The West African Oil & Gas Market 2013-2023

Table 4.28 Exploration Fields that

Gabon Oil Company is Involved in Fields Operator MAGHENA Addax AGALI Anadarko NKANI Atas E2 D3 Eni D4 Eni F2 Eni F3 Eni F7 Eni EPAEMENO GGPC EOV GGPC DUSSAFU Harvest ETEKAMBA Maurel & Prom OMOUEYI Maurel & Prom NYANGA MAYOMBE Maurel & Prom KARI Maurel & Prom MOABI MPDC NGUMA MPDC SHAKTHI Oil India MBELI Ophir Gabon NTSINA Ophir Gabon MANGA Ophir Gabon GNONDO Ophir Gabon NZIEMBOU Perenco OGUEYI Perenco DE 7 Perenco AROUWE Perenco DUSSAFU Sasol IGOUMOU MARIN Shell Gabon BC9 Shell Gabon BCD10 Shell Gabon SALSICH Sino Gabon LOTUS MBINDA Total Gabon ALOUMBE Total Gabon DIABA Total Gabon AZOBE AKOUM Tullow Oil KIARSSENY Tullow Oil Source: Gabon Oil Company 4.7.5.3 Prospects for Pre-Salt Development

As with Angola and several other West African countries, the rapid development of Brazil’s pre-salt formations has sparked considerable interest in the prospects for Gabon’s pre-salt regions, which were part of the same prehistoric supercontinent, Pangea. Gabon’s pre-salt regions had been

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The West African Oil & Gas Market 2013-2023

4.8 Republic of the Congo Oil & Gas Market Forecast 2013-2023

Table 4.31, Figure 4.32 and Figure 4.33 show visiongain’s forecast for Republic of Congo’s oil & gas market over the next ten years.

Table 4.31 Republic of the Congo Oil & Gas Market Forecast 2013-2023 ($bn, AGR %,

CAGR%, Cumulative) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2013-23 Capex $bn 1.55 1.70 2.57 4.15 4.55 2.70 2.50 1.80 1.87 2.10 2.40 2.80 29.14 AGR (%) 9.8 50.9 61.6 9.6 -40.7 -7.4 -28.0 3.9 12.3 14.3 16.7 CAGR (%) 2013-18 8.0 2018-23 2.3 CAGR (%) 2013-23 5.1

Source: Visiongain 2013

Figure 4.32 Republic of the Congo Oil & Gas Market Forecast 2013-2023 ($bn, AGR%) 5.0 80%

4.5 60% 4.0

3.5 40%

3.0 20%

2.5 $Bn AGR 0% 2.0

1.5 -20%

1.0 -40% 0.5

0.0 -60% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Year

Source: Visiongain 2013

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The West African Oil & Gas Market 2013-2023 6. Leading Companies in the West African Oil & Gas Market

The five leading companies in the West African oil & gas market at present are Chevron, Eni, ExxonMobil, Shell and Total. Each is profiled in detail below.

6. 1 Chevron 6.1.1 Chevron’s Upcoming Production Projects Offshore Angola

Offshore Angola, Chevron operates the shallow water Block-0 with partners Sonangol (41%), Total (10%) and Eni (9.80%), as well as the deepwater Block-14 with partners Sonangol P&P (20%), Eni (20%), Total (20%), Petrogal (9%). In addition, Chevron has a 20% share in the - operated Block-2/85.

Chevron’s Mafumeira Sul project, located in Block-0, is expected to begin production in 2015 at a cost of $5.6bn. Chevron announced plans to go ahead with the project, which will be the second development stage of the Mafumeira field, in February 2013. First oil is planned for 2015 with a daily production goal of 110,000 barrels of crude and 10,000 barrels of liquefied .

An FPSO project is planned for the deepwater Lucapa field in Block-14. In mid-2012 Chevron awarded to KBR the FEED study for a new-build vessel likely to be built in South Korea. However, SBM Offshore submitted a proposal for a converted design, which would be constructed in China. Chevron and its partners should make the FID in H2 2014, after considering both designs. In either case, the FPSO should be able to process between 80,000-100,000 bpd and have a storage capacity of 1m bbls.

6.1.2 Chevron’s GTL and LNG Projects in Nigeria

The Escravos Gas to Liquids (EGTL) is due to come online in late 2013 after a number of delays. The plant is a joint project between Chevron, Sasol and the Nigerian National Company (NNPC). Chevron has a 65% equity stake held through Chevron Nigeria Limited (CNL), NNPC a 25% stake and Sasol a 10% stake after reducing its share from 37.5% in 2008. The plant, which is about 85% complete, will use Sasol’s SPDTM technology and will have an initial capacity of 34,000 bpd. The construction of the project has experienced a number of setbacks as well as severe cost inflation. Originally estimated to cost $1.7bn, the plant is now estimated to be costing the three partners $8.4bn, with the commission date moving back twice. There have been muted plans to

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