RE: RE: OIL / gas going through the roof30 Sep 2021 07:29
Good. But much better post period activity.
Post Period End Highlights
The positive market changes seen in H1 2021 continue post period, and coupled with the restructuring completed in H1 2021, enable the Company to operate from a significantly more stable platform.
At the Santa Cruz Sur asset level, successful commissioning of the liquids pipeline enabled the Campo Molino oil field to be brought back online, contributing to an almost 50% increase in total liquids production in August 2021.
The maturation of the Company's investment in Santa Cruz Sur, and ongoing careful cost management have increased cashflows, enabling development in our producing asset, and release of capital which can be invested into the business to support business growth, maximising value for shareholders.
NATURAL GAS: ONHYM CREATES A COMPANY IN CHARGE OF TRANSPORT AND STORAGE INFRASTRUCTURE
The National Office of Hydrocarbons and Mines (Onhym) has received the green light from the government for the creation of the company Onhym Midstream Co. The decision was published in the Official Bulletin No. 7014 , dated August 19.
This new entity will take the form of a public limited company (SA) with an initial capital of 300,000 dirhams, which will be increased by Onhym according to its future financing needs.
Onhym Midstream Co. will be responsible for activities related to the transportation of natural gas, including the management, construction and development of transportation networks, maintenance, repair and construction of infrastructure related to gas transportation, in addition to storage activities, can we read in the Official Bulletin.
In the Moroccan register it should be noted that if Algeria decides to unilaterally terminate the GME contract, the infrastructures installed on the Moroccan side will be the exclusive property of the Moroccan state, d deposits in the Orient. Morocco could go further by investing in other pipelines and supplying itself to Spain and Portugal from the Tendrara fields, which are being exploited by the oil and gas exploration company Sound Energy.
Good luck indeep. Only time will tell if you are right. I think SLB got a good deal out of sound. Nothing more to pay towards any of the development but are guaranteed 11% of the profits. Not bad if you can get a deal like that. And they get their cut if we sell the assets.