Iraq Moves To Profit-Sharing Terms In New Oil And Gas Contracts
OPEC’s second-largest producer, Iraq, seeks to attract more investment in its oil and gas industry by moving to profit-sharing contracts for new bid rounds from the technical service contracts it has awarded so far.
The biggest change in Iraq’s petroleum regulatory landscape in decades is being made to attract higher bids and more investments in its huge oil and gas reserves, government officials have told Reuters.
Under the profit-sharing contracts, the winners of the licensing rounds are being offered a share of the revenue from the license after deducting royalty and cost recovery expenses, an anonymous official at the Iraqi Ministry of Oil told Reuters.
In contrast, traditional technical service contracts offer a flat rate for every barrel of oil produced after reimbursing costs.
They generally pay foreign investors less than what they would have received under production-sharing contracts.
Foreign firms operating in Iraq have complained that the technical service contracts, with the flat rate, do not allow them to benefit when international crude oil prices rise.
These contracts become even less lucrative for foreign investors when costs increase.
Earlier this week, Iraq signed 13 preliminary exploration deals that would focus on natural gas exploration and development.
The agreements, awarded in a bidding round held in May, will be under profit-sharing contracts, an oil ministry official who attended the signing ceremony told Reuters.
Last year, a deal between Iraq and TotalEnergies marked the start of a change in contracts.
OPEC’s second-biggest producer and the French supermajor signed a massive $27 billion deal after the country offered revenue-sharing terms and an accommodation to capture more of the gas that is flared.
Ultimately, Iraq had to go back to the drawing board several times to reach into its own pockets and dish out even more favorable terms.
Iraq eventually settled on hanging onto just 30% of the project, with TotalEnergies grabbing 45% (and QatarEnergy getting a 25% stake).
The deal will allow TotalEnergies to take part of the revenues from the Ratawi oilfield and use them to help finance three more projects.
The revenue-sharing scheme will see 25% of the revenue from each barrel going to Iraq as a royalty, and 75% back to stakeholders.
Source: Oilprice.com
Nigeria: Knife-Wielding Police Officer Arrested For Assaulting Kaduna Electric Staff
Kaduna State Police Command, Rigasa Division, has arrested a knife-wielding police officer who was captured in a viral video assaulting and attempting to stab a staff of Kaduna Electric, one of the power distribution companies in the Federal Republic of Nigeria.
A police officer identified as Inspector Aminu Yahaya Bidda, with a knife strapped at his side, attached to the Tudun Wada Police Station in the Kaduna Metropolis assaulted and made several attempts at stabbing officials of the Electricity Distribution Company.
A statement issued by Kaduna Electric said a petition had officially been sent to the Command, praying that the police officer be investigated and charged for assault, attempted murder, harassment and intimidation of staff.
While seeking the transfer of the case to the State Criminal Investigation Department (CID) for a thorough investigation, Kaduna Electric also sought the police commissioner to intervene in the matter and ensure its staff protection is guaranteed to carry out lawful official duties in the area without any form of hindrance.
The statement signed by the Head of Corporate Communications, Abdulazeez Abdullahi, Kaduna Electric, said the action of the police officer is not only against the law but could also set a dangerous precedent and pose a serious threat to the fragile peace currently being enjoyed in the State.
“The action of the police officer, to say the least, is in sharp contrast with the law and Police Code of conduct; the relevant Police Authority shall be petitioned for appropriate administrative actions and subsequent prosecution,” the statement said.
It added that Inspector Aminu Yahaya Bidda “viciously attacked the staff of the company on lawful duty who was at his house at Rimaye Road, Hayin Danmani, for a routine inspection of his pre-paid meter.”
According to Kaduna Electric, the investigation has shown that the customer vented for electricity only twice this year.
Eyewitnesses said the Kaduna Electric staff had arrived at the officer’s home to inspect his meter for suspected bypass.
The situation escalated rapidly when the officer, visibly agitated as seen on a video trending online, brandished a knife and attempted several times to deliver a fatal blow to the electricity worker. The employee was fortunate to have escaped unharmed.
Unfortunately, a passer-by who tried to intervene sustained actual bodily harm injuries to the leg.
The violent incident has sparked discussions about the safety of utility workers and the challenges they face in enforcing regulations.
Source: https://energynewsafrica.com
Namibia: Capital, Capacity, Confidence Critical To Functional Oil And Gas Sector – Egbuagu
Ejike Egbuagu of Moneda Invest, one of the speakers at the Namibia Oil and Gas Conference (NOGC) taking place from August 20 to 22, 2024 in Windhoek, the Namibian capital, sheds some light on the forthcoming summit and dynamics of the industry in an interview.
According to him, Capital, Capacity and Confidence are critical to a functional oil and gas sector.
How do conferences like the NOGC highlight opportunities available in the oil and gas sector?
Without traveling, you cannot truly see; and without seeing you cannot truly know… NOGC is a great chance to see golden opportunities in Namibia, and learn how to participate and grow.
How valuable are the networking contacts made at such events?
You can never fully predict the outcome of new relationships. Some will be immediately useful, while some may seem otherwise – but I tell you for Africans who are so well connected by culture, yet badly separated by backward immigration policies, ALL new relationships on the continent are important and should be taken seriously.
You’ve worked extensively in finance, international trade and continental deal structuring, what are the best practices around financing opportunities in the oil and gas sector?
Flexibility. In Africa, the race is for the most flexible. I have found that general global best practice in financing often leaves the average African borrower outside the bank.
What is the point if African banks grow, and their African borrowers shrink? I am not advocating for weak controls and financial terms – but we must create and support innovative financing systems that meet borrowers where they are, recognizing that every borrower will in time grow and evolve.
Drawing on your experience in the Nigerian oil industry – what would you say are some of the main challenges facing the sector in Africa?
Capital, Capacity and Confidence. These 3 are critical to a functional oil and gas eco system, and Capital absolutely comes first! Africans must have capital to execute even before they have the capacity.
You see, banks cannot lend to a borrower without proven capacity and/or collateral – so how then will they lend to Namibian contractors who have no track record in complex oil and gas contracting.
Solving this equation is the mission of the Moneda Invest team across Africa, and through our recent partnership with Ino Harith Capital (a successful Namibian fund manager), we believe a financing solution will soon be available in Namibia that will bring confidence to the government, oil producers, and global markets.
In terms of attracting more FDI into a country, especially in the oil sector, what are some incentives that most appeal to international investors?
I’m not a trade policy expert, but from the perspective of a financier.
Things are critical and need immediate attention.
1. Immigration controls need to be relaxed for technical and specialist talent, especially African talent. This can be done within training and skills sharing programs managed by NIPDB.
2. Tax incentives for investors in the oil and gas value chain. This goes beyond pipes and drill rigs -I’m talking about people building hotels around oil towns, restaurants and transportation infrastructure etc. Their success creates a conducive environment.
What are the geopolitical considerations regarding Sustainable Financing in the Oil and Gas Sector especially for the African Just Energy Transition lobby?
As long as Africa’s critical projects must be financed by international capital, external political considerations will overwhelm our development and progress, and this goes beyond definitions of sustainability.
Controlling our own capital is essential to determining our own destiny – this is why Moneda Invest has launched a dual credit program in Namibia through (Ino-Harith Capital) and in our general Moneda fund in Mauritius, raising up to $250m in the first round to support African SMEs playing strong in the natural resource value chains.
With the support of African pensions funds, DFIs and other institutional investors, we will deliver world class returns while capitalizing African operators to ensure a just energy transition
Source: https://energynewsafrica.com
Solar Power Brings New Hope To Domangburi In Savannah Region
Entire households in Domangburi, a community in Ghana’s Sawla Tuna Kalba District, have been powered by solar energy for the first time.
Previously without access to electricity, residents relied on firewood, flashlights, and traditional oil lamps to light their homes.
This lack of reliable lighting severely impacted students’ ability to study after dark and stifled economic activities within the community.
Through its Renewable Energy for Communities Campaign, 350 Ghana Reducing Our Carbon (350 GROC), an organization committed to promoting renewable energy across Ghana, has installed solar panels and bulbs in every house in the community.
A total of 65 solar panels and bulbs were distributed throughout Domangburi, and three solar streetlights were erected at the local school and market.
The solar panels will help them lighten up their homes and charge their phones.
Speaking at the ceremony before the installations, Mumuni Alhassan, the chief of Domangburi, expressed deep gratitude for the initiative.
He emphasised the critical importance of lighting for daily activities and students’ education, noting that renewable energy offers a sustainable solution that can drive development and significantly improve the quality of life in communities like Domangburi.
Portia Adu Mensah, the national coordinator of 350 GROC, also addressed the gathering, passionately advocating for the continued promotion of renewable energy initiatives.
She highlighted the pivotal role of women in these efforts, emphasizing their importance in advancing sustainable development.
Kongwura Adamu Seidu Jinkurige I, Paramount Chief of the Kong Traditional Area, revealed that over 50 other communities in his traditional area remain without electricity. He called for interventions to power those communities as well.
The Domangburi project is part of 350 GROC’s Renewable Energy for Communities Coalition, a broader effort to bring clean, sustainable energy to underserved regions across Ghana.
Source: MyJoyOnline
The solar panels will help them lighten up their homes and charge their phones.
Speaking at the ceremony before the installations, Mumuni Alhassan, the chief of Domangburi, expressed deep gratitude for the initiative.
He emphasised the critical importance of lighting for daily activities and students’ education, noting that renewable energy offers a sustainable solution that can drive development and significantly improve the quality of life in communities like Domangburi.
Portia Adu Mensah, the national coordinator of 350 GROC, also addressed the gathering, passionately advocating for the continued promotion of renewable energy initiatives.
She highlighted the pivotal role of women in these efforts, emphasizing their importance in advancing sustainable development.
Kongwura Adamu Seidu Jinkurige I, Paramount Chief of the Kong Traditional Area, revealed that over 50 other communities in his traditional area remain without electricity. He called for interventions to power those communities as well.
The Domangburi project is part of 350 GROC’s Renewable Energy for Communities Coalition, a broader effort to bring clean, sustainable energy to underserved regions across Ghana.
Source: MyJoyOnline Republic Of Congo Lighting The Way For African Oil And Gas
French oil and gas supermajor TotalEnergies announced in May that the company intends to invest $600 million in the Republic of Congo (ROC) before 2024 is out.
The funding will support exploration and improve production in the deep offshore Moho Nord field, which currently produces at a rate of 140,000 barrels per day (bpd), accounting for roughly half of all Congolese oil production.
With their added capital, TotalEnergies expects to increase this rate by 40,000 bpd — a welcome boost that will undoubtedly help the ROC get closer to its goal of doubling its total daily rate to 500,000 bpd.
In addition to their operations in the Moho Nord field, TotalEnergies also holds the ROC’s Marine XX permit.
The site recently welcomed the arrival of two drilling rigs that TotalEnergies is confident will facilitate new discoveries, which the company also anticipates before the end of the year.
TotalEnergies, of course, has a significant presence on the continent, with a diverse portfolio built over 80 years.
Still, this new commitment in Moho Nord is but one of many developments that reflect international confidence in the Congolese hydrocarbon sector and offer justification for the ROC to serve as a model for other African nations to follow.
Getting Out Ahead
The ROC’s burgeoning oil and gas success story stems from a recognition of and a willingness to act on multi-faceted opportunities.
A nation with proven reserves of 1.8 billion barrels (bbl) of oil and 284 billion cubic meters (bcm) of natural gas, the ROC has not fallen victim to the stagnation of red tape and endless deliberation that have plagued other African nations.
Instead, the ROC set out to create an enabling business environment within its borders that would attract and retain foreign investment.
Helmed by Bruno Jean-Richard Itoua, the Congolese minister of hydrocarbons, the ROC’s efforts to reinvigorate its hydrocarbon sector have been open and inclusive, incorporating numerous global partnerships and multiple focal points across the industry spectrum.
During remarks at the Invest in African Energy 2024 forum in Paris, Itoua confirmed the ROC’s formation of a gas master plan and a comprehensive gas code. The government will also establish a national gas company in the third quarter of 2024.
Itoua explained how, going forward, the ROC will steer gas, liquefied natural gas (LNG), and liquefied petroleum gas (LPG) primarily toward their local market with any excess reserved for export to the sub-region to tend to Africa’s energy needs first rather than Europe’s.
He also addressed the importance of public-private cooperation in relation to achieving his ministry’s goals of increasing production by 60% in the next two years while working toward alleviating energy poverty and funding the energy transition.
“Maybe 95% of investment in the oil sector in the Congo comes from the IOCs (international oil companies),” Itoua said. “Our responsibility [as the government] is to create the best business environment, best legal network, and best facilities to attract investors and partners interested in building solutions with us.”
Itoua’s outlook, which reflects his government’s approach to revitalizing the ROC’s hydrocarbon sector, is key to understanding how this small nation is writing its own very big energy success story.
During the leadup to Itoua’s announcement of a new gas master plan, thanks to the existing enabling environment in the ROC, both investor confidence and exploration and production activities were already on the rise.
Upstream and Downstream Projects
As a component of the ROC’s initiative to double its total hydrocarbon output, Pointe-Noire-based oil and gas service Trident OGX Congo commenced its seven-year project to increase production through hydraulic fracturing in the Mengo-Kundji-Bindi II oil fields.
With $300 million in financing from the African Export-Import Bank (Afreximbank) kickstarting the program, operators expect the facility to eventually attract $1.5 billion in investments, create new jobs, provide an economic boost to the region, and increase the ROC’s total oil production level by 30%.
Anglo-French oil and gas company Perenco has been active offshore, acquiring 3D seismic data ahead of its exploration schedule planned for the Tchibouela II, Tchendo II, Marine XXVIII, and Emeraude permits the company holds.
Also a testament to the ease of doing business under current ROC leadership, Trident Energy — the London-based international oil and gas company committed to redeveloping mid-life assets — announced in April of this year that it had inked deals with both Chevron and TotalEnergies to acquire interest in ROC fields.
Upon final approval, which is expected before the close of Q4 2024, the arrangements will see Trident Energy with an 85% working interest in the Nkossa and Nsoko II fields, a 15.75% working interest in the Lianzi field, and operational control of all three.
Trident Energy will also have a 21.5% working interest in the ultra-deepwater Moho–Bilondo field which TotalEnergies will continue to operate.
Commenting on the agreement, Trident Energy Chief Executive Officer Jean-Michel Jacoulot said, “The transaction aligns with our strategy to acquire and operate high quality assets in a safe, efficient and responsible manner.
“Building on our continued successes in Equatorial Guinea and Brazil, we are excited to unlock further value and create opportunities for our partners in the Republic of Congo, host communities and all our stakeholders.”
The ROC also has sought to enhance its refining capabilities, offering potential investors the opportunity to support upgrades to its Congolaise de Raffinage refinery, which currently operates at a rate of 600,000 tons per year.
Construction of an additional refinery, the Atlantique Pétrochimie in Fouta just south of Pointe-Noire, is expected to begin in 2024.
With financial backing from the Chinese company Beijing Fortune Dingheng Investment, the refinery will process 2.5 million tons of hydrocarbon products per year, including gasoline and diesel, as well as LPG, kerosene and fuel oil, and raw materials like propylene, propane, hydrogen naphtha, and sulfuric acid.
Turning Up the Gas
With existing natural gas production either stable or in decline over the past decade, another primary drive for the ROC in 2024 is to expand and monetize production with sights on becoming a global LNG exporter in short order.
The ROC sent its first export of LNG to Italy in February 2024 from the first of the two Tango floating liquefied natural gas (FLNG) facilities located 3 kilometers offshore at the Marine XII concession.
The Tango FLNG operation is a partnership with Italian multinational energy company Eni with an expected capacity of 4.5 bcm per year once construction of the second FLNG facility wraps up in 2025.
On May 21, 2024, in Brazzaville, Itoua and Algerian Minister of Energy and Mines Mohamed Arkab signed a memorandum of understanding between the two countries covering future cooperation between Algeria’s state-owned oil company, Sonatrach, and Congolese national oil company Société Nationale des Pétroles du Congo (SNPC).
Though the memorandum concerns the ROC’s entire hydrocarbon sector, it highlights knowledge-sharing for industry development in LNG, LPG, and petrochemicals as well as carbon footprint reduction.
An associated gas production project at the onshore Banga Kayo block seeks to harness previously flared gas resources for LNG, butane, and propane production for domestic use and regional export in contribution to the ROC’s gas monetization goals.
The conventional oilfield at Banga Kayo, operated by China’s Wing Wah Oil Company, consists of approximately 250 wells currently producing 45,000 bpd with an expected peak of 80,000 bpd.
The April 2024 signing of an amended production sharing contract (PSC) between Wing Wah and SNPC that will govern the project marked the start of development for its first phase which aims for a production capacity of one million cubic meters per day (mcm/d).
Two subsequent phases slated for March and December of 2025 will up the site’s production to five mcm/d.
The Banga Kayo project design incorporates power generation and environmentally friendly water treatment for each unit of the facility, with provisions of excess power and clean water sources for the surrounding communities.
The workforce at the site, currently over 3,000 members strong, is also majority Congolese.
By promoting efficiency, scalability, reduced emissions, and local benefits, the Banga Kayo project exemplifies the best approach for maximizing production and progress in the ROC and elsewhere in Africa.
With the assurance of a concrete gas master plan and gas code nearing finalization, promising developments like these are certain to multiply and increase in frequency and substance in the days ahead.
Betting on a Winner
By seeking and securing mutually beneficial relationships with international oil companies of varying sizes, both in and out of Africa, and by working towards defined goals, the ROC will ensure that it remains engaged in sustainable development and on a path toward economic growth.
The ROC’s enabling hydrocarbon policies attract sizeable foreign investment and offer a profitable working environment for operators of any size that is free from the paralyzing delays they often encounter in other countries.
By continuing in this fashion, in the years to come, the ROC will likely enjoy economic benefits widespread throughout its population, and it will surely find itself where it wants to be — in its rightful place alongside the other major energy exporters of the future.
The process by which it got there will also likely serve as a valuable template for other nations seeking to convert their natural wealth into long-term prosperity.
Source: Energy Chamber
Nigeria: Military Told To Sustain Onslaught Against Crude Oil Theft
Nigeria’s national oil company, NNPC Ltd. has called on the military to sustain the war against crude oil theft and pipeline vandalism.
According to the company, the current onslaught against the menace has yielded improved growth in the nation’s crude oil production.
Group CEO of NNPC Ltd, Mele Kyari made this appeal when he received a delegation led by the Chief of Defence Staff, General Christopher Musa to the NNPC Towers in Abuja, on Tuesday.
“I personally call for enhanced and sustained security engagement. This is because we have reached a new peak in production that we haven’t seen in the last three years.
“This is clearly related to the sustained efforts by the armed forces and other security agencies to protect our critical assets, particularly the pipeline infrastructure in specified areas where we are working closely with these agencies.
“We are already seeing the results transforming into increased production,” Kyari stated.
The GCEO, who commended General Musa and his team for their unwavering commitment to securing the nation’s critical hydrocarbon assets especially in the Niger Delta region in recent months, emphasized that these achievements are not only crucial to Nigeria but also to the global energy community.
He expressed confidence that the CDS and his team will deliver on the Presidential mandate to mitigate security-related challenges affecting the nation’s crude oil production.
“Components of this effort that depend on security are being effectively managed by you. Your coordinated and focused response is paving the way for improved security engagement, particularly in the Niger Delta,” he said.
Earlier in his remarks, General Musa said the visit was intended to introduce the Monitoring Team to the NNPC Ltd, which will be responsible for interfacing with the Company and other stakeholders in the oil-producing regions to secure the nation’s critical hydrocarbon infrastructure.
While pledging commitment towards improving security and the performance of his troops, the CDS said the military will sustain the onslaught and analyse the troops’ capabilities to enhance their performance and bolster productivity.
He stressed the need to ramp up production for a prosperous economy and reassured collaboration with intelligence agencies, private security, state governments and host communities for enhanced performance.
“Working in silos won’t give us the best results. I want to assure you that we will collaborate with the necessary stakeholders to achieve our set targets as mandated by Mr. President.”
Source: https://energynewsafrica.com
Kenya: Staff Of Kenya Power Falls To Death From Electric Pole
A staff of the Kenya Power and Lighting Company (KPLC) lost his life tragically on Tuesday afternoon after falling off an electric pole at Nyabondo Centre in the Nyakach sub-county.
Local media reports suggested that the deceased, with his colleague, was carrying out routine maintenance when he fell and landed on his head.
Upper Nyakach Assistant County Commissioner Dawin Orina, who confirmed the incident, said the worker was rushed to Nyabondo Mission Hospital, however, was pronounced dead on arrival.
According to him, Jackson Okoth passed on as a result of the impact on his head.
Orina said police officers are already probing the incident to ascertain what might have transpired before the fatal fall.
His body was taken to Nyabondo Hospital morgue.
Source: https://energynewsafrica.com
Russia Extends Gasoline Export Ban Until The End Of 2024
Russia is extending its ban on gasoline exports from October to the end of December 2024, as it seeks to keep domestic supply stable amid seasonal demand and scheduled repairs at refineries, the Russian government said on Wednesday.
In the autumn of 2023, Russia banned exports of diesel and gasoline in an effort to stabilize domestic fuel prices in the face of soaring prices and shortages as crude oil rallied and the Russian ruble weakened.
Prior to implementing the ban, Russia had raised mandatory supply volumes for motor gasoline and diesel fuel to deal with a supply crunch.
These bans lasted only a few weeks.
This year, Russia reinstated a ban on gasoline shipments from March 1 but lifted the restriction on May 20 as more refineries completed planned seasonal maintenance or emergency repairs after Ukrainian drone hits in the winter and early spring.
In terms of gasoline exports, the ban will be renewed on August 1, Russian Deputy Prime Minister Alexander Novak said last month.
“We have the embargo approved until September 1. An exception has been currently made for the month of July. The exception ends from August 1.
“The tacit ban on exports of petroleum products and gasoline will be restored. In other words, the ban will be reenacted from August 1,” Russian news agency TASS quoted Novak as saying.
Then at the end of July, Moscow announced it would extend its ban on gasoline exports from August to October, to meet the growth in domestic demand in the spring and summer.
“In order to avoid any problems in these months, there will be no lifting of the (gasoline) export ban in August.
“It was also a fundamental decision for September-October that exports will be limited in order to be insured,” Russian Deputy Energy Minister Pavel Sorokin was quoted by the TASS news agency as saying.
Source: Oilprice.com
UK Court Dismisses Challenge Against Net-Zero Gas Power Plant
London’s High Court dismissed on Wednesday a lawsuit claiming that a proposed gas-fired power plant with carbon capture has been unlawfully approved by the government.
The Net Zero Teesside Power (NZT Power) is a joint venture between international oil majors UK and Equinor and could generate up to 860 megawatts (MW) of flexible, dispatchable low-carbon power equivalent to the average electricity requirements of around 1.3 million UK homes.
The project is planned to be a first-of-a-kind fully integrated gas-fired power and carbon capture project and a key driving force behind plans to make Teesside the UK’s first decarbonized industrial cluster, the companies have said.
The plant’s approval was challenged by climate activist Andrew Boswell, who has campaigned against “the fake Net Zero project”.
“I am taking this challenge to the £4 billion Net Zero Teesside Power (NZTP) joint venture from fossil giants, BP and Equinor, because my forensic review of the carbon footprint calculations shows this power plant, and others like it planned, is not consistent with the UK meeting its carbon budgets and international climate obligations,” Boswell has said.
According to the campaigner, the legal case “also raises issues about the carbon deceptions in the UK Government’s Carbon Capture Usage and Storage (CCUS) program and follow-on developments such as blue hydrogen and increased LNG imports that it is built upon.”
After hearing the case, Judge Nathalie Lieven of London’s High Court dismissed the case and wrote in Wednesday’s ruling that “The development was strongly supported in national policy, both planning and energy policy.”
BP, one of the project’s partners, welcomed the court’s ruling, and a spokesperson said in a statement, carried by Reuters,
“This project will help the UK Government to meet its net zero targets by capturing CO2 emissions, while helping to maintain energy security through the supply of dispatchable low-carbon electricity to back up renewables.”
Source: Oilprice.com
Kenya: President Ruto Commissions Nyang’eni Village Electrification Project
Kenya’s President William Ruto has commissioned the Nyang’eni Village Electrification Project in Kisii County.
The initiative is part of the government’s broader effort to increase access to adequate, affordable, and reliable power for households, institutions, and businesses across the country by 2030.
The electrification project is already making a tangible impact on the lives of residents in Nyang’eni Village.
The Project is one of many initiatives under President Ruto’s administration aimed at ensuring that all Kenyans have access to electricity by 2030.
The government’s focus on electrification is not just about lighting homes and businesses; it is also about empowering communities, driving economic growth, and improving the quality of life for all citizens.
“We are committed to increasing access to adequate, affordable, and reliable power across Kenya. Projects like the one in Nyang’eni Village are crucial steps towards our goal of universal electricity access by 2030,” President Ruto said during the commissioning event as reported by Nilepost.
The expansion of electricity access is expected to have far-reaching economic and social benefits.
Reliable power will enable small businesses to thrive, contribute to local economies, and create jobs.
For households, access to electricity means improved living conditions, better educational opportunities for children, and enhanced safety and security.
Moreover, the government’s electrification efforts align with Kenya’s broader Vision 2030 development blueprint, which aims to transform the country into a newly industrializing, middle-income nation providing a high quality of life to all its citizens.
As Kenya continues to expand its electrification projects across the country, the government is working to ensure that even the most remote and underserved areas are connected to the grid.
The success of the Nyang’eni Village Electrification Project is a testament to the progress being made and a reminder of the transformative power of access to electricity.
With continued investment and commitment, Kenya is well on its way to achieving universal electricity access by 2030, a goal that will undoubtedly drive the nation’s development forward.
Source: https://energynewsafrica.com
India, Russia Plan To Create A Joint Venture To Produce N-Fuel
India and Russia are working on a contract for the supply of nuclear fuel and key components for two new power units of the Kudankulam Nuclear Power Plant ( NPP ), and are also considering the possibility of creating a joint venture (JV) for the production of NF, News.az reports citing Times of India.
Note that the future agreement provides for the delivery by the Russian fuel company TVEL (the fuel division of Rosatom ) in the period from 2025 to 2033 of the initial batches and subsequent 5 loads for power units No. 3 and No. 4 of the Kudankulam project, as well as a set of control equipment for rods and fuel assemblies; The deal is worth 105 billion Indian rupees (more than 1.2 million US dollars).
In addition, sources report that the parties are considering the possibility of creating a joint Russian-Indian venture with the participation of TVEL to produce nuclear fuel for nuclear power plants in India.
The construction involves the construction of 6 power units with WWER-1000 reactors with a total installed capacity of 6 thousand MW: Power units No. 1 and No. 2 were connected to the national power grid of India in 2013 and 2016 and are operating at nominal power levels, at power units No. 3 and No. 4 – construction and installation work is currently underway and equipment deliveries are being completed. Also, 2 power units of the 3rd stage are being built.
In June 2024, the Petrozavodskmash engineering plant (part of the engineering division of the Rosatom State Corporation) shipped the 1st batch of pipeline valves (PV) for power units No. 5 and 6 of the Kudankulam NPP.
In July 2024, Rosatom began implementing the contract for the supply of nuclear fuel for the power units of the 2nd stage of the Kudankulam NPP under construction.
Source: News.az
Elon Musk Warns Against Vilifying The Oil And Gas Industry
The world should stop vilifying the oil and gas industry, Elon Musk told Donald Trump in an interview on X, reiterating previous similar calls.
“My views on climate change and oil gas […] are pretty moderate,” Musk told Trump during the conversation.
“I don’t think we should vilify the oil and gas industry and the people that have worked very hard in those industries to provide the necessary energy to support the economy,” added the Tesla CEO billionaire, who has endorsed Trump for president.
Musk also said that realistically the world could transition to a sustainable economy in 50 to 100 years—a timeframe which Trump extended to “100 to 500 years” later on in the interview, without Musk correcting him.
Tesla’s boss and the face of the energy transition for many enthusiasts also said that regarding oil and gas “it’s not like the house is on fire immediately.”
“It’s probably better to move there faster than slower. But like without vilifying the oil and gas industry and without causing hardship in the short term,” Musk added.
That’s not the first time the billionaire has called on the public to stop “demonizing” fossil fuels. He did that at the end of last year when he told an Italian right-wing summit that it was time to be “pragmatic” and “sensible”, instead of demonizing oil and gas–at least in the medium term.
Donald Trump, for his part, has been a staunch supporter of the U.S. oil and gas industry and has claimed for years that the Biden Administration’s EV mandate will wreck good-paying American auto industry jobs.
But Trump has expressed favorable opinions of electric vehicles (EVs) at some rallies since Musk endorsed him.
Trump hasn’t flip-flopped on support for oil and gas.
The Republican presidential candidate has pledged to ramp up U.S. domestic oil production and undo some regulations to make that happen.
Source: https://energynewsafrica.com
Nigeria: Dangote Refinery Has Not Fixed Petrol Price-Chiejina
Africa’s largest crude oil processing refinery Dangote Petroleum Refinery in the Federal Republic of Nigeria has denied media report suggesting that it has fixed price of its petrol at N600/litre.
Group Chief Branding and Communications Officer, Dangote Industries Limited, Anthony Chiejina, said contrary to a report published on Tuesday in which marketers projected a retail price of N600 per litre for Dangote petrol, the group has not decided on any price yet.
He noted that the Independent Petroleum Marketers Association of Nigeria (IPMAN), which made the projection, was not a subsisting business partner to the group.
“We have never discussed price of Premium Motor Spirit (PMS) with them, and they have no mandate or authority to speak for us, either for good or with hidden transcript.
“We urge the public to desist from such speculative announcements. We have our official channels through which we make our views known to our stakeholders,” Chiejina said
Source: https://energynewsafrica.com
AfDB Group’s Sustainable Energy Fund For Africa Approves $10M Contribution To KawiSafi II Clean-Energy Fund
The Board of Directors of the African Development Bank Group has approved a $10 million junior equity investment in the KawiSafi II Fund to help local businesses create and expand climate projects that aid vulnerable communities.
The approved financing will be deployed from the Sustainable Energy Fund for Africa, a catalytic financing facility managed by the Bank Group.
KawiSafi II is a $200 million venture equity fund to address investment gaps in energy transition, productivity, mobility and logistics in sub-Saharan Africa.
It includes a $10 million technical assistance facility to maximise climate impact and ensure better management of environmental, social, and governance risks.
KawiSafi II is a follow-on from KawiSafi Fund I, a $67 million off-grid energy fund established in 2016, which benefited from a strong sponsor, Acumen Fund.
Acumen has over 20 years of experience investing in transformational companies to solve global poverty challenges, including in the renewable energy space.
KawiSafi Fund I successfully invested in companies such as D.light, among others.
“The African Development Bank’s investment into KawiSafi II, our innovative climate fund, is catalytic for helping us reach a first close and attract the significant private capital that is urgently required to support Africa’s climate innovators,” said Amar Inamdar, Managing Director of KawiSafi Ventures.
“As the leading development finance institution on the continent, the Bank’s catalytic commitment will leverage investments into breakthrough African start-ups addressing climate change through renewable energy, clean mobility, and other key sectors crucial to achieving our climate goals.”
The KawiSafi Funds are prime examples of the patient and risk-tolerant capital required to support growing African climate businesses seeking to penetrate new markets against the backdrop of a significant shortage of equity capital in the market.
João Duarte Cunha, Manager of the Bank Group’s Renewable Energy Funds Division, which oversees SEFA, said, “The KawiSafi Fund II presents an opportunity to avail more venture and growth capital to emerging businesses linked to energy access and energy transition, at a time when such capital is most needed in the market.”
The African Development Bank’s investment through SEFA in KawiSafi II demonstrates its ongoing commitment to promoting a just energy transition and combating climate change via strategic partnerships with the private sector and investments in innovative solutions.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Source: https://energynewsafrica.com