Maurel & Prom Eyes Further Merger After MPI Deal To Cope With Low Oil Price
/22 Comments/in Career Advice/by Hussein BoffuAminex reported a loss of $0.61 million for the six months ended 30 June 2015 – updated Tanzania operations
/28 Comments/in Career Advice/by Hussein BoffuAminex has announced its half-yearly report for the six months ended 30 June 2015 and provided an update on its operations in Tanzania. The loss for the period was $0.61 million compared with $4.74 million for the six month period ended 30 June 2014.
HIGHLIGHTS:
FINANCIAL
$2.45 million (net of expenses) equity issue successfully completed
Completion of sale of 6.5% interest in Kiliwani North Development Licence for $3.5 million to Solo Oil plc
Corporate loan facility extended until 31 January 2016
Loss for period $606,000 (2014: $4.74 million)
Ongoing discussions with financial institution for provision of development capital for Ruvuma and restructuring current debt facility
OPERATIONAL
Competent Persons Report assigns 98 BCF gross (70 BCF net) Contingent Resources to Kiliwani North-1 and Ntorya-1
Gas Sales Agreement expected to be signed with first gas from Kiliwani North in Q3 2015
Ongoing planning for Ntorya-2 and Ntorya-3 appraisal drilling to deliver near term revenues
Nyuni Area PSA work programme varied and deferral of drilling obligations approved by Ministry of Energy and Mines
Sale of Egyptian interest into a royalty position in August 2015
Aminex CEO Jay Bhattacherjee commented:
‘Aminex is looking forward to first gas production from Kiliwani North within the current quarter in line with the timetable issued by the Tanzanian authorities following the commencement of production into the new main gas pipeline in the south of the country. The signing of the Kiliwani North Gas Sales Agreement, expected in the near future, should also assist the acceleration of the Company’s other activities, particularly appraisal drilling at Ntorya. Your Board believes that the steps we are taking will be significant for the growth of the Company and underline its strategy to focus on key assets in Tanzania, ever seeking new production and development opportunities. We are grateful for the continuing support of our shareholders and we look forward to providing positive updates in due course.’
TANZANIA’S KILIWANI NORTH GAS AGREEMENT TO BE SIGNED IN Q3 2015
/28 Comments/in Career Advice/by Hussein Boffu
Production from the Kiliwani North Field could start in 2015 with the Tanzanian authorities having advised that production should start within Q3 2015 now that the main pipeline has been pressure tested and with the Gas Agreement expected to be signed this quarter.
The completion of a Gas Sales Agreement (GSA) is subject to finalizing satisfactory payment protection guarantees and, following the recent start of production into the pipeline in the south of the country which Aminex says it believes that a GSA should be signed in time to achieve the near-term production timetable advised by the Tanzania Petroleum Development Corporation (TPDC).
According to the latest half year report released today the company also believes that the agreement will help increase the pace at Ntorya appraisal wells.
“Aminex is looking forward to first gas production from Kiliwani North within the current quarter in line with the timetable issued by the Tanzanian authorities following the commencement of production into the new main gas pipeline in the south of the country. The signing of the Kiliwani North Gas Sales Agreement, expected in the near future, should also assist the acceleration of the Company’s other activities, particularly appraisal drilling at Ntorya,” says Aminex CEO Jay Bhattacherjee.
Kiliwani North where Aminex holds 65% withholding interest through its Tanzania subsidiary Ndovu Resources is close to the producing Songo-Songo gas field and new gas processing and transportation facilities and is only awaiting the signing of the gas sales agreement to sell gas to the market.
Other partners in the Joint Venture include Solo Oil which it recently offloaded to 6.5% of KNDL for $3.5 million having received formal approval from the Tanzanian Authorities to sell up to 13% of its interest in Kiliwani North Development Licence (KNDL) to the company.
As per the last a technical evaluation on the resources of Kiliwani North Development Licence by Senergy, an independent oil and gas consultancy firm the PSA PMean Gas Initially in Place (GIIP) of 44 BCF (gross) of which 28 BCF (gross) booked as Contingent Resources (Best Estimate, 2C)
As a result of the share placing in June 2015, the Company says ithas sufficient funding for the current level of operations.
Exploration of Natural Gas
/20 Comments/in Career Advice/by Hussein BoffuAlthough the seismograph was originally developed to measure earthquakes, it was discovered that much the same sort of vibrations and seismic waves could be produced artificially and used to map underground geologic formations. In the early days of seismic exploration, seismic waves were
To get more in-depth and technical information on well logging, click here.
Maurel & Prom started production at the Mnazi Bay gas field in Tanzania
/14 Comments/in Career Advice/by Hussein BoffuMaurel & Prom (operator, 48.06% interest) on Thursday opened the first two wells of the Mnazi Bay gas field that will deliver the Madimba processing centre (operated by GASCO, a subsidiary of TPDC), the entry point of the gas pipeline linking Mtwara to Dar es Salaam.
This production output will initially be used solely for commissioning operations for the new TPDC/GASCO facilities, but is then expected to ramp up rapidly to 70 million cubic feet per day with the connection of two additional wells in October 2015. A production capacity of 80 million cubic feet per day is expected by the end of the year. In the next few months, Maurel & Prom will analyse how the production output and reservoirs are behaving, and given the encouraging results from the MB4 well drilled in the first half of 2015 would define an additional production capacity.
Under the Gas Sales Agreement signed on 12 September 2014, for which financial guarantees are now in place, the sale price has been set at US$3.00 per million BTU, or around US$3.07 per thousand cubic feet, rising in line with the US CPI industrial index.
Maurel & Prom went into Tanzania in July 2004 with the Bigwa-Rufiji-Mafia permit in which it holds a 60% interest. In 2009, it strengthened its position with the acquisition from Artumas of the Mnazi Bay permit, in which its operated interest is 48.06%.
The Mnazi Bay permit is governed by a production sharing contract dating from 18 May 2004. The development licence was granted on 26 October 2006 for a 25-year term, renewable once for a further period of 20 years. Royalties are 12.5% and are covered by TPDC under the terms of the agreements in place. Cost Gas, the share of production output allocated to the recovery of past costs, is 60%. Unrecovered past costs for Maurel & Prom amounted to US$152 million as at 30 June 2015. Profit Gas payable to Maurel & Prom is 30% (% for a production over 10 MMcf/day).
In 10 years, Maurel & Prom has built a strong reputation as an onshore oil operator with the Tanzanian authorities and local players. The Group is known for being a forerunner in an area that is thought to have very significant gas potential. This new contribution to the Group’s cash flow, a stable long-term addition to its income from Gabon, is a step in the implementation of Maurel & Prom’s growth strategy and cash flow source diversification.
One Simple thing to Keep in Your Mind and It will help You To Work In Petroleum Industry
/in Career Advice/by Hussein Boffudiverse academic background, It involve
both technical personnel (such as enigineers , land survey, geomatics)
and non technical personnel ( such as
Lawyer, human resources accounting marketing environmental and safety, banker,
transportation, security insurance and so on.)
might be interesting to join or make
career change into oil and gas
industry or for those with engineering background unrelated to oil and gas
industries or no field experience but you
would like to join into this
industry. To day I will share with you one thing in order to help you join into
petroleum industry.
not mean they would like to start completely from scratch. This applies to both
technical and non technical personnel. The Company would need some who having
understanding of petroleum field. You should have a basic knowledge of petroleum industry.To increase chances to get your dream job in
petroleum industry you must having a basic understanging of terminology of oil
field such as a word HYDROCARBON and
so on.
those with courses unrelated to oil and gas industries like electrical engineers and accounting, they
must have basic understanding of this petroleum industries in order to join the
industry. May be you ask yourself. “How i
would manage to know all of these basic concepts in oil and gas industry. The
answer is very straight forward. A great way for you to satand out is would be
to learn that on your own time.With these information age you can learn any thing you want to learn,
you can know any thing you want to know. Now days every thing is on the internet,
you can learn millions of things simply by touch your mouse or mobile device.
you are willing to learn the basic of petroleum industries, you should contact
me through Boffuhussein@gmail.com,
and i am going to show you the area where you will find those stuff
your views on all of these
Bad and Good News To All Graduates Who are Currently Looking For Job In Petroleum Industry
/26 Comments/in Career Advice/by Hussein Boffuin different petroleum companies like schlumberger, baker Hughes and Halliburton as
oil price fell from $ 100-per barrel high last year to near $ 40 this weak. On
other sides, graduates from different universities in Tazanania, especially
those who took petroleum engineering and petroleum geosciences are still
looking for opportunity to begin their career in these oil and gas companies. Both
graduates and those who has lost their jobs in these companies worry about
their prospects as oil price remain below $ 50 per barrel. What the are going
through their mind , is this industry
going to give them the opportunity that they are trying to seek?
make career change into petroleum industry, or you are graduate and you have
passion for beginning your career in this industry, today I have bad and good
news for you.
oil &gas companies has reduced their number of job posting.
hiring. World wide, layoffs in the oil &gas industries have topped 176,000, according to swift world
wide resources, oil and gas industry staffing firm that has been tracking the
industry jobs cuts.
recently announced plans to slash 1500
jobs.Royal Dutch Shell, revealed that it’s axing more than 6500 jobs. The way i
see things as layoff mount, graduates will face intense competition for fewer
jobs.
petroleum industry is the one of the highest paying industry, new graduates can make as much
as $ 130,000 (U.S) a year, that why
graduates are fighting to be employed in
this industry and others suffer from severe headache when lost their job in
petroleum companies.
companies are not abandoning their recruiting effort, more engineers and more
kind of technicians are still needed to address future challenges.So what you
should do, you have to work hard and you are having to look for alternative.
You should use your mind wisely to think on what to do with this current
situation.
and volatile industry. If you are looking for career in this industry you
must prepare to accept all challenges and risks that you
might face. The industry does not have secure job. Since because you can lose
your job abruptly.
your views on all of these.
Mnazi Bay Gas Wells Deliver 1st Gas to Tanzania Pipeline
/14 Comments/in Career Advice/by Hussein Boffu
East Africa-focused junior producer Wentworth Resources announced Friday the first gas delivery from its Mnazi Bay Concession in southern Tanzania to the country’s new transnational pipeline.
Wentworth said that two wells are now producing, with the three remaining wells expected to be put on production in the coming months. Initial production volumes will be used for commissioning purposes and to fill the pipeline, with production rates expected to increase to 70 million cubic feet per day by October this year and 80 MMcf/d by the end of 2015.
Wentworth added that the Mnazi Bay joint venture partners have agreed payment security terms with Tanzania Petroleum Development Corporation, the buyer of the gas, and various other parties.
Wentworth Managing Director Geoff Bury commented in a company statement:
“We are very pleased to announce that production from Mnazi Bay has now commenced and the Mnazi Bay joint venture is the first supplier to the new transnational pipeline in Tanzania. Concluding the payment guarantee and starting production in our Mnazi Bay gas fields are pivotal events for Wentworth and underpin the long-term viability of our operations in East Africa and our partnership with Maurel & Prom and TPDC.
“Wentworth is well positioned to become a significant gas producer in Tanzania, where supply and demand dynamics offer an opportunity which we and our partners are uniquely placed to realize. We expect to exit 2015 in a strong financial position.”
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Mnazi Bay Gas Wells Deliver 1st Gas to Tanzania Pipeline
/57 Comments/in Career Advice/by Hussein BoffuABOUT TANZANIA PETROLEUM
Tanzania Petroleum helps you reach your goals.
CONTACT US
Dar es Salaam, Tanzania
+255655376543
info@tanzaniapetroleum.com
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Mission: We exist to inform and empower current and future business leaders.
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