Equatorial Guinea Hold Discussions with African Energy Chamber and Updates on Energy Developments During Covid-19

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JOHANNESBURG, SOUTH AFRICA – EQS Newswire – 4 August 2020 – Last week, the African Energy Chamber held a bilateral discussion with the Ministry of Mines and Hydrocarbons of Equatorial Guinea, led by H.E Gabriel Mbaga Obiang Lima, alongside the Director of Hydrocarbons, Robustiano Eyegue Ndong and NJ Ayuk, the Executive Chairman of the African Energy Chamber.

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The Chamber sought to understand the state of the hydrocarbon sector in the country and was briefed by the Minister and the Director on immediate and near-term plans by the Ministry.

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Equatorial Guinea has moved its Year of Investment program to 2021, with plans to add many more investments opportunities and projects, while taking into consideration the challenges of Covid-19. For instance, the Ministry is continuing its mining drive-in with a strong focus on the mainland and expects to drive new mining programs in 2021.

The Minister agreed with the Chamber that Covid-19 has been a great disruptor to the energy sector. The Chamber urges the Equatorial Guinean government to continue working with oil and gas operators to find ways to ensure operations continue.

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The Minister advised the Chamber that the rapid development of the Alen unitization project operated by Noble Energy will be delayed until 2021. This is liquid-rich gas and condensate field is located in Block O, about 32km off the east coast of Bioko Island, in Equatorial Guinea. However, the Alen backfill gas project into EGLNG remains on track, with the project scheduled to come online in the first quarter of 2021.

When pressed on the rapid approval of Chevron acquisition of Noble Energy, the Minister advised the Chamber that the Ministry is currently studying the transaction as it pertains to Equatorial Guinea and will respond in due course taking into consideration compliance with the laws and regulations of the country as well as binding legal instruments like the Production Sharing Contract.

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On the Gas Mega Hub, the Chamber was informed that Equatorial Guinea has contracted UK-based firm Gas Strategies to continue working on a revised Gas Master Plan as the Minister believes it is an important step towards the country developing a timely, economic and equitable plan for to monetise gas, and with a clear vision towards having a Gas Mega Hub anchored around Punta Europa.

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The Chamber commends the development of gas, as LNG stands to be a game changer in the local, regional and international energy markets. It also puts Equatorial Guinea in line with other members of the Gas Exporting Countries Forum, of which Equatorial Guinea is a member, when it comes to monetizing gas.

The Minister advised that exploration activity is still ongoing in the country, with Kosmos Energy likely to proceed with a drilling campaign in 2022. Furthermore, Trident Energy started a 4D seismic survey over its Block G assets, which contain the Ceiba and Okume fields offshore with a potential to drill three wells in 2021.

Finally, the Ministry is engaged in discussions with Venezuelan state company PDVSA on the upstream and the downstream sector.

“Equatorial Guinea is an important oil and gas player and continues to be a great partner in advancing the relationships with investors while promoting local content. The Chamber welcomes this dialogue and we remain committed to more engagements with African energy leaders because this is vitally important to the private sector.” said NJ Ayuk

“The African Energy Chamber, supported by leading energy companies, is confident that by working together, we will ensure win-win opportunities as well as engage candidly on serious issues with African governments. These frank, no-holds-barred conversations concerning our energy industry can guide African governments to create an enabling environment that is effective for investors and citizens alike.” concluded Ayuk

The African Energy Chamber periodically holds bilateral discussions with governments and institutions on energy issues in Africa. These discussions are important for leaders and investors to engage in discussions of the most important economic and commercial issues, including investment in oil and gas, infrastructure development, local content, and enabling policies that make in country operations better.

The issuer is solely responsible for the content of this announcement.

Equatorial Guinea Hold Discussions with African Energy Chamber and Updates on Energy Developments During Covid-19

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Equatorial Guinea Hold Discussions with African Energy Chamber and Updates on Energy Developments During Covid-19 - Brand Spur

DirectAsia Reveals 5 Factors That Could Influence Your Car Insurance Quotes...

SINGAPORE - Media OutReach - 14 May 2021 - Despite global economic disruptions brought about by the COVID-19 pandemic, car insurance premiums remain steep in Singapore. In a bid to help car owners make informed decisions about their vehicle insurance coverage and ensure accessibility of car insurance, DirectAsia, Singapore's leading online insurer, points out that individuals must first be educated on the determinants of one's policy. The organisation thus puts its support behind car owners by revealing several factors that insurers weigh when pricing out a quote.


Equatorial Guinea Hold Discussions with African Energy Chamber and Updates on Energy Developments During Covid-19 - Brand Spur


1. Vehicle Make and Model

Continental cars, luxury cars and SUVs are typically tied to higher insurance rates. These can be attributed to the importing fees and expensive parts. On the contrary, vehicle owners can anticipate lower insurance rates when owning a car from Japanese or Korean brands.

2. Age of Car

New vehicles are obligated to higher insurance rates as the potential costs of repairing or replacing the car parts are being considered. The rates dip as the car ages and stay at a minimum when the vehicle reaches ten years or more.

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3. Experience & Age of Insured


Given that younger drivers have a higher propensity to take risks while driving and pose a greater likelihood of being involved in car accidents, insurers tend to charge higher rates for this age group. This also applies to novice drivers with less than two years of experience behind the wheels. Following that are senior drivers above the age of 65, who may have higher risk of accidents on the roads.

4. Vehicle Modifications


Car modification is one of the lesser-known factors that could raise your insurance premium. Despite that, DirectAsia emphasises the importance of declaring any modifications to the insurer or prospective insurer, as non-disclosure may result in future claims being repudiated.

5. Claim History

Lastly, claim history is also added to the equation. If a single claim above $10,000 or two or more claims were made in the past three years, insurers might add on loading fees, which results in a higher base premium.

Conversely, individuals with good driving records and no past claims within one year or more are entitled to no claim discount(NCD). This can go up to 60% at DirectAsia.

Revolutionising Car Insurance in Singapore and Beyond


Besides understanding the rating factors, DirectAsia highlights that finding the right insurer to meet an individual's unique lifestyles, preferences and needs is equally critical.

Reflecting DirectAsia's relentless commitment to delivering unrivalled value are its tailored and transparent policies, complemented with exclusive promotions and optional benefits like NCD Protector Plus, Compensation for Loss of Use and more. Both experienced and inexperienced drivers can expect highly customisable motor insurance policies from the award-winning insurer.

Interested individuals can reach out to DirectAsia for a no-commitment quote here.

About DirectAsia Singapore

DirectAsia, a subsidiary of the Hiscox Group, was launched in Singapore in 2010 with a goal of changing the face of insurance in Asia. The industry leader places its customers at the forefront and seeks to make insurance less complex by offering quick, convenient and transparent online insurance policies that are jargon-free. For more information, please visit: https://www.directasia.com/.


#DirectAsia

Equatorial Guinea Hold Discussions with African Energy Chamber and Updates on Energy Developments During Covid-19 - Brand Spur
- Advertisement -
spot_imgspot_img

Latest News

DirectAsia Reveals 5 Factors That Could Influence Your Car Insurance Quotes in Singapore

SINGAPORE - Media OutReach - 14 May 2021 - Despite global economic disruptions brought about by the COVID-19 pandemic, car insurance premiums remain steep in Singapore. In a bid to help car owners make informed decisions about their vehicle insurance coverage and ensure accessibility of car insurance, DirectAsia, Singapore's leading online insurer, points out that individuals must first be educated on the determinants of one's policy. The organisation thus puts its support behind car owners by revealing several factors that insurers weigh when pricing out a quote.


Equatorial Guinea Hold Discussions with African Energy Chamber and Updates on Energy Developments During Covid-19 - Brand Spur


1. Vehicle Make and Model

Continental cars, luxury cars and SUVs are typically tied to higher insurance rates. These can be attributed to the importing fees and expensive parts. On the contrary, vehicle owners can anticipate lower insurance rates when owning a car from Japanese or Korean brands.

2. Age of Car

New vehicles are obligated to higher insurance rates as the potential costs of repairing or replacing the car parts are being considered. The rates dip as the car ages and stay at a minimum when the vehicle reaches ten years or more.

3. Experience & Age of Insured


Given that younger drivers have a higher propensity to take risks while driving and pose a greater likelihood of being involved in car accidents, insurers tend to charge higher rates for this age group. This also applies to novice drivers with less than two years of experience behind the wheels. Following that are senior drivers above the age of 65, who may have higher risk of accidents on the roads.

4. Vehicle Modifications


Car modification is one of the lesser-known factors that could raise your insurance premium. Despite that, DirectAsia emphasises the importance of declaring any modifications to the insurer or prospective insurer, as non-disclosure may result in future claims being repudiated.

5. Claim History

Lastly, claim history is also added to the equation. If a single claim above $10,000 or two or more claims were made in the past three years, insurers might add on loading fees, which results in a higher base premium.

Conversely, individuals with good driving records and no past claims within one year or more are entitled to no claim discount(NCD). This can go up to 60% at DirectAsia.

Revolutionising Car Insurance in Singapore and Beyond


Besides understanding the rating factors, DirectAsia highlights that finding the right insurer to meet an individual's unique lifestyles, preferences and needs is equally critical.

Reflecting DirectAsia's relentless commitment to delivering unrivalled value are its tailored and transparent policies, complemented with exclusive promotions and optional benefits like NCD Protector Plus, Compensation for Loss of Use and more. Both experienced and inexperienced drivers can expect highly customisable motor insurance policies from the award-winning insurer.

Interested individuals can reach out to DirectAsia for a no-commitment quote here.

About DirectAsia Singapore

DirectAsia, a subsidiary of the Hiscox Group, was launched in Singapore in 2010 with a goal of changing the face of insurance in Asia. The industry leader places its customers at the forefront and seeks to make insurance less complex by offering quick, convenient and transparent online insurance policies that are jargon-free. For more information, please visit: https://www.directasia.com/.


#DirectAsia

Equatorial Guinea Hold Discussions with African Energy Chamber and Updates on Energy Developments During Covid-19 - Brand Spur
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