Russia Will Extend Reduction Of Oil Exports Until End Of 2023
Russia will extend an additional voluntary reduction in oil supplies to world markets by 300 thousand barrels per day until the end of December 2023, Deputy Prime Minister Alexander Novak has revealed.
According to him, the voluntary decision to reduce oil production will be reviewed monthly to consider the possibility of deepening the reduction or increasing production, depending on the situation on the world market.
The measure is in addition to the voluntary reduction previously announced by Russia in April 2023, which will last until the end of December 2024.
The additional voluntary reduction of oil supplies for export is aimed at strengthening the precautionary measures taken by OPEC+ countries in order to maintain stability and balance of oil markets.
Source: https://energynewsafrica.com
Ghana: VRA Begins Controlled Spillage Of Akosombo, Kpong Dams
The Volta River Authority (VRA), managers of Akosombo and Kpong hydroelectric dams on Friday, September 15, 2023, began controlled spillage of Akosombo and Kpong hydroelectric dams as a result of consistent rise in the inflow pattern and water level in the dams.
In a statement issued by the Corporate Affairs and External Relations Unit, Deputy Chief Executive of VRA in-charge of Engineering and Operations, Ing. Edward Obeng Kenzo, said “the decision to spill follows consistent rise in the lake due to high inflows.”
He added that VRA was fully aware of the heavy rains being experienced across the country leading to some levels of flooding and high water inflows in some communities.
According to him, it is for this reason VRA is undertaking this controlled spillage to mitigate any adverse impacts.
He stated that VRA will continue to monitor the situation and update the public accordingly.
Source: https://energynewsafrica.com
Nigeria: AfDB Ready To Disburse US$250M To Speed Up Electrification Project—Adelabu
The African Development Bank (AfDB) has expressed its willingness to disburse US$250 million approved some time ago for the Nigeria Electrification Project (NEP) under the Rural Electrification Agency.
Nigeria’s Minister for Power, Adebayo Adelabu, disclosed this on his Twitter last Wednesday, September 13, 2023, after a meeting with AfDB officials in Korea.
The Power Minister wrote: “In a productive Bilateral Cooperation meeting with the African Development Bank (AfDB) cabinet presided over by AfDB President, Dr Akinwunmi Adeshina at the ongoing ‘Just Energy Transition and Agricultural Transformation for Africa’ conference in Busan, South Korea, the Nigerian delegation, led by myself, secured an In-Principle Agreement from AfDB for Technical Advisory Sponsorship, potentially encompassing stress testing and capacity simulation of Nigeria’s Power infrastructure.
“This initiative aims to establish operational capacity across the entire value chain, facilitating project prioritization. AfDB also confirmed readiness to disburse a previously approved $250 million fund for the Nigeria Electrification Project (NEP) under the Rural Electrification Agency (REA) and extended support to Northern Nigerian states through the $20 billion 10,000MW Northern Africa Desert to Power fund.”
Source: https://energynewsafrica.com
Ghana, Six Other Countries Compete To Host African Energy Bank
Ghana and six other African countries have declared their intention to be the host country for the proposed African Energy Bank, expected to be established later this year or early next year.
The six other countries competing with Ghana are Egypt, Nigeria, Benin, South Africa, Ivory Coast and Algeria.
African Petroleum Producers’ Organization (APPO) mooted the idea for establishment of African Energy Bank last year, during the eight African Petroleum Congress and Exhibition in Luanda, Angola.
This follows the decision by international banks which had been funding oil and gas projects to cut, funding for oil and gas projects due to the ongoing global energy transition.
Ghana, Namibia and Senegal which are all oil producing nations, were admitted as members of APPO, which is based in the Republic of Congo in November 2022.
Speaking to energynewsafrica.com in Accra, capital of Ghana, after engaging President Akufo-Addo and officials of Ministry of Energy, Secretary General of the African Petroleum Producers’ Organization (APPO), Dr. Omar Farouk Ibrahim said it requires the organization to visit new member countries to engage officers, who would be representing them on their various organs and committees.
He said in the course of their engagement, they had the opportunity to meet President Akufo-Addo for discussion on the hosting of the proposed African Energy Bank.
According to him, President Akufo-Addo made a strong case for Ghana, citing a number of reasons why Ghana is best suited for hosting the bank.
Dr Omar Farouk Ibrahim said one of the criteria is that there should be, at least, two countries ratifying their laws, before a decision on the location of the band is taken.
He told energynewsafrica.com that President Akufo-Addo indicated that steps had already been taken to ratify Ghana’s laws in line with the requirements of APPO.
He revealed that he and his team were taken to a building in Accra which President Akufo-Addo believe could host the bank.
Dr. Farouk Ibrahim said Egypt has also invited them for a visit to inspect a building they believe can host the bank.
Source: https://energynewsafrica.com
Peak Fossil Fuel Demand Will Happen This Decade
By :Fatih Birol
There’s a taboo in the traditional energy sector against suggesting that demand for the three fossil fuels — oil, gas and coal — could go into permanent decline.
Despite recurring talk of peak oil and peak coal over the years, both fuels are hitting all-time highs, making it easier to push back against any assertions that they could soon be on the wane.
But according to new projections from the International Energy Agency, this age of seemingly relentless growth is set to come to an end this decade, bringing with it significant implications for the global energy sector and the fight against climate change.
Every year, the IEA’s World Energy Outlook maps out potential pathways the global energy system could take in the coming decades to help inform decision-making.
This year’s report, to be released next month, shows the world is on the cusp of a historic turning point. Based only on today’s policy settings by governments worldwide — even without any new climate policies — demand for each of the three fossil fuels is set to hit a peak in the coming years. This is the first time that a peak in demand is visible for each fuel this decade — earlier than many people anticipated. These remarkable shifts will bring forward the peak in global greenhouse gas emissions.
They are primarily driven by the spectacular growth of clean energy technologies such as solar panels and electric vehicles, the structural shifts in China’s economy and the ramifications of the global energy crisis. Global demand for coal has remained stubbornly high for the past decade. But it is now set to peak in the next few years, with big investments drying up outside China as solar and wind dominate the expansion of electricity systems.
Even in China, the world’s largest coal consumer, the impressive growth of renewables and nuclear power, alongside a slower economy, point to a decrease in coal use soon. Some pundits suggested global oil demand might have peaked after it plunged during the pandemic.
The IEA was wary of such premature calls, but our latest projections show that the growth of electric vehicles around the world, especially in China, means oil demand is on course to peak before 2030.
Electric buses and two- and three-wheelers are also growing strongly, especially in emerging economies, further eating into demand. The “Golden Age of Gas”, which we called in 2011, is nearing an end, with demand in advanced economies set to fall away later this decade.
This is the result of renewables increasingly outmatching gas for producing electricity, the rise of heat pumps and Europe’s accelerated shift away from gas following Russia’s invasion of Ukraine.
Peaks for the three fossil fuels are a welcome sight, showing that the shift to cleaner and more secure energy systems is speeding up and that efforts to avoid the worst effects of climate change are making headway. But there are some important issues to bear in mind.
For starters, the projected declines in demand we see based on today’s policy settings are nowhere near steep enough to put the world on a path to limiting global warming to 1.5C. That will require significantly stronger and faster policy action by governments. Demand for the different fuels is set to vary considerably among regions.
The drop in advanced economies will be partially offset by continued growth in some emerging and developing economies, particularly for gas. But the global trends are clear: low-emissions electricity and fuels, as well as energy efficiency improvements, are increasingly taking care of the world’s rising energy needs. The declines in demand also won’t be linear.
Although fossil fuels are set to hit their peaks this decade in structural terms, there can still be spikes, dips and plateaus on the way down. For example, heatwaves and droughts can cause temporary jumps in coal demand by pushing up electricity use while choking hydropower output.
And even as demand for fossil fuels falls, energy security challenges will remain as suppliers adjust to the changes. The peaks in demand we see based on today’s policy settings don’t remove the need for investment in oil and gas supply, as the natural declines from existing fields can be very steep.
At the same time, they undercut the calls from some quarters to increase spending and underline the economic and financial risks of major new oil and gas projects — on top of their glaring risks for the climate. With today’s policies already bringing the fossil fuel peaks into sight, decision makers need to be nimble. The clean energy transition may well accelerate even further through stronger climate policies. But the energy world is changing fast and for the better.
The writer is executive director of the International Energy Agency
Ghana: APPO, Afreximbank Propose US$5Billion Seed Money To Start African Energy Bank
African Petroleum Producers’ Organization (APPO) and African Export-Import Bank (Afreximbank) have proposed US$5Billion for the starting of the continental energy financial institution, African Energy Bank.
Out of the figure, 51% will be sought from within African while the remaining 49 % will be from multinational oil companies from Middle East.
General Secretary of APPO, Dr. Omar Farouk Ibrahim, who revealed this to energynewsafrica.com in Accra, capital of Ghana, after engaging President Akufo-Addo and Officials of Ministry of Energy said, “we are looking forward to bringing companies like Saudi Aramco, ADNOC, Kuwait Petroleum, Qatari Petroleum into this”.
Explaining why they are looking for investments from Middle East companies, Dr Farouk Ibrahim said they are doing so “because they are also interested in sustaining the oil and gas industry”.
“We are committed to raising the funds. We in APPO believe that Africa has the money. The only thing we need to do is set out priorities right,’’ he said.
According to him, the Congo-based group will not open its doors to investments from Americans and Europe since they are campaigning for an end to fossil fuel extraction.
“We are not going to open our doors to Europe and Americans that are anti-fossil fuel. We are committed to pursue oil and gas and any institution that shares this vision is welcome,” he stated.
The African Energy Bank was mooted last year during the eight African Petroleum Congress and Exhibition in Luanda, Angola.
It is intended to provide funding for oil and gas projects in Africa due to suspension of funding for oil and gas projects by some international banks because of energy transition.
Source: https://energynewsafrica.com
Explaining why they are looking for investments from Middle East companies, Dr Farouk Ibrahim said they are doing so “because they are also interested in sustaining the oil and gas industry”.
“We are committed to raising the funds. We in APPO believe that Africa has the money. The only thing we need to do is set out priorities right,’’ he said.
According to him, the Congo-based group will not open its doors to investments from Americans and Europe since they are campaigning for an end to fossil fuel extraction.
“We are not going to open our doors to Europe and Americans that are anti-fossil fuel. We are committed to pursue oil and gas and any institution that shares this vision is welcome,” he stated.
The African Energy Bank was mooted last year during the eight African Petroleum Congress and Exhibition in Luanda, Angola.
It is intended to provide funding for oil and gas projects in Africa due to suspension of funding for oil and gas projects by some international banks because of energy transition.
Source: https://energynewsafrica.com Ghana: PETROSOL Adjudged Employer Of The Year Championing Diversity And Inclusion
PETROSOL Ghana Ltd., one of the leading indigenous oil marketing companies in the Republic of Ghana received “Employer of the Year Championing Diversity and Inclusion” at the third edition of the Women in Mining and Energy Awards (WIMEA) held on Friday, 8th September, 2023,
This award is a testament to the company’s commitment to promoting female leadership and women empowerment initiatives at the workplace, especially through the activities of the PETROSOL Women Network.
Speaking to the media after receiving the award, David L. O. Mills, the Head of Human Resources thanked the organizers for the recognition and dedicated the award to the hardworking women in PETROSOL who play diverse roles towards the growth of the company.
He paid tribute to the company’s CEO, Michael Bozumbil, for his belief in and support of women empowerment activities.
He added that, as a company, PETROSOL remains committed to empowering female leadership talent by first, identifying these talents through its internship, graduate trainee programs and recruitment processes; aligning these talents behind the company’s values and culture and the right leaders and lastly, unleashing their potential through several mentorship programs that are intentionally organized to build their capabilities.
PETROSOL Ghana Ltd., is a triple-certified Oil Marketing Company (OMC) for quality, health and safety and environment management systems by the International Organization for Standardization (ISO).
It retails high quality fuels and lubricants through its network of over one hundred and twenty (120) outlets, making it one of the leading brands in terms of nationwide presence; and also, directly supplies to bulk corporate consumers. It is duly licensed and regulated by the National Petroleum Authority (NPA).
Ghana: PETROSOL Supports National Quality Awards With GHS20,000
PETROSOL Ghana Limited, a privately-owned Ghanaian Oil Marketing Company (OMC), has presented a cheque of Twenty Thousand Ghana Cedis (GHS20, 000) to the Ghana Standards Authority (GSA) to support them to organise this year’s National Quality Awards.
Making the presentation to the GSA, on behalf of the company, Mr. Joseph Yaribil, the Head of Compliance and Supply Chain/Ag. Head of Marketing explained that PETROSOL finds the National Quality Awards being organised by GSA and in collaboration with the Association of Ghana Industries (AGI) a worthy and welcome step aimed at encouraging companies to enhance the quality of their products for the benefit of the consumers, hence the support.
Mr. Yaribil indicated that PETROSOL has an unwavering commitment to quality. To this end, he said beyond the financial support, PETROSOL has invested in delivering high quality fuel and lubricants, meeting both national and international standards, especially the specifications of Original Equipment Manufacturers (OEMs), because it believes that the Ghanaian consumer deserves the best.
On his part, Mr. Emmanuel K. Asare, the Head of Systems Certification at the GSA and also the Manager of the National Quality Awards, who received the cheque, expressed appreciation to PETROSOL for the support and encouraged the leadership of the company to continue with its commitment to quality and standards since that will guarantee the sustainability of the business.
PETROSOL Ghana Ltd operates a network of several fuel stations across the country and supplies fuel and lubricants directly to bulk corporate consumers of petroleum products. It is ranked among the top-10 OMCs by the National Petroleum Authority.
It also has triple certification from the International Organization for Standardization (ISO) for quality, health and safety, and environmental management systems.
Source: https://energynewsafrica.com
Nigeria: Power Minister Begs TCN Engineers To Speedy Up Restoration Efforts
Nigeria’s new power Minister Adebayo Adelabu is urging engineers at the Transmission Company of Nigeria to speed efforts to restore power supply across the West African nation.
Adelabu who is currently attending Korea-Africa Economic Cooperation Ministerial Conference 2023 in Busan, Korean in a series of tweets after the collapse of the national grid, which resulted in total black out wrote, “we are on top of the situation and speedy restoration is in progress”.
“The fire has been arrested fully and over half of the connections are now up and the rest will be fully restored in no time.
“My sincere appreciation to those who responded or expressed concern, via different channels and the team of Engineers for their prompt response to the situation and work done so far. Let’s get the restoration work completed as soon as possible,” he said.
Reports suggested that there was a fire outbreak on Kainji/Jebba 330kV line 2 (Cct K2J) blue phase CVT & Blue phase line Isolator of Kainji/Jebba 330kV line1.
This, according to report resulted to sharp drops in frequency from 50.29Hz to 49.67 Hz at 0:35:06hrs with Jebba generation loss of 356.63MW.
Kainji also started dropping load from 451.45 MW at 00:35:07Hrs to zero.
At 00:41Hrs, frequency dropped further from 49.37 Hz to 48.41Hz then, resulted in system collapse of the grid.
Source: https://energynewsafrica.com
Nigeria: National Grid Collapses After 421 Days Of Stability
Nigeria was thrown into nationwide black out at about 12:35 am on Thursday, following the collapse of the country’s national electricity grid operated by TCN.
The unfortunate incident comes after the country enjoyed over 421 days of consistent grid stability.
A statement issued by Transmission Company of Nigeria, TCN, assured Nigerians that, restoration has reached advanced stages with power supply now available in the West, North Central, South, East, and a large portion of the Northern parts of the country.
TCN said it had been able to maintain 400 days of grid stability because, it developed and deployed in-house stop gap measures and tools that it has continued to use to manage the nations grid, ensuring its stability.
“The incident notwithstanding, TCN is determined to continue to do its best to ensure grid stability,” it said
Meanwhile, the collapse that occurred after a fire incident on Kanji/Jebba 330kV line 2, is being investigated, with the view to forestalling future occurrence and invariably further strengthen the grid.
Source: https://energynewsafrica.com
Ghana: NPA Holds Downstream Compliance Workshop For Industry Players
The National Petroleum Authority has held a three-day downstream compliance workshop to equip managers and supervisors of oil marketing companies (OMCs) with industry-related information in Accra, capital of Ghana.
Organized by the Business Development Department of the National Petroleum Authority (NPA), the workshop sought to improve OMCs’ compliance with the Authority’s regulatory requirements and avoid sanctions.
Opening the workshop, a Deputy Chief Executive of the National Petroleum Authority (NPA), Mrs. Linda Asante, said the Authority was ready to provide industry players with all the information needed to comply with the operational requirements.
She said the doors of the Authority were open for them to walk in at any time for information, and cautioned them against going through any third party.
Besides, Mrs. Asante said, they could visit the Authority’s website for any information needed.
“Our doors are always open for you to get all the information. You don’t need ‘goro boys’. Don’t fall prey to any unscrupulous individuals,” she said.
Mrs. Asante noted that the downstream had witnessed challenges since the COVID-19 period characterized by exchange rate fluctuations and increases of prices of petroleum products.
She said the NPA had with the collaboration with industry players made the sector robust and resilient.
In his remarks, the CEO and industry coordinator of the Association of Oil Marketing Companies, Mr. Kwaku Agyemang-Duah, noted that compliance played a vital role in the success and sustainability of businesses.
He said the workshop afforded industry players the opportunity to share ideas on how to address compliance challenges.
Mr. Agyemang Duah, therefore, lauded the Authority for organizing the workshop to provide industry players with information needed to ensure compliance.
Source: https://energynewsafrica.com
G20 Leaders Agree To Triple Total Renewable Energy Capacity By $4 Trillion Annual Investments Until 2030
G20 leaders have agreed to accelerate efforts to triple global renewable energy capacity by 2030, aligning with recommendations from the International Renewable Energy Agency (IRENA) on how the world can move in line with the Paris Agreement targets.
The Group in a declaration cited a joint report between IRENA and India’s G20 Presidency, titled “Low-Cost Financing for Energy Transitions”, which estimates a need for over USD 4 trillion in annual investments by 2030.
According to IRENA’s “World Energy Transitions Outlook 2023”, released earlier this year in June, the world needs to triple global renewable power capacity to just over 11.000 GW by 2030 to maintain the possibility of limiting global warming to 1.5°C. The agreement taken by G20 supports this objective.
“The adoption of a renewable energy target aligned with the goals of the Paris Agreement is a significant milestone for the energy transition,” said IRENA Director-General Francesco La Camera.
“Over the past decade, thanks to rapidly falling costs, renewable energy has emerged as the most cost-effective energy solution for meeting the growing needs of global populations while simultaneously combating climate change.”
“IRENA is proud to have played a role in the G20’s decision to adopt this target. We will maintain close collaboration with our member countries to deliver on this ambition,” he added.”
La Camera stressed the importance of building on this political momentum as the world prepares for COP28 emphasising that an ambitious action agenda that is inclusive of both developed and developing countries at COP28 will be essential to addressing the climate challenge.
IRENA’s “Low-Cost Financing for Energy Transitions” report, developed in close collaboration with India’s Ministry of New and Renewable Energy (MNRE), provides a toolbox to increase the availability of low-cost capital in G20 countries and beyond.
Source: https://energynewsafrica.com
BP CEO Resigns Over Past Relationships With Colleagues
The Chief Executive Officer of oil and gas giant, BP, Mr. Bernard Looney has resigned with immediate effect.
The company has revealed this in a statement on Tuesday, September 12, 2023.
Looney’s surprise resignation came after allegations of personal relationships with company colleagues surfaced recently, prompting the company to launch an investigation.
According to BP, Looney admitted in the course of the investigation that “he was not fully transparent in his previous disclosures.”
He did not provide details of all relationships and accepted he was obligated to make more complete disclosure.
BP said its board in May 2022 received and reviewed allegations, with the support of external legal counsel, relating to Mr. Looney’s conduct in respect of personal relationships with company colleagues.
“During that review, Mr. Looney disclosed a small number of historical relationships with colleagues prior to becoming CEO.
“No breach of the Company’s Code of Conduct was found. However, the Board sought and was given assurances by Mr. Looney regarding disclosure of past personal relationships, as well as his future behavior,” BP said.
Further allegations of a similar nature were received recently, said BP, and the company began an investigation, which is ongoing.
BP said it has strong values and the Board expects everyone at the Company to behave in accordance with those values.
”All leaders in particular are expected to act as role models and to exercise good judgment in a way that earns the trust of others.
“No decisions have yet been made in respect of any remuneration payments to be made to Mr. Looney,” BP concluded.
Looney, 53, is to be replaced by Murray Auchincloss, the oil major’s chief financial officer, “on an interim basis”.
Kenya: IRENA, AUDA- NEPAD Join Forces To Advance Regional Interconnections In Africa
The International Renewable Energy Agency (IRENA) and the African Union Development Agency (AUDA-NEPAD) signed an agreement aimed at supporting African countries in their efforts to achieve the African Union’s Agenda 2063 and the United Nations Sustainable Development Goal 7 to ensure access to affordable, reliable, sustainable and modern energy for all.
The agreement was signed by IRENA Director-General Francesco La Camera and AUDA-NEPAD CEO Nardos Bekele-Thomas on the margins of Africa Climate Week in Nairobi recently.
“Acknowledging that 80% of the global population without access to electricity resides in Sub-Saharan Africa, it is evident that the existing energy infrastructure cannot adequately meet the continent’s needs,” stated Mr. La Camera.
“The creation of a more equitable energy system – one that leverages a diverse mix of Africa’s abundant renewable resources – is dependent upon a more interconnected, flexible and reliable power grid in the region. This partnership serves as a pivotal step toward achieving that objective.”
Commenting AUDA-NEPAD CEO Ms. Nardos Bekele-Thomas underscored the findings of the Continental Power Systems Masterplan (CMP), designed to provide a strategic roadmap for connecting Africa’s five power pools, emphasising the critical need for immediate and proactive measures in Africa’s electricity sector.
She highlighted that, “the current business as usual trajectory falls significantly short of achieving universal electricity access by 2040, necessitating a substantial increase in investments to elevate the continent’s installed capacity from 266GW to approximately 1,218GW. To realise this ambitious target, an estimated USD 1.29 trillion in cumulative investments will be essential, potentially culminating in the establishment of a robust continental electricity market valued at USD 136 billion by 2040. It is imperative to take urgent and strategic actions to accomplish these transformative goals.”
The continued investments in cross-border transmission infrastructure and a deepening of electricity trade will allow African countries to accelerate their energy expansion and transition by sourcing electricity from a wide range of competitive, clean energy resources, by anchoring on the continent’s five power pools to create Africa’s Single Electricity Market.
Since 2021, IRENA, in partnership with other organisations, has supported AUDA-NEPAD and African stakeholders in developing the CMP through modelling activities and a series of capacity-building activities related to energy planning in the region. The CMP aims to establish a long-term, continent-wide planning process for power generation and transmission that involves all five African power pools. It maps out how to best to utilise the vast renewable energy resources across the continent, supporting national power strategies that consider cross-border interconnections as a vital component.
The next phase of CMP will include a special focus on strengthening the planning processes and accelerating the preparation of a bankable pipeline of priority projects at both the regional and country levels. This brings an opportunity for African countries to align their energy planning processes to a pan-Africa vision and accelerate the realisation of Agenda 2063.
Through this new partnership, IRENA and AUDA-NEPAD will work to enhance the capabilities of African countries and regional organisations through knowledge-based capacity building services, support implementation of the renewable energy projects in the Programme for Infrastructure Development in Africa (PIDA PAP II) and facilitate access for project developers to IRENA’s Climate Investment Platform and Energy Transition Accelerator Financing (ETAF) platform.