South Africa’s Minister of Mineral and Petroleum Resources Gwede Mantashe has reiterated that the country was committed to developing its oil and gas sector, despite external pressures to transition to a greener economy.
Speaking at the just ended African Energy Week in Cape Town, Mantashe noted that with President Cyril Ramaphosa assenting to the Upstream Petroleum Resources Development Bill, which seeks to accelerate petroleum exploration and development and includes provisions to address unconventional gases like shale gas, South Africa was well on its way to become a competitor in the international oil and gas space.
“While we are getting pinned down not to take these steps, we needed to [explore oil and gas], lift the moratorium on shale gas, as we are still a developing economy.
Whether we lifted the moratorium or not, critics would always be there. Gas is described as a transitional technology…and is part of the green transition,” he stated.
Earlier this year, Mantashe invited written comments on his intention to investigate the Karoo Basin through large-scale land seismic and airborne surveys to explore for oil and gas that may lie below the ground.
The surveys aim to assess geological risks and examine whether there are enough resources to justify extraction.
“[These projects] will improve our gross domestic product by 8%,” he said, noting that across the border in Namibia and Mozambique there have already been significant economic turnarounds with the discovery and development of oil and gas.
Meanwhile, Mantashe emphasized the need to balance economic development with climate change initiatives. “Development and environmental stewardship must coexist…and we must responsibly manage natural resources.
Mine responsibly, drill responsibly, protect the climate, indigenous plants and land, but don’t stop developing. If you stop that, you will have consequences further down the line,” he noted.
Mantashe further noted that he did not expect to see South Africa move away from coal-fired power stations by 2030. “Not in my lifetime,” he said, adding that the country can transition into new technologies, but it should “never dismantle old technologies. I am a great believer of mixed technologies and with coal we have a very strong base load technology.”
Source: https://energynewsafrica.com
Algeria’s National Agency for the Valorization of Hydrocarbon Resources (ALNAFT) has launched licensing bid round for six onshore conventional blocks during the just ended licensing opportunities at African Energy Week in Cape Town, South Africa.
The six high-potential opportunities consist of a mix of exploration, development and export opportunities and are open to competitive bidding.
The round is part of a five-year licensing plan designed to attract global upstream investors and leverage more than 20 opportunities in Algeria.
Following the launch of the licensing round on October 14, access to the tender documents and data packages will open on November 26.
The deadline for bid submissions is April 15, 2025, followed by the evaluation and awarding of bids.
The six opportunities span a cumulative perimeter size of 152,000 km², supported by over 102,000-line km of 2D seismic data and more than
45,000 km² of 3D seismic data. Potential bidders will have access to Perimeter Conditioned Data Packages and Evergreened Data Packages during the data access period, which runs from November 26, 2024, to April 1, 2025.
To submit a bid, participants must prequalify with ALNAFT and acquire the necessary tender documents.
The presentation was followed by a Fireside Chat featuring ALNAFT and the Hydrocarbon Regulatory Authority (ARH), which highlighted the advantages of investing in Algeria’s oil and gas sector.
In addition to being one of the most established markets with strong geological potential, Algeria offers an attractive regulatory framework and various vehicles for partnerships with international oil companies (IOCs).
“We have been working with IOCs for more than 35 years and never had a problem with contract sanctity. In Algeria, a contract is a holy document,” said Mourad Beldjehem, President of ALNAFT.
“We previously had one type of contract for partnership, and now we have three: production-sharing, concession and risk services contracts.”
Algeria is seeking increased upstream investment and capital to drive new exploration activities, while prioritizing broader goals such as energy access, infrastructure development and local content.
“We need more exploration. Today, we have more than 240 discoveries waiting to be developed. We need to make more discoveries to increase our reserves. We are looking for companies who are strong in exploration,” said Beldjehem.
“Africa’s energy priorities are essential to stimulate socioeconomic development – universal access to energy, modernizing existing infrastructure and local capacity building and training to sustain African projects,” said Rachid Nadil, President of ARH.
Source: World Oil
The Group CEO of Nigerian National Petroleum Company Limited (NNPC), Mele Kyari has reiterated the company’s commitment to resolving Nigeria’s energy trilemma, by ensuring energy security, sustainable growth and energy affordability.
Speaking at the opening ceremony of the 42nd Nigeria Association of Petroleum Explorationists (NAPE) Annual International Conference and Exhibition themed: “Resolving the Nigeria Energy Trilemma: Energy Security, Sustainable Growth and Affordability” in Lagos, on Monday Kyari said the company has perfected plans to deliver 12 Compressed Natural Gas (CNG) Mother Stations and Mini LNG Plants soon, as part of efforts to boost the existing 1.6bscf of gas supply for domestic market.
“The energy trilemma is a profound responsibility we shoulder as stewards of Nigeria’s energy future. NNPC Ltd is working tirelessly to improve our supply chain, develop new refining capacities and expand our retail network,” Kyari stated.
According to him, NNPC Ltd is set to collaborate with private refineries to ensure affordable and sustainable petroleum products supply; Naira-for-crude transactions in order to stabilize the local currency and regulate forex markets.
This, he added, will bring about expansion of gas infrastructure such as the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the Obiafu-Obrikom-Oben (OB3) Gas Pipelines projects and the development of cleaner energy options, such as Liquiefied Natural Gas (LNG) and Compressed Natural Gas (CNG).
“Currently, NNPC Ltd supplies over 1.6 billion standard cubic feet (bscf) of gas per day to the domestic market through infrastructure we either own outright or operate with partners. This distribution network is entirely managed on NNPC Ltd.’s balance sheet,” Kyari added.
Explaining that the Company is expanding its efforts to enhance domestic energy access, the NNPC Ltd helmsman said the next 3-6 months will see significant project launches, including CNG mother stations, mini-LNG plants, and additional CNG daughter stations.
Kyari, who commended President Tinubu’s efforts to relieve forex pressures by reducing fuel imports and strengthening Nigeria’s local refining capacity, emphasized the need for collaboration, innovation, and technology in achieving Nigeria’s energy goals.
“Resolving the energy trilemma requires bold ideas, shared knowledge, and collective determination. Together, let us build a Nigeria where energy is secure, sustainable, and affordable for all.”
On NNPC Ltd’s mandate to guarantee energy security as stipulated by the Petroleum Industry Act, Kyari said the Company has fostered partnerships and investments aimed at enhancing local production and generating revenue for economic diversification.
Reacting to claims that NNPC Ltd is sabotaging the efforts of domestic refineries, Kyari said the NNPC Ltd is part-owners of the Dangote Refinery, stressed further that such investment is a strategic move aimed at strengthening domestic fuel supply.
Source: https://energynewsafrica.com
South Africa’s minister for Electricity Kgosientsho Ramokgopa has confirmed that debt owed to Eskom by municipalities nationwide has grown to R90 billion.
Minister Ramokgopa was speaking at a media briefing on the City of Johannesburg’s R 6 billion debt.
According to him, the debt issue needs to be addressed as this threatens the country’s economy as well as the tariff increase for 2025/26.
In August, the power utility applied for a 36% tariff increase from the National Energy Regulator of South Africa (Nersa), which has been rejected.
Ramokgopa says debt owed to Eskom impacts electricity tariffs.
He says, “It also has got tariff implications, if you look at the tariff submission by Eskom to Nersa and one of the matrices there that gets to be accounted for is at debt levels. So essentially debt has got impact on the tariff.”
Source: https://energynewsafrica.com
QatarEnergy has signed an agreement to buy a 23% working interest in a concession agreement offshore Egypt from the block’s operator Chevron, the state firm of Qatar said on Monday.
QatarEnergy will acquire 23% of the North El-Dabaa (H4) Block in the Mediterranean from Chevron, which will retain a 40% interest in the concession.
The other partners on the block are Woodside with a 27% interest and Tharwa Petroleum Company, an Egyptian state company, with a 10% interest.
The H4 Block lies about 10 kilometers (6.1 miles) offshore the Egyptian Mediterranean shore at water depths ranging between 100 and 3,000 meters (328 – 9,842 ft).
“We look forward to the drilling of the first exploration well on this block and to a successful and promising outcome,” said QatarEnergy’s president and CEO, Saad Sherida Al-Kaabi, who is also Qatar’s Minister of State for Energy Affairs.
This is yet another expansion for QatarEnergy in exploration blocks internationally.
In Egypt, where Western companies including Chevron plan more investments,, QatarEnergy signed earlier this year a farm-in agreement with ExxonMobil to acquire a 40% participating interest in two exploration blocks offshore Egypt, while Exxon as operator will retain the remaining 60% working interest.
The Qatari company is also boosting its presence in exploration hotspots such as Namibia, South Africa, and Suriname.
In March this year, TotalEnergies and QatarEnergy expanded their efforts to explore for oil and gas in the Orange Basin offshore Namibia by acquiring a nearby license in the basin in South African waters.
Following completion of the transaction, TotalEnergies will hold a 33% participating interest in Block 3B/4B and assume operatorship, while QatarEnergy will hold a 24% stake.
Then in July, QatarEnergy signed an agreement with Chevron to buy a 20% working interest in a production-sharing contract for block 5 offshore Suriname.
The operator of the block, Chevron, will retain a 40% interest, while Paradise Oil Company, an affiliate of Suriname’s national oil company Staatsolie, will own the remaining 40%.
Source: Oilprice.com
The Transmission Company of Nigeria has reported that vandals have again attacked its 330kV Lokoja–Gwagwalada transmission line 1, in the early hours of Saturday, 9th November 2024.
In a statement issued by Ndidi Mbah, Public Affairs Manager of TCN, it said the company’s engineers attempted to re-energise the 330kV Lokoja–Gwagwalada transmission line 1, but the line tripped.
“After efforts to reclose the line failed, a patrol team of TCN linesmen was dispatched to physically trace the line for faults.
“Upon inspection, they discovered that transmission towers T306, T307 and T308 along line 1 had been vandalised, disrupting bulk power transmission along the route.
“Further examination revealed that the vandals had stolen two spans of aluminium conductor from line one,” the statement said.
The Lokoja–Gwagwalada line is a double-circuit transmission line, and while TCN is still supplying bulk power through line two, efforts are underway to source replacement aluminium conductors for the two spans stolen from line one.
The rising trend of vandalism targeting transmission lines and towers has become a significant challenge, severely impacting the country’s power infrastructure and hindering the expansion and stability of the national grid.
This recent incident adds to an alarming pattern of attacks on the transmission network nationwide.
In the Gwagwalada area alone, recent acts of vandalism include the attack on the Gwagwalada–Kukuwaba–Apo transmission line on 10th December 2023, the Gwagwalada–Katampe line on February 26, 2024, and several others on that axis.
Such acts of vandalism continue to disrupt the stability and growth of Nigeria’s national grid.
“We once again appeal to members of the public, especially residents of communities hosting transmission lines and towers, to collaborate with TCN and security operatives in combating this menace.
“Vandalism of power installations is a disservice to us all and undermines efforts to strengthen the nation’s transmission system,” TCN said.
Source: https://energynewsafrica.com
The African Refiners and Distributors Association (ARDA) has demanded an immediate end to the pricing of petroleum products in US dollars by African nations to stem the weakening of local currencies and boost the continent’s economies.
The Association also asked the African countries to build integrated infrastructure to guarantee energy security that is independent of developed countries to stabilise their economies.
The President of ARDA, Dr. Mustapha Abdul-Hamid, who is also the Chief Executive Officer of Ghana’s downstream petroleum sector, National Petroleum Authority (NPA), speaking at the just ended African Energy Week in Cape Town, South Africa, also called for a halt in the export of crude oil from Africa, insisting that the continent is far from meeting its energy security amid rising population.
He argued that by reducing reliance on foreign currencies for energy transactions, African countries could better stabilise their economies, reduce energy import costs and foster long-term energy security.
Dr Abdul-Hamid stressed the need for Africa to refine and use its own resources rather than export raw crude oil only to re-import refined products.
“Nobody puts crude oil in their vehicle or airplane. Everything that generates movement and wealth is a refined product. This underlines the need for closer collaboration between Africa’s upstream and downstream sectors to ensure that the continent fully benefits from its natural resources,” he said.
Dr. Mustapha Abdul-Hamid, President of ARDA
Dr Abdul-Hamid proposed a policy harmonisation, infrastructure integration and regional currency adoption as the three-tier strategy to promote Africa’s energy independence.
He said Africa’s current fuel specifications differ greatly from one country to another, adding that it is a disparity that creates barriers to regional trade and limits cooperation.
“For example, Ghana has a fuel sulfur limit of 50 parts per million (ppm), while several West African neighbours allow levels between 1,500 and 3,000 ppm, making imports challenging and costly.
“Without a harmonised specification across Africa, trade within the continent remains difficult, restricting our ability to collaborate effectively,” Abdul-Hamid stated.
He also emphasised the importance of collaboration among regulatory bodies, national oil companies and governments to develop a unified approach to energy production and distribution.
He added that efforts like Ghana’s policy requiring companies to use locally refined fuel for oil extraction machinery strengthens domestic refinery output.
Dr. Abdul-Hamid advocated for establishing a regional currency that would mitigate the effects of Africa’s dependence on the U.S. dollar.
“Currently, oil marketers in Ghana require US$400 million each month to import refined petroleum products; a demand that constantly pressures the Ghanaian Cedi. Developing a shared currency within regional blocs like West Africa could reduce these pressures and allow us to strengthen our economies,” he suggested.
The Secretary-General of African Petroleum Producers’ Organisation (APPO), Omar Farouk Ibrahim, stressed the need to build robust infrastructure within Africa to reduce dependency on foreign markets.
He cautioned that reliance on imported resources leaves African countries vulnerable to international sanctions and supply disruptions.
“We have vast resources on our continent, yet we often depend on imports for energy. Partnering with neighbouring countries to build the necessary infrastructure can secure our energy needs,” Ibrahim said, adding that developing intra-continental infrastructure is crucial to achieving genuine energy security.
The Chief Executive of Association of Oil and Gas Marketing Companies, Dr. Riverson Oppong, highlighted Africa’s paradox of exporting raw resources while lacking refined products for domestic use.
Oppong pointed out that nearly 90 per cent of Africa’s crude production is exported.
“We have the resources, but we lack access to them because we are locked into a cycle of exporting raw materials and re-importing finished products. This cycle compromises our economic stability and weakens our energy security,” Oppong noted.
He questioned the rationale behind Africa’s continued export of crude oil only to re-import it as refined petrol, a practice he argued weakens local refineries and increases costs.
“During a recent visit to Morocco, I saw a refinery capable of processing 550,000 barrels per day, sitting idle like a ‘white elephant.’ Why are we sending our crude oil to Europe to be refined, only to bring it back to Africa at a premium?” he asked.
Oppong urged African countries to invest in domestic refining capacity and support local refineries to enhance energy self-sufficiency.
Source: https://energynewsafrica.com
Oil Marketing Companies in the Republic of Ghana have adjusted their pump prices for both petrol and diesel for the first pricing window of November, which runs from the 1st to the 16th of November 2024.
Petrol is selling between ¢13.99 and ¢14.99 per litre while diesel is sold between ¢14.99 per litre and ¢15.50.
This follows the continuous depreciation of the local currency, the cedi, against major international currencies, especially the United States dollar, and the rising cost of refined petroleum products on the international market.
Unlike other parts of Africa where fuel prices are reviewed every month, in Ghana, fuel prices are reviewed every two weeks.
Currently, a US dollar is being exchanged for Gh¢16.50 at the Forex Bureau.
Currently, GOIL is selling petrol (Ron 91) at Gh¢14.64 per litre while petrol (Ron 95) is sold at Gh¢15.59, with diesel being sold at Gh¢15.45 per litre.
Shell is selling petrol at Gh¢14.98 per litre while diesel is sold at Gh¢15.58 per litre.
TotalEnergies is selling petrol at Gh¢14.90 while diesel is sold at Gh¢15.50 per litre.
Star Oil is selling petrol (Ron 91) at Gh¢13.99 per litre while petrol (Ron 95) is sold at Gh¢14.99, with diesel being sold at Gh¢14.99 per litre.
Petrosol Ghana is selling petrol at Gh¢14.49 while diesel is sold at Gh¢15.39 per litre.
Zen Petroleum is selling petrol at Gh¢13.65 per litre while diesel is sold at Gh¢14.04 per litre.
Cash Oil is selling petrol at Gh¢13.99 per litre while diesel is sold at Gh¢14.99 per litre.
Lucky Oil is selling petrol at Gh¢13.98 per litre while diesel is sold at Gh¢14.74 per litre.
Pacific is selling petrol at Gh¢14.39 per litre while diesel is sold at Gh¢14.79 per litre.
Engen Ghana is selling petrol at Gh¢14.50 while diesel is sold at Gh¢15.40 per litre.
Benab is selling petrol at Gh¢13.97 while diesel is sold at Gh¢14.99 per litre.
Frimps is selling petrol at Gh¢14.06 while diesel is sold at Gh¢14.26 per litre.
Allied is selling petrol at Gh¢13.99 while diesel is sold at Gh¢14.99 per litre.
Source: https://energynewsafrica.com
Nigeria’s National Petroleum Company Limited (NNPC) has dismissed reports that the company’s retail outlets in parts of the West African nation are selling adulterated Premium Motor Spirit (PMS), popularly known as petrol.
A statement issued by Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd., said after a viral video clip of someone pouring a dark liquid which he claimed to be Premium Motor Spirit (PMS) purportedly bought from an NNPC retail outlet at Keffi Flyover came to their attention, they investigated the issue but found the claim to be false.
The NNPC said it had carried out spot checks at all its outlets and found this claim to be false.
According to the NNPC, the product was not, and could not have been bought from any NNPC retail outlet as the company does not dispense petroleum products into bottles or jerrycans as displayed in the video.
“NNPC Retail Ltd. does not deal in adulterated products as it adheres to rigorous standards and quality control measures at every stage in its operations to ensure that only high-quality, safe and reliable petroleum products are available at its stations nationwide,” he said.
The company urged members of the public to discountenance the spurious claims made in the video and be wary of selfish and unpatriotic elements pushing such narrative as they do not mean well for the country.
“We take pride in maintaining accurate pump integrity with regular inspection and calibration to ensure consistency across our stations nationwide,” the company said.
Source: https://energynewsafrica.com
Ghana’s technical regulator for electricity and natural gas – Energy Commission – has commissioned west Africa’s first nearly-zero-energy building at its head office in Accra, capital of Ghana.
The classically and beautifully designed building, which generates energy by itself from solar power, was started about eighteen months ago and fully funded by the German Government at the cost of €1million.
Locally produced building materials were used, with only the air-conditioners and the lighting being the only imported items.
The nearly -zero -energy building constructed at the cost pf 1million euros.
The building uses 88 per cent of the energy it produces and plans are in place to export the unused energy to the national grid when the net metering policy is fully implemented.
Ghana is among the countries that have set 2070 to achieve net zero emissions and with the construction of the nearly-zero-energy building, this initiative will serve as a model for housing developers.
The building will serve as an Energy Academy and a dynamic hub of knowledge, poised to nurture our future energy professionals and pioneers.
Speaking at the commissioning ceremony, the Minister of State at the Energy Ministry, Herbert Krapa, in a speech read for him by Sanitation Minister Hon. Lydia Seyram Alhassan, said the facility represents a remarkable achievement and a critical step forward in Ghana’s journey towards sustainable renewable energy solutions and responsible environmental stewardship.
He said the nearly-zero-energy building is truly a ground-breaking initiative for many reasons.
According to him, it embodies our national commitment to addressing climate change and reducing carbon emissions.
“By generating as much energy as it consumes, this facility exemplifies the core principles of energy efficiency and resource conservation that our energy policy advocates. It serves as a living testament to integrating sustainable practices into every aspect of our development. Through this building, we send a clear message: we are serious about sustainability and ready to lead by example,” he said.
He underscored the need for the Commission to go beyond the theoretical foundations taught in traditional academic settings and to seize this opportunity to explore innovative technologies, engage in pioneering research, and develop solutions that will define the future of energy, not just for our country but also for the entire region and beyond.
“This Energy Building will transcend its role as an academic resource and become a true catalyst for transformative change, driving the sustainable energy solutions our world needs,” he concluded.
The Executive Secretary of the Energy Commission, Ing. Oscar Amonoo-Neizer, said the facility embodies the Commission’s mission of promoting sustainable energy practices, addressing today’s needs while safeguarding tomorrow’s resources.
He said “with this nearly-zero-energy building, we aim to reduce our carbon footprint, use renewable resources efficiently, and serve as a beacon of what can be achieved through foresight, planning, and commitment.”
According to him, the building stands as a testament to the potential of sustainable energy practices to transform the way we design, construct, and operate spaces.
He commended all the partners, including GIZ, the architects, engineers, construction workers, and all other stakeholders who contributed in one way or the other to make this model facility a reality.
Mr Tangmor Marmor, Cluster Co-ordinator, GIZ, said the facility had to inspire more change in the Ghanaian building sector.
“We are not only making…Energy Commission stronger but also we want to strengthen the entire energy sector and the building sector.
“The building sector is causing so much emissions in Ghana and the building sector is showing a way out,” he stated.
The German Ambassador to Ghana, H.E Daniel Krull, in a speech read on his behalf, said “we are confident that the nearly- zero-energy building will not only serve the daily operational needs of the Energy Commission but will also act as Centre of Education for visitors and hosting workshops on sustainable building practices.”
Source: https://energynewsafrica.com
Equatorial Guinea is open for business and investment in the oil and gas sector, Minister of Mines and Hydrocarbons, Antonio Oburu Ondo has said.
Speaking in a virtual address ahead of an Invest in Equatorial Guinea Energies Country Spotlight – sponsored by EG LNG and Marathon Oil Corporation – at African Energy Week (AEW) 2024 Minister Ondo said that the country offers a wealth of opportunity across the oil and gas sector and it is inviting foreign companies to expand their footprint across the country.
“Equatorial Guinea has embarked on a strategy to create a more enabling environment to encourage more growth in the energy sector. We concluded the review of the current Hydrocarbons Code, recruiting a top international consultant for optimization purposes,” he stated.
Oscar Vicente Garcia Berniko, General Manager of State-Owned Enterprises in Equatorial Guinea, shared further insight into the Hydrocarbons Code.
He said that “new terms provide incentives for companies to proceed with their investments. We downgraded the corporate income tax and withholding tax. But we need to go beyond. So, we have a policy of optimizing incentives with our partners. If companies face challenges, they can speak to us and we will respond.”
Adding to these remarks, Alfredo Jones, Managing Director, Alduco Engineering, said that “The government has also simplified the process of investing for companies. There are also laws protecting foreign investment, and recently, these laws have been reinforced.”
Rich in both oil and gas and strategically located along the west coast of Africa, Equatorial Guinea has seen renewed interest from global majors in its offshore acreage.
In June, Chevron signed two Production Sharing Contracts (PSCs) for offshore blocks EG-06 and EG-11, representing a total investment of $2 billion.
Scott Childres, Country Manager Equatorial Guinea, Chevron, believes that this milestone is largely due to efforts by the state to create conditions that make exploration happen.
He said, “Establishing a competitive environment is very essential. This is a continuous effort on the part of the state. We have been working closely with the state to discover the pathways for [increasing exploration.]”
Further attracting new E&P players, the Ministry of Mines and Hydrocarbons signed two PSCs last year with Africa Oil Corp. (Block EG-18 and EG-31).
Craig Knight, the company’s COO, said that “the government has been very flexible in these discussions. A lot of us are looking at how we can find gas to provide fuel for the next 15-20 years to come. There is a great opportunity in terms of the rocks and now we are looking at how we unlock these opportunities.”
The Ministry also signed a PSC with Panoro Energy for EG-01.
Panoro is currently leading a seismic reprocessing program in Block EG-01, as well as a two-well infill drilling campaign in Block EG-06, the first of which came onstream this September.
John Hamilton, CEO of Panoro Energy, stated that “We look at a country which still has so much exploration to do and still has world-class fields. Looking at Alba and Aseng, these are world-class fields. In the shallow water, you just know that there is a lot more to be found.”
For the country’s national oil company, GEPetrol, focus is on collaboration and strengthening its role as an operator. GEPetrol’s Operations Director, Manuel Ndong Edo, said that “We have been collaborating more closely with our partners. GEPetrol is more than a silent partner. We have seen good results so far with more collaboration and more communication with our partners.”
The country already represents a major producing market with ambitions to increase production and solidify its position as a regional hub. Julien Vuillemet, General Manager, Equatorial Guinea at Trident Energy, explained that “We have one upstream well that is producing and another which will come online in ten days’ time. There is still a lot of potential that can be recovered through a pragmatic approach in mature fields.”
These developments offer new opportunities for service companies. Pablo Memba Etuba, Director General of Grupo Memba Ltd (GML), said that “as a private-owned Equatorial Guinean company, there are a lot of opportunities on the services side. The Local Content Law gives us an advantage to be able to work in the country and gain access to contracts first.”
The country has also been strengthening cooperation with regional neighbors to enhance capacity at its Punta Europa LNG Terminal on Bioko Island.
Equatorial Guinea and Nigeria signed a regional gas supply deal in August 2024 to process Nigerian gas at Equatorial Guinea’s Punta Europa LNG processing facilities, ushering in a new era of West African gas trade, energy security and regional cooperation.
Ed Ubong, Coordinating Director of Nigeria’s Decade of Gas, said that “We believe that Equatorial Guinea is a critical partner. It is exciting to see this level of collaboration in Africa. The real focus is on creating inter-connected demand, this creates incentives for upstream investors to put the money in.”
Source: https://energynewsafrica.com
The Managing Director of Bulk Energy Storage and Transportation Company Limited (BEST), formerly known as BOST, Dr. Edwin Provençal, has stated that every effort must be made to ensure that the company does not return to its era of operational losses after being turned into a profit-making entity by the current management.
“Going forward, BOST should no longer be a loss-making entity,” he said while addressing a section of Ghanaian journalists at the Ministry of Information Meet-the-Press series in Accra on Wednesday, November 6, 2024.
The company, whose mandate was to keep strategic oil reserve for the West African nation, virtually collapsed prior to the appointment of Edwin Provencal in August 2019.
The company was saddled with huge indebtedness with trade liability amounting to $634 million.
However, strategic decisions by the current management have brought a turnaround, with the company now being one of the best performing state-owned enterprises.
Speaking at the press briefing, Dr. Provencal outlined several key initiatives aimed at revitalising the company, with a vision of transforming BEST into a profit-generating asset for the people of Ghana.
Mr. Provencal explained that BEST was on the brink of collapse, prompting leadership to identify urgent priorities to revive the company.
“We focused on building both infrastructure and human capital to ensure long-term growth,” he said, emphasising that growth isn’t limited to physical assets but also involves enhancing employee knowledge and skills.
“We recognised the need to invest in our workforce, improve infrastructure, and introduce new business lines,” he added.
Dr. Provencal told the press that the company had cleared 100% of the debt his regime inherited.
Source: https://energynewsafrica.com
Nigerian multinational energy company Oando is targeting a production of 100,000 barrels per day (bpd) by 2028, following its landmark acquisition of Eni’s Nigerian Agip Oil Company (NAOC) earlier this year.
The announcement, along with the company’s future expansion plans and role in Nigeria’s energy transition, was shared during an exclusive Fireside Chat at the African Energy Week.
Chief Executive Officer of Oando Alex Irune discussed the company’s plans to contribute to Nigeria’s oil production and goal of exceeding 2 million bpd.
He also highlighted the growing role of indigenous firms in the sector, particularly as international oil companies (IOCs) divest from onshore and shallow water assets.
“In the space of 24 months, you’re going to see about 60%-70% of Nigeria’s production by indigenous players, just based on the transition of IOCs to the deep offshore and the acquisitions we have seen, whether it’s Seplat, our deal or the ongoing Renaissance deal,” said Irune.
Oando is focused on maximizing the development of assets acquired through its deal, which increased its stake in OMLs 60, 61, 62 and 63 to 40% and nearly doubled its reserves to one billion barrels of oil equivalent.
The company’s ownership in NAOC’s joint venture assets will also grow, including 40 oil and gas fields, 12 production stations, and key infrastructure including pipelines, processing plants and the Brass River Oil Terminal. Oando remains open to future mergers and acquisitions across the continent.
“We’re always looking to do a deal. We stay where we have a comparative advantage, but we don’t rule out any markets. Nigeria is the first place we look – we have an immense amount of potential. As a leading energy company, we owe it to the country to reach that potential.”
Irune also discussed the role of Nigeria’s Petroleum Industry Act (PIA) in strengthening the investment case, particularly for gas in Nigeria and fostering industry synergies. The Oando-NAOC deal was the first M&A transaction following the PIA’s implementation.
Oando is leveraging the deal to boost oil and gas production, with a view to supporting Nigeria’s energy transition in the future.
“We are very serious about energy provision. When you frame the energy journey, there must be renewable energy in that basket. In the immediate term, our focus is on producing every drop of oil we can to be able to fund that transition journey. We will use gas as a transition fuel – our assets are largely gas assets as a company, and Nigeria is largely a gas province as a country.”
Source: https://energynewsafrica.com
Russian atomic energy corporation (Rosatom’s) Fuel Division, TVEL, and the South African company AllWeld Nuclear and Industrial signed a memorandum of cooperation focused on decommissioning and radioactive waste (RW) management at the ongoing African Energy Week (AEW) 2024 in Cape Town, South Africa.
The document was signed by Eduard Nikitin, Director for Decommissioning and RW Management at TVEL JSC, and Mervyn Fischer, CEO of AllWeld Nuclear and Industrial.
This memorandum outlines plans for collaborative efforts in scientific, technical and commercial activities related to the decommissioning of nuclear power plants and other facilities that pose nuclear and radiation hazards.
The key aspects of cooperation will be the development of infrastructure for radioactive waste management, including its processing, storage and disposal, as well as the design and creation of components for the equipment needed to meet the challenges in this area in South Africa.
“Rosatom possesses extensive experience and expertise in the decommissioning of nuclear facilities and radioactive waste management. This includes a wealth of references, proprietary technologies, and a comprehensive research program. Such expertise is certainly sought after in countries around the world that have nuclear power, uranium mining, or experience with operating research reactors.
The recent signing of a memorandum with South African partners marks a pivotal step in fostering collaborative efforts. This partnership is expected to pave the way for new opportunities to implement joint projects, not only within South Africa and beyond”, stated Eduard Nikitin.
Source: https://energynewsafrica.com
He said the nearly-zero-energy building is truly a ground-breaking initiative for many reasons.
According to him, it embodies our national commitment to addressing climate change and reducing carbon emissions.
“By generating as much energy as it consumes, this facility exemplifies the core principles of energy efficiency and resource conservation that our energy policy advocates. It serves as a living testament to integrating sustainable practices into every aspect of our development. Through this building, we send a clear message: we are serious about sustainability and ready to lead by example,” he said.
He underscored the need for the Commission to go beyond the theoretical foundations taught in traditional academic settings and to seize this opportunity to explore innovative technologies, engage in pioneering research, and develop solutions that will define the future of energy, not just for our country but also for the entire region and beyond.
“This Energy Building will transcend its role as an academic resource and become a true catalyst for transformative change, driving the sustainable energy solutions our world needs,” he concluded.
The Executive Secretary of the Energy Commission, Ing. Oscar Amonoo-Neizer, said the facility embodies the Commission’s mission of promoting sustainable energy practices, addressing today’s needs while safeguarding tomorrow’s resources.
He said “with this nearly-zero-energy building, we aim to reduce our carbon footprint, use renewable resources efficiently, and serve as a beacon of what can be achieved through foresight, planning, and commitment.”
According to him, the building stands as a testament to the potential of sustainable energy practices to transform the way we design, construct, and operate spaces.
He commended all the partners, including GIZ, the architects, engineers, construction workers, and all other stakeholders who contributed in one way or the other to make this model facility a reality.
Mr Tangmor Marmor, Cluster Co-ordinator, GIZ, said the facility had to inspire more change in the Ghanaian building sector.
“We are not only making…Energy Commission stronger but also we want to strengthen the entire energy sector and the building sector.
“The building sector is causing so much emissions in Ghana and the building sector is showing a way out,” he stated.
The German Ambassador to Ghana, H.E Daniel Krull, in a speech read on his behalf, said “we are confident that the nearly- zero-energy building will not only serve the daily operational needs of the Energy Commission but will also act as Centre of Education for visitors and hosting workshops on sustainable building practices.”
Source: https://energynewsafrica.com 
