Projects Around the World

Petrozamora obtained financing in the form of an oil prepayment facility worth up to $1 billion by November 2013. In April 2015, the National Assembly of Venezuela also authorized Petrozamora to extend its portfolio with four mature offshore oil fields in Lake Maracaibo. As a result, Petrozamora doubled its production and tripled remaining reserves by July 2015.

Petrozamora received the assets and production rights of Area 8, part of Bloque VII Ceuta, in 2017. The proven reserves of this oil field were estimated at 583 million barrels (MMbbl) at the end of 2016. This transfer allowed the J.V. to maintain its production levels despite the diminishing output from other oil fields. These new assets provide Petrozamora with a unique opportunity for expanding its production and development of mature oil fields in addition to capitalizing on the joint venture’s output in neighboring onshore fields.

GPB Global Resources and the Ethiopian Ministry of Mines signed a Petroleum Production Sharing Agreement (PSA) in 2014. Bell Geospace, the world leader in gravity gradiometry, performed an airborne Full Tensor Gradiometry (FTG) and magnetic survey of the Gewane-El Wiha license area in 2015. Based on those results, GPB GR identified areas worthy of further study with two-dimensional (2D) seismic surveys. BGP Inc., part of CNPC Group, completed these surveys in 2016, and Petrotrace interpreted those results to show that a basin near Lake Cadabassa needed more detailed seismic surveys. GPB GR is continuing to analyze and correlate the data gathered for future exploration of the Gewane-El Wiha license area.

The firm surrendered 29 percent of its original contract area in 2018, in accordance with the PSA. The remaining area covers about 30,000 square kilometers (sq. km). GPB GR also began an Environmental and Social Impact Assessment study in 2019 in preparation for an upcoming round of 2D seismic surveys. The firm is conducting these operations in compliance with regulatory standards set by the Ethiopian government and by the PSA as well as best practices in the international oil and gas industry.

GPB Global Resources signed a Mining Convention with the Nigerian Ministry of Minerals and Energy in 2011 to explore the Toulouk-2 and Toulouk-4 license areas. The first stage of this project was completed in 2014, resulting in the extraction of samples from 328 sites. The purpose of this stage was to estimate the structure and volume of uranium deposits and concomitant minerals such as copper, silver, phosphorus, and rare-earth elements.

In 2015, Wardell Armstrong International (WAI), an international appraisal company in minerals and mining, completed its audit of the project under the standards established by the Joint Ore Reserves Committee Code (JORC). The results estimated uranium deposits in the Toulouk-2 and Toulouk-4 license areas to be 16.8 million pounds (lbs.), equivalent to 20 million lbs of triuranium octoxide (U3O8). WAI also issued a scoping study of these areas in 2016, including a pre-feasibility analysis.

performed additional exploration to improve the assessment of surface minerals in the Toulouk-2 and Toulouk-4 license areas. The firm also renewed its exploration licenses for these areas for another three years in 2017.

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