is one of the most vibrant nations in Africa. This is an area with a long
history and a highly educated population. Those who can find opportunities in
this area are likely to find a workforce
happy to reach for profits with them. One company that understands this process
is GPB Global Resources. GPB Global Resources is a unit of a much larger
state owned enterprise. As such, GPB
Global Resources has behind it the know how of Russia, a nation with an equally
long history and an equally educated population ready and able to meet the
challenges of the coming decade. Right now, those who watch this industry are
not surprised to learn this is one team that is about to invest millions in
this part of the world. GPB Global Resources is bringing in about sixty million dollars to Ethiopia in order to search for petroleum
resources. The company has a specific focus on the northeastern part of the
country. They expect to find a great many potential places to drill in this
area. See the company’s profile on Linkedin.
Approval From the Government
Officials at this company
have found approval from the Ethiopian government. The approval is in part for an agreement that
allows them to explore the area for a period of seven years. In addition, they
have also signed an agreement that allows them to spend twenty-five years in
producing any oil they might find in this part of the world. They plan to put
in a series of test wells that are designed to see if there’s oil in an area
that’s about forty-two thousand square kilometers. The area they intend to
explore is known as the Afar region. This is a historical region that forms
part of a region known as the East Africa Rift Valley. The East Africa Rift
Valley has been inhabited by humans for many thousands of years. This is part
of an overall plan with the Ethiopian government that seeks to help vastly
increase revenues for the country. Doing so will help all involved create value
for the company and Ethiopian citizens.
Hurricane Harvey flooded Tim Duncan’s Texas neighborhood. He took his wife, son and dogs into a FEMA rescue boat. The Chief Executive of Talos Energy has been planning a merger for $2.5 billion with Stone Energy. The merger completed in May leaving Duncan in charge of $900 million in assets mostly in the Gulf of Mexico. The drilling platforms in this area cost hundreds of millions with the possibility of a catastrophe always present. Talos takes chances while producing more than 48,000 barrels of oil each day.
Tim Duncan grew up in Florida, Texas and Egypt as the son of an oil man. The biggest asset Talos has is the Phoenix field. Chevron developed the field, installed platforms and drilled wells. The Typhoon platform was capsized in 2005 by Hurricane Rita and drifted across the gulf nearly sixty miles. Talos cleaned up the mess and now uses a unique ship to pump 16,000 barrels every day from Phoenix. According to the seismic data Phoenix will grow. Talos will inherit the Pompano platform from BP along with several other prospects for $200 million.
Duncan assisted with the Gryphon Exploration launch in 2000 to acquire the High Island 52 shallow water oil field. The drilling of additional wells boosted the output prior to his selling to Woodside Petroleum. He was one of the founders of Phoenix Exploration in 2006. He teamed with his partner in discovering the Belle Isle Field in Louisiana before selling in 2011 to the Apache Corp. By this time the industry was reeling from the drilling moratorium imposed by the Obama administration due to the BP catastrophe.
After the Permian Basin, the gulf is the nation’s largest oil province with 1.6 million barrels pumped each day. In excess of $3 billion of the oil royalties go to the U.S. Treasury every year because the majority of the resources are located in federal waters. More federal waters have been opened by the Trump administration for leasing. Talos represents a good future on the Mexican area of the gulf. With Tim Duncan leading the company the future is expected to be bright.