Zambia: UK Gov’t Committed To Support Zambia’s Efforts To Address Drought Induced Power Deficit
The United Kingdom Government has reaffirmed its commitment to support Zambia’s efforts to navigate and address the drought induced hydropower generation deficit.
Addressing the media after touring ZESCO Limited National Control Centre, on Wednesday, 11th December, 2024, United Kingdom Minister For Development and Women and Equalities, Anneliesse Dodds MP said: “Obviously am more aware about the drought situation and I want to offer my solidarity to all those who have been impacted. I know this is a very difficult time for many Zambians, but it is really a privilege that I have been able to see how this is being dealt with in practice and also that the UK has been able to work with ZESCO and with Zambia on these challenges.”
She added: “The UK government is working with the Zambian government through ZESCO on the interconnector through Tanzania and we are also working together on other aspects on energy and the long-term plan that is needed. That partnership is incredibly important to the UK. So, we are pleased to actually see it in action.”
Acting Managing Director of ZESCO Limited, Justin Loongo, thanked the United Kingdom Government for their unwavering support to the National Power Utility.
“Over the past years and many years to come the UK government through the government of the Republic of Zambia have been present to ZESCO through various technical support programs and funding support. The Zambian government and the UK government is supporting ZESCO Limited with $17 Million Dollar grant through the World Bank Group Energy Sector Management Assistant Program Multimillion Dollar trust fund for the Zambia Tanzania-interconnector project implementation.”
Source: https://energynewsafrica.com
AEC Endorses Haitham Al Ghais’ Renewal As OPEC Secretary General
The African Energy Chamber (AEC) – as the voice of the African energy sector – wholeheartedly supports the decision to renew Haitham Al Ghais as the Secretary General of OPEC for a further three-year term, effective 1 August 2025.
The renewal of Secretary General Al Ghais’ mandate was confirmed during the 189th meeting of the OPEC Conference, which concluded recently, affirming his significant contributions to the organization and the global energy sector.
As Secretary General, Al Ghais has been instrumental in navigating OPEC through a challenging energy landscape, characterized by fluctuating markets and evolving global demands. His leadership has not only strengthened OPEC’s role in global energy governance, but also fostered greater cooperation among member countries, promoting stability and sustainability within the oil market.
Under his guidance, OPEC has advanced initiatives aimed at addressing both short-term energy security concerns and long-term sustainability goals, making his continued leadership crucial for the future of the organization.
The Chamber recognizes Secretary General Al Ghais’ key role in advocating for dialogue and collaboration among energy-producing nations, which is essential for ensuring stability and advancing energy security.
His efforts to engage with non-OPEC producers and the broader energy community reflect his commitment to a cooperative approach in managing the world’s energy needs. His renewal as Secretary General signals continuity in leadership during a time of critical transitions in the global energy landscape.
Secretary General Al Ghais has also played a significant role in strengthening OPEC’s ties with African energy producers, underscoring the organization’s commitment to supporting the continent’s energy aspirations.
OPEC has worked to foster strategic partnerships and dialogue with African countries, including promoting investments in upstream oil and gas sectors, supporting energy diversification and addressing Africa’s energy security challenges.
OPEC’s role in Africa is pivotal, with member countries – including Nigeria, Algeria, Libya, Gabon, the Republic of Congo and Equatorial Guinea – being major contributors to global oil supply.
“The renewal of Haitham Al Ghais as OPEC Secretary General is a testament to his exceptional leadership and the vital role he plays in shaping global energy policies. His vision aligns with the AEC’s mission to foster strategic cooperation and enhance energy security through sustainable oil and gas development,” stated NJ Ayuk, Executive Chairman of the AEC. “We look forward to continued collaboration with OPEC under his leadership as we work towards an energy future that benefits all nations, particularly those in Africa.”
The AEC’s endorsement reflects its strong support for OPEC’s continued leadership in the energy sector and its efforts to balance energy security with climate goals. Through collaborative leadership and a forward-thinking approach, the Chamber remains committed to fostering partnerships that will shape the future of the energy sector, ensuring that Africa’s energy resources are developed in a way that benefits its people and contributes to global energy sustainability.
Source: Africa Energy Chamber
France Supports Financing Of Polish Nuclear Power Plant
France’s Bpifrance Assurance Export and Sfil have joined the growing list of overseas financial institutions expressing interest in helping to finance Poland’s first nuclear power plant project. Meanwhile, a poll shows record public support for nuclear energy in Poland.
Export credit agency Bpifrance Assurance Export and public development bank Sfil have submitted letters of intent to Polskie Elektrownie Jądrowe (PEJ) regarding financing of the Pomeranian power plant for the equivalent of more than PLN15 billion (USD3.75 billion).
“The letters of intent from two French institutions are yet more proof of the growing interest in Polish nuclear investment,” said PEJ Vice-President Piotr Piela.
“We are pleased to have acquired such experienced and reliable partners. We are consistently implementing our strategy of obtaining financing for the project and are expanding the group of leading entities cooperating with us, financing the nuclear sector.”
The announcement came just days after PEJ received a letter of intent from Export Development Canada, for up to CAD2.02 billion (USD1.45 billion) to potentially support the project.
Last month, the US International Development Finance Corporation – the USA’s development bank – signed a letter of interest with PEJ to provide more than USD980 million in financing for Poland’s first nuclear power plant. A similar declaration, for the equivalent of about PLN70 billion, was made earlier by the US Export-Import Bank.
“Close cooperation with foreign credit entities is an important element of PEJ’s strategy, which ensures financing of the company’s investments and assumes building relationships with suppliers from countries with an extensive supply chain in the nuclear industry,” PEJ said. “The aim is to maximise the share of export credit agencies in the project’s debt financing structure.”
Based on the letters of intent received so far, PEJ has collected declarations of financial commitment totalling more than PLN95 billion.
In November 2022, the then Polish government selected Westinghouse AP1000 reactor technology for construction at the Lubiatowo-Kopalino site in the Choczewo municipality in Pomerania in northern Poland.
An agreement setting a plan for the delivery of the plant was signed in May last year by Westinghouse, Bechtel and PEJ – a special-purpose vehicle 100% owned by Poland’s State Treasury. The Ministry of Climate and Environment in July issued a decision-in-principle for PEJ to construct the plant. The aim is for Poland’s first AP1000 reactor to enter commercial operation in 2033.
Under an engineering services agreement signed in September last year, in cooperation with PEJ, Westinghouse and Bechtel will finalise a site-specific design for a plant featuring three AP1000 reactors.
The design/engineering documentation includes the main components of the power plant: the nuclear island, the turbine island and the associated installations and auxiliary equipment, as well as administrative buildings and infrastructure related to the safety of the facility.
The contract also involves supporting the investment process and bringing it in line with current legal regulations in cooperation with the National Atomic Energy Agency and the Office of Technical Inspection.
In September, the Polish government announced its intention to allocate PLN60 billion to fund the country’s first nuclear power plant.
A survey conducted last month on behalf of the Ministry of Industry shows that 92.5% of respondents support the construction of a nuclear power plant in Poland, with 67.9% strongly in support. Just 5.9% of respondents oppose the construction of a plant, with 2.8% being strongly opposed.
The ministry noted that the survey results show support for nuclear at its highest level since the annual poll began in 2012.
In addition, 79.6% of respondents said they would approve of a plant being built in the area in which they live, while 18.8% are opposed. The number of supporters of building a nuclear power plant in their neighbourhood increased by 3 percentage points compared with a year ago.
Just over 90% of respondents believe that building a nuclear power plant as a low-emission source of energy generation was a good way to combat climate change, while 4.2% believe that constructing a nuclear power plant in Poland will contribute to increasing the country’s energy security.
While 65.1% of respondents said they had a good or higher knowledge of nuclear energy, 96.6% said they believe that an information campaign on nuclear energy was needed in Poland. When asked where they got their information about nuclear energy from, 72.3% of respondents said the Internet, 34.7% said television, and 29.1% said conversations with friends.
The nationwide telephone survey commissioned by the Ministry of Industry was carried out by DANAE on 12-28 November on a group of 2060 Polish residents aged 15-75.
Source: World Nuclear News
Ghana: ACEP Boss Writes To President -Elect John Mahama
The Executive Director of Africa Centre for Energy Policy, Mr. Benjamin Boakye, has penned an open letter to President-elect John Dramani Mahama, highlighting the pressing issues in Ghana’s energy sector ¹.
Mahama’s historic win in the 2024 Presidential election, with over six million votes, has sparked high expectations for his administration to address the country’s economic and energy challenges.
Boakye’s letter emphasizes the need for urgent reforms in the energy sector, which has been plagued by inefficiencies and corruption. The Africa Centre for Energy Policy is advocating for a comprehensive overhaul of the sector to ensure transparency, accountability, and sustainability
Below is Mr Benjamin Boakye’s Open Letter
Congratulations to His Excellency John Mahama
I extend my heartfelt congratulations to you on your victory and the unprecedented confidence shown in you by the people of Ghana over the weekend. I wish you all the best and pray that Ghanaians will never regret this overwhelming endorsement.
You are likely aware of the many challenges ahead, especially in the energy sector, which could undermine the expectations of the people. Over the past eight years, I have advocated for sound policies to ensure the energy sector plays a pivotal role in economic development i.e., providing industries and the public with affordable and stable power without the public funding waste, and an oil sector that optimizes the last phase of the global transition to sustainable energy. Unfortunately, like many others alarmed by the misgovernance of the sector, I was unable to influence meaningful change – I failed.
The energy sector has been systematically decimated, enriching a few while the public bears the burden through the budget, levies, and high margins. Just to give you a sense of the gravity, the annual revenue from the oil sector is insufficient to cover the annual under-recoveries in the power sector.
This is despite the public paying approximately GHS 3 billion annually in levies and margins. In essence, the people are paying to plug holes that are leaking into the pockets of the revenue collectors.
When you take office on January 7th, you will inherit an energy sector burdened by a overall waste of over GHS 50 billion a year. Here’s how this manifests:
- Bloated Agencies: The energy sector is riddled with agencies and companies that are 4-5 times larger than what was needed to perform the same work eight years ago. Numerous unnecessary management-level positions have been created, all to accommodate political appointees at the people’s expense. For example, there are redundant directorates like one for finance and another for accounting, or a directorate for engineering and one for technical and maintenance—bureaucratic layers that yield zero results. Some new institutions have even been created for tasks that could be handled by a desk officer in another agency.
- ECG Losses: In 2014, when you attempted to introduce private sector participation in ECG, the company was in much better shape than it is today. Politicians have mismanaged it to the point where it has become the single largest dependant of the national budget, posing significant risk to the entire economy and the upstream oil and gas sector. Gas payments are not guaranteed, and investors are increasingly concerned about the future of gas discoveries in Ghana. The country can no longer afford to tolerate this level of misgovernance in the power sector, particularly the two hotspots in ECG; procurement abuse and exchange rate manipulation.
- Downstream Waste: My office will soon release a report detailing the waste in the downstream petroleum sector, which burdens the people with inflated margins to sustain political interests. You have an opportunity to convert over GHS6 billion “black tax” on the people to critical resources needed to fix development challenges. You have to fix TOR, NPA, and BOST. Also, the Revenue assurance gigs by GRA serves no purpose and provides an additional source of revenue loss to the state.
- Upstream Sector: The situation in the upstream sector may sound dramatic, but we are witnessing its decline unfold before our eyes. Fortunately, this decline can be reversed with swift, decisive action to restore investor confidence by rolling back politically motivated impositions. By taking the right steps, we can attract a minimum of $2 billion in investments by 2025, out of a potential $6 billion over the medium term.
Kosmos In Early Talks For Tullow Oil Takeover
U.S. oil and gas company Kosmos Energy is in early talks for an all-share acquisition of Tullow Oil that would create a West Africa-focused producer.
The merger of the two heavily indebted firms would be the latest in a recent wave of energy industry consolidation as company boards look to boost performance by increasing scale and cutting costs.
The combined company would have production of more than 130,000 barrels of oil equivalent per day (boepd), based on the two companies’ 2024 guidance, spanning Mauritania, Senegal, Ghana and Equatorial Guinea on Africa’s western coast as well as the U.S. Gulf of Mexico.
Tullow, whose CEO Rahul Dhir stepped down on Dec. 4, announced the Kosmos approach for an all-share acquisition on Thursday.
Kosmos later confirmed the preliminary discussions. It has a deadline of 5 p.m. London time on Jan. 9, 2025, to decide on a firm offer.
Tullow Oil was founded in the late 1980s as an exploration company focused on Africa, Britain and South Asia. It grew rapidly during the 2000s through a series of acquisitions and oil and gas discoveries, including the Jubilee field offshore Ghana.
Riding the energy boom, Tullow became a poster boy for the sector, reaching a market capitalisation of nearly $22 billion in 2012.
But it suffered a dramatic reversal of fortune after a string of operational issues at key oilfields, disappointing exploration results, leadership changes and the loss of investor interest in oil and gas drillers as the focus shifted to the energy transition.
Tullow’s market capitalisation stood at $480 million on Friday, when its shares dipped by more than 7%. It has net debt of about $1.4 billion.
Kosmos, based in the Texan city of Dallas, has a market cap of $1.5 billion. Its shares were down by about 15% after the news of its approach on Thursday.
With net debt of $2.7 billion by the end of September, Kosmos is awaiting the imminent start-up of the BP-operated Tortue liquefied natural gas development offshore Senegal and Mauritania.
“This would be a sensible deal, given the shared assets in West Africa, and with Kosmos having a more diverse asset base and healthier balance sheet, would have the ability to take on the mountain of debt Tullow labours under,” said Panmure Liberum analyst Ashley Kelty.
“The fact that Tullow’s CEO is on the way out also makes the company weaker, with no clear direction on future strategy.”
Tullow’s total production for the first half of 2024 was 63,700 boepd. Kosmos pumped 65,400 boepd in the third quarter. The two are partners in the Jubilee and Tweneboa Enyenra Ntomme (TEN) oilfields in Ghana.
Source: Reuters.com
Ghana: WAPCo Resumes Gas Transportation To Tema Metering & Regulating Station
The West African Gas Pipeline Company Limited (WAPCo) has resumed gas transportation services to its Tema Regulating and Metering Station (TRMS) after a temporary shutdown earlier this week.
The shutdown was initiated to ensure the safety of the Tema facility.
The Tema Metering and Regulating Station experienced operational disruptions due to ongoing inspection and cleaning of the onshore pipeline between Itoki and Badagry in Nigeria.
As a result, gas supply to some power plants in the Tema power enclave was affected, leading to power outages in parts of Ghana.
In a statement issued on Friday, WAPCo expressed gratitude to its stakeholders for their patience during this period and apologized for any inconvenience caused.
Source: https://energynewsafrica.com
Uganda: Gov’t To Fund US$4 Billion Oil Refinery Through Equity
The Republic of Uganda has expressed commitment to fully-fund its US$4 billion oil refinery through equity, with the United Arab Emirates-based Alpha MBM Investments pledging funding over a three-year period.
Cabinet, last Tuesday, approved the equity-based financing structure, marking a departure from traditional international project financing.
The decision reflects a strategic shift as both the Ugandan Government and its private-sector partner, Alpha MBM Investments, prioritised self-reliance in advancing the refinery project.
Uganda’s Minister for Energy and Mineral Development, Ruth Nankabirwa Ssentamu, highlighted the rationale behind the move, stating, “Those who have money no longer want to finance oil projects. We have to do it ourselves.”
She confirmed that Alpha MBM Group would spearhead funding efforts over the next three years to bring the project to fruition.
The refinery is expected to bolster Uganda‘s energy infrastructure, ensuring greater value addition to its hydrocarbon resources and supporting the country’s long-term energy and economic goals.
Source: https://energynewsafrica.com
South Africa: Eskom Hails Jailing Of Two People For Up To 15 Years
South Africa’s power utility company, Eskom, has welcomed the sentencing of two individuals involved in separate criminal activities targeting critical infrastructure at the Duvha Power Station in Mpumalanga.
The Middelburg Magistrate’s Court, on October 8, sentenced Tseliso Ramosebetsi to 15 years in prison.
Ramosebetsi was caught cutting and removing copper cables from the coal conveyor belt, a vital component of the Duvha Power Station’s operations.
Ramosebetsi and his accomplice, Mpho Johannes Machekela, were apprehended on 26th March 2024 after being detected through drone surveillance.
While Ramosebetsi has been brought to justice, Machekela absconded from trial, and a warrant for his arrest has been issued.
In a separate case, the Witbank Magistrate’s Court sentenced Frederick Jacobs Van Wyk to five years in prison on 23rd October 2024 for the theft of aluminium cables near the horticulture site outside the Duvha Power Station.
These significant sentences highlight the gravity of crimes against critical infrastructure and serve as a deterrent to others.
Eskom commended the South African Police Service (SAPS) for their dedication to securing these convictions and BB thanked its security teams for their vigilance and collaboration in protecting the nation’s assets.
Tampering with or damaging critical infrastructure is a criminal offence under the Criminal Matters Amendment Act, with penalties of up to 30 years’ imprisonment.
Such activities disrupt essential services, pose serious safety risks, and undermine the sustainability of the electricity network and impacting communities and the economy.
Eskom is committed to safeguarding the security and integrity of its critical infrastructure.
The ongoing collaboration between Eskom’s internal security investigations team and law enforcement agencies, coordinated by the National Energy Crisis Committee’s (NECOM) Safety and Security Priority Committee, is yielding positive results in their efforts to combat crime and corruption.
Eskom urged the public to report any suspicious or unlawful activities anonymously through the Eskom Crime Line at 0800 11 27 22 or via WhatsApp at 081 333 3323.
Source: https://energynewsafrica.com
Ghana: GRIDCo, ECG Announce Temporary Power Outage In Parts Of Ghana
Ghana’s power transmission company, GRIDCo, and Electricity Company of Ghana (ECG) have announced temporary power outage in some parts of the West African nation due to interruption in gas flow necessitated by a shutdown of WAPCo’s Tema Metering & Regulatory Station.
A joint statement issued by GRIDCo and ECG revealed that the situation had necessitated a shutdown of some power plants in the Tema power enclave.
“GRIDCo and ECG are optimistic that WAPCo will soon resolve the challenge and restore gas supply.
“Once gas supply resumes, power supply will be restored to all affected customers,” the joint statement said.
They apologised to all affected customers for the inconvenience caused.
It is not yet clear when the issue will be resolved.
WAPCo operates the West Africa Gas Pipeline that traverses four nations, namely Nigeria, Benin, Togo and Ghana.
In November, the company announced that it was undertaking inspection and cleaning of its onshore pipeline which runs from Itoki, Ogun State in Nigeria, through Benin, Togo and Takoradi in the Western Region of Ghana.
The exercise is being undertaken in two phases.
The first phase which began on Monday, 25th November, involves the cleaning and inspection of the onshore section of the pipeline which is located within Nigeria.
However, a statement issued on Wednesday, December 11, 2024, noted that while the exercise was progressing steadily, they encountered larger volume of liquids and debris at the Lagos Beach Compressor Station which was more than expected.
The statement said “this triggered some operational upsets at our Tema Regulatory & Metering Station, requiring a temporary shutdown for safety reasons and investigation.”
WAPCo expressed its gratitude to its key stakeholders for their patience during this process and apologised for any inconvenience caused.
Source: https://energynewsafrica.com
Ghana: WAPCo Shuts Down Tema Metering & Regulating Station Temporarily
The West African Gas Pipeline Company (WAPCo) has temporarily shut down its Tema Metering and Regulating Station, a statement by the company has revealed.
The shutdown is aimed to ensure the safety of the facility following an operational upset that occurred due to the ongoing cleaning and inspection of its 56km ×30″ onshore pipeline section between Itoki and Badagry in the Federal Republic of Nigeria.
WAPCo commenced inspection and cleaning of its onshore pipeline which runs from Itoki, Ogun State in Nigeria, through Benin, Togo and Takoradi in the Western Region of Ghana.
The exercise is being undertaken in two phases. The first phase which began on Monday, 25th November, involves the cleaning and inspection of the onshore section of the pipeline which is located within Nigeria.
However, a statement issued on Wednesday, December 11, 2024, noted that while the exercise was progressing steadily, they encountered larger volume of liquids and debris at the Lagos Beach Compressor Station which was more than expected.
The statement said “this triggered some operational upsets at our Tema Regulatory & Metering Station, requiring a temporary shutdown for safety reasons and investigation”.
WAPCo expressed its gratitude to its key stakeholders for their patience during this process and apologised for any inconvenience caused.
Source: https://energynewsafrica.com
Ghana: Thugs Storm Ghana Gas Office In Accra, Beat Soldiers
The head office of Ghana National Gas Company Limited in Accra, the gas aggregator of the Republic of Ghana came, under siege by thugs suspected to be members of the National Democratic Congress (NDC) whose flag-bearer was declared winner of the 2024 General Elections held on Saturday, 7th December.
The incident prompted a significant security response, with both soldiers and police officers deployed to the scene to maintain order.
Accra-based Citinewsroom.com reported that the thugs attempted to forcefully enter the GNGCL premises, leading to a confrontation with security personnel.
In an effort to disperse the gathering and restore calm, warning shots were fired by the security forces.
Two soldiers who were called in to calm the situation were beaten mercilessly.
Insiders told this portal that the thugs came in different batches and had different mission.
Since Monday, 9th December, 2024, when the country’s electoral management body, (Electoral Commission) declared Mr. John Dramani Mahama, flag bearer of NDC as a winner of the General Elections, supporters of his party have attacked a number of public places.
In some instances, they ransacked the offices.
This portal understands that some of the supporters, on motorbikes, went to the Tema Oil Refinery at about 10 pm on claims that they were there to protect the facility.
Source: https://energynewsafrica.com
This portal understands that some of the supporters, on motorbikes, went to the Tema Oil Refinery at about 10 pm on claims that they were there to protect the facility.
Source: https://energynewsafrica.com Kenya: Tanzania To Benefit From Kenya’s Renewable Energy Via New Transmission Line
The Republic of Kenya has completed a 400-kilovolt transmission line which will pave the way for renewable energy exports and regional energy integration.
Energy Cabinet Secretary Opiyo Wandayi announced the milestone, highlighting that the line will also allow Tanzania to access clean energy from Ethiopia via Kenya’s infrastructure.
“Kenya has finalized the construction of the transmission line, enabling Tanzania to harness renewable energy from Kenya and Ethiopia,” said Wandayi during the Eastern Africa Power Pool (EAPP) Regional Trade Conference 2024.
Kenya’s renewable energy capacity, one of the highest in the region, includes geothermal (841.1 MW), hydroelectric (810.4 MW), wind (425.5 MW), and solar (210.3 MW).
The Energy and Petroleum Regulatory Authority (EPRA) reports that renewable energy accounts for 79.56% of Kenya’s total installed capacity of 2,776.3 MW as of December 2023.
The EAPP conference, attended by over 300 delegates, focused on strategies for energy integration, bringing together energy ministers, regulators, and development partners from across Africa.
Source: https://energynewsafrica.com
Gambia: NAWEC Terminates Services Of Treasury Manager, Suspends Finance Director Over Misconduct
The Gambia’s National Water and Electricity Company (NAWEC) has terminated the services of its Treasury Manager and suspended the Finance Director following allegations of misconduct in a telephone conversation between the Director of Finance and a purported supplier.
A statement issued by NAWEC mentioned that the alleged conversation involved unauthorised financial arrangements in violation of the policies and ethical standards of NAWEC.
The statement said the company has a zero-tolerance stance on unethical practices and a strong commitment to transparency, accountability and the protection of public resources.
According to the statement, The Gambia Police Force and the NAWEC compliance team have been tasked to conduct comprehensive investigations into the matter.
It warned that if the allegations were substantiated, the company would take decisive disciplinary and legal actions in line with its internal policies and national laws.
“We appeal to the public and the media to exercise restraint while investigations are underway. Updates will be communicated promptly,” the statement concluded.
Source: https://energynewsafrica.com
Oil & Gas: Ghana Elects Mr John Mahama As New President
Ghana, an oil producing West African nation, has elected the flag bearer of the opposition National Democratic Congress (NDC), Mr John Dramani Mahama, as the country’s sixth President under its Fourth Republic.
Mr Mahama, who was the fourth President of Ghana between 2012 and 2016, launched a comeback and succeeded in beating the governing party’s flag bearer and Vice President, Dr Mahamudu Bawumia, in an election that was contested by twelve presidential candidates.
Certified results announced by the country’s electoral management body, (Electoral Commission), on Monday, 9th December 2024, showed that Mr Mahama obtained 6,328,397 representing (56.55%) while Dr Mahamudu Bawumia garnered 4,657,304, representing (41.61%).
The 10 remaining presidential candidates polled 205,721, representing (1.84%).
The election which was held on Saturday, 7th December 2024, recorded pockets of violence in some constituencies across the country.
The opposition party secured a commanding majority of 185 seats in Parliament while the governing party secured about 65 seats with three independent seats.
Ghana commenced oil production in 2010 under the National Democratic Congress administration led by the late President John Evans Fiifi Atta Mills.
Initial output increased from 24.2 million barrels in 2011 to a peak of 71.44 barrels in 2019.
Production from the basin has since dropped after 2019 by about 32 per cent to 48.25 MMbbl in 2023.
Currently, the country’s daily oil production from the three oil fields is hovering around 120, 242 barrels per day.
The decline in oil production has been a major concern to many industry watchers in the country.
Recently, at the Africa Oil Week (AOW) in Cape Town, South Africa, the Chief Executive Officer of Petroleum Commission, Ghana, Lawyer Egbert Faibille Jnr., told oil and gas investors that his outfit had presented a raft of proposals to the Ministry of Energy seeking a review of Ghana’s fiscal regime to make the upstream sector very attractive.
Subsequently, at the launch of the AOW in Accra last month, the Minister for Energy Herbert Krapa told this portal that the Ministry had received the proposals and is working on them.
Ahead of this year’s election, the opposition National Democratic Congress (NDC) promised in their 2024 Manifesto to increase exploration activities to establish new reserves by rebuilding investor confidence through policy and regulatory clarity, consistency, predictability, transparency, and governance and attract world-class investors.
It also plans to innovate multi-field development systems that optimise the development of infrastructure and allow profitable production of otherwise marginal fields.
Additionally, the NDC plans to fully domesticate the non-revenue benefits of the oil and gas industry for Ghanaians by enhancing technology transfer, supporting local businesses, and increasing local content in procurement. This includes re-establishing the National Oil Company (NOC) as a centre of excellence and reviewing laws and policies to align with these goals.
Source: https://energynewsafrica.com