RE:RE:Total CEO talking about Venus discovery.....Compliments of Tamtam Pancontinental Energy (PCOGF) Post# 1364 of 1366 Tamtam Member Level Re: Ebenezer3 post# 1363 Wednesday, 09/28/2022 7:17:50 PM Namibias frontier hydrocarbon potential has been clearly defined with two major discoveries made by Shell and TotalEnergies this year and a series of new campaigns that have been launched as a consequence. With these discoveries and many more expected to follow, energy research and business intelligence company, Rystad Energy, states that the country has been thrust into the exploration spotlight. Discoveries Trigger New Interest in Namibian Offshore Exploration While exploration efforts have reaped few rewards over the past few decades in Namibia, the two sister discoveries in 2022 are set to position the country at the forefront of Africas upstream future. Shells Graff-1 well which was spud in December 2021 in Block 2913A in the Orange sub-basin encountered light oil in January 2022. Soon thereafter, TotalEnergies Venus 1-X wildcat discovery in Block 2913B brought the total volume of both finds to 835 million barrels with even more scope of increasing volumes to 1 billion barrels due to Venus prospectivity. In a relatively unexplored and underexplored basin, these finds have triggered newfound interest in Namibias upstream market. However, the advantages of these finds transcend the discoveries themselves, with the announcements of reserves awakening new interest by other energy majors worldwide. Rystad Energy notes that Shell has already drilled a follow-up well 8km from Graff and is in the process of evaluating its own find; TotalEnergies is expected to spud a delineation well at Venus; Chevron is reportedly set to enter Block 2813B; Eco Atlantic has expanded its presence offshore Namibia; while Galp Energies is expected to drill a probe in the new months. As such, between this year and 2025, over 15 probes are expected to be drilled offshore Namibia, thereby making the country an exploration hotspot, according to Rystad Energy. Translating Discoveries into Tangible Developments According to Rystad Energy, Venus and Graff not only account for over 85% of total discovered volumes in Africa in 2022 but additionally represent the largest global finds so far this year. However, ensuring the discoveries translate into tangible project developments will take a committed approach by government and operators alike. While deepwater developments are typically capital-intensive, Namibias numbers are relatively competitive. Considering the deepwater nature and development schemes of the projects, Rystad Energy notes that utilizing floating production storage and offloading units would appear the most suitable solution for the development of both Venus and Graff, with the leasing of such facilities mitigating larger greenfield expenditure and abandonment expenditure. According to Rystad Energy estimated, such schemes for both the fields will result in cumulative greenfield expenditure of a minimum $6.5 billion and operational expenditure of $20 billion both of which are competitive for deepwater developments. Meanwhile, on the tax front, Rystad Energy notes that Namibias fiscal regime is relatively simple main taxes include a 5% royalty, an additional tax ranging between zero and 50% based on the rate of return, and an income tax of 35% and is largely in favor of operators. As such, the countrys tax terms are contractor-friendly, however, new incentives will need to be implemented to make such projects more profitable, particularly regarding the cost-intensive nature of the developments and the reduced capital expenditure associated with upstream oil and gas in 2022. Thus, considering the sheer size of the two finds; the number of upstream projects that have been launched following the discoveries; and the competitiveness of Namibias upstream market, the countrys oil and gas future is bright and its hopes of becoming a regional producer and hub are well on the cards. A goal is a dreams deadline...what is your goal? `..`. ><((((((> `..`..`. ><((((> PCOGF Pancontinental Energy NL (PK) 0.003 0.00 (0.00%) Volume: - Bid: 0.0021 Ask: 0.0075 1D 1M 2M 3M 6M 1Y 2Y 3Y 5Y Chart for Pancontinental Energy NL (PK) PCOGF Detailed Quote InvestorsHub NewsWire FEATURED New Break Identifies High-Grade Gold, up to 70.60 g/t Au, via Grab Sampling at Moray Sep 29, 2022 10:29 AM FEATURED Rising Star Trillion Energy Ready to Supply Much Needed European Gas Sep 29, 2022 8:00 AM FEATURED Goldshore Intersects 192.75m @ 1.02 g/t Au from 94.45m depth in MMD-22-051 Sep 29, 2022 7:30 AM FEATURED SFLMaven Plans for New Potential Revenue from Patent Pending HolgoGlow Technology for the Metaverse Sep 29, 2022 6:30 AM FEATURED Ludwig's genomic-based mRNA Inflammatory Index - a Ground-Breaking Technology Sep 28, 2022 1:34 PM Arts & Collectibles DOT Company Coinllectibles Seeing a Very Bright Future with Revenue jumping by 100% to US$8.8 Million in First Half of 2022 as compared to The Year Before COSG Sep 29, 2022 8:44 AM GBT is researching the Development of Electro-Thermal Aware Design Environment for Integrated Circuits.Seeking to Address Advanced Nanometer Nodes Semiconductors Electro-Thermal Modeling and Optimization. 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