Staff Reporter
CAPE TOWN, October 19 — The African Energy Week (AEW) 2023 conference and exhibition, organized by the African Energy Chamber, has taken a significant stride in catalyzing investments across the entire African energy value chain. A highlight of this year’s conference was the inaugural African Farmout Forum, a dedicated investment platform driven by financial services company Moyes & Co, global acquisition and divestment advisor Envoi, and oil and gas deal listing platform FarmoutAngel.
The Farmout Forum emerged as a premier platform for striking deals while gaining firsthand insights into emerging Exploration and Production (E&P) opportunities in Africa. Mike Lakin, Managing Director of Envoi, set the tone for the forum by emphasizing the importance of drilling for global energy needs.
Here are some of the investment opportunities presented during the forum:
PetroQuest: Somalia
PetroQuest introduced investment opportunities in three offshore blocks (PSA Blocks 131, 190, and 206) in Somalia. This region has seen limited deepwater exploration, and PetroQuest offers 15,000 km² of seismic data, inviting suitable partners to join this endeavour.
Tower Resources: Cameroon
Tower Resources outlined the Thali Block in the Rio del Rey Basin, Cameroon, presenting a short-cycle opportunity. They plan to drill an appraisal well next year, aiming for the first production in 2025.
Tower Resources: Namibia
In Namibia, Tower Resources offers opportunities in the Northern Walvis and Dolphin Graben Basin, where previous drilling occurred 25 to 30 years ago. While not ready for a farmout, they express an interest in engaging with potential partners.
ProdOil: Benin
Angolan company ProdOil is exploring onshore Angola in the Lower Congo Block and is looking for partners to undertake the work commitment.
Atlas Oranto Petroleum International: Senegal
Atlas Oranto Petroleum International seeks to farm down interest in its Cayar Shallow and St. Louis Shallow licenses in Senegal, which have been extended to 2026.
Atlas Oranto Petroleum International: Equatorial Guinea
In Equatorial Guinea, Atlas Oranto offers opportunities in Block P, Block EG-02, and Block EG-H, with approved development plans and potential reserves of 17 to 38 million barrels of oil.
Atlas Oranto Petroleum International: Namibia
In Namibia, Atlas Oranto Petroleum presents opportunities in PEL 106: Blocks 2011B and 2111A, located in the Walvis Basin. They seek selective partners for farm-down and farm-in arrangements.
DAJO Group: Nigeria
DAJO Group offers a 40% working interest in OPL 322, offshore Nigeria, which includes the Bobo and Ago Structure fields.
Sierra Leone License 202a
Innoson Oil and Gas Ltd has secured Sierra Leone License 202a, offering nine blocks comprising 8,035km² with available seismic survey data and wildcats drilling.
Kariya Energy: Nigeria
Kariya Energy presents an opportunity offshore Nigeria in OML 109, with geology similar to the neighbouring Ejulebe field. CPR was completed in 2022, and the license extends to 2037.
Tetracore Group: Nigeria
Tetracore Group seeks a $50 million investment for Phase 1 of the redevelopment of OML 53 in Nigeria.
Coastline Exploration: Somalia
Coastline Exploration holds interests in multiple blocks and seeks a partner to part-fund a 3D seismic survey.
ReconAfrica: Namibia
ReconAfrica offers investment opportunities in onshore Namibia and Botswana, with substantial seismic data, prospects, and leads.
CoMiCo: DRC
CoMiCo presents investment prospects in the Cuvette Centrale Block in the Democratic Republic of the Congo.
Africa Fortesa Corp: Senegal
Africa Fortesa Corp seeks partners for Sadiaratou and Diender Permits in Senegal, aiming to deliver oil and gas directly to customers.
Biogas Unite: Africa
Biogas Unite is developing a biogas project in Africa and is looking for a $750,000 investment to scale up and expand across the continent.
Additionally, opportunities in blocks in Guyana and Australia were presented by companies including Eco Atlantic, Petro Australis Energy, and Liberty.
Insight was also provided into the Democratic Republic of the Congo’s ongoing licensing round, offering blocks in the Cuvette Centrale Basin, Albertine Graben Basin, and Lake Tanganyika Basin, with deadlines for submissions of interest in January 2024, October to December 2023, and September to October 2023, respectively.
The African Farmout Forum presented a diverse array of opportunities, enabling attendees to participate in new plays and explore uncharted basins across the continent.
#AEW2023 is taking place this week in Cape Town, with a mission to eliminate energy poverty by 2030. Stay updated on Africa’s premier energy event at www.AECWeek.com.
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