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Interesting to see Perenco wanting a piece of the Nigerian pie, as we all know Perenco and Savannah have historically targeted the same hydrocarbon assets i.e Chad/Cameroon & South Sudan.

Looks like there is still opportunities in Nigeria in mature, near term production fields if Perenco wanted to bid, it would be interesting to see if savannah put a few bids for some additional fields in Nigeria or not once the list comes out.

Nigeria

Perenco eyes up Nigerian oil

The Anglo-French oil company Perenco is seeking to establish itself in West Africa. It may have missed out on a recent opportunity to join a tender for Nigerian blocks, but is looking for other opportunities in the region.

Published on 31/07/2024 at 04:40 GMT Reading time 2 minutes

Despite aborted negotiations to become the operator of Ivory Coast's CI-11 block in 2022 (AI, 03/10/22), Perenco has not abandoned its West African ambitions.

The oil company headed since February by Armel Simondin has targeted several countries in the region, including Nigeria. It specialises in the development of mature fields, of which there are many in West Africa, it is said to be looking in particular for onshore or offshore assets in shallow water.

"We are regularly looking at new opportunities […] both within our current partner countries, and beyond," Perenco, whose activities on the continent are concentrated in Central Africa, told Africa Intelligence.

But the Anglo-French firm may have missed an opportunity to acquire its first Nigerian oil blocks. It apparently sent in its application after a 25 June deadline set by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for firms wishing to be in the running for a tender.

However, publication of the list of companies pre-qualified for the tender has been delayed by several weeks. It was initially scheduled for early July but is now expected to be announced by NUPRC chief Gbenga Komolafe in the coming weeks. The final outcome of the sale is expected in the first quarter of 2025.

Local production companies

Despite this setback, the London-based firm seems determined to establish itself in Nigeria, and could do so by teaming up with one or more local production companies. Talks are already underway.

Perenco's new interest in Nigeria is thought to be due in particular to fiscal measures introduced by Abuja in recent years. President Bola Ahmed Tinubu adopted three decrees on 28 February offering a number of exemptions, notably for the production of non-associated gas - gas not mixed with oil - in the onshore and shallow-water blocks sought by Perenco.

Nigeria has set itself the target of producing 2.6m barrels per day from 2027, but the country is still unable to meet its production quota set by the Organisation of Petroleum Exporting Countries cartel at 1.5m bpd. It produced just 1.27m barrels in June.

Cheers Komakino, much appreciated.......

Anyone been in touch with IR recently was expecting an RNS update by now ? Are we still going to get one or as they have mentioned September in some of the earlier comms they are not obligated to release one just wondering ?

Interesting to see Bracewell build a french team to focus on Energy and Infrastructure in francophone countries. Surely with this investment that Bracewell are making they see plenty of oil and gas and renewables M&A activity continuing in Africa particularly in french speaking african countries.

https://www.bracewell.com/news-events/bracewell-launches-in-france-with-market-leading-energy-and-infrastructure-team/

I wonder with the 3 different power companies we could be looking to perhaps take on some development or operational role of the Ibom power station.

A Tweet in this thread by Aniebiet Francis @an4francis

"The government is in talks in Savannah energy concerning Ibom Power."

https://x.com/an4francis/status/1814877607122362856

Savannah Energy signed green hydrogen mou today in Tunisia

https://www.linkedin.com/posts/alaeddine-bouzayen_six-memorandums-of-understanding-for-green-activity-7223747152240345088-VqtE?utm_source=share&utm_medium=member_ios

We were after Eni Tunisian assets couple of years ago but it was paused due to government inaction could Savannah go for Eni Tunisian assets by leverage no this relationship once more or perhaps things have moved on that we are no longer interested in Eni Tunisian hydrocarbon assets I believe they produce circa 5,000 Bopd.

Https://www.chemicalmarket.net/articles/detail/advancements-in-pv-market-exploring-the-future-of-solar-energy

Caution - Hopely one of the conditions enforced o them is transparency of the oil sector and thus granting of our approval as a way of showcasing that the government are planning to use the oil revenues for the betterment of South Sudanese people

JD - if you download the 2024 programme brochure pdf it’s their we are silver sponsors.

The website is a bit out of date and has last years names still to be updated.

We are silver sponsors at Angola oil and gas conference in October, would love a hydrocarbon deal in Angola we know that afentra recieved full approval for their deal so might be a pretty decent regulatory approval environment if we can get a deal there

https://angolaoilandgas.com/#l-content__anchor

Minister of Power, Chief Adebayo Adelabu during a working visit to Accugas Savannah Energy in Edo village, Esit Eket local government in Akwa Ibom State. Accugas is one of the major gas producing companies in the country. Gas is a major ingredient in electricity generation in our thermal power generating companies.

https://x.com/federal_power/status/1814233264749510680

Https://x.com/federal_power/status/1813994681375883671?s=46

Https://www.voxmarkets.co.uk/articles/balancing-act-the-role-of-natural-gas-in-the-energy-transition-and-emerging-players-670a65a/

Good find Porsche, looks like these won’t be wholly owned subsidiaries but that is positive for me as the risk / reward for whatever project it is will be shared so even better rather than going solo

I am wondering whether Savannah Energy could be beneficiaries of some of this funding from USAID especially with 3 new power companies set up.....................................

https://newscentral.africa/nigeria-in-n115-billion-deal-with-usaid-for-improved-power/

Plus we know our Nigerian MD - Olapade Durotoye recently presented in a conference alongside a Nigerian investment bank Chapel Hill Denham and USAID

https://www.linkedin.com/posts/chapel-hill-denham_deliveringresults-chapelhilldenham-chapelhilldenhaminthenews-activity-7211310936643538944-DO8f?utm_source=share&utm_medium=member_desktop

Definitely something in the works in the Nigeria Power Space, could it be related to a gas power plant or renewable power let's see but I think it probably has to be gas to power considering Nigeria has clearly said that their plan is Gas to Power as the means to achieve accessible electricity for all.

Perhaps a combination of USAID funding and Chapel Hill Denham helping us secure financing we could have a power project in Nigeria on the horizon......................... We know that the FG are selling 5 power stations in Nigeria which one already being Calabar which we supply gas to for $260 million.......................................

Vice chairman of #Sudan's Sovereign Council announces that the flow of crude oil from #South_Sudan to the terminal in #Port_Sudan will resume at the end of this month, ahead of schedule.

https://x.com/PatrickHeinisc1/status/1811630558037868738

What particularly caught my attention about this article is the following:

"Ayuk is also close to several other African heads of state. He is received at length by the South Sudanese president, Salva Kiir whenever in Juba."

We know NJ Ajuk and Africa Energy Chamber have been supporters of Savannah Energy, did we execute the South Sudan deal banking on this relationship.............................. And is this why we continue to pursue this deal................................

https://www.savannah-energy.com/application/files/7716/8658/1161/NJ-Ayuk-Article-SAVE-AR2022.pdf

https://energychamber.org/savannah-energys-south-sudan-oil-deal-is-a-boost-for-jobs-local-content-and-women-empowerment/

VP hampering Malabo network

Centurion's success was built on Ayuk's network in Equatorial Guinea, in particular through his friend and now former oil minister Gabriel Obiang Lima. But when the latter departed for the Ministry of Economic Diversification in 2022, NJ Ayuk's star began to wane in Malabo. Juicy consultancy contracts with the ministry or the state oil company, GEPetrol, are now a thing of the past. The lawyer has forged a relatively good relationship with Gabriel Obiang Lima's successor, Antonio Oburu Ondo, but it is not on the same level as with his predecessor. The direct takeover of the oil sector by Vice-President Teodorin Obiang Nguema via Antonio Oburu Ondo has also left Ayuk with little room for manoeuvre, despite the fact that he is perceived as being strongly pro-Gabriel Obiang Lima.

In Malabo, one has to choose sides. Teodorin Obiang Nguema, the son of the powerful first lady Constancia Mangue Nsue Okomo, has been a force to be reckoned with since the last presidential election in 2022, keen to establish his position as the country's second-in-command. For his part, Obiang Lima, who once derived his prestige from his management of the oil sector, has been relegated to the background. He is now relatively powerless and heads a very minor ministry in a country where oil has reigned supreme for the past 30 years. Indeed, the vice-president prevents Obiang Lima from having any influence over the oil sector, which is now the exclusive domain of the future leader of the country - even though production has been dwindling year on year and now stands at less than 100,000 barrels a day,

Ayuk's international network has been further boosted by the work he carries out on behalf of OPEC, for which he does some lobbying in Africa. He was close to OPEC's former Secretary General Mohammed Barkindo (ex-CEO of the Nigerian National Petroleum Corp), who died in 2022. He is also in regular contact with Mohamed Hamel, Secretary General of the Qatar-based Gas Exporting Countries Forum (GECF). Meanwhile, he has good relations in Russia with Deputy Energy Minister Pavel Sorokin. And in China, Ayuk has been working for several years with Fang Fenglei, the founder of Hopu Investment Management, a Chinese fund present in Cameroon in the Etinde gas field. Hopu Investment Management introduced Ayuk and Centurion to EximBank of China with a view to signing consultancy contracts on Africa and oil.

More than a few enemies

But Ayuk also has his fair share of detractors. The first among them is the Congolese leader, Félix Tshisekedi. Last year, Centurion launched an arbitration in Paris against the DRC to obtain $36m of the $180m or so that the trader Glencore undertook to pay the DRC to get out of a corruption affair. The ins and outs of that affair were uncovered by the US Department of Justice (DoJ) (AI, 28/09/23). According to Centurion, it had negotiated the amount to be paid to the DRC. However, the former Congolese justice minister, Rose Mutombo Kiese, claims that Centurion never signed a contract with her country on this matter.

Meanwhile, Ayuk is equally at odds with leaders of NGOs engaged in the fight against climate change, such as Fossil Free South Africa's boss David Le Page, and heads of Friends of the Earth and Extinction Rebellion. They view Ayuk as a dangerous embodiment of an old world that is unwilling to change and take every opportunity to campaign against his pro-oil stance, at conferences and on social media.

And his law firm Centurion also has competition, Portuguese law firm Miranda & Associados, which is particularly well established in Portuguese-speaking African countries and in other oil-producing countries such as Gabon and Congo, remains one of its direct competitors. The battle between the two consultancies appears to be particularly fierce when it comes to landing contracts with oil firms.

In addition, Ayuk is not on good terms with the Hyve Group, an events management company which organises the annual Africa Oil Week conference in Cape Town. Three years ago, the lawyer launched a rival event, African Energy Week, at the same time of year and also in the South African capital. Hyve Group boss Mark Shashsoua has long believed that Ayuk is out to destroy Africa Oil Week (AI, 24/02/23). The two conferences are now in direct competition with one another. While consultants and large private firms continue to favour Africa Oil Week, African governments, grateful for the work of the Africa Energy Chamber, flock to Ayuk's African Energy Week.