Dec 18, 2017 Last Updated 11:51 AM, Dec 14, 2017

NLNG invests in Nigerian ship yard

ABN – Nigeria Liquefied Natural Gas Company (NLNG) is hoping to make the country the hub for maritime operations in Africa by investing US$1.5 billion in the construction of a ship yard.

The country is Africa’s top oil exporter but it does not have a drydock for maintaining and repairing large crude vessels.

South Africa is the only country on the continent to have the repair facilities so ships have to travel a long distance to get repairs.

Samsung Heavy Industries and Hyundai Heavy Industries have also committed $30 million each towards the construction of the Badagry-based facility.

NLNG spokesman Tony Okonedo said: “It could potentially be used to transport the 2.5 million barrel a day crude business in Nigeria.”

Construction of the plant is scheduled to take over 48 months.

@ABNetworkOnline

Erin Energy starts production in Nigeria

ABN – Erin Energy Corp. (NYSE, JSE: ERN), formally known as Camac Energy Inc., has started production from the Oyo-7 well in Oil Mining Licence (OML) 120 offshore Nigeria.

Oyo-7 was drilled to a total depth of 2,438 metres and is expected to produce 7,000 barrels of oil per day following optimisation.

The well was drilled in 300 metres of water by Transocean Ltd.’s Sedco Express semisubmersible rig, which will also drill the Oyo-8 development well within Erin’s 100% owned Oyo field.

Oil produced from Oyo-7 is feeding into the Armada Perdana floating production, storage and offloading (FPSO) vessel, which has a production capacity of 40,000 barrels per day and storage capacity of 1.1 million barrels.

In addition to producing from the Pliocene formation, the Oyo-7 well achieved its secondary objective of confirming hydrocarbon potential in the deeper Miocene formation.

This enables Erin Energy to begin its Miocene exploration programme, which is targeting recoverable resources of almost 3 billion barrels of oil equivalent.

The company will drill its first Miocene exploration well in the fourth quarter of 2015.

@ABNetworkOnline

Egypt embracing renewable energy

ABN – Almost 5 gigawatts of solar power development agreements have been signed in Egypt since the start of the year as the African country continues to embrace renewable energy.

Egypt’s New and Renewable Energy Authority (NREA) is partnering up with 67 companies in order to develop this new solar capacity.

The country’s government has launched a renewable energy feed-in tariff programme and other strategies to encourage companies to invest in renewable energy there.

All of this is targeted to help the Egyptian government achieve its goal of getting 20% of national electricity from renewable sources by the year 2022.

In a profile for the country, analysts at Apricum said this goal is very achievable now that solar and wind power are becoming more affordable and more powerful.

They note that the biggest obstacle to achieving it is the country’s dependence and subsidies on fossil fuels, which represent 21% of the national budget.

@ABNetworkOnline

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