Corporate

South Western Technologies & Oilfield Services Limited Assumes Equity in HSI Energies Limited, Enhancing Industry Leadership

South Western Technologies & Oilfield Services Limited has taken over the equity stake in HSI Energies Limited, stepping in for its parent company, Hobark International Limited. Since its inception in 2016, South Western has carved a notable presence in the oil and gas exploration and production (E&P) domain, earning recognition for its specialized services.

With a robust portfolio encompassing integrated well service solutions, South Western brings a wealth of technical expertise to the table. HSI will leverage substantially on South Western’s capacities, especially in the domain of exploration and production.

Upstream

HSI Energies Limited in Strategic Partnership with Eastlake E&P Limited for OML-141 NW (Barracuda Field) Project

HSI Energy Resources Limited has entered into a Collaboration Agreement with Eastlake Exploration & Production Limited (Eastlake), effective October 2023 on an oil and gas exploration and production project in the Barracuda Field in OML-141 located in the Offshore Continental Shelf, Niger Delta, Bayelsa State, Nigeria. This marks a significant leap forward in the development of the OML-141 NW (Barracuda Field) Project.

On October 30, 2023, Eastlake Exploration & Production Limited officially entered into an agreement with Emerald Energy Resources Limited, acting as the Operator of OML 141 on behalf of the Joint Interest Owners—Emerald Energy Resources Limited, Amni Oil and Gas Limited, and Bluewater Oil and Gas Investments Limited. Under this agreement, Eastlake will serve as the Technical and Financial Services Provider, offering specific technical and financial services for the development of fields and prospects within the OML-141 NW Project area.

The primary objective of this strategic partnership is to jointly explore, develop, and operate the oil and gas reserves within the Barracuda Field (OML 141 NW) in two clear Phases.

Phase 1 – This entails pivotal activities such as subsurface studies, drilling and extended well testing of Barracuda 5, and the preparation of a Field Development Planning (FDP).

Future Development Phases – In a success case post Phase 1, Phase 2 will commence as a full Field Development and will be executed under a separate consortium agreement in all aspects of the project which will be negotiated and agreed to by the Parties.

This Collaboration agreement underscores HSI’s commitment to strategic alliances that can foster project delivery and operational excellence. As this Collaboration unfolds, HSI and Eastlake anticipate the successful realization of the project’s objectives. This venture represents a significant stride towards the development of the OML-141 NW (Barracuda) Field, reaffirming their joint commitment to delivering value to all stakeholders and advancing the growth of the Oil & Gas sector.

EPC FEED

HSI Energies Ltd Partners with VFuels LLC for FEED and EPCIC Phase of Modular Refinery Project

HSI Energy Resources Limited has wrapped up the Pre-Front End Engineering Design (Pre-FEED) for its modular refinery project. The company is now gearing up for the next phase, the Front End Engineering Design (FEED), and has strategically partnered with VFuels LLC to serve as the Engineering, Procurement, Construction, Installation, and Commissioning (EPCIC) contractor. This collaboration is set to bring cutting-edge expertise to the forefront of the development of a scalable 5,000 barrels of oil per day (bpd) modular refinery.

The site for this initiative is the proposed Abia Industrial & Innovation Park (AIIP) in Owaza, a location carefully selected for its potential to foster industrial growth and innovation. For detailed insights into this visionary project, see the official AIIP website at www.aiip.com.ng.

Looking ahead, HSI envisions an ambitious expansion plan for the refinery. Future phases will see a considerable scale-up of production capacity to 10,000 bpd. Additionally, there are plans to introduce specialized units dedicated to the production of Premium Motor Spirit (PMS).

The collaboration with VFuels LLC during the FEED phase underscores the commitment of both entities to excellence and innovation. VFuels LLC, renowned for its prowess in engineering and construction, is expected to bring invaluable expertise to the project, ensuring its efficient execution and technological advancement.

The refinery signifies not only a pivotal milestone but a strategic investment in the future of energy production, promising economic growth and contributing to the broader vision of a sustainable and innovative industrial landscape.