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Written By: Dr Leesi Gborogbosi, ,
If you are a marginal oil and gas asset owner looking for financing or you are a financier looking for marginal oil and gas assets in Nigeria, please talk to us. I connect marginal fields to funds. I am also available for strategic partnership with financiers and investors who wish to dominate the African oil and gas market.
Currently, ten marginal oil and gas fields in Nigeria are seeking funding to operationalize the marginal oil and gas field assets.
I have 2 tranches of funding requests by some marginal field owners.
â– Tranche 1: Five (5No.) marginal fields are looking for debt capital for field development. Signature bonuses paid.
â– Tranche 2: Two (2No.) marginal fields are looking for debt capital and equity capital for field development and signature bonuses.
Focus now is on securing funding for field development to achieve first oil and gas. Out of the 10 fields, 5 fields are predominantly of oil reserves while 5 fields are found to be only gas prone with mostly gas reserves.
I have the mandate from clients (leading other assets owners) to raise funds for the equity holdings in the ten fields and also cover funding at field levels.
â– My motivation is to ensure these marginal fields are operated successfully.
Usually, as a practice, I make my expertise (26 years of finance leadership in the oil and gas industry) available to both the asset owners and the financiers/investors.
â–¶ï¸ My success-based advisory plus making information to all parties help to prevent Information asymmetry.
We strongly believe that financiers and assets owners need to work together in a trusted relationship to create mutual benefits and ensure sustainability.
PLEASE SEE BELOW THE DETAILS:
The funding required is in the range of $190m to $410m. The preferred funding options are Debt capital and Structured Finance. However, we are open to discussions on other innovative funding solutions and field development strategies.
Field-R
Field-K
Field-O
Field-B
Field-E
Field-R: Field Development Summary
The field is located in the coastal Swamp depo-belt of the Niger Delta. The file has three wells that are hydrocarbon-bearing, with a combination of non-associated gas and oil. Basecase Reserves: Oil Recovery is 9.61 MMBO, Gas Recovery is 123.41 BCF and Condensate Recovery is 2.79 MMBO. There are 7 development wells. There are 2 marginal field companies in the SPV. Read more on the executive summary of Field-R https://www.www.gabrieldomale.com/links/Field-R-Executive-Summary.pdf
Field-K: Field Development Summary
The field is located in the coastal swamp depo-belt of the south-eastern Niger Delta. 2C Contingent resource estimated at 246.37 BSCF of gas and unrisked STOIIP of 17.71 MMBO. The notional development plan involves the re-entry of the well and the drilling of one new deviated well. The evacuation strategy involves constructing a flowline from wellheads to a gas plant where it can be processed and easily exported. There are 3 marginal field companies in the SPV. Read more on the executive summary of Field-K https://www.www.gabrieldomale.com/links/Field-K-Executive-Summary.pdf
Field-O: Field Development Summary
The field is located in the coastal Swamp depo-belt of the Niger Delta. The file has two wells that are hydrocarbon-bearing, with a combination of non-associated gas and oil. Basecase Reserves: Oil is 2.75 MMBO, Gas is 207.06 BCF and Condensate is 3.23 MMBO. The notional development plan involves the wells being either re-entered or re-drilled. There are 5 marginal field companies in the SPV. Read more on the executive summary of Field-O https://www.www.gabrieldomale.com/links/Field-O-Executive-Summary.pdf
Field-B: Field Development Summary
The field is located within the shallow offshore in water depths of approximately 70 to 80 feet. The field has two wells. The 2P+2C resource is estimated as 42.05 MMBO of oil and 193.75 BSCF of Gas. The notional development plan includes the re-entry and re-completion of the wells and laying of a 2.5km flowline. There are 3 marginal field companies in the SPV. Read more on the executive summary of Field-B http://www.gabrieldomale.com/links/Field-B-Executive-Summary.pdf
Field-E: Field Development Summary
The field is located in the Niger Delta at a water depth of <15 m. The notional development plan includes drilling 3 deviated and 4 vertical wells; 5 producers and 2 water injectors as the field is currently underdeveloped. Most likely reserves: Oil is 32 MBO and Natural Gas Liquids extracted from AG & NAG is 26 MBL (Assumes 1mmscfd gas = 75 bbl Natural Gas Liquids). Economics assumes Natural Gas Liquids is monetized. There are 3 marginal field companies in the SPV. Read more on the executive summary of Field-E https://www.www.gabrieldomale.com/links/Field-E-Executive-Summary.pdf
The following fields require funding support for signature bonus and field development:
Field-D: Field Development Summary
The total funding required is $100m inclusive of a signature bonus of $13m.
An Onshore (Swamp) field – North-western part of OML 62. Located in the Southern Swamp of Niger Delta Sedimentary Basin. Contains both Gas and Oil – though predominantly gas. The field was discovered by NAOC in 1967. Drilled to a total depth of 12988ft (Nov 1967 to March 1968). Encountered three key hydro-carbon bearing reservoirs.
Operation Strategy: (i) Construction of 25km flowline (wellheads to flowstation), (ii) There is exiting facility for gas treatment and export (via ELPS to WAGP), (iii) Field to be operated as a no-routine-gas flare facility, (iv) Oil export terminal is at a short distance (to Forcados Terminal) (v) Grow production with a 5-year plan, (vi) Development plan: Drilling of 3 wells (1 horizontal + 2 deviated), (vii) Production of gas planned to start 2022, and (viii) Re-entry + Hook-up + Drill & Complete 3 new dual string wells.
Economics: (i) Nigeria marginal field fiscal regime of 2006 – used, (ii) Average oil price = $30 | Average gas price ($/Mscf) = $2.3, (iii) Positive NPV even @ 18%, (iv) Short payback period (3 years), (v) Production will last for 10 years (if no further production development plan), (vi) Seismic data: 94km 3D post-stack seismic data previously acquired by NAOC, (vii) 2P reserve estimated at 1.07 TSCF, (viii) 2C contingent resource – oil – 38.47 MMBO, and (ix) 2C contingent resource – gas – 521.72 BSCF.
Field-U: Field Development Summary
The total funding required is $65m inclusive of a signature bonus of $20m.
Potential reserves: 14.0 MMBO + 89.75 BCFG (30.0 MMBOE) though conservative at 18.0 MMBOE. Discovery year: 1995, OML 70, Licence holder: ExxonMobil/NNPC JV, Basin: Niger Delta, Shore status: Shallow water, Water depth: 25m, Reservoir depth: 344m, Crude API: 28.5°, Exploration wells: 1 oil & gas, Appraisal wells: 0.
The field could be developed with one wellhead platform (6-slots), a 20 kb/d leased mobile offshore processing unit (MOPU) and a leased floating, storage and offloading (FSO) vessel for exports. A standalone development is assumed though the field could be jointly developed with a nearby field on the same OML given their proximity. Shared facilities would improve project returns.
Capex/boe (USD): 6.64; Opex/boe (USD): 12.43; Breakeven Brent price (USD): 43.82; Payback period (years): 5.0
I PROVIDE SUCCESS-BASED CONSULTING/FACILITATION
This means I do not charge fees until I have succeeded in providing funds. If I do not succeed, I bear the costs of the time spent (100% risk).
So I follow a structured process: (i) The asset owner provides me with an executive summary of the field, (ii) The asset owner issues me a letter of mandate, (iii) I produce another executive summary (with nominal name) and share with potential investors / within my networks, (iv) Interested parties sign NDNCA with asset owner, (v) CPR can then be shared with the potential investors / their agents who have signed the NDNCA, (vi) More engagements then continue, (vii) Where necessary, asset owner pays for revalidated Asset evaluations and Studies, Field development Plan and Economics, and Reserves certification, (viii) Engagements continue until funding is secured, (ix) Success based fees only paid based on the tranches of funding received.
I bring my 26 years of finance leadership from Shell Nigeria and ensure only global standards are adopted.
OUR FUNDING FACILITATION SERVICES
We will share further details with financiers and asset owners after they have issued to us a mandate letter or approved strategic partnership with Gabriel Domale Consulting. Also, all parties will sign a Non-Disclosure And Non-Circumvention Agreement (NDNCA).
CONTACT
Dr Leesi Gborogbosi / info@gabrieldomale.com / leesi.gborogbosi@gmail.com / +2347034604152
Dr Leesi Gborogbosi is the CEO of Gabriel Domale Consulting, a management consulting firm based in Nigeria, that helps companies in Africa to grow, provides insights to leaders and transforms institutions.
He has about three decades of leadership experience in the oil and gas industry (Shell Nigeria). He is an expert in finance, strategy, corporate governance, transformation, cost management, leadership development and due diligence.
Dr Leesi Gborogbosi was Project Finance Manager of Upstream Oil & Gas Projects (7 projects - Headline size: $8 bln) - Southern Swamp Associated Gas System, Forcados Yokri Integrated Project, Otumara, Adibawa, Agbada and Assa North/Ohaji South Projects.
He provided advisory services: strategic planning, budget management, funding strategy, risk management, governance, due diligence, and investment plan, covering the full life cycle of the seven major upstream oil/gas projects, power facilities, and export pipelines.
He collaboratively works with business leaders and their organizations to identify growth opportunities and create value through operational excellence in strategy implementation and capital efficiency by delivering projects within costs, building strategy and planning frameworks and crafting innovative funding solutions.
Dr Leesi Gborogbosi supports finance leaders in making crucial decisions and optimising performance through financial excellence in finance systems and accounting operations, budgeting, finance transformation, cost reduction, governance, risk, and compliance.
He has doctoral degrees in strategy and business studies and MSc (Research Methodology in Management) from IE Business School, Madrid and an MBA (Finance and Banking) from the University of Port Harcourt, Nigeria; and BSc (Accountancy) from the University of Nigeria, Nsukka. He had his secondary education at Federal Government College, Jos, Nigeria.
His doctoral dissertation focuses on strategy implementation, collaboration, the role of middle managers, and the dynamics of social movements (host communities).
Dr Leesi Gborogbosi leverages his professional experience as a Certified Management Consultant (CMC); Fellow, Institute of Chartered Accountants of Nigeria; and The Institute of Management Consultants. He is a member of the Chartered Institute of Procurement & Supply, London; Nigerian Institute of Management (Chartered); and Strategic Management Society, Chicago, United States.
He was nominated by the Strategic Management Society, Chicago for "Best International Conference Paper Prize Awards" in 2017 and 2015. He was appointed the Chair for the Session on “Leading change implementation processes” at the Strategic Management Society conference in Denver, United States in 2015.
Dr Leesi was a member of the Strategic Management Society “Special Committee on Diversity and Inclusion”, Chicago, USA, with the responsibility of providing the Strategic Management Society Board of Directors with a good audit of where the Strategic Management Society stands concerning inclusiveness in its activities.
GABRIEL DOMALE CONSULTING | NIGERIA | +2347034604152 | Email Us Now | Visit Our Website
About us: Gabriel Domale Consulting, a leading management consulting firm, helps companies in Africa to grow, provides insights to leaders and transforms institutions. Our consultants utilize their decades of hands-on experience to provide advisory in finance, strategy, corporate governance, transformation and leadership training to help companies and public institutions to transform their operations. We encourage leaders seeking insights to visit our BLOG here and also Request For Proposal (RFP) for our consulting services here
Published origninally on 21st Oct 2021 01:09:32
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