{"id":9866,"date":"2021-02-11T09:03:16","date_gmt":"2021-02-11T09:03:16","guid":{"rendered":"https:\/\/oilnewskenya.com\/?p=9866"},"modified":"2021-02-12T07:47:32","modified_gmt":"2021-02-12T07:47:32","slug":"tanzania-orca-energy-group-provides-operating-results-for-2020","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-orca-energy-group-provides-operating-results-for-2020\/","title":{"rendered":"TANZANIA: Orca Energy Group Provides Operating Results for 2020"},"content":{"rendered":"<ul>\n<li>Average sales volumes for the year ended December 31, 2020 decreased 8.6% to 57.7 million standard cubic feet per day (<strong>MMcfd<\/strong>) compared to 63.1 MMcfd for the year ended December 31, 2019 and for Q4 2020 decreased 11.3% to 62.8 MMcfd compared to 70.8 MMcfd for Q4 2019. Reduced gas sales in 2020 were primarily attributed to the impact of the coronavirus pandemic on consumer investment\/demand and abnormally high rainfall in early 2020 which reduced gas fired power demand due to increased hydro power generation.<\/li>\n<li>Revenue decreased 10.4% to $76.7 million compared to $85.6 million in the year ended December 31, 2019 and for Q4 2020 decreased 10.3% to $20.8 million compared to $23.2 million in Q4 2019.<\/li>\n<li>Cash and short-term investments totaled $103.8 million on December 31, 2020 compared to $138.7 million at December 31, 2019. The decrease is primarily due to the substantial issuer bid of CDN$50 million completed in Q1 2020.<\/li>\n<li>As at December 31, 2020 the current receivable from Tanzanian Electricity Supply Company (<strong>TANESCO<\/strong>) was $ nil (December 31, 2019: $ nil). The TANESCO long-term trade receivable as at December 31, 2020 was $27.6 million with a provision of $27.6 million compared to $47.5 million (provision of $47.5 million) as at December 31, 2019.\n<p><div class=\"woocommerce \"><ul class=\"products columns-4\">\n<li class=\"entry product type-product post-9869 status-publish first instock product_cat-ea-outlook product_tag-drilling product_tag-natural-gas product_tag-oil product_tag-outlook product_tag-rigs product_tag-seismic product_tag-surveys product_tag-tanzania product_tag-upstream has-post-thumbnail sale downloadable virtual purchasable product-type-simple\">\n\t<a href=\"https:\/\/www.oilnewskenya.com\/index.php\/\/product\/tanzania-upstream-sector-activity-outlook-2021-2022\/\" class=\"woocommerce-LoopProduct-link woocommerce-loop-product__link\">\n\t<span class=\"onsale\">Sale!<\/span>\n\t<img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/COVERPAGE.jpg?resize=300%2C300&amp;ssl=1\" class=\"attachment-woocommerce_thumbnail size-woocommerce_thumbnail\" alt=\"Tanzania Upstream Sector Activity Outlook 2021-2022\" srcset=\"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/COVERPAGE.jpg?resize=300%2C300&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/COVERPAGE.jpg?resize=100%2C100&amp;ssl=1 100w, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/COVERPAGE.jpg?resize=60%2C60&amp;ssl=1 60w, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/COVERPAGE.jpg?resize=144%2C144&amp;ssl=1 144w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><h2 class=\"woocommerce-loop-product__title\">Tanzania Upstream Sector Activity Outlook 2021-2022<\/h2>\n\t<span class=\"price\"><del aria-hidden=\"true\"><span class=\"woocommerce-Price-amount amount\"><bdi><span class=\"woocommerce-Price-currencySymbol\" translate=\"no\">&#36;<\/span>100.00<\/bdi><\/span><\/del> <span class=\"screen-reader-text\">Original price was: &#036;100.00.<\/span><ins aria-hidden=\"true\"><span class=\"woocommerce-Price-amount amount\"><bdi><span class=\"woocommerce-Price-currencySymbol\" translate=\"no\">&#36;<\/span>60.00<\/bdi><\/span><\/ins><span class=\"screen-reader-text\">Current price is: &#036;60.00.<\/span><\/span>\n<\/a><a href=\"\/index.php\/wp-json\/wp\/v2\/posts\/9866?add-to-cart=9869\" aria-describedby=\"woocommerce_loop_add_to_cart_link_describedby_9869\" data-quantity=\"1\" class=\"button product_type_simple add_to_cart_button ajax_add_to_cart\" data-product_id=\"9869\" data-product_sku=\"\" aria-label=\"Add to cart: &ldquo;Tanzania Upstream Sector Activity Outlook 2021-2022&rdquo;\" rel=\"nofollow\" data-success_message=\"&ldquo;Tanzania Upstream Sector Activity Outlook 2021-2022&rdquo; has been added to your cart\">Add to cart<\/a>\t<span id=\"woocommerce_loop_add_to_cart_link_describedby_9869\" class=\"screen-reader-text\">\n\t\t\t<\/span>\n<\/li>\n<\/ul>\n<\/div><\/li>\n<li>Capital expenditures for the year ended December 31, 2020 were $27.0 million, which included an advance payment of $11.4 million for the procurement of long lead items of the compression project, compared to $5.8 million for the year ended December 31, 2019.\u00a0The total value for the contract for the compression project signed in August 2020 is $38.0 million of which $24.7 million has been incurred to date. The expenditures in 2019 were primarily related to the refrigeration project for the Songas gas processing plant.<\/li>\n<li><strong>Jay Lyons, Interim Chief Executive Officer, commented:\u00a0<\/strong><em>\u201c<\/em><em>Considering the difficult operational context<\/em><em>\u00a0<\/em><em>deriving from the global impact of the corona virus pandemic and its knock-on implications on the domestic operating environment<\/em><em>, I<\/em><em>\u00a0am pleased with the performance of our Company during 2020.\u00a0\u00a0We continue<\/em><em>\u00a0<\/em><em>to progress our strategy to focus on the Tanzanian gas business while providing return of capital to our shareholders through quarterly dividends and share buy backs. We maintain<\/em><em>\u00a0<\/em><em>focus on the compression project for the Songas gas processing plant as evidenced by the level of capital incurred on this project in 2020. The project remains on budget and on track for completion in 2022 and we look forward to keeping the market updated on our wider progress over the coming months.<\/em><em>\u201d<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Average sales volumes for the year ended December 31, 2020 decreased 8.6% to 57.7 million standard cubic feet per day (MMcfd) compared to 63.1 MMcfd for the year ended December &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-orca-energy-group-provides-operating-results-for-2020\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":9867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7443,11],"tags":[8153,2883,2463,2466,9020],"class_list":["post-9866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-eastern-africa","category-top-news","tag-orca-energy","tag-songas","tag-tanesco","tag-tanzania","tag-tanzanian-electricity-supply-company","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/songo-songo-field.jpg?fit=355%2C378&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2z8","jetpack-related-posts":[{"id":1109,"url":"https:\/\/www.oilnewskenya.com\/index.php\/orca-exploration-announces-q1-2014-results\/","url_meta":{"origin":9866,"position":0},"title":"Orca Exploration announces Q1 2014 results","author":"Samuel Kamau Mbote","date":"May 30, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Orca Exploration is an international public company engaged in hydrocarbon exploration, development and supply of natural gas in Tanzania \u2022 Orca operated its Tanzania Songo Songo gas field in the first quarter of 2014 near its productive capacity delivering Additional Gas sales volumes averaging 57.4 MMcfd, a decrease\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/05\/orca-exploration.gif?fit=400%2C553&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":8815,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-orca-energy-provides-operational-update\/","url_meta":{"origin":9866,"position":1},"title":"TANZANIA: Orca Energy Provides Operational Update","author":"","date":"August 11, 2020","format":false,"excerpt":"Orca has reported that on August 3, 2020 signed a contract with China Petroleum and Technology Development Company (CPTDC) for the design, supply, installation and commissioning of natural gas compressors within the Songas gas processing facility on Songo Songo Island. Orca says the compressors will work in harmony with the\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/KinyereziI1.jpg?fit=700%2C525&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/KinyereziI1.jpg?fit=700%2C525&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/KinyereziI1.jpg?fit=700%2C525&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/KinyereziI1.jpg?fit=700%2C525&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13092,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-kinyerezi-1-expansion-drives-gas-demand-despite-record-production\/","url_meta":{"origin":9866,"position":2},"title":"TANZANIA: Kinyerezi 1 Expansion Drives Gas Demand despite Record Production","author":"","date":"January 6, 2023","format":false,"excerpt":"As the extension of the Kinyerezi I Power Station continues to increase power generation capacity from 150 megawatts to 335 megawatts gas providers are already embracing themselves for increased gas demand from the project. According to Orca Energy which produces gas from Songo Songo the extension of Kinyerezi 1 is\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Tanzania-Wentworth-2.jpg?fit=679%2C453&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Tanzania-Wentworth-2.jpg?fit=679%2C453&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Tanzania-Wentworth-2.jpg?fit=679%2C453&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":2635,"url":"https:\/\/www.oilnewskenya.com\/index.php\/orca-considering-first-phase-offshore-development-tanzania\/","url_meta":{"origin":9866,"position":3},"title":"Orca considering first phase of offshore development in Tanzania","author":"","date":"February 26, 2015","format":false,"excerpt":"Orca exploration has said it is contemplating a first phase of offshore development consisting of working over two existing wells (SS-5 and SS-9) that are currently suspended in order to fill the existing Songas infrastructure to capacity and provide operational redundancy. This follows under-utilization of the existing infrastructure with the\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/Songo-Songo-Orca-exploration.png?fit=302%2C417&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":13424,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-orca-energy-provides-operational-update-2\/","url_meta":{"origin":9866,"position":4},"title":"TANZANIA: Orca Energy Provides Operational Update","author":"","date":"February 1, 2023","format":false,"excerpt":"OPERATIONAL Production Gross sales of conventional natural gas, classified as Additional Gas (as defined in the PSA (as defined herein)) (\u201cgas sales\u201d) averaged 95.5 MMscfd during Q4 2022 which increased average gas sales to 86.8 MMscfd for the year 2022, representing a 42% increase from 2021.\u00a0 Orca forecasts average gross\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tanzania-gas-distribution.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tanzania-gas-distribution.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tanzania-gas-distribution.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tanzania-gas-distribution.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tanzania-gas-distribution.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13427,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-orca-energy-group-inc-announces-independent-reserves-evaluation-for-year-end-2022\/","url_meta":{"origin":9866,"position":5},"title":"TANZANIA: Orca Energy Group Inc. Announces Independent Reserves Evaluation for Year End 2022","author":"","date":"February 27, 2023","format":false,"excerpt":"The Company\u2019s conventional natural gas reserves as at December 31, 2022 for the period to the end of the primary (25 year) term of the production sharing agreement with the Tanzanian Petroleum Development Corporation (the TPDC) have been evaluated by independent petroleum engineering consultants McDaniel & Associates Consultants Ltd. in\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tanzania-Songo-Songo.jpg?fit=347%2C372&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=9866"}],"version-history":[{"count":4,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9866\/revisions"}],"predecessor-version":[{"id":9883,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9866\/revisions\/9883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/9867"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=9866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=9866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=9866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}