Market Report: TGS to Conduct New 2D Seismic Survey in the MSGBC Basin

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The weekly Market Report is provided by Gladius Commodities of Lagos, Nigeria. Learn more about Gladius Commodities at www.gladiuscommodities.com.

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MAURITANIA

TGS Norwegian seismic data firm announced the start-up of a new 2D seismic survey in the MSGBC Basin, offshore Mauritania. The survey, North-West Africa Atlantic Margin (NWAAM) 2021, will comprise 7,500Km of seismic data, with a modern broadband acquisition set-up. The project is being undertaken using the vessel BGP Pioneer – and has the full support of the Mauritanian Ministry of Hydrocarbons. The survey is designed to illuminate the regional plays in the ultra-deep and deepwater areas with a new azimuth and provide insights into an oil-prone area concerning recent major wells and shallow water geology. This additional insight will enable explorers to build upon the success the basin has experienced with the Greater Tortue Ahmeyim complex and surrounding discoveries. The project has a 60-day acquisition timeline, with fast-track data available three months after acquisition. The full dataset will be available by Q2 2022.

NIGERIA

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Alhaji Mele Kyari, attended the Nigerian Petroleum Investment Management Services (NAPIMS) Annual Value Assurance Review Session hosted by the NNPC upstream unit. Alhaji Kyari directed NAPIMS to continue to pursue cost optimization strategies as the corporation pursues its objective of reducing inefficiency. He advised NAPIMS to leverage the new Petroleum Industry Act (PIA) to ensure that the use and monetization of gas resources remain a priority. To do this, Kyari advised the team to remain focused, come up with sustainable cost efficiency measures and leverage attractive provisions in the PIA to drive gas development and monetization.

The Minister of State for Petroleum Resources, H.E. Chief Timipre Sylva, attended the 2nd Research and Development Fair and Conference hosted by the Nigerian Content Development and Monitoring Board themed: “Creating Sustainable Collaboration in Research and Development for The Energy Industry and Its Linkage Sector.” Minister Sylva launched a $50 million research and development fund utilization roadmap for the oil and gas industry in Nigeria. He also launched a 10-year strategic roadmap and carried out the inauguration of the Nigerian Content Development Council with the mandate to advise the Board on matters relating to research and development oversight in the oil and gas industry. The research and development roadmap backed by available funds would create a collaborative platform where the academia, industry stakeholders, government institutions and researchers meet to discuss areas of research interests and development.

GLOBAL

On September 16, oil prices weakened handing back some of the recent sharp gains and weighed by signs of a slowdown in the U.S. labor market recovery. The U.S. West Texas Intermediate crude futures were down 0.3% at $72.41 a barrel, while Brent futures were down 0.3% at $75.24 a barrel at 9:30 AM ET (1330 GMT). The U.S. Energy Information Administration’s weekly report for September 15 showed a draw of 6.422 million barrels in the week ending September 11, against analysts’ forecast for a 3.544-million-barrel draw and the previous week’s 1.529- million-barrel draw.

Crude oil and fuel stockpiles dropped sharply during the past week as refiners in the U.S. Gulf of Mexico and oil facilities offshore have yet to complete their recovery from Hurricane Ida’s impact. Oil is also finding support from a surge in European power prices, which have soared because of several factors such as low gas inventories and lower than usual gas supply from Russia. The Organization of the Petroleum Exporting Countries and its allies agreed earlier in September to continue gradually increasing its output to the global market, reviving another 400,000 barrels a day (bpd). Additional supply could be hitting the market soon as Libya’s state-owned oil firm, National Oil Corporation, said the end of protests at the Es Sider and Ras Lanuf oil terminals in eastern Libya would allow crude export operations to return to its normal volume of about 1.3 million bpd.

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