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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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Members with Discoveries




3 Cavendish Petroleum Nigeria Limited

4 Conoil Producing Limited






11 Peak Petroleum Industries Limited

12 Solgas Petroleum Limited




Fig 15


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Producing Members




3 Cavendish Petroleum Nigeria Limited

4 Conoil Producing Limited






11 Peak Petroleum Industries Limited12 Solgas Petroleum 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

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