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Indigenous Operators Perspective
A Paper Presented By:
Chief Tunde J. Afolabi, MFRManaging Director/CEO
Amni International Petroleum Development Company Limited
Financing Issue for Oil and Gas Projects
in the Gulf Of Guinea Region
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Gulf of Guinea Region
Fig 1
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Gulf of Guinea Countries
Fig 2
1. Senegal
2. Guinea
3. Liberia
4. Cote dIvoire
5. Ghana
6. Togo
7. Benin
8. Nigeria
9. Cameroon
10. Gabon
11. Congo
12. Sao Tome &
Principe
13. Angola
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Countries that have discoveredOil & Gas in Substantial Quantities
S/N COUNTRY
POPULATION
(million) GDP $MM1 Nigeria 135.03 294,800
2 Angola 12.26 80,950
3 Republic of Congo 3.80 19,070
4 Equitorial Guinea 0.55 25,6905 Cameroon 18.06 40,010
6 Gabon 1.45 20,090
7 Benin Republic 8.08 12,180
8 Ghana 22.93 31,320
Fig 3
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Gulf of Guinea CountriesCrude Oil Reserve Estimates
36.220
9.035
2.000 1.600 1.1000.200 0.015 0.008
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Nigeria Angola Gabon Congo Equatorial Guinea Cameroon Ghana Benin
Countries
billionbarrels
Fig 4
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Gulf of Guinea CountriesGas Reserve Estimates
3.75
3.08
1.361.23 1.15
0.81
0.010
1
2
3
4
5
6
7
8
9
10
Nigeria Cameroon Congo Angola Eqt.Guinea Gabon Ghana Benin
Reserves
inTCF
182
Fig 5
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Oil & Gas Companies in the GoG
1. ExxonMobil
2. Chevron
3. Shell
4. TOTAL
5. CNOOC
6. SINOPEC
7. AMERADA
8. ANARDAKO
9. MARATHON
10. ADDAX
11. DEVON
12. TULLOW
13. ROC OIL
14. AFREN
15. NOBLE ENERGY
Fig 6
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Typical Offshore Environment
Fig 7
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Breakdown of Spending in Oil & Gas Industry
Fig 8
Production
40%
Development
30%
Exploration
30%
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Breakdown of Spending in Oil & Gas Industry
Engineering
4.3%
Production
28.6%
Drilling Activities
21.4%Seismic Activities
7.1%
Field Infrastructure
12.9%
Drilling Activities
25.7%
Fig 9
Production
Exploration
Development
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Drilling Activities: Tangibles
Fig 10
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Drilling Activities: - Intangibles
Fig 11
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Production Activities
Fig 12
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0
500
1,000
1,500
2,000
2,500
3,000
Productioninthousandsofbarrelsperday
2,630 1,260 396 266 282 83 8 0Nigeria Angola Eqt.Guinea Gabon Congo Cameroon Ghana Benin
Gulf of Guinea CountriesDaily Crude Oil Production
Fig 13
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Nigerian Association of IndigenousPetroleum Explorers and Producers (NAIPEC)
s/n Member Companies
1 Amni International Petroleum Development Company Limited
2 Atlas Petroleum International Limited
3 Cavendish Petroleum Nigeria Limited4 Conoil Producing Limited
5 Emerald Energy Resources Limited
6 Express Petroleum & Gas Company
7 Famfa Oil Limited8 Moni Pulo Limited
9 NorEast Petroleum Nigeria Limited
10 Oriental Energy Resources Limited
11 Peak Petroleum Industries Limited
12 Solgas Petroleum Limited
13 South Atlantic Petroleum Limited
14 Yinka Folawiyo Petroleum Company Limited
15 Zebra Energy Limited
Fig 14
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Nigerian Association of IndigenousPetroleum Explorers and Producers (NAIPEC)
Members with Discoveries
s/n Member Companies
1 Amni International Petroleum Development Company Limited
2 Atlas Petroleum International Limited
3 Cavendish Petroleum Nigeria Limited
4 Conoil Producing Limited
5 Emerald Energy Resources Limited
6 Express Petroleum & Gas Company
7 Famfa Oil Limited8 Moni Pulo Limited
9 NorEast Petroleum Nigeria Limited
10 Oriental Energy Resources Limited
11 Peak Petroleum Industries Limited
12 Solgas Petroleum Limited
13 South Atlantic Petroleum Limited
14 Yinka Folawiyo Petroleum Company Limited
15 Zebra Energy Limited
Fig 15
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Nigerian Association of IndigenousPetroleum Explorers and Producers (NAIPEC)
Producing Members
s/n Member Companies
1 Amni International Petroleum Development Company Limited
2 Atlas Petroleum International Limited
3 Cavendish Petroleum Nigeria Limited
4 Conoil Producing Limited
5 Emerald Energy Resources Limited
6 Express Petroleum & Gas Company
7 Famfa Oil Limited8 Moni Pulo Limited
9 NorEast Petroleum Nigeria Limited
10 Oriental Energy Resources Limited
11 Peak Petroleum Industries Limited12 Solgas Petroleum Limited
13 South Atlantic Petroleum Limited
14 Yinka Folawiyo Petroleum Company Limited
15 Zebra Energy Limited
Fig 16
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Funding Strategy
a. Technical Partners
b. Debt from Banks
c. Capital Market; Equity Finance
d. Funds from Balance Sheet
Fig 17
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Indigenous Companies and theirTechnical Partners over time
Indigenous Companies Technical Partners over Time
Amni International Petroleum Abacan
OPLs 469, 237 TOTAL
Afren
Alfred James Petroleum
OPL 301Yinka Folawiyo Petroleum Abacan
OPL 309 Syntroleum etal
Chevron
Express Petroleum
OML 108
CavendishOML 110
South Atlantic
OPL 246
NOREAST
OPL 215
Moni Pulo Baker HughesOML 114 Sapetrol
Atlas Petroleum
OML 109
Peak Petroleum Mart Resources
OML 122
Famfa OilOPL 216
TOTAL
TOTAL
Nexen
Texaco/Chevron
Abacan
Conoco
Conoco
Fig 18