On the other hand, Mr. John Boadu pledged his unwavering commitment and readiness to initiate endeavours that would yield social profit not only for Ghana Gas but for all government agencies.
Source: https://energynewsafrica.com Ghana: New SIGA Boss Holds Talks With Ghana Gas
The Ghana National Gas Limited Company (Ghana Gas) has hosted the newly appointed Director-General of the State Interests and Governance Authority (SIGA), Mr John Boadu, and discussed the company’s operations and strategic plan with him.
Mr. John Boadu, a former Board Member of the Tema Oil Refinery and currently serving as Board Member of GOIL PLC, was appointed as Director-General for SIGA recently after the retirement of the immediate past Director-General, Ambassador Edward Boateng.
During the meeting, Dr Ben K.D. Asante underscored the pivotal role of gas in industrialization, emphasizing its utilization not only for power generation but also for fertilizer production and other various industrial purposes.
He reiterated the significant contribution of the company to the success of the energy sector, particularly in minimizing power outages.
On the other hand, Mr. John Boadu pledged his unwavering commitment and readiness to initiate endeavours that would yield social profit not only for Ghana Gas but for all government agencies.
Source: https://energynewsafrica.com
On the other hand, Mr. John Boadu pledged his unwavering commitment and readiness to initiate endeavours that would yield social profit not only for Ghana Gas but for all government agencies.
Source: https://energynewsafrica.com Ghana: TOR Will Be Revamped–Akufo-Addo…But Ghanaians Grill Him
Ghana’s President, Nana Akufo-Addo, has assured the country that his administration will do everything possible to revive the ailing Tema Oil Refinery (TOR).
He gave the assurance when he commissioned Sentuo Refinery, a newly constructed Chinese-owned refinery in Tema in the Greater Accra Region.
“The challenges of another domestic oil refinery, the Tema Oil Refinery, are well documented. Nonetheless, I want to assure the Ghanaian people that the government remains committed to the full operationalization of TOR, and we will stop at nothing to bring it back on stream so that, together with Sentuo, more and more of our oil will be refined right here in Ghana,” the President said.
Tema Oil Refinery, a 45,000 per stream day capacity, was established in 1963 during the regime of late Dr. Kwame Nkrumah, Ghana’s first president, when the country was not a commercial oil producer.
The West African nation was, however, fortunate to discover oil in commercial quantity in 2007 and has since developed the upstream sector with a current production hovering around 150,000 barrels per day.
Unfortunately, the refinery is ill and Ghana continues to spend US$400 million monthly to import refined petroleum products from Europe and the Middle East, and this puts pressure on the local currency, the Cedi.
Since assuming office in 2017, the Akufo-Addo government has been making effort to revamp the ailing refinery but it has not yielded positive results.
In 2022, the Board of Tema Oil Refinery initiated a process to get a strategic partner to bring back the refinery but it has since been fraught with controversies due to a lack of transparency in the whole process.
Recently, the Board of TOR interdicted two executives of the General Transport Petroleum and Chemical Workers Union (GTPCWU) for speaking to the media over the issue.
Many Ghanaians have wondered if the refinery could be brought back on stream as President Akufo-Addo assured.
The citizens, thus, took to President Akufo-Addo’s Facebook page to question him about the fate of Tema Oil Refinery.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com
U.S. Sanctions Strand 10 Million Barrels of Russian Crude For Weeks
About 10 million barrels of Russian crude oil have been stranded off the coast of South Korea thanks to U.S. sanctions, traders and shipping data told Reuters on Friday.
The 10 million barrels, carried by 14 tankers, are of the Sokol variety from Sakhalin-1 and remain unsold due to Western sanctions. That amount represents about 45 days’ worth of Sakhalin-1 production at its average rate of 220,000 barrels per day.
The vessels—including 3 VLCCs—carrying the Russian crude oil have been stranded near the port of Yosu in South Korea for weeks after the United States sanctioned multiple vessels and companies that were transporting the Sokol grade.
Reuters sources and shipping data courtesy of Kpler and LSEG indicate that the VLCCs, carrying 3.2 million barrels, have been acting like floating storage.
At least some of the Sokol crude oil was destined for Indian Oil Corp. The delays in delivery caused by payment problems have caused Indian Oil Corp to search for crude from elsewhere—mainly from its own storage and the Middle East.
The United States initiated sanctions and a price cap on Russian crude oil transiting by water more than a year ago.
The intent was not to disrupt the flow of oil, but to restrict revenues to Russia, who would otherwise use crude oil money to fund its military operations in Ukraine.
The Biden Administration has insisted that its sanctions and G7 price cap have been effective, despite the accusations from some that they have been largely ineffectual.
The Kyiv School of Economics estimated in December that Moscow would bring in $178 billion from oil sales in 2023—and predicted that this figure would rise in 2024.
According to the Centre for Research on Energy and Clean Air, the import ban and price cap have cost Russia $37 billion in export revenue. “The price cap has had an impact but has failed to live up to its potential” CREA analysts said last December.
Source: Oilprice.com
Ghana: VRA Holds Stakeholder Engagement On The Lower Volta Dredging Project And Aquatic Weeds Harvesting
The Volta River Authority (VRA), managers of the Akosombo and Kpong Hydroelectric power dams, have organized a stakeholders’ engagement at Dadome in the North Tongu District, Volta Region, to sensitize seven communities: Amekokorpe, Ahumakorpe, Titikorpe, Saikorpe, Husikorpe, Aklakpanu and Dadome along the Volta River, on the Lower Volta Dredging and Aquatic Weed Harvesting Project.
The project comprises dredging of the sand deposits from the lower Volta River to deepen the original river channel, enrich riverbanks, community supply or estate development as well as the harvesting of aquatic weeds and converting harvested weeds into commercially usable forms.
It further aims to improve the flood resilience of the Lower Volta Basin, reduce the prevalence of schistosomiasis, enhance water quality and improve the socio-economic status of the Lower Volta area.
Addressing the chiefs and people of the areas, the Volta Regional Minister, Dr Archibald Yao Letsa emphasised the importance of the Lower Volta Dredging Project and the need for all stakeholders to work together to ensure the success of the project.
According to him, the project would inure to the benefit of the people not only in the North Tongu District but the entire Lower Volta Basin.
The Project Coordinator, Mr Andreas Andoh, delivered a presentation on the overview of the project to the stakeholders.
He explained the project benefits, detailing the scope of work, where two contractors–JSC Mediterranean Ghana Ltd. (JSC) and Lower Volta Dredging Contractors Ltd. (LVDCL)–would dredge the entire stretch from Akuse to the Ada estuary.
JSC would dredge from Akuse to the Sogakope bridge while LVDCL would dredge from the Sogakope bridge to the Ada estuary, as well as harvest the weeds from Kpong Head Pond to the estuary.
Dignitaries present were the Member of Parliament of North Tongu, Hon Okudzeto Ablakwa; the Manklalo of Mepe Traditional Area, Togbe Kwasi Nego VI, District Chief Executives for South Tongu, Hon Seth Agbi and Central Tongu, Hon Thomas Moore.
The rest were the Paramount Queenmother, Mamaga Sreku IV and the chiefs of Mepe Traditional Area.
Recently, VRA undertook a controlled spillage from the Akosombo Dam to protect the integrity of the dam.
However, the exercise left many areas in the Eastern, Volta and Greater Accra Regions flooded.
Source:https://energynewsafrica.com/
Nigeria: Borno Governor Visits Power Minister, Seeks Collaboration Between FG And State
The Governor of Borno State in the Federal Republic of Nigeria, Professor Babagana Umara Zulum has visited the Minister of Power, Chief Adebayo Adelabu to explore areas of collaboration between the Ministry and the Borno State government.
According to Governor Zulum, his administration had spent over N500 million in the purchase of transformers for different communities in the State.
He said his visit was to explore more opportunities of working together with the Ministry of Power.
The Minister who expressed appreciation for the visit reiterated his call for collaboration between the State and the Federal government especially in the provision of power infrastructure.
He noted that Governor Zulum’s action has further confirmed the importance of a collaboration between the State and the Federal government in the provision of regular electricity supply to businesses and households in the country.
Adelabu further revealed that the Federal Government is embarking on significant expansion projects on the Transmission network to increase electricity supply to load Centres.
“These grid projects will strengthen the transmission network and create alternative transmission corridors to avoid grid collapse”, he said.
Commending the governor, the Minister said the provision of regular electricity in the country could be further strengthened with collaboration between State and the Ministry of Power.
The Minister also expressed the view that the Electricity act of 2023 has made provision for Sub Nationals (States) to participate in the electricity market, and he looks forward to creating an enabling environment for State’s participation in the electricity market.
“By investing in transformers and electricity poles which is about grid extension, the Governor has further confirmed our approach that the State needs to be involved in the provision of power infrastructure.
“We have further indicated to distribution companies that end-users must not be required to purchase equipment for the delivery electricity.
This infrastructure must be provided by the distribution companies while there will be interventions from Federal and State governments.
Agencies such as the Rural Electrification Agency will also intervene in electrifying communities that are not commercially viable for the distribution companies”, Adelabu said.
He urged Governor Zulum to look at the provision of security to protect power infrastructure in the State.
He particularly referred to the destruction of power towers recently in the North East zone which led to the death of a security personnel and disruption of electricity to some States in the zones.
“Although we immediately commenced the repair, it is quite discouraging when government spends so much and these assets are vandalized”.
Source:https://energynewsafrica.com/
Ghana: President Akufo-Addo To Commission Sentuo Refinery Today
Ghana’s President, Nana Akufo-Addo is expected to officially commission Sentuo Refinery, a Chinese owned newly constructed refinery in Tema in Greater Accra Region.
The refinery which is currently undergoing a test run, has produced high-quality petroleum products, according to Ghana’s downstream petroleum regulator, National Petroleum Authority (NPA)
The refinery has an initial capacity of 40,000 barrels per day and would gradually be upgraded to 100,000 barrels per day in the future.
The refinery expects to complete the ongoing test run between March and April 2024 after which the National Petroleum Authority would issue them an operational licence.
After the issuance of the operational licence, the refinery would then commence commercial operation.
Ghana spends US$400 million monthly to import refined petroleum products from Europe and the Middle East and this puts pressure on the local currency, the Cedi.
Although the West African nation has a crude oil processing refinery, TOR, it has become idle for some years as a result of poor leadership.
An attempt to get a strategic partner to bring Ghana’s refinery back to operation has been fraught with controversies due to a lack of transparency in the whole process.
Dr Mustapha Abdul-Hamid, the CEO of NPA, recently expressed the hope that the coming of Sentuo Refinery and Africa’s largest refinery, Dangote Refinery in Nigeria, would help to bring the cost of fuel down.
“I am sure that when we get to 100,000 barrels per day, then we can assure ourselves that we can get moderate pricing or reasonable pricing for petroleum products in Ghana,” he asserted.
“So for Sentuo Refinery, it’s good news for all of us,” he stated.
Source https://energynewsafrica.com
Ghana: VAT On Electricity Consumption Will Be Difficult To Implement–ECG MD
The Managing Director of the Electricity Company of Ghana (ECG), Samuel Dubik Mansubir Mahama, says it will be difficult for his outfit to implement the government’s plan to impose Value Added Tax (VAT) on electricity consumption beyond the lifeline threshold.
Mr. Mahama said that apart from the fact that there was no stakeholders’ consultation before the planned imposition of the VAT, ECG’s system had not been adjusted to allow the charging of VAT on electricity consumers.
Ghana’s Minister for Finance, Ken Ofori-Atta, in a letter written on January 1, 2024, directed the Electricity Company of Ghana (ECG) and the Northern Electricity Distribution Company (NEDCO) to charge VAT on residential consumers who consume electricity above lifeline.
According to the Minister, the VAT forms part of the Covid-19 recovery program.
“As part of the implementation of the Government’s Medium-Term Revenue Strategy and the IMF-Supported Post Covid-19 Programme for Economic Growth (PC-PEG), the implementation of VAT for residential customers of electricity above the maximum consumption level specified for block charges for lifeline units in line with Section 35 and 37 and the First Schedule (9) of Value Added Tax (VAT) Act, 2013 (ACT 870) has been scheduled for implementation, effective 1st January 2024.
“For the avoidance of doubt, VAT is still exempt for “a supply to a dwelling of electricity up to a maximum consumption level specified for block charges for lifeline units” in line with Sections 35 and 37 and the First Schedule (9) of Act 870,” part of the letter dated December 12, 2023, by the Finance Minister said.
This has peeved a cross-section of Ghanaians including organised labour who had issued a seven-day ultimatum to the government to withdraw the policy.
Speaking on Accra-based Joy News’ programme PM Empress on Wednesday, Mr Samuel Dubik Mansubir Mahama said upon receipt of the letter, he asked for a legal opinion from the company’s lawyers.
Mr. Mahama, who is also a lawyer, said ECG’s lawyers advised him to seek further clarification and interpretation of the VAT Act to get an understanding of the rationale behind the law.
“I asked for a legal opinion from the lawyers for ECG, to find out if within the law, this provision is right and in its implementation, what it will mean.
So let’s not take it for granted that even the company ECG or the government itself is not taking proactive measures to close this gap and find a way out of it.”
He told the host that he did not treat the Minister’s letter as a directive because there are bottlenecks, adding, “You don’t go implementing a directive that has bottlenecks.”
He revealed that since the issue came into the public domain, he had engaged the Finance and Energy Ministers to look at the law and what needs to be done about it subsequently.
“Conversations are far advanced. If this thing would have been charged this year, then, by 1st January it would have been charged.
Where we are now, we are finding whether even the law that was passed, what are the restrictions on the law…if it can be passed.
We are finding a lot of interpretations.
“If this law has to go back to Parliament for it to be looked at and reconsidered, then, yes, so be it.
It should be a national consensus, so we need to applaud the TUC [Trades Union Congress] for what they are doing and also be clear that if the thing is not being implemented and the last paragraph said, transfer the revenues collected from the implementation of the VAT on the subject matter as a domestic VAT collection, some processes need to be outlined.”
According to the ECG MD, there would particularly be a challenge in the implementation of the VAT on pre-paid electricity consumers.
“It’s a technical difficulty; it’s a nightmare. How do you go about this?” he quizzed.
“First of all, one of the biggest challenges that will come up is this; are we charging the VAT on residential customers? If yes, are they on pre-paid meters? Yes. So, are you charging per the money or the consumption? Because with pre-paid, the consumption will be known at the end of the day, so I will only know your consumption after you have consumed.
So, if I charge you the VAT when you are about to pay that will not be fair if I am charging on consumption.
“If I am to implement it that means that at the end of the day, when you are about to purchase again you will have a debt that needs to be settled.
There’s a lot of stakeholder engagement that has to go into something like this. So, I see more of this letter as a letter setting in motion an inquiry into all of this,” he stressed.
Source https://energynewsafrica.com
Ghana: Final Nail In The Coffin Of TOR
Ghanaian officialdom this morning will be in their best clothes, driving at obviously slow speeds due to the bad nature of the roads infront of the now collapsed Tema Oil Refinery (TOR) towards the Sentuo refinery with all frenzy for the commissioning of this rather new Chinese led privately setup refinery which sits just some 500 meters away.
The private refinery with an expected total capacity of some 100,000 barrels per day after its completion is gearing up to take over the Ghanaian market within the short to medium term as it can meet current demand 100%.
What is obviously clear here is that the Chinese investor sees all the opportunities in putting up a refinery as it is profitable whiles our Ghanaian officials who are in a frenzy to go commissioning see no reason in fixing what the country itself owns to be able to give the benefits the private investor seeks to our people.
Petroleum refining globally has proven to be not only profitable but also one of the surest ways of ensuring petroleum security. However, in Ghana, the narrative is the inverse.
The General Transport Petroleum and Chemical Workers Union of TUC and the Workers of the Tema Oil Refinery over the past months have mounted a spirited effort to get officialdom to pay attention to the sad state of the only refinery by fixing it to give the country the needed Petroleum Security as well as protecting jobs at the refinery as it has done for Ghana since its inception in the 1960s but all to no avail.
The State, since taken over the refinery from the Italian counterparts who built it, has simply proven it can not be entrusted to manage anything economically to the benefit of its people and the sad bit is that officialdom is excited to go commissioning another refinery right across the road thereby sending the signal to the Tema Oil Refinery it has no business any longer effective today, as the private refinery with a much higher refining capacity comes into operation.
TOR, a refinery which at some point in time single handedly contributed over 5% to Ghana’s GDP, has suddenly been reduced to a redundant white elephant from the actions and inactions of the powers that be.
Sad to say, these officials are busy supporting the setting up of private refineries, thus ceding the refinery space completely as well as all the advantages that come with refining economics to private capital.
Events of recent times starting from some comments by a former Energy Minister of Energy to turning TOR into a dumper are clearly being engineered before the populace as every effort by well meaning Ghanaians to get officials and state actors to pay attention to TOR has fallen on deaf ear.
Workers who have stuck with the refinery with the hopes of seeing the plant back to work. will report to work as usual and be greeted by a fleet of official vehicles and convoys passing right in front of TOR to go commissioning, applauding, and encouraging a private one to count on them (officialdom) for every support in helping them to go about their work whiles TOR remains grounded.
It is our hope that Ghanaian officials will reflect on this development and quickly make amends such that the state (Ghana) will maintain some amount of its fiduciary duty to its people in ensuring all aspects of our economic lives are not further ceded to foreign control and domination as has happened to the Telecom, Banking, and now the Petroleum sector.
Source: Duncan Amoah
Executive Secretary, COPEC
Ghana: BOST MD Acquires Doctorate Degree In Development Economics
The Managing Director of Bulk Energy Storage and Transportation Company Limited formerly BOST, Mr Edwin Alfred Provencal, has graduated from the University of Ghana with a Doctorate in Development Economics.
The graduation ceremony held at the University of Ghana on Tuesday, January 23, 2024, also saw several people awarded Doctorate Degrees.
Before this latest qualification, Edwin obtained an M.Phil. in Economics and an MBA in Management Information Systems (MIS) also from the University of Ghana, Legon, and a Bachelor of Science Degree in Electrical Engineering from the Kwame Nkrumah University of Science and Technology (KNUST), Kumasi.
His other qualifications include a Post Graduate Diploma in Financial Management from ACCA, a Balanced Scorecard Certified Practitioner and a Certified Project Management Professional (PMP).
He has also attended numerous certification programmes from Harvard, USA, and IMD, Switzerland.
Edwin Provencal lectured at the Central University Business School and Regent University, both in Ghana.
He is the founder and Managing Partner of Provencal & Associates, a management consulting company with a keen focus on improving shareholder value by building high-performing teams and developing leaders using various tools such as the Balanced Scorecard, Project Management and Coaching.
In August 2019, Edwin Provencal who was a Technical Advisor to John Peter Amewu, Minister for Energy, was appointed to replace the late George Mensah Okley as the Managing Director of BOST.
Under his watch as the Managing Director, the company crept out of the many years of losses, starting from 2013 to 2020, to make a profit of GHS163 million in 2021 and more than doubled the profit to GHS342 million in the 2022 financial year.
In his current role as the Managing Director, Dr Provencal and Bulk Energy Storage and Transportation Limited won a total of thirty-five awards in 2023.
The awards and special recognitions attained over the period came from the energy industry, public enterprise category and continental corporate excellence awards.
Source: https://energynewsafrica.com
He has also attended numerous certification programmes from Harvard, USA, and IMD, Switzerland.
Edwin Provencal lectured at the Central University Business School and Regent University, both in Ghana.
He is the founder and Managing Partner of Provencal & Associates, a management consulting company with a keen focus on improving shareholder value by building high-performing teams and developing leaders using various tools such as the Balanced Scorecard, Project Management and Coaching.
In August 2019, Edwin Provencal who was a Technical Advisor to John Peter Amewu, Minister for Energy, was appointed to replace the late George Mensah Okley as the Managing Director of BOST.
Under his watch as the Managing Director, the company crept out of the many years of losses, starting from 2013 to 2020, to make a profit of GHS163 million in 2021 and more than doubled the profit to GHS342 million in the 2022 financial year.
In his current role as the Managing Director, Dr Provencal and Bulk Energy Storage and Transportation Limited won a total of thirty-five awards in 2023.
The awards and special recognitions attained over the period came from the energy industry, public enterprise category and continental corporate excellence awards.
Source: https://energynewsafrica.com Global Nuclear Power Generation To Hit An All-Time High In 2025
The comeback of nuclear power in many countries is expected to drive a record-high electricity generation from nuclear in 2025, the International Energy Agency (IEA) said on Wednesday.
By next year, global nuclear generation is forecast to exceed its previous record set in 2021, the IEA said in its Electricity 2024 report published today.
Even as some countries phase out nuclear power or retire plants early, global nuclear generation is expected to rise by nearly 3% per year on average through 2026. The key drivers of growth will be the completion of maintenance works in France, restart of some nuclear power plants in Japan, and new reactors coming online in China, India, South Korea, and Europe, among others, according to the IEA.
After the energy crisis of 2022, many governments – with the notable exception of Germany have opted to boost its nuclear power generation to ensure energy security and reduce emissions from electricity generation as they aim to reach net-zero emissions by 2050.
The UK, France, Sweden, and Switzerland are some of the European countries that are betting on domestic nuclear power generation and extension of power plant lifetimes as a way to boost energy security and reduce carbon emissions.
“The power sector currently produces more CO2 emissions than any other in the world economy, so it’s encouraging that the rapid growth of renewables and a steady expansion of nuclear power are together on course to match all the increase in global electricity demand over the next three years,” IEA Executive Director Fatih Birol said in a statement.
“This is largely thanks to the huge momentum behind renewables, with ever cheaper solar leading the way, and support from the important comeback of nuclear power, whose generation is set to reach a historic high by 2025,” Birol added.
Soaring renewable capacity additions and the global nuclear renaissance are on track to enable low-emissions power generation to outpace robust electricity demand growth over the next three years, according to the IEA.
Ghana: ECG To Shutdown CLOU Prepaid Meter System…Urges Customers To Buy Enough Credit
The Electricity Company of Ghana (ECG), one of the power distribution companies in the West African nation responsible for power distribution in southern Ghana, has announced that it will shutdown its CLOU Prepayment Metering System on Thursday, January 25, from midnight to Friday, January 26, 2024.
According to the power distributor, the shutdown of the pre-payment system is to enable them to carry out emergency maintenance work on the system.
In a statement issued on Tuesday, January 23, the electricity company urged customers to purchase enough credit that would last for the period of the downtime.
It apologised to customers for any inconveniences they are likely to experience.
“The inconvenience caused to affected customers is deeply regretted,” a portion of the release stated.
Source: https://energynewsafrica.com
Ghana: Labour Unions Give Gov’t 7-Day Ultimatum To Withdraw Directive To Impose VAT On Electricity Consumption
Labour unions in the Republic of Ghana have given Government a seven-day ultimatum to withdraw a directive to the Electricity Company of Ghana and Northern Electricity Distribution Company NEDCo to charge Value Added Tax (VAT) on residential electricity consumers whose consumption crosses the lifeline of 0-30 kilowatts of power.
Addressing a press conference in Accra, capital of Ghana, the unions vowed to mobilise their members and stage a massive protest if Government refuses to listen to them.
Secretary General of Trades Union Congress, the umbrella body of all labour unions in the Republic of Ghana, Dr. Yaw Baah, vehemently opposed the imposition of VAT on residential electricity consumers.
“It’s always the poor people in this country, including pensioners, who bear the brunt.
And we should not allow that to continue. Organised Labour, we have come together and our message to the government is very simple, we cannot pay VAT on electricity.
“We will not pay it today or tomorrow.Organised Labour is demanding the immediate withdrawal of the letter, and another directive from the Finance Minister to Ghana Grid Company (GRIDCo), ECG to stop the implementation of the VAT on electricity. We are giving the government, up to January 31, 2024, to withdraw the letter,” Dr Yaw Baah said.
“If by that time the minister of finance fails to give directive to GRIDCO and ECG we will advise ourselves,” he said.
It would be recalled that Ghana’s Minister for Finance, Minister, Ken Ofori-Atta, in a letter written on January 1, 2024, directed the Electricity Company of Ghana (ECG) and the Northern Electricity Distribution Company (NEDCO) to charge VAT on residential consumers who consume electricity above the lifeline.
According to the Minister, the VAT forms part of the Covid-19 recovery programme.
Source: https://energynewsafrica.com/
Halliburton Tops Q4 Earnings Estimates and Raises Dividend
Despite lower revenues in North America, oilfield services provider Halliburton Company booked higher-than-expected earnings for the fourth quarter and raised its first-quarter 2024 dividend as it reiterated a view of strong demand ahead for the industry.
Halliburton, one of the world’s top three such companies and the leader in U.S. fracking reported on Tuesday adjusted net income for the fourth quarter of 2023 – excluding losses in Argentina primarily due to the currency devaluation – of $769 million, or $0.86 per diluted share.
The EPS topped the analyst consensus estimate of $0.80.
Halliburton’s total revenue stood at $5.7 billion for the fourth quarter of 2023, flat when compared to the third quarter of 2023. Operating income rose by 2% sequentially to $1.1 billion.
Fourth-quarter revenues in North America fell by 7% quarter-on-quarter to $2.4 billion, “primarily driven by lower stimulation activity in U.S. land,” said Halliburton, which has North American activity account for the largest share of its revenues.
Partially offsetting the decline in North America’s onshore stimulation activity were improved stimulation activity and higher completion tool sales in the Gulf of Mexico, the company said.
Halliburton raised its 2024 first-quarter dividend by $0.01 per share to $0.17 per share.
Commenting on the full-year performance, chairman, president, and CEO, Jeff Miller, said, “We generated about $2.3 billion of free cash flow during the year, retired approximately $300 million of debt, and returned $1.4 billion of cash to shareholders through stock repurchases and dividends, which represents over 60% of our free cash flow.”
“The outlook for oilfield services demand remains strong,” Miller added, noting that he expects the demand to help Halliburton generate significant free cash flow.
Halliburton is the second major oilfield services company to report Q4 and 2023 earnings. Last week, SLB also raised its quarterly cash dividend after reporting consensus-beating earnings for the fourth quarter, driven by what it described as “substantial international growth” in drilling activity.
Source:Oilprice.com
Ghana: WAPCo To Shut Down Pipeline For Regulatory Tests
The West African Gas Pipeline Company Limited (WAPCo) says it will undertake a coordinated and planned Emergency Shut Down (ESD) and High Integrity Pressure Protection System (HIPPS) Proof tests at its facilities in Ghana, Togo, Benin and Nigeria, between 28th and 30th January 2024.
A statement issued by the company in Accra said this regulatory Emergency Shut Down and HIPPS Proof tests will start on 28th January 2024, from the Itoki Regulating and Metering Station in Nigeria from 08:00 to 16:00 and the Lagos Beach Compressor Station, Nigeria, from 08:000 to 16:00.
The statement said the Tema and Takoradi Regulating and Metering Stations in Ghana would also be shut down on the same day from 08:00 to 16:00.
According to WAPCo, the Cotonou Regulating and Metering Station in Benin Republic would follow the same process on Monday, 29th January 2024 from 08:00 to 16:00 and then on Tuesday January 30, 2024, the Lomé Regulating and Metering Station in Togo would also be shut down from 09:00 to 15:00 to complete the entire exercise.
WAPCo is required by its regulatory Authority, the West African Gas Pipeline Authority (WAGP), to carry out a periodic Emergency Shut Down and HIPPS Proof Test, as part of measures aimed at ensuring safe and reliable operations of the pipeline.
“This Emergency Shut Down and HIPPS Proof Tests is part of WAPCo’s 2024 Scheduled Maintenance activities and planned collaboratively with key stakeholders in the four countries and sanctioned by WAGPA,” the company said.
The company said all other relevant stakeholders had been informed in advance and the schedule had been shared with them for all parties to be aligned to ensure minimal disruption.
“WAPCo wishes to apologise to its customers for any inconvenience that may be caused by the planned shutdown, which is a regulatory requirement,” the statement concluded.
“I look forward for even more profit,” he said.
Source: https://energynewsafrica.com