May 19, 2020

African Oil Corporation: Second offshore oil discovery Guyana

Energy
Oil
exploration
Offshore
Leah Netabai
2 min
African Oil Corporation: Second offshore oil discovery Guyana

Early this week African Oil Corporation announced its second largest oil discovery on the Orinduik block in the Joe-1 exploration well.

Drilled by the Stena Forth drillship, the Joe-1 exploration well had a total of 2,175 metres in water depth. “Evaluation of MWD, wireline logging and sampling data confirm 16 metres of net oil pay in high-quality oil-bearing sandstone reservoirs of Upper Tertiary age. Joe-1 is the first oil discovery to be made in the Upper Tertiary and de-risks the petroleum system of the western area of the Orinduik block, where a significant number of Tertiary and Cretaceous age prospects have been identified.” says African Oil Corp.

The partners of the Orinduik Block – Tullow Guyana B.V (60%), Total EP Guyana BV (25%) and Eco (Atlantic) Oil & Gas Ltd. (15%). – will conduct a detailed evaluation of the Jethro, Joe and Hammerhead extension oil reservoirs on the Orinduik block.

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"We're two for two on the Orinduik Block offshore Guyana which shows the enormous potential of this block.  The Joe well opens up a new shallow Tertiary play which, combined with the 90% plus success rate in the lower Tertiary and Cretaceous plays in our block and the adjacent Stabroek Block, gives us great confidence that the multiple remaining prospects in our block will enjoy similar high success rates,” commented Keith Hill, President and CEO of Africa Oil.

As a result of the discovery the company has opened a new Upper Tertiary oil play in the Guyana basin.

African Oil Corporation is headquartered in Canada with assets in Kenya. Additionally, African Oil Corporation has a signed agreement to acquire an interest in a producing asset in deep water Nigeria.

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Jun 11, 2021

G7 Summit guide: What it is and what leaders hope to achieve

G7
Sustainability
G7Summit
EU
3 min
Business Chief delves into what the G7 is and represents and what its 2021 summit hopes to achieve, in terms of sustainability and global trade

Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration. 

 

Who are the G7?

The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like. 

The merry band comprises:

  • Canada
  • France
  • Germany
  • Italy
  • Japan
  • The United Kingdom
  • The United States

Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.

 

Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda. 

 

When was the ‘G’ formed?

Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s. 

 

Why does the G7 exist?

At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted. 

 

The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability. 

 

It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations. 

 

Where is the 2021 G7 summit?

This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall. 
 

What will be discussed this year? 

After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”

 

The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values. 

 

According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.” 

 

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