Banda/Tevet Integrated Gas Project (IGP) - Mauritania
The Sponsor in partnership with TAQA Arabia entered an MoU with SMH (the Mauritanian NOC) in Nov-23, for the development of the Banda and Tevet offshore discoveries which sit at about 230m of water depth on the Mauritanian continental shelf about 74km away from Nouakchott, as part of an IGP. This IGP will supply the Mauritanian Power, Mining, and Transport sectors with much needed natural gas to significantly reduce Mauritania’s fuel costs supporting its economic growth.
Together Banda and Tevet feature proven recoverable reserves of about 1 Tcf with an expected production of 80 to 100 mmcfd for a period of 15 to 20 years.
TAQA Arabia, as a prominent regional downstream Gas and Power Player, will handle the development of the downstream market for the IGP.
Go Gas signed the PSC with the Mauritanian government (May-24) and has successfully completed the Exploration Sub-Phase 1. Go Gas and SMH signed the JOA in Aug-24.
East Mediterranean Offshore Gas Development Fields
The Gaza Marine 1 Tcf gas field, located in the economic waters of the Palestinian Authority via Egypt, is being developed by the Sponsor. The state-owned EGAS had invited the Sponsor to participate in the development of the field, following the MoU signed between EGAS and holders of the field license and the Palestinian Authority in 2021. In October 2022, the Sponsor, EGAS, and the Concessionaires signed Heads of Terms to jointly implement the required technical, engineering, and financing work for field development. The project is estimated to cost USD 1.4 billion, which will be raised partly through project financing and equity investments from the partners and additional investors who will join the Sponsor at a later stage.
The Sponsor together with EGAS have completed the pre- FEED work, progressed the commercial agreements to support the project and are ready to award FEED.
East Mediterranean Deepwater Exploration
The Sponsor and EGAS have jointly agreed to explore deep water areas in the Levant basin. These areas are near to prospective acreage in Egypt with a proven hydrocarbon system and commercial discoveries, making them well understood geologically. The exploration opportunities include an offshore exploration license covering three blocks with an area of 1,127km². This license has the potential to contain up to 11 Tcf of gas reserves.
Secondly, the Sponsor and the same consortium of Egyptian investors have concluded negotiations with Isramco for an option to enter into the Shimshon offshore exploration license with a 25% stake.
New Opportunities
Go Gas Holding is actively assessing new opportunities for onshore and shallow offshore oil and gas opportunities that would tap into new territories and provide a steady cash flow into the business.
Go Gas Holding is leveraging on its qualified team of industry veterans each with 20-40 years of experience who has access to opportunities, access to funds and strategic alliances with industry Pioneers and technical operators.