Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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When an infrastructure asset is owned by several parties it is standard that the ownership/operating contract requires all parties to contribute their fair share to operating/upkeep/decommissioning costs. If I was a party to such a contract I would want all revenue from the asset going into a bank account where the likely costs would then be siphoned off into a separate account each month/quarter. It would also be standard practice that the likely costs would be regularly reviewed and the amount siphoned off adjusted accordingly. This way the costs are paid for logically and without the risk of a party withholding the costs in case of their bankruptcy or another matter.
One thing (due to ignorance) that I don't understand is, all goes well and we purchase the assets from EM and we are producing 13K bopd net and wish to increase production to 20K bopd net, we would be operators and happy to invest our share (40%) of the funds to achieve this but what if the two other partners don't want to commit the funds and are instead more focused on finding a buyer. Would they be legally obliged to invest alongside us as we are operator, presume this type of stuff is all covered by field contracts between the parties.... any guidance or thoughts welcome!
Good morning everyone:) been busy working including weekends peeping in here now and again. All senior posters, especially Sir Zengas, never ever fail to amaze… I said to myself best not to post again as I feel so ashamed that I could never offer anything useful.. but I really need to thank you all once again. Other boards should learn from us.
Holding tight. Never sold a thing since bought only added.. regret not added more. Cannot wait when trading starts. I stop now don't want to bore you all!
So, 7 years of production at a 65k boepd rate?
Best board on aim in my opinion. Thanks to all
2P = 65 mmboe & 2C = 92 mmboe = 157 mmboe net.
Not sure what the 2P/2C spilt may be for Doba.
Agadem, re my post yesterday and from what we know from the interviews and acquisitions giving a possible range of 66-115,000 boepd but see the whole post in context as to pipeline tarriff valuation, further acquistions beyond that range.
I beleive on the above, SAVE should close the gap and possibly overtake either of these two at some point as to where they are now currently valuation wise. The clue for me is the broker saying that this will catapult SAVE into the premier league of E&P companies.
Also worth bearing in mind institutions/investors still expect significant growth going forward in both the following examples.
As of friday 11/6/21 close -
Tullow 1.425b shares @ 59.68p = £854m m/cap
10/3/21 RNS "In 2021, working interest oil production is expected to average between 60,000 and 66,000 bopd. This forecast will be adjusted for the sales of the Equatorial Guinea and Dussafu assets once these transactions complete.
After they sold the 6900 bopd to Panoro and recieved payment - "Tullow has net debt of c. $2.3 billion" 31/3/21 RNS.
This puts 2021 production forecast at 53-59,000 bopd
2P reserves end 2020 = 260mmboe (less 25 mmbo 2P sold to Panoro post y/e 2020) = 235 mmboe NET .
Kosmos 389m shares @ 234p = £911m m/cap
22/2/21 RNS "At year end 2020, Kosmos had 2P reserves of around 480 million barrels"
10/5/21 RNS Q1 "Net Production 53,100 barrels of oil equivalent per day (boepd)". Kosmos exited the first quarter of 2021 with approximately $2.2 billion of net debt.
Thius is what i see as possible figures given the information on acquisitions & interviews.
5k bopd to the Niger refinery.
25-50k bopd via CNPC pipeline.
13k from Exxon acquisition - 20k bopd possible.
23 - 40k boepd Accugas (40k is entire current processing).
Above gives a range of 66,000 - 115,000 boepd.
Further bolt on or material acquistions from 'majors' divestment programme.
Exxon acquisition - Upstream saying could lead to a future pipeline link from Agadem into Chad/Cameroon pipeline.
Accugas pipeline capacity of 100,000 boepd (60k surplus) and already mentioned as likely able to earn tarriffs from 3rd party gas. Exxon(40% stake ) pipeline capacity of 225,000 bopd. Both having significant tariff upside.
To reiterate Malcys recent quote - " All in all the management is in the process of putting together a business that has the opportunity to be a huge, clean company in its space that few have seen the like of "
First time i heard this from Save -
the plan is to route between 25,000 and 50,000 bpd through the Niger-Benin pipeline.
UK-based Savannah Energy has five discoveries in the Agadem.
All have targeted mostly shallow Tertiary sequences and Hamani points to untapped potential in adjacent basins and the deeper Cretaceous.
AIM-listed Savannah holds two large production sharing agreements in the Agadem Rift basin where an additional 146 exploration targets have been identified, all within access range to CNPC's oilfield development and pipeline infrastructure.
Savannah operates blocks R1/R2 and R3/R4, covering half of the basin, with an early production scheme focused on producing 5000 bpd from R3 East block before the end of 2021 with capacity to ramp up to 10,000 bpd as step-out discoveries are tied in.
The oil initially will flow through the existing 463-kilometre pipeline to the Soraz refinery at Zinder.
However, the plan is to route between 25,000 and 50,000 bpd through the Niger-Benin pipeline, constrained only by possible bottlenecks in planned infrastructure.
“The pipeline represents a huge opportunity for other operators who can have access to this infrastructure, like Savannah Energy, and will encourage new oil investors,” says Hamani.
Savannah chief executive Andrew Knott tells Upstream that phase two will likely involve more exploration drilling.
“Most of the 140 or so prospective targets are analogous to structures found elsewhere on Agadem, where each discovery holds some 8 million barrels, so we have the makings of a huge multiple hub on the R3 block,” Knott says.
In neighbouring Nigeria’s southeastern oil patch, Savannah is similarly taking advantage of that country’s determination to develop distribution networks to route associated and non-associated volumes for industrial consumption and power generation.
Nigeria is serious about gas pipeline and power grid development, Knott says, noting that a $2 billion substation upgrade contract with Siemens is a major priority of clear strategic importance for the government, ensuring grid stability when gas-fuelled power is generated.
https://www.upstreamonline.com/field-development/crude-pipeline-the-driving-force-in-niger/2-1-886779