UK: Natural Gas Price For Electricity Generation To Go Up By 35% In 2025
The price of natural gas for electricity generation in the United Kingdom (UK) is estimated to rise to 35 per cent by 2025, according to a release by Department for Energy Security and Net Zero.
Per the latest updated estimates, by 2025, gas costs for generating electricity in the UK will surge by 35 per cent compared to previous estimates.
According to Department for Energy Security and Net Zero, renewable energy sources would become even more cost-effective than previously anticipated.
Offshore wind is expected to become 23 per cent cheaper, while onshore wind and solar power are projected to be four per cent and seven per cent cheaper respectively.
Solar Energy UK has responded to the latest energy cost estimates with a call for attention to the potential of solar power.
The confirmation that solar farms offer the most cost-effective way to generate electricity in the UK is seen by Solar Energy UK as a wake-up call for those who may have doubted the feasibility of achieving net zero emissions.
The revised levelised cost estimates indicate that solar power affordability surpasses other energy generation methods, the trade association has said.
With projected costs of only £41 per megawatt-hour in 2025, solar energy emerges as a strong contender in the nation’s quest for cleaner and more economical power sources, Solar Energy has noted.
Chis Hewett, Chief Executive of Solar Energy UK, said: “This is yet another ringing endorsement of solar energy in the UK and further justification for the government’s target to reach 70GW of capacity by 2035.
“In Britain, power generated by the sun is now a third of the cost of power made from burning gas and it will only get cheaper. The fastest way to permanently drive down energy bills is to build more renewables.”
Source: https://energynewsafrica.com
Ghana: VRA Grabs Top Awards At 2023 NGBLA
Ghana’s largest state power generation company, Volta River Authority (VRA), grabbed top awards at the 3rd edition of the National Governance and Business Leadership Awards (NGBLA) 2023 held recently.
The awards went to Mr. Kofi Tutu Agyare, Board Chairman of VRA; Mr. Emmanuel Antwi-Darkwa, Chief Executive Officer of VRA, and Mr. Eric Mensah Bonsu, Director of Human Resources (HR) at the VRA.
The awards were in recognition of their excellent leadership.
Mr. Agyare was named winner in the category of ‘Outstanding Board Chairman of the Year in the Public Sector’ while Mr. Antwi-Darkwa was awarded ‘Top Transformational Business Leader of the Year 2023’ in recognition of their remarkable merits and achievements in business transformation for national development.
Mr. Bonsu was also adjudged ‘Top Influential HR Business Leader of the Year 2023’.
VRA, as an organisation, was awarded the Most Innovative Learning and Development Strategy (Public Sector), HR Team of the Year: (Gold-Public Sector) and the Most Outstanding Contribution to Power Sector Development.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com Ghana: Breaking News: TOR MD Sacked Over Torentco Deal
Ghana’s premier refinery, Tema Oil Refinery (TOR ), is boiling after the presidency sacked the Managing Director, Mr Jerry Kofi Hinson, which energynewsafrica.com can confirm.
Mr Jerry Hinson, under normal circumstances, does not go to work on Fridays but as a result of his dismissal, he went to the refinery on Friday, August 11, 2023, ostensibly to pack out.
After the dismissal, the Presidency, this portal understands, has appointed Mr Daniel Appiah, the immediate past Finance Director, as acting Managing Director and he is expected to assume the post on Monday, August 14.
Mr. Appiah went on retirement about two months ago after working in the refinery for several years.
Crime Of Jerry Hinson
It would be recalled that TOR had been in the Ghanaian media recently over an attempted lease of the refinery to a private firm, Torentco Assets Management, a firm registered about six months ago without a track record in the oil and gas business.
The proposal involves leasing TOR’s primary production assets to Torentco Asset Management, which would assume control of TOR’s core refining operations for a period of six (6) years. Under this agreement, Torentco would have the authority to refine up to 8 million barrels of oil annually, paying an annual rent of $1 million.
Think tanks in the energy sector opposed the deal, arguing that the proposed deal was not in favour of the West African nation.
Despite the concerns raised by think tanks and some social commentators, it appears persons from the seat of government who are behind the deal still wanted the deal to go through.
Information from impeccable sources suggested that Mr. Jerry Kofi Hinson vowed not to sign the deal until the company fulfilled all the legal requirements.
Mr. Jerry Hinson, this portal gathered, came under pressure but stood his ground to ensure that the right thing was done.
However, his position appeared to conflict with people within the President’s circles who lobbied for his appointment and, therefore, pushed for his dismissal.
Mr. Jerry Kofi Hinson had failed to pick up several telephone calls by energynewafrica.com to him.
Appointment of Daniel Appiah
Sources within the refinery indicate that staff of the refinery are unhappy with the appointment of Mr. Daniel Appiah as acting Managing Director.
According to the workers, Mr Appiah was interdicted when Mr Awuah Darko was MD in the government of the National Democratic Congress and was part of the top management executives who were interdicted by the Interim Management Committee (IMC) under the current administration.
Taking to social media, the National Chairman of General Transport Petroleum and Chemical Workers Union, Brother Bernard Owusu wrote: “The incompetent Appiah cannot be Ag. MD of TOR.”
Source: https://energynewsafrica.com
Nigeria: Eleven Discos Deploy 171K Meters In First Quarter 2023
The eleven power distribution companies (Discos) in the Federal Republic of Nigeria installed 171,107 meters across their franchise area in the first quarter of 2023, a report by Nigerian Electricity Regulatory Commission (NERC) has disclosed.
The report said 158,634 meters were supplied under MAP intervention while the remaining 9,931 meters were installed under the NMMP scheme.
“A total of 171,107 meters were installed in 2023/Q1, representing an increase of 6,495 installations (+3.95%) compared to the 164,612 meters installed in 2022/Q4,” a portion of the report sighted by energynewsafrica.com said.
Detailing the performance of various discos as far as metering is concerned, the report noted that Abuja Disco had metered 59 per cent of their customers while Benin and Eko Discos have metered 51 and 58 per cent of their customers respectively.
Enugu Disco metered 40 per cent of customers, Ibadan metered 42 per cent of customers, Ikeja metered 68 customers, Jos metered 33 per cent of customers, Kaduna metered 23 per cent, Kano metered 24 per cent of customers while Port Harcourt and Yola metered 40 and 19 per cent of their customers respectively.
The NERC said it expects DisCos to utilise any of the five meters financing mechanisms that have been provided in the 2021 Meter Asset Provider and National Mass Metering Regulations (NERC – R – 113 –2021) to close their respective metering gaps.
“As a safeguard for customers against exploitation due to the lack of meters, the Commission has continued to issue monthly energy caps for all feeders in each DisCo.
“This sets the maximum amount of energy that may be billed to an unmetered customer for the respective month based on gross energy received by the DisCo and the consumption by metered customers,” the Commission said.
Nigerians have been lamenting over estimated bills and accusing the Discos of fencing them.
Customer Complaints
The report noted that the DisCos cumulatively received 249,683 complaints from consumers in the first quarter of 2023.
Out of the figure, the Commission said 229,101 complaints were resolved, corresponding to a 91.76 per cent resolution rate which is similar to the 91.38 per cent recorded in 2022.
“Metering, billing and service interruption was the prevalent source of customer complaints, accounting for more than 79% of the total complaints during the quarter,” the NERC said.
Source: https://energynewsafrica.com
Gabon: Tullow Gets 23 Years Extension Of Its Licences
Gabon has extended several licences of Africa-focused independent oil and gas firm, Tullow Oil Plc, to the year 2046.
This is contained in an official statement issued by Tullow on Wednesday, August 9, 2023.
The company said the extension of the licences is a major boost to its operations.
“Tullow is pleased to announce that it has gained approval from the Government of Gabon for the extension of several of its Gabon licences to 2046.
“The licence extensions increase the value of Tullow’s resource base through the addition of c.5mmbbls net 2P reserves that will deliver c.100% 2P reserves replacement in Gabon this year.
“This activity is in line with the Group’s strategy to focus on its high-return production assets in Africa and unlock value through the optimisation of its non-operated portfolio. The extensions reflect the future potential of the reserves and resources across the Gabonese assets and the longevity of the Tchatamba facilities as a core hub for Tullow,” the statement said.
Source: https://energynewsafrica.com
South Africa: Sasol Launches Appeal On How It Measures Its Emissions
South Africa –based integrated energy firm Sasol has submitted an appeal to the Minister of Forestry, Fisheries and the Environment, Barbara Creecy, to change the methodology used to measure its emissions.
This comes after the National Air Quality Officer (NAQO) last month declined its application to be regulated on an alternative emission load basis for the sulphur dioxide (SO2) emissions from the boilers at its Secunda Operations’ steam plants from April 1, 2025, onwards.
“Sasol is requesting that instead of reducing the SO2 per boiler (concentration), it will reduce (turn down) the total number of boilers (load) to achieve the same or better result,” it said.
Air Resource Management, an independent environmental consulting company, appointed to manage Sasol’s 12A Application, had notified all interested and affected parties on July 31 of the appeal, Sasol said.
Sasol said its proposed integrated emission reduction solution would achieve double the reductions on SO2 emissions (load-based) than would have been achieved when compared to an equivalent concentration as provided for in the Minimum Emission Standards (MES).
“These further reductions will result in an improvement of ambient air quality within the local airshed over and above MES compliance. Furthermore, Sasol’s request to be measured on a load-based emission limit instead of a concentration-based limit is not unique and well in line with international standards. For instance, its US operations are also measured on a load-based basis,” it said.
Simon Baloyi, Sasol Energy Operations and technology executive vice-president, said: “We are taking full accountability and responsibility to transition our business away from being fossil-fuel-dominant, to using sustainable feedstocks and thereby reducing our environmental footprint, to not only benefit our business, but the country.
“However, this requires time, effort, and capital. The implementation of the integrated reduction solution would enable Sasol to meet both air quality and GHG targets and maintain its contributions to the economy.”
According to the group, the Secunda facility will still require electricity and other energy solutions to operate. To turn down the boilers, Sasol has identified alternative energy sources.
“These include renewable energy and energy efficiency projects, introduction of additional gas, and a fine coal solution. Sasol has already procured more than half of the 1 200MW renewable energy target to give effect to its emissions reduction targets, making Sasol the single largest private procurer of renewable energy in South Africa. This renewable energy is expected to become available in 2025,” it said.
Sasol said over the past 17 years, it had invested nearly R250 million to explore various technical alternatives to reduce SO2 emissions from its Secunda Operations steam plant towards compliance with the MES, involving nearly 200 experts.
Furthermore, it said since 2015, Sasol had progressed its air quality improvement journey with several projects implemented at Secunda, Sasolburg and Natref to comply with the MES.
“Sasol has invested more than R7 billion over the last five years on emission reduction projects and has achieved MES compliance for 98% of its emission sources at these operations. By April 2025, a further R4 billion will be invested to achieve compliance to new plant standards for the remaining sources, which excludes the proposed solution from SO2 in question,” it said.
Russian Oil Export To Africa More Than Double
Russian export of crude oil and petroleum products to Africa has increased by 2.6 times over the past two years, President Vladimir Putin has disclosed.
Putin said this while addressing African leaders and the business community at the just-ended Second Russia-Africa Summit in St Petersburg, Russia.
Although Mr. Putin did not provide details about the export, pieces of information gathered by this portal suggested that as of December 2022, Russia’s oil export to Africa was hovering at 214,000 barrels per day.
Before the war in Ukraine, Russia exported 33,000 bpd of refined products to Africa, much of it gasoline, S&P Global Commodity Insights reported.
And by March 2023, that had soared to 420,000 bpd.
Illustrating the geopolitics at play, shipments to Nigeria, Tunisia and Libya jumped sharply in February when the European Union placed an embargo on Russian products.
Meanwhile, Russia’s Energy Minister, Nikolay Shulginov, in an interview with TASS on the eve of the Russia-Africa summit, revealed that Russian companies started boosting deliveries to Africa in 2022.
“The issue is mainly about petroleum products. Russia supplied 200,000 tons of oil to Africa in January-May of this year, whereas in the same period last year, there were no supplies.
“Exports of petroleum products to the continent climbed three-fold in five months to almost eight million tons,” he said.
“As Russia increasingly builds transport, logistics and financial infrastructure regarding supplies, we expect positive dynamics to persist by the end of the year,” Shulginov added.
Earlier, Prime Minister Alexander Novak said that Russia’s exports of oil to friendly countries soared by 76 per cent in 2022, and petroleum products by 20 per cent in annual terms. All in all, almost 40 million tons of oil and petroleum products were redirected from western to eastern markets last year, he said, adding that this year out of 223 million tons of oil and oil products exported in the western direction only 87 million tons, or 40 per cent were expected to remain.
Source: https://energynewsafrica.com
Tanzania: COMPACT Energies MD Encourages Tanzanians To Embrace Solar Energy
COMPACT Energies has urged Tanzanians to embrace solar energy solutions in homes, offices, and industries for an effective and reliable power supply on accelerating development of the country.
Speaking after being crowned First Runner -Up in Solar Energy Company of the Year at the Africa Company of the Year Awards (ACOYA) ceremony held at Mlimani City, Compact Energies Managing Director Mr. Ephraim Kimati pointed out that the solar energy has numerous benefits it offers, including uninterrupted power supply without monthly usage charges.
He highlighted that despite the fact that the initial setup costs might be substantial, the subsequent usage spans over 20 to 30 years with no minimal additional expenses.
He said that his firm celebrates pioneering efforts in revolutionising alternative energy use, especially in rural areas.
Mr. Kimati, however, urged Tanzanians to consider solar energy as a cost-saving and reliable option, highlighting the global trend toward alternative energy sources.
He underscored the need of shifting global focus toward sustainable energy solutions and the pivotal role that local enterprises play in driving Africa’s energy transition, adding that many European and African countries, including those within the G7, are advocating for the use of renewable energy to drive rapid development, particularly in rural areas.
“Demand for alternative energy is on the rise globally, which is why many current innovations are centred on renewable energy,” Mr. Kimati stated.
He encouraged Tanzanians to support domestic companies to stimulate the country’s economy and enhance its competitive position in the global market.
As a homegrown enterprise, Compact Energies has efficiently participated in various projects, including the East African Crude Oil Pipeline (EACOP), where it successfully installed comprehensive solar energy systems in compensated households.
“We have received tremendous positive feedback from the individuals we have served, including those who were previously without electricity and those who switched to solar to mitigate power interruptions,” Mr Kimati mentioned proudly.
Source: Africa Energy Portal
New Report Blasts EU Nuclear Policy And Warns Prosperity Is Impossible Without Reconsidering Nuclear
A report by Ralph Schoellhammer, a nuclear power advocate and senior lecturer in political science at Webster University, Vienna, has suggested that European Union is not serious about the goals of Net Zero.
The report noted that without nuclear power being a major part of the energy mix going forward, EU officials are knowingly promoting an unachievable goal.
“Without nuclear energy, there will be no decarbonisation of electricity production – unless we are willing to accept big cuts in living standards. Fukushima and Chernobyl do not provide evidence for abandoning nuclear power. On the contrary, a closer look at both incidents shows that nuclear power is much safer than many available alternatives. Nuclear waste is not a problem. There is no documented case of a single person being harmed, much less killed, by nuclear waste.
“After the energy crisis of 2022, public opinion in most Western nations has switched from opposing to supporting nuclear energy,’’ said portion of the report sighted by energynewsafrica.com.
Commenting on the report, Frank Furedi, Executive Director at MCC Brussels, said: “The facts are there and without dispute – European energy policy is on the road to nowhere without nuclear. If elites continue in this fashion, European voters should question if Net Zero really is a fundamental goal, is just environmental window dressing, or, worst of all, hides other motivations for EU bureaucrats.”
The new report released today by the think tank MCC Brussels warns that neither energy independence nor any meaningful decarbonisation be reached without a renaissance of nuclear energy – that is unless one would be willing to accept massive declines in prosperity and living standards.
Although it cannot be ruled out that the most zealous environmentalists would be willing to accept this proposition, it is unlikely to be popular with most voters in industrialised countries.
Ralph Schoellhammer, the report’s author, is a senior lecturer in political science at Webster University Vienna.
Commenting on the release of his paper, he said: “It often escapes our attention that energy is the only universal currency. Nothing can be done without it, and any society’s living standards are defined by the amount of energy an individual gets to use. Western Europeans are wealthy because we use the energy equivalent of 14 barrels of oil per capita, and Africa is poor because they only have access to 3 barrels per capita. An energy policy that reduces the available amount can only result in lower living standards.”
“Nuclear energy is one of the most efficient and reliable ways to produce energy and can thereby ensure the prosperity of millions around the globe – but only if we overcome the political obstacles to use it. It is heartening to see that several European countries led by France have finally realised this and are forming an alliance for a nuclear renaissance.”
Despite the EU’s weakness for anti-nuclear propaganda (like the supposed problem of nuclear waste), the report finds it encouraging to see that a group of European nations led by France, calling themselves the “Nuclear Alliance”, are actively promoting a renewed push for the use of nuclear energy in Europe.
While welcoming the Alliance, the report’s author warns that it will be an uphill battle unless all the issues mentioned in the report are addressed.
To name but a few:
- The proponents of nuclear power must compensate for decades of misinformation by the well-organised anti-nuclear movement.
- The entire regulatory framework surrounding nuclear energy needs to be overhauled to enable speedy and cost-efficient construction, thereby incentivising investments in the nuclear industry.
- Universities need to encourage the training and education of future nuclear engineers and research into advanced reactor designs.
Ghana: Cabinet Approves Lithium Exploration Policy
Ghana’s cabinet has approved a new policy for the exploitation, management and regulation of lithium and other green minerals in the country, a report by the state-owned Daily Graphic has revealed.
Lithium is used in rechargeable batteries for mobile phones, laptops, digital cameras and electric vehicles.
It is also used in some non-rechargeable batteries for things like heart pacemakers, toys and clocks.
The West African nation, recently, discovered lithium in the Central Region, and according to the Minister for Lands and Natural Resources, Samuel Abu Jinapor the new policy would lead to legislative interventions by Parliament, including an amendment of the Minerals and Mining Act, 2006(Act 703), with relevant processes already begun.
The Minister noted that while Act 703 set the rate for mineral royalties at between three to five per cent, the new policy would see a different royalty regime for green minerals.
“I wrote to the Chief Executive Officer of the Minerals Commission last week and asked him to present to me a strategy document within a week for the implementation of the tenets of this policy. We want to get on with this as quickly as possible,” Mr Jinapor said as quoted by Daily Graphic.
“For some reason, I will not give the rate for the green mineral royalties yet, but suffice it to say that it is going to be higher than what we have now relating to gold. The point is that we have a different royalty regime for green minerals as opposed to gold and others,” he said.
The Minister also said the new policy would insist on a higher level of local participation in the green minerals value chain as opposed to the 10 per cent vested interest the state had currently in mining entities.
“We will insist on a certain minimum Ghanaian participation that will be more and better than the 10 per cent. I am reluctant to put specific figures out now on this. There is a Cabinet decision on a baseline, and we will not go below that in any negotiation for our lithium and other green minerals,” he said.
Mr Jinapor added that the overarching goal of the new policy was anchored on the principle that the exploitation of green minerals must benefit Ghanaians who are the true owners of the resource.
He said given that principle, building blocks for the green minerals exploitation would be different from what existed with gold in particular.
Globally, it is estimated that the lithium industry alone is valued at US$11 billion at the mining stage, with the value of the industry at the highest end estimated at US$7 trillion.
Source: https://energynewsafrica.com
Equatorial Guinea: Be Project Partners Not Service Providers—Ondo Tells Russian Companies
Equatorial Guinean Minister for Mines and Hydrocarbons, H.E Antonio Oburu Ondo has called on Russian companies that want to do business in the oil and gas sector in Africa to be project partners instead of being service contractors.
He noted that funding for oil and gas projects is one of the major challenges in Africa and, therefore, wants Russian companies that want to do exploration in Africa to invest in seismic data acquisition and be partners of the project themselves.
Contributing to the discussion on ‘Exploration and Mining: Russian Technologies in Africa’ at the just-ended Second Russia-Africa Summit in St Petersburg Russia, H.E. Ondo noted that Russia is very good when it comes to technology but questioned whether their technology is affordable to Africa NOC and government.
To address the issue of technological affordability, H.E Antonio Ondo stressed that Russian companies need to put the right commercial structure in place to make their technology affordable to Africa while becoming profitable to them.
“We are interested in a commercial framework in which the Russian side would not be a service company, but, rather, a partner. If a Russian company invests in a project and the results are shared, this will allow a considerably larger number of countries to use the technology,” Ondo said.
“If we have this commercial term that allows the company to come and put in money and amortize the fund they invested, I think this is the best,” he told energynewafrica.com on the sidelines of Second Russia-Africa Summit in St. Petersburg.
Ondo stressed that Equatorial Guinea is very interested in expanding cooperation with Russia and Russian companies in the mining and oil and gas industries, as well as in mapping and exploration.
“I would like to sit down at a round table with you and other representatives of mining companies, and not only talk about the extraction of mineral resources but also about the extraction of oil and gas,” Ondo said.
Source: https://energynewsafrica.com
Oil Giant ADNOC Pursues $50 Billion Worth Of New Deals
Abu Dhabi National Oil Company (ADNOC) is pursuing $50 billion worth of deals to expand on international markets and has hired a top team of deal-makers to help with the plan, the Financial Times reported on Wednesday, quoting sources familiar with the company’s structure.
ADNOC has assembled a team of around 50 specialists in deal-making in a division described as an “internal investment bank” and run by former senior Morgan Stanley executive Klaus Froehlich, according to FT’s sources.
ADNOC has already started acquisitions abroad.
Just last week, the company pumping most of the oil in the United Arab Emirates (UAE) said it would buy 30% in the Absheron gas field in the Caspian Sea in Azerbaijan by acquiring stakes from the current partners in the field, TotalEnergies and SOCAR.
After completion of the transaction, subject to the approval by the relevant authorities, TotalEnergies and SOCAR will each own 35% in Absheron, and ADNOC will have 30% in the gas and condensate field, where first gas was achieved last month. Financial details of the transaction are not being disclosed.
ADNOC’s investment in the Caspian region is part of the strategy of the UAE’s state oil and gas giant to expand on international gas markets.
“We believe this strategic partnership with SOCAR and TotalEnergies, unlocks the potential of the Caspian region for decades to come and complements a broader energy collaboration between the UAE and Azerbaijan that will accelerate the growth of the global renewable energy sector as both countries take bold steps to transition towards a lower-carbon future,” Musabbeh Al Kaabi, Executive Director of Low Carbon Solutions and International Growth at ADNOC, said in a statement carried by the Emirates News Agency, WAM.
ADNOC has also recently brought forward its target for net-zero emissions to 2045, from a previous target of 2050, becoming the first oil company in its peer group to commit to net zero in 2045.
Source: Oilprice.com
Nigeria: Navy Chief Vows To Punish Officers Involved In Oil Theft
Nigeria’s Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, has vowed to crack the whip on officers who will be found to be involved in oil theft in the West African nation.
Mr. Ogalla said this while addressing newsmen at the end of his maiden familiarisation tour of the Nigeria Navy Ship (NNS) Pathfinder in Port Harcourt last Friday.
He said the navy was fully-focused and had already taken actionable steps to end crude oil theft and other illegalities at the nation’s territorial waters.
He said, “We are aware of allegations of involvement of our officers in crude oil theft–which are quite baseless.
“Whenever we receive such information, we quickly launch an investigation. But so far, our findings have shown that most of the allegations are not true.
“However, if there is an element of truth in the allegations, we hold the alleged personnel responsible as well as apply the law according to the Arm Forces Act,” he said.
Mr. Ogalla said that severe consequences await any personnel linked to such illegality, irrespective of how highly placed the officer or rating.
“The punishment ranges from imprisonment and dismissal. We have had cases in the past and appropriate actions were taken.
“However, more than 97 per cent of these allegations are based on social media, and as such, they have no proper background.
“We are in the age of social media when anybody without proof or having full details will just put something up there (on social media platforms).
“But if you go through most of those allegations and investigate them, you find out that the basis of those allegations is unfounded,” he added.
Last Thursday, a joint task force, Operation Delta Safe, uncovered three reservoirs used for the storage of illegal refined fuel in Bayelsa.
The reservoirs, which were located along Tamara Street in Biogbolo, had about 35,000 litres of Automated Gas Oil and 38 jerry cans filled with illegally refined products loaded in a vehicle.
“The building has been taken over. We have three dug-out pits within the building with a vehicle also carrying about 38 jerry cans filled with illegally refined products.
“This is to show that the OPDS is working and not relenting at getting rid of criminals in the Niger Delta, because illegality is affecting the economy of the country.
“You can see the building is situated in a place where they could have other buildings.
“Apart from constituting health hazard for other people that are living in the community, other dangers can happen also,” Commodore John Siyanbade, who represented the OPDS Commander, Rear Adm. Olusegun Ferreira said.
He warned those involved in illegality in the region to desist or be ready to face the law.
Source: https://energynewsafrica.com
Price Volatility In The Oil Market Is Dangerous Thing—OPEC
President of Organization of Petroleum Exporting Countries (OPEC) H.E. Antonio Aburu Ondo, has stated that price volatility in the oil and gas industry is a dangerous thing, hence, the cartel will do everything possible to prevent it from happening.
He argued strongly that price volatility throws governments’ budget plans out of gear which subsequently affects the well-being of their citizens.
To avoid this phenomenon, he explained that OPEC makes sure that prudent and pragmatic measures are in place to ensure stability in crude oil prices.
Speaking in an exclusive interview with energynewsafrica.com on the sidelines of the second Russia-Africa Summit in St Petersburg, Russia, H.E Antonio Ondo, who is the Minister for Mines and Hydrocarbons in the Republic of Equatorial Guinea, stated that OPEC’s primary occupation is to ensure that gas and oil consumers across the globe especially and particularly those in Africa, are insulated from unexpected shocks.
“The coming in of OPEC is not about increasing or reducing prices, right? OPEC is about creating market stability. OPEC’s actions are to ensure that the market is stable. We don’t want price volatility. Volatility is a dangerous thing because the government can’t plan their budget. If the government can’t plan their budget, then, they will lose the ability to take care of their people,” he said.
Crude oil prices have been soaring since June this year.
Saudi Arabia cut its daily production by one million barrels in July, and it plans to cut an additional one million next month.
Russia, another OPEC member, has announced that it would cut supply by 300,000 barrels per day in September.
These reductions in supply are likely to shoot crude prices up in the next couple of days.
Brent crude price is hovering $85 per barrel while WTI is selling around $82 per barrel as of Monday, August 7, 2023.
Touching on what energy transition meant to him, he observed that it should be diversified energy sources, ensuring accessibility and affordability to the ordinary energy user.
“Whatever actions we take towards energy transition, they have to take into consideration the fact that people need access to energy and typically, people need access to the type that is affordable and that is accessible to them,” H.E Oburu Ondo asserted.
“The wind energy for instance, is not available in Ghana, therefore, to pretend this type of energy has to be imposed to Ghanaians, is going to be more costly and certainly less accessible to the ordinary people. People use the type of energy they have affordably available,” he said.
Source: https://energynewsafrica.com