv
Redigeret : Nkr matador penge er nu i skrivende stund på 2022 laveste kurs-8% ( jævla casino )
Redigeret : Nkr matador penge er nu i skrivende stund på 2022 laveste kurs-8% ( jævla casino )
Redigert 30.09.2022 kl 15:14
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Gullit
30.09.2022 kl 14:15
4453
Selger siden er tålmodige no, absolutt en god ide og få med seg utviklingen de kommende måneder.. Kan godt hende det er nå det starter for alvor i Zenith..
snøtind
30.09.2022 kl 14:18
4435
Er spent på strømproduksjonen i Italia for September. Tror den lander på nærmere 7 mill.
patek5146
30.09.2022 kl 15:33
4339
Strømproduktion er vel gået hen og blevet til en såkaldt “nothingburger”, småpenge, peanuts, MEN hvis der sker noget ( fejl på udstyr etc ) bliver kursen monkey hammered langt ned, det vi mangler her er noget håndfast fra fader AC om TLP II eller Benin, indtil da bestemmes kursen af små tradere,,,,,,,,desværre
Konjagi
30.09.2022 kl 16:00
4288
Sitter her og leser meg opp på de siste dagers innlegg.
Tar det siste først:
- Tror vi fortsatt skal regne inn inntektene fra strømproduksjon som noe som bidrar til at Zenith faktisk kan vokse seg opp ihht strategi. Husk her er vi operatører, og dette er gull verdt når man forhandler
- Så til de siste dagers info fra selskapet: Benin, nok et bra strategisk skritt, og sånn jeg leser situasjonen for øyeblikket, har vi ingen konkurenter. Her er det opptil myndighetene, om de vil slippe inn en mygg på denne lisensen, men Benin har vel havnet altfor mye i skyggen av den store naboen (Nigeria) som tiltrekker seg all oppmerksomhet i området. Kan være bra for oss
- Telapia II, ja hva skjer her, stille som i graven, og spør du meg er dette et meget godt tegn. AC har lært at han er avhengig av at det er myndighetene, som skal annonsere en hvilken som helst milepæl. Her har vi ikke mye å melde, uten at myndighetene i Congo melder noe først
- Tunisia: Mye hyling om hvorfor AC ikke melder salg av siste del av oljelager. Her er vi i mindretall i SLK, og vi har felles lager med de andre lisenseierne. Salg skjer når det skjer, vi eier fortsatt vår del.
- Kursutvikling de siste dagene, ukene for ikke å si månedene. Enig med Svartsyn. her er det kun herjing med kursen opp og ned for å tjene noen tusenlapper. Zenith aksjen er et eventyr for tradere
Så god helg til dere gode Zenithere som holder temperaturen opp her på forumet
Tar det siste først:
- Tror vi fortsatt skal regne inn inntektene fra strømproduksjon som noe som bidrar til at Zenith faktisk kan vokse seg opp ihht strategi. Husk her er vi operatører, og dette er gull verdt når man forhandler
- Så til de siste dagers info fra selskapet: Benin, nok et bra strategisk skritt, og sånn jeg leser situasjonen for øyeblikket, har vi ingen konkurenter. Her er det opptil myndighetene, om de vil slippe inn en mygg på denne lisensen, men Benin har vel havnet altfor mye i skyggen av den store naboen (Nigeria) som tiltrekker seg all oppmerksomhet i området. Kan være bra for oss
- Telapia II, ja hva skjer her, stille som i graven, og spør du meg er dette et meget godt tegn. AC har lært at han er avhengig av at det er myndighetene, som skal annonsere en hvilken som helst milepæl. Her har vi ikke mye å melde, uten at myndighetene i Congo melder noe først
- Tunisia: Mye hyling om hvorfor AC ikke melder salg av siste del av oljelager. Her er vi i mindretall i SLK, og vi har felles lager med de andre lisenseierne. Salg skjer når det skjer, vi eier fortsatt vår del.
- Kursutvikling de siste dagene, ukene for ikke å si månedene. Enig med Svartsyn. her er det kun herjing med kursen opp og ned for å tjene noen tusenlapper. Zenith aksjen er et eventyr for tradere
Så god helg til dere gode Zenithere som holder temperaturen opp her på forumet
Redigert 30.09.2022 kl 16:01
Du må logge inn for å svare
patek5146
30.09.2022 kl 17:24
4192
Hej Konjagi, god opsummering 👍, men for helv….. hvor er det deprimerende at være investeret oppe på Oslo casino, bare i valuta tab på 1 dag i skrivende stund er Norske matador kroner nede med 1,5% i forhold til Dkr, så tabet forstærkes betrakteligt
Konjagi
30.09.2022 kl 20:18
4067
Ta det lungt..valuta kursene svinger fra dag til dag, det samme gjør aksjekursene. Hvis du ikke har kortsiktige mål, slapp av. Dette vil bli bra etter noen måneder/år
Svartsyn
30.09.2022 kl 21:28
3990
Rådet om å ta det lungt, er verdt å høre på.
Det kommer en dag for alt sa min far. Han fikk som regel rett.
Og nå er september over. Den værste børsmåneden historisk sett...
Trur vi har mye å se frem mot..
Ha en flott kveld alle Zenithere, nervevrak og folk med de lange brillene på...
Et annet råd, børsen blir "rugglete" fremover ,så den som ikke er forberedt på upps and downs.
Bør kort og greit selge seg helt ut..
Det kommer en dag for alt sa min far. Han fikk som regel rett.
Og nå er september over. Den værste børsmåneden historisk sett...
Trur vi har mye å se frem mot..
Ha en flott kveld alle Zenithere, nervevrak og folk med de lange brillene på...
Et annet råd, børsen blir "rugglete" fremover ,så den som ikke er forberedt på upps and downs.
Bør kort og greit selge seg helt ut..
Barneskirenn
01.10.2022 kl 01:04
3837
Fra 29.09.22.
Interessant? Mr. Itoua og SNPC skal showvcase'e mulighetene i Congo.. Er det typ dette der TLP2 skal annonseres?
UTDRAG:
"AEW 2022 will host an "Invest in the Republic of Congo" side event, where the Central African country’s massive hydrocarbon oil and gas potential will be showcased to local, regional and international investors."
"The Invest in the Republic of Congo side event will be hosted by the Ministry of Hydrocarbons of the Republic of Congo and national oil company le Société Nationale des Pétroles du Congo (SNPC)"
_______________________________________________________________________
Tittel: ""Invest in the Republic of Congo Event" at "African Energy Week"(AEW) to Showcase Hydrocarbon Market Opportunities"
"Invest in the Republic of Congo Event at African Energy Week to Showcase Hydrocarbon Market Opportunities
The Invest in Congo side event at AEW 2022 will showcase investment opportunities across the Central African country’s oil and gas industry.
Representing Africa’s premier energy event, the 2022 edition of the African Energy Week (AEW) conference and exhibition aims to position African oil and gas-producing countries as globally attractive energy investment destinations by uniting African energy stakeholders and policymakers with global energy companies and investors to discuss investment trends and the future of African energy.
Taking place from October 18 – 21 at the V&A Waterfront in Cape Town, under the theme ‘Exploring and Investing in Africa’s Energy Future while Driving an Enabling Environment’, AEW 2022 will host an Invest in the Republic of Congo side event, where the Central African country’s massive hydrocarbon oil and gas potential will be showcased to local, regional and international investors.
The Invest in the Republic of Congo side event will be hosted by the Ministry of Hydrocarbons of the Republic of Congo and national oil company le Société Nationale des Pétroles du Congo (SNPC), in partnership with the African Energy Chamber (AEC) – the voice of the African energy sector. Sponsored by SNPC and leading pan-African legal and business advisory group, Centurion Law Group, the Invest in the Republic of Congo side event at AEW 2022 will feature high-level discussions and networking sessions highlighting the vast opportunities across the Congo’s oil and gas upstream, midstream and downstream sectors, as well as its entire energy landscape.
As one of Africa’s largest crude oil producers and a member of the Organization of the Petroleum Exporting Countries – of which H.E. Bruno Jean-Richard Itoua, the Republic of Congo’s Minister of Hydrocarbons, holds the Presidency for 2022 – the country boasts substantial hydrocarbon reserves and investor-friendly energy policies and fiscal terms which have paved the way for an increasing number of global energy companies such as TotalEnergies, Chevron, Perenco, Eni, Qatar Petroleum and Lukoil to launch massive exploration and production activities.
Now, with the Republic of Congo seeking to attract further investment to accelerate and fast-track the production and exploitation of its 1.8 billion barrels of crude oil and 284 billion cubic meters of gas reserves to meet growing energy demand at home and global scale while fueling economic growth, the Invest in Congo event at AEW 2022 presents an opportunity for the Central African country’s key decision-makers and energy market players to meet and network with potential investors, discussing, negotiating and signing industry-changing investment deals.
“The Republic of Congo has witnessed impressive growth across its hydrocarbons industry, and now, with the demand for oil and gas expanding, an opportunity has risen for the country to attract investment and maximize production, exploitation and monetization,” states NJ Ayuk, the Executive Chairman of the AEC.
During the Invest in Congo side event, energy stakeholders, policymakers and investors will have an opportunity to network extensively, discuss the Congo’s current and future oil and gas market trends whilst forging new energy investment alliances."
https://aecweek.com/invest-in-the-republic-of-congo-event-at-african-energy-week-to-showcase-hydrocarbon-market-opportunities/
Interessant? Mr. Itoua og SNPC skal showvcase'e mulighetene i Congo.. Er det typ dette der TLP2 skal annonseres?
UTDRAG:
"AEW 2022 will host an "Invest in the Republic of Congo" side event, where the Central African country’s massive hydrocarbon oil and gas potential will be showcased to local, regional and international investors."
"The Invest in the Republic of Congo side event will be hosted by the Ministry of Hydrocarbons of the Republic of Congo and national oil company le Société Nationale des Pétroles du Congo (SNPC)"
_______________________________________________________________________
Tittel: ""Invest in the Republic of Congo Event" at "African Energy Week"(AEW) to Showcase Hydrocarbon Market Opportunities"
"Invest in the Republic of Congo Event at African Energy Week to Showcase Hydrocarbon Market Opportunities
The Invest in Congo side event at AEW 2022 will showcase investment opportunities across the Central African country’s oil and gas industry.
Representing Africa’s premier energy event, the 2022 edition of the African Energy Week (AEW) conference and exhibition aims to position African oil and gas-producing countries as globally attractive energy investment destinations by uniting African energy stakeholders and policymakers with global energy companies and investors to discuss investment trends and the future of African energy.
Taking place from October 18 – 21 at the V&A Waterfront in Cape Town, under the theme ‘Exploring and Investing in Africa’s Energy Future while Driving an Enabling Environment’, AEW 2022 will host an Invest in the Republic of Congo side event, where the Central African country’s massive hydrocarbon oil and gas potential will be showcased to local, regional and international investors.
The Invest in the Republic of Congo side event will be hosted by the Ministry of Hydrocarbons of the Republic of Congo and national oil company le Société Nationale des Pétroles du Congo (SNPC), in partnership with the African Energy Chamber (AEC) – the voice of the African energy sector. Sponsored by SNPC and leading pan-African legal and business advisory group, Centurion Law Group, the Invest in the Republic of Congo side event at AEW 2022 will feature high-level discussions and networking sessions highlighting the vast opportunities across the Congo’s oil and gas upstream, midstream and downstream sectors, as well as its entire energy landscape.
As one of Africa’s largest crude oil producers and a member of the Organization of the Petroleum Exporting Countries – of which H.E. Bruno Jean-Richard Itoua, the Republic of Congo’s Minister of Hydrocarbons, holds the Presidency for 2022 – the country boasts substantial hydrocarbon reserves and investor-friendly energy policies and fiscal terms which have paved the way for an increasing number of global energy companies such as TotalEnergies, Chevron, Perenco, Eni, Qatar Petroleum and Lukoil to launch massive exploration and production activities.
Now, with the Republic of Congo seeking to attract further investment to accelerate and fast-track the production and exploitation of its 1.8 billion barrels of crude oil and 284 billion cubic meters of gas reserves to meet growing energy demand at home and global scale while fueling economic growth, the Invest in Congo event at AEW 2022 presents an opportunity for the Central African country’s key decision-makers and energy market players to meet and network with potential investors, discussing, negotiating and signing industry-changing investment deals.
“The Republic of Congo has witnessed impressive growth across its hydrocarbons industry, and now, with the demand for oil and gas expanding, an opportunity has risen for the country to attract investment and maximize production, exploitation and monetization,” states NJ Ayuk, the Executive Chairman of the AEC.
During the Invest in Congo side event, energy stakeholders, policymakers and investors will have an opportunity to network extensively, discuss the Congo’s current and future oil and gas market trends whilst forging new energy investment alliances."
https://aecweek.com/invest-in-the-republic-of-congo-event-at-african-energy-week-to-showcase-hydrocarbon-market-opportunities/
Barneskirenn
01.10.2022 kl 11:43
3610
Men er Tilapia med Zenith Energy som partner så stort for Congo at det blir showcase på en slik konferanse? Klarer ikke helt å se for meg det (sammenlignet med de store selskapene som opererer i Congo).. Noen som har en mening? Lurer på om Aqualight har nevnt tidligere at det er nok noe Itoua ønsker å gjøre.
Fluefiskeren
12.10.2022 kl 15:51
3001
I hvert fall en konkurrent til asset i Benin.
« Tullow veterans line up to revive Sèmè as Zenith snaps at their heels
Several companies are keen to take on Benin's only oil field, which has been dormant since 1998. In the running are two juniors, Baobab Energy Africa, founded by former Tullow energy execs, and Zenith Energy. »
https://www.africaintelligence.com/west-africa/2022/10/11/tullow-veterans-line-up-to-revive-seme-as-zenith-snaps-at-their-heels,109833626-art
« Tullow veterans line up to revive Sèmè as Zenith snaps at their heels
Several companies are keen to take on Benin's only oil field, which has been dormant since 1998. In the running are two juniors, Baobab Energy Africa, founded by former Tullow energy execs, and Zenith Energy. »
https://www.africaintelligence.com/west-africa/2022/10/11/tullow-veterans-line-up-to-revive-seme-as-zenith-snaps-at-their-heels,109833626-art
Redigert 12.10.2022 kl 15:52
Du må logge inn for å svare
oops16
12.10.2022 kl 15:56
2994
Jeg tror dette er hele artikkelen. Fant den på UK forum.
Tullow veterans line up to revive Sèmè as Zenith snaps at their heels
Several companies are keen to take on Benin's only oil field, which has been dormant since 1998. In the running are two juniors, Baobab Energy Africa, founded by former Tullow energy execs, and Zenith Energy.
More than two decades after production was halted in 1998, will the Sèmè field (Block 1) finally be relaunched? This nagging question has been asked for several years now: Sapetro (owned by former Nigerian defence minister TY Danjuma) was the last to try its luck. It is said to have invested several hundred million dollars without managing to produce a single barrel before it left in 2015. But for the past several months, firms have been quietly negotiating with the Beninese authorities to take over this asset and its estimated 20m recoverable barrels. In production between 1984 and 1998, Sèmè is likely to reach 6,000 to 7,000 bpd for a few years. The work required would be relatively inexpensive because of the brand-new equipment left behind by Sapetro.
In the running
The Ministry of Water and Mines (which is also responsible for oil) had initially invited firms that had already shown interest in the site to bid. At the top of the list was Baobab Energy Africa, founded by former Tullow Oil executives (Gilbert Yevi, Tim O'Hanlon, Robin Sutherland and Shantonu Chundur) and former Azinam boss Daniel McKeown. Yevi, a Beninese national, has been working for years to take over the field, regularly submitting proposals to the government and seeking funding from all quarters. Baobab has been in contact with the Australian exploration company Invictus Energy, headed by Stuart Lake (formerly of African Petroleum and Hess), to establish a possible partnership. But no decision has yet been taken.
Among the other companies in the game are two Nigerian firms, Geospectra Nigeria and Unicorn Energy Resources, the Beninese-Gabonese company Profit Energy, and Gemcorp Capital. The latter is a subsidiary of Atanas Bostandjiev's investment fund Gemcorp, which is very active in the oil sector in Angola (AI, 22/09/21 and 24/03/21).
Finally, Octogone, a company owned by Beninese businessman Razak Saka, has also shown interest in the block. Specialised in bunkering (AI, 17/09/20), Octogone has no experience in oil exploration. The firm has already made contact with a potential technical partner, the Nigerian group Levene Energy, should its application be successful.
Initially interested in Block 1 and invited to submit a bid, the two juniors on the offensive in Africa, Panoro Energy (active in Gabon and Tunisia) and Savannah Energy (in Niger, Chad and Nigeria), ultimately abandoned the project
Tullow veterans line up to revive Sèmè as Zenith snaps at their heels
Several companies are keen to take on Benin's only oil field, which has been dormant since 1998. In the running are two juniors, Baobab Energy Africa, founded by former Tullow energy execs, and Zenith Energy.
More than two decades after production was halted in 1998, will the Sèmè field (Block 1) finally be relaunched? This nagging question has been asked for several years now: Sapetro (owned by former Nigerian defence minister TY Danjuma) was the last to try its luck. It is said to have invested several hundred million dollars without managing to produce a single barrel before it left in 2015. But for the past several months, firms have been quietly negotiating with the Beninese authorities to take over this asset and its estimated 20m recoverable barrels. In production between 1984 and 1998, Sèmè is likely to reach 6,000 to 7,000 bpd for a few years. The work required would be relatively inexpensive because of the brand-new equipment left behind by Sapetro.
In the running
The Ministry of Water and Mines (which is also responsible for oil) had initially invited firms that had already shown interest in the site to bid. At the top of the list was Baobab Energy Africa, founded by former Tullow Oil executives (Gilbert Yevi, Tim O'Hanlon, Robin Sutherland and Shantonu Chundur) and former Azinam boss Daniel McKeown. Yevi, a Beninese national, has been working for years to take over the field, regularly submitting proposals to the government and seeking funding from all quarters. Baobab has been in contact with the Australian exploration company Invictus Energy, headed by Stuart Lake (formerly of African Petroleum and Hess), to establish a possible partnership. But no decision has yet been taken.
Among the other companies in the game are two Nigerian firms, Geospectra Nigeria and Unicorn Energy Resources, the Beninese-Gabonese company Profit Energy, and Gemcorp Capital. The latter is a subsidiary of Atanas Bostandjiev's investment fund Gemcorp, which is very active in the oil sector in Angola (AI, 22/09/21 and 24/03/21).
Finally, Octogone, a company owned by Beninese businessman Razak Saka, has also shown interest in the block. Specialised in bunkering (AI, 17/09/20), Octogone has no experience in oil exploration. The firm has already made contact with a potential technical partner, the Nigerian group Levene Energy, should its application be successful.
Initially interested in Block 1 and invited to submit a bid, the two juniors on the offensive in Africa, Panoro Energy (active in Gabon and Tunisia) and Savannah Energy (in Niger, Chad and Nigeria), ultimately abandoned the project
jantt
12.10.2022 kl 16:53
2897
Benin bliver nok ikke til noget ligesom Tilapia nok heller ikke kommer til at ske.
Ser ud til at AC er en drømmer som ikke indfrier noget
Ser ud til at AC er en drømmer som ikke indfrier noget
Aldara
12.10.2022 kl 18:24
2813
Du har et poeng jantt.
Har vært med her lenge og ikke en dritt har skjedd - bortsett fra strøm i Italia-penger i kassa..Ellers lite...
Kunne AC bare kutte de forbannede fuglene på taket og heller lokket 2-3 ned i hånden! Da hadde Zen føket avgårde! Men neida....Stabilt dødsleie!
Har vært med her lenge og ikke en dritt har skjedd - bortsett fra strøm i Italia-penger i kassa..Ellers lite...
Kunne AC bare kutte de forbannede fuglene på taket og heller lokket 2-3 ned i hånden! Da hadde Zen føket avgårde! Men neida....Stabilt dødsleie!
Redigert 12.10.2022 kl 18:26
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Konjagi
12.10.2022 kl 20:33
2685
Mye sutring her nå. Hvor mye kunnskap besitter dere om å drive business i Afrika? Jeg spør siden dere vet alt så mye bedre enn AC...
Gullit
12.10.2022 kl 21:01
2647
Der bommer du vel litt, ingenting som foregår i Tunisia?? Forstår ikke denne drittkastinga, utifra dagens verdi er inntektene meget solide allerede. Så søker man nye muligheter. Dette er ikke gjort over natten, men slik det ser ut nå har vi flere kort på hånden. La oss håpe ett går inn snart..
Barneskirenn
12.10.2022 kl 21:20
2625
«The Council of Ministers met at the Palais du Peuple, this Wednesday, October 12, 2022, under the very high authority of His Excellency, Mr. Denis SASSOU N'GUESSO, President of the Republic, Head of State.
Seven (7) matters were on its agenda.»
«Presenting the second draft of the Ministry of Budget, Public Accounts and Public Portfolio, namely the draft decree setting the terms of application of domestic tax provisions in the upstream oil sector, Minister THYSTERE TCHICAYA specified that the legislative and regulatory framework upstream oil activity is made up of several texts, the main ones being: the hydrocarbons code; the general tax code; the customs code; production sharing contracts; Community regulations on foreign exchange, insurance and OHADA law, applicable to all companies, as well as numerous regulatory texts.
The economic weight of oil activity in public revenue requires that the related tax system be clearly and completely presented, with a view to its easier application. It is in this context that the project submitted for examination by the Council aims to bring together the applicable texts in this area, in order to make the tax and customs provisions that govern this sector more legible.
After review and discussion, the Council of Ministers adopted the draft decree setting the terms of application of domestic tax provisions in the upstream oil sector.»
«III/ – Ministry of Hydrocarbons.
Taking the floor after being invited by the President of the Republic, Mr. Jean-Marc THYSTERE TCHICAYA, Minister of Special Economic Zones and Economic Diversification, presented a draft decree regulating flaring and the advantage of gas in upstream activities of the hydrocarbons sector, in place of Minister Bruno Jean Richard ITOUA, Minister of Hydrocarbons, on mission.
Minister THYSTERE TCHICAYA specified that gas is considered as a transitional green energy. Also, the decree submitted for examination by the Council aims to enhance its production while preserving the environment. To this end, effective regulation of gas flaring and venting will enable our country to comply with the international commitments to which it has subscribed with regard to greenhouse gas emissions.
The draft decree also offers opportunities for investors to direct their funds towards projects for the use or transformation of associated gas, currently intended for the flare, in particular petrochemicals, mining, agriculture through fertilizers , the production of electricity and the transformation of gas into liquid fuel.
The draft decree aims to put in place a legal instrument to better administer gas flaring procedures in the Republic of Congo. It is in line with the constant will expressed for years by the President of the Republic and recorded by the hydrocarbons code. It is therefore a question, by the adoption of this decree, of reconciling the necessities of production with the fixing of sanctions which must be effective, and this without delays or procrastination against the offenders.
After examination and discussion, the Council of Ministers adopted the draft decree regulating flaring and the advantage of gas in the upstream activities of the hydrocarbon sector.»
https://gouvernement.cg/compte-rendu-du-conseil-des-ministres-du-12-octobre-2022/
Skalleknarp
12.10.2022 kl 23:51
2489
Har selv jobbet et par år i Afrika. En flott opplevelse men vi hadde et uttrykk som ofte ble benyttet når ting ikke utviklet seg slik man var vant med hjemme - «This is Africa» For eksempel at nan måtte vente 14 dager for å få ut noen O- ringer fra tollen pga at et stempel manglet…. Elsemplene var mange!
Redigert 13.10.2022 kl 07:15
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Look like rectification is done in production sharing Contractors. ,...............
Presenting the second project of the Ministry of Budget, Public Accounts and Public Portfolio, namely the draft decree setting the terms of application of domestic tax provisions in the upstream oil sector, Minister THYSTERE TCHICAYA specified that the legislative and regulatory framework upstream oil activity is made up of several texts, the main ones being: the hydrocarbons code; the general tax code; the customs code; production sharing contracts; Community regulations on foreign exchange, insurance and OHADA law, applicable to all companies, as well as numerous regulatory texts.
The economic weight of oil activity in public revenue requires that the related tax system be clearly and completely presented, with a view to its easier application. It is in this context that the project submitted for examination by the Council is intended to bring together the applicable texts in this area, in order to make the tax and customs provisions that govern this sector easier to understand.
After review and discussion, the Council of Ministers adopted the draft decree setting the terms of application of domestic tax provisions in the upstream oil sector.
Presenting the second project of the Ministry of Budget, Public Accounts and Public Portfolio, namely the draft decree setting the terms of application of domestic tax provisions in the upstream oil sector, Minister THYSTERE TCHICAYA specified that the legislative and regulatory framework upstream oil activity is made up of several texts, the main ones being: the hydrocarbons code; the general tax code; the customs code; production sharing contracts; Community regulations on foreign exchange, insurance and OHADA law, applicable to all companies, as well as numerous regulatory texts.
The economic weight of oil activity in public revenue requires that the related tax system be clearly and completely presented, with a view to its easier application. It is in this context that the project submitted for examination by the Council is intended to bring together the applicable texts in this area, in order to make the tax and customs provisions that govern this sector easier to understand.
After review and discussion, the Council of Ministers adopted the draft decree setting the terms of application of domestic tax provisions in the upstream oil sector.
gravemaskinen
13.10.2022 kl 08:42
2265
Dette kan godt være noe av det som zena har vente på at skulle bli utført før en avtale med myndighetene blir signert.. Nå har myndighetene formalisert skatt og avgifter mot petroleums virksomheter slik jeg forstår det, og da er grunnlaget på plass for å signere med respektive selskaper.. Alt tar tid, men dette kan godt være en viktig brikke i puslespillet
Konjagi
13.10.2022 kl 09:04
2202
Kanskje du burde sjekket hvor Zenith driver business, før du kjøpte aksjene?
MarketGunsling
14.10.2022 kl 13:55
1920
It feels like the slow-moving African tectonic plates are finally aligning themselves in Zenith's favour. Now the Congo know how they want to tax oil companies they have to actually grant some licenses in order to generate revenue. I can see this moving fairly quickly (for Africa) now.
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