Petroleum Africa
Find us on: 
Friday, April 1, 2016
Bowleven reported that while its previously 2016 JV budget for the Etinde development and appraisal drilling in Cameroon had been approved, including the funding for the drilling of two appraisal wells, the continued downturn and the worsening industry economic outlook has led to a revision. According to the company the planned wells have been pushed back until 2017.
The company said that while the change in drilling schedule was disappointing, it is eager to drill the wells, which under the terms of its farm out agreements with Lukoil and New Age, is carried on.
The operator, New Age, is seeking to optimize a schedule which delivers the appraisal wells and a potential early production scheme through an offshore processing facility. It is currently anticipated that drilling preparations including tendering will continue to be progressed in 2016 so as to exploit the low cost and high rig availability operating environment created by the oil price downturn, with drilling expected in 2017.
Meanwhile on development plans, discussions are ongoing with partners and government officials regarding the potential advancement of an initial development of the existing discovered resources which are sufficient to support either a standalone fertilizer, power generation, or BLNG project gas offtake solution. The combination of high well deliverability, a reduced cost environment and attractive fiscal terms means that project economics remain robust even at depressed oil prices.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
