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Algeria ranks third globally after China and Argentina in technically recoverable shale gas reserves with 20 Tcm, according to the U.S. Energy Information Administration.
The project will initially develop the Tortue discovery; however, there are several other smaller discoveries and more than a dozen prospects nearby that could add upside to this Atlantic Margin presalt play.
The ship is scheduled for integration of its six topsides at Tarkwa Bay in Lagos, Nigeria. Failing to reach an agreement with the NPA would reduce Nigerian content in the project and erode confidence about its viability.
Countries like Senegal are gearing up for the next wave of development.
Jasper Peijs, vice president of exploration in Africa for BP, shared insight on the company’s operations across the continent.
Discovering new resources is essential for oil firms to grow and to offset natural decline of fields. But deepwater exploration requires money, time, expertise and luck.
The CEO of the state-owned company says he wants to change the way the company does business and set clear objectives and implementation plans.
The partnership was formed as the oil and gas industry works to keep exploration efforts alive following spending cuts caused by lower commodity prices.
Egypt is speeding up negotiations with neighboring countries to finalize the demarcation of borders in the Mediterranean, which proved to hold huge reserve of natural gas compared to the Red Sea.
Egypt still needs to import natural gas from neighboring countries to satisfy domestic consumption, so Egypt’s government has agreed to pay a higher price to the foreign operators and encourage them to develop new natural gas discoveries.
The FLNG development will be the first offshore Africa and the world’s third.
While the country does not have any major crude oil projects scheduled to come onstream, Sonatrach is exploring new frontiers, including offshore and in north Algeria.