Ghana: LPG Marketers Cease To Do Business With Sage Petroleum, Blue Ocean …Direct Tanker Drivers To Load From Other BDCs
The Liquefied Petroleum Gas (LPG) Marketers Companies Association of Ghana has ceased to do business with Sage Petroleum (Quantum Terminal) and Blue Ocean, both LPG loading terminals in Tema in the Greater Accra of Ghana.
The Association has, therefore, directed members of the Gas Tanker Drivers Association not to honour any invitation from the two terminals effective Monday, August 12, 2024.
“A letter written by Mallam Bukari Amadu, Chairman of LPG Marketers Companies Association, Ghana, and addressed to the Gas Tanker Drivers Association, which was intercepted by this portal, said: “Effective Monday, August 12, 2024, all LPGMCs shall cease and desist from doing business with SAGE PETROLEUM (Tema Quantum Terminal) and Blue Ocean depots in Tema. Your members are, therefore, strictly entreated not to honour any invitation or order to load from the two depots mentioned above.
“Your maximum cooperation is urgently needed as we embark on a series of measures, aimed at protecting indigenous businesses, saving over ten thousand Ghanaian jobs and ultimately protecting $400 million investments made by local Ghanaians over the past 30 years against foreign aggression,” a portion of the letter read.
It is not clear why the LPG Marketers Companies Association has ceased to do business with the two BDCs but energynewsafrica.com’s sources indicate that the decision is based on the involvement of the two companies in Cylinder Recirculation Model programme.
According to sources, the two companies have registered new businesses and are aggressively taking over the LPG distribution business.
The Association claimed in the letter that its persistent requests to be part of the CRM by making its distribution network (800 Gas stations), available for CRM cylinders retail has been vehemently denied by the regulator.
When contained via telephone, Chairman of Gas Tanker Drivers Association, Shafiu Mohammed, confirmed receiving the letter, adding “we are going to abide by the directive of our truck owners.”
Source: https://energynewsafrica.com
Libya: Force Majeure Declared At Libya’s Largest Oilfield
Libya’s National Oil Corporation (NOC) has declared force majeure at the Sharara oilfield, after protests halted production at the country’s largest field earlier this week.
Considering the current circumstances at Sharara that prevented NOC from carrying out crude oil loading operations, the state oil company of Libya declared force majeure effective August 7, NOC said in a notice.
Sharara fully halted oil production on Monday after output was curbed during the weekend due to protests.
The oilfield, which has the capacity to pump more than 300,000 barrels per day (bpd) of crude oil, last produced around 270,000 bpd on Saturday.
However, the field began to gradually cut production on Saturday after workers at the oilfield were told to do so, according to Bloomberg’s anonymous sources.
Earlier on Monday, Libya’s internationally recognized government accused its rival government in the east of “political blackmail” following protests that led to operational curbs at the Sharara oilfield.
The statement said the output reduction at the field was extortion but did not elaborate on the claim.
Reuters reported on Saturday that protesters at the field had forced the personnel at the field to begin winding down production, citing two unnamed engineers working at the field.
The Sharara field is a regular target for warring political and military factions in Libya, which boasts the biggest oil reserves in Africa but is having difficulty exploiting them fully due to the complicated political situation in the country.
The latest shutdown at Sharara took place in January this year, again prompted by protesters demanding greater involvement of the government in regional affairs such as job creation and more investments in the regional economy.
Earlier this year, the head of the National Oil Corporation said that there were plans to boost the total to 1.5 million barrels daily by 2025 and expand it further to 2 million bpd in 2027.
Events such as the current ongoing output cuts at Sharara, however, suggest these plans will be quite challenging to implement in the absence of a radical shift in the country’s political environment.
Source: Oilprice.com
Nigeria: Army Recovers 238,500 Litres Of Stolen Crude Oil In 3 States
Nigerian Army, has recovered about 238,500 litres of stolen crude oil from suspected oil thieves in Bayelsa, Delta and Rivers States.
Speaking to the press on Thursday in Port Harcourt, Spokesperson for the 6 Division of the Nigerian Army, Lt.-Col. Danjuma Danjuma mentioned that the crude oil was seized from trucks and illegal refining sites in the states.
He said that five suspects who were apprehended in the process would soon be prosecuted.
“These seizures are part of ongoing efforts to combat oil theft and illegal bunkering of petroleum products in the Niger Delta,” he said.
Mr Danjuma said that 110,000 litres of crude oil stored in an oven and a massive metal reservoir were discovered at an illegal refining site along Dasaba Creek in Bayelsa.
The spokesman added that troops of the 16 Brigade intercepted a truck with registration number, UDH 983 XR on Elebele-Emeyal Road, Ogbia, carrying 30,000 litres of stolen crude oil.
He said that acting on intelligence, soldiers, traced inter-connected hoses from the Indorama Petrochemical pipeline, Eleme, Rivers, to a tank located in the bush.
“More than 33,000 litres of crude oil, two pumping machines, a long hose and eleven drums used for the crime were recovered from the site.
“At Cawthorne Channel 1, troops, collaborating with other security agencies, deactivated an illegal refining site containing more than 5,500 litres of crude oil.
“The site is located near Well Head 8, behind Glisten Community in Degema Local Government Area of Rivers,” he added.
The army image maker further said that 63 Brigade troops seized 30,000 litres of crude oil from a truck during a routine patrol in Mosogar, Delta.
According to him, the truck was intercepted along a trunkline belonging to Seplat Energy Nigeria Limited.
“These discoveries are the result of our renewed efforts to clamp down on economic saboteurs
“We urge the public to provide security agencies with reliable intelligence to track down oil thieves and economic saboteurs,” he said.
Source: https://energynewsafrica.com
Mexico’s New Government To Encourage Oil Partnerships
The incoming Mexican government will encourage Pemex to partner with private oil companies to develop domestic resources, Reuters has reported, citing unnamed sources.
The move would be a departure from the policies of the Andre Manuel Lope Obrador government and a return to the approach used by his predecessor, Pena Nieto, whose government enacted energy market reforms aimed at stimulating the participation of more foreign oil companies in Mexico’s oil and gas development.
When the Obrador administration took over, it focused on restoring Pemex’s dominance in the local energy market, launching investigations into partnership deals inked by the previous government, and discouraging new deals of this kind.
Mexico currently produces around 1.5 million barrels of oil daily, down from a peak of 3.4 million barrels daily some 20 years ago.
Underinvestment has plagued the industry for years, which was the motivation for the Pena Nieto reforms that invited foreign players into the local industry.
According to the Reuters report, incoming president Claudia Sheinbaum has clear plans for growth in wind and solar energy but her stance on the local oil and gas industry has been less clear.
The sources that the publication cited, said that the partnerships considered by the new government would be farm-outs, where Pemex and its partners would share both the risks and the rewards of a project.
The purpose was to expand exploration.
The Reuters sources also said that the incoming administration was studying the Trion deepwater field as a possible blueprint for future partnerships.
Trion is a 60%-40% partnership between Australian Woodside Energy, which holds the bigger stake, and Pemex.
Earlier this year, Mexico’s National Hydrocarbons Commission announced that the nation’s total proven hydrocarbon reserves, encompassing both crude oil and natural gas, have increased to 8.383 billion barrels of crude oil equivalent.
Proven crude oil reserves declined slightly to 5.978 billion barrels from 6.155 billion barrels the previous year.
However, proven natural gas reserves saw a significant increase, rising to 12.297 trillion cubic feet from 11.029 trillion cubic feet.
Source: Oilprice.com
Ghana: Four Persons Put Before Court For Stealing GH¢419,000 Worth Of Electrical Cables
Four persons have been arrested and put before court for allegedly stealing nine drums of cables belonging to the Electricity Company of Ghana (ECG), valued at GH¢419,400.
The suspects, Annor Daniel and Kwasi Andrews, both Ghanaians, are third-party contractors of the ECG while Lucky Grayson Eseche, 34, and Obi Innocent, 37, both Nigerians, are businessmen who bought the stolen cables from the ECG contractors.
The four were arrested following a tip-off that three drums of cables were being offloaded into an electrical shop which is operated by the two Nigerians in Tema.
The court document indicates that the cables were given to the third-party contractors who were engaged by the ECG on their farming-out project to undertake meter replacements.
“As a result, they are supplied with materials by their respective ECG District Offices, in this case, Legon and Kwabenya, to carry out the projects,” the fact sheet stated as reported by the Daily Guide newspaper.
The contractors ended up selling some of the cables handed to them by the ECG for the meter replacement exercise to the other accused persons at GH¢8 per meter instead of GH¢23 as quoted by the company.
Before their arrest in Tema, Lucky Grayson Eseche was seen spraying one drum of cable to conceal the ECG tag on it.
Court documents indicate that Lucky Grayson Eseche and Obi Innocent, during their arrest, admitted the offence and indicated that they got the cables from a person of interest whom they identified as Lord.
Annor Daniel and Kwasi Andrews are said to have also admitted giving the drums of cables to the said Lord to sell to Obi Innocent and also confirmed that the cables they sold were materials given to them by the ECG to carry out the projects.
The Electricity Company Hana has vowed to crack down on cable thieves whose activities are costing the company colossal losses and also affecting the power supply.
Director of Investigation, Prosecution and Security at ECG, Paul Asibi Abariga, addressing the media, stated that the company is all out this time not just on power theft but every form of theft-related issues to the company that increases its losses.
“The general public should just know that you cannot do a thing such as this against the ECG and go scot-free. We are very vigilant now and we are watching everywhere,” he said.
Mr Abariga further stated, “Ghanaians should know that we are working very assiduously to make sure that the distribution of power in this country is stabilised.”
He added that the company is on the move and gradually they are going to get everybody who is on their radar arrested, therefore, cautioning the citizens to desist from interfering in the operations of the company which affects the efficient distribution of power.
Source: https://energynewsafrica.com
Ghana: Maintenance Works On Our Gas Facilities Are About 60% Complete–Ghana Gas
Ghana’s national gas aggregator, Ghana National Gas Company, says the ongoing planned maintenance works on its Gas Processing Plant (GPP) and offshore Gas Export facilities are about sixty per cent complete.
The company shut down the two facilities for the planned maintenance works on August 1 and expected to be completed on August 17.
Speaking to the media after a tour of the facilities to assess the work done so far, Mr Richmond Alamu, Assets Integrity and Maintenance Manager at Ghana Gas, said the routine maintenance work was to enhance the plant’s operational efficiency and guarantee uninterrupted gas supply.
He said: “The maintenance team has a lot of equipment which we do regular maintenance on, but there are some that require that we shut down the plant, and that is what we are doing within this period.”
The Operations Manager at GNGC, Dr Robert Kofi Lartey, said the engineers were working assiduously to complete the planned maintenance works on schedule.
He indicated that they had planned the shutdown in 2023 by the manufacturer’s designs and planning, adding that it synchronised with the activities of other agencies in the gas value chain.
“This is a national asset and so we work with international safety and health protocols, and also the integrity of the plant, and we do so by working with all agencies in the oil and gas value chain,” Dr Lartey added.
The Head of Corporate Communications at GNGC, Ernest Kofi Owusu-Bempah, reiterated the company’s commitment to maintaining the highest standard of safety and operational efficiency in the facilities.
He said the Company and its partners arranged for lean gas to be supplied to clients from the Sankofa-OCTP field for delivery at the Takoradi Distribution Station (TDS) during the shutdown period.
Source: https://energynewsafrica.com
Kenya: Law Makers Direct Kenya Power To Review Levies, Lower Cost Of Electricity
Kenya’s National Assembly’s Energy Committee has raised concerns over the high cost of electricity in the country.
The committee, on Tuesday, quizzed officials from the energy sector, including Energy Principal Secretary, Alex Wachira, and top KPLC management on the cost of electricity.
They directed the relevant entities to quickly recall the high levies mounted on the power billing to bring the prices down.
The Ministry of Energy told Parliament that it is seeking to bring back to the table all independent power producers to address the high cost of power.
Questions such as, ‘Who holds the power to lower the cost of power and electricity in the country?” dominated the session that had been trying to crack the nut on who would go to the rescue of Kenyans who are digging deeper into their pockets to purchase power.
“For how long are we going to talk about the high cost of electricity, bwana PS?” posed Energy Committee Chair Vincent Musyoka.
Embakasi South MP, Julius Mawathe, added: “As a committee, we want to know why we should buy at Ksh.28 per kW yet our neighbours are doing Ksh.12 shillings per kW.”
In his response, PS Wachira said: “There are a lot of factors that go into the pricing of power; it is not only what you are saying. We have done a lot of subsidy, including in industries.”
The PS told Parliament that the ‘elephant in the room’ is the Independent Power Producers (IPPs) whose initial contracts and pricing continue to dictate the high cost of power.
The Ministry said it is seeking to bring back the IPPs to the table to renegotiate their power purchase agreements, with an option of termination seemingly costly, estimated to cost the power supplier over Ksh.30 billion in termination costs.
“It is good you understand that the geothermal is not the problem; the problem is the renewable energy firms and their pricing,” Wachira said.
EPRA boss, Daniel Kiptoo stated: “Bringing down the cost of electricity has to go through various stages. We shall have to look into the minor charges mounted on the billing.”
The lawmakers also pushed KPLC to widen its reach.
“Even as we are seeking lower prices, KPLC should now by connecting more Kenyans, it will collect more money as revenue on bills,” Awendo MP John Walter noted.
Kenya Power Managing Director, Joseph Siror said: “We are working on putting more Kenyans on the main grid. For instance, we are just waiting for the Treasury to give us the go-ahead to award a tender of Ksh.1.2 billion to start the Lodwar-Mandera grid
project.”
An audit report by Kenya Power for the financial year 2022 revealed a major disparity between the cost of power procured from the Kenya Electricity Generating Company (KenGen) and the power procured from IPPs.
The disparity, which translates to billions of shillings, is reflected in the cost of electricity bills to consumers.
Source: https://energynewsafrica.com
Ghana: Vivo Energy Ghana, World Vision Ghana Sign MoU To Promote Environmental Conservation
Vivo Energy Ghana, the Shell Licensee has signed a Memorandum of Understanding (MoU) with the World Vision Ghana to co-create energy-efficient cookstoves for women in the East Gonja District in the Savannah Region under the Eco-Flame project.
The Eco-Flame project aims to train 200 women on the use of eco-friendly cooking methods, significantly contributing to environmental sustainability, economic savings, and improved health for the people of East Gonja.
This initiative highlights Vivo Energy Ghana’s commitment to sustainability and environmental stewardship as outlined in the organisation’s Sustainability Framework.
The signing ceremony took place at the head office of Vivo Energy Ghana, with the company’s Managing Director, Jean-Michel Arlandis signing on behalf of Vivo Energy Ghana and Madam Laura Cristina DelValle, National Director of World Vision Ghana signing for the company.
Speaking at the signing ceremony, the Managing Director of Vivo Energy Ghana, Jean-Michel Arlandis, expressed his enthusiasm for the project.
He remarked, “It is with immense pleasure that I stand before you today as we embark on an exciting new chapter in our commitment to sustainability and community development.
We gather today to formalize a partnership that represents our dedication to creating a more sustainable future for Ghana.”
“At Vivo Energy Ghana, our mission extends beyond providing energy solutions. We are deeply committed to making a positive impact on the communities we serve and the environment we all share,” he added.
On behalf of World Vision Ghana, the National Director, Laura Cristina DelValle spoke extensively on the significance of the partnership and the positive impact it would have on local communities and the women who will be trained in the production of the eco-friendly cookstoves.
She emphasized the importance of sustainable practices and the role the Eco-Flame project would play in promoting environmental conservation and improving the livelihoods of women in the East Gonja District.
“We are very much delighted to partner Vivo Energy Ghana on such a life changing project that will not only help preserve the forest in Ghana and create job opportunities, but also improve the lives of these women who ordinarily have to inhale smoke on a daily basis, a practice which is harmful to their health, and I am glad we are able to mitigate this through the Eco-Flame project,” she noted.
The Eco-Flame project is a testament to efforts by Vivo Energy Ghana to reduce deforestation in Ghana and promote sustainable cooking practices.
This collaboration between Vivo Energy Ghana and World Vision Ghana is an indication of a shared vision of fostering community development and environmental sustainability.
Source: https://energynewsafrica.com
Two New Nuclear Power Plants Received Core Catchers To The Units
The first large-sized equipment – a core catcher (a part of the Nuclear Power Plant (NPP) passive safety system) was delivered to the construction site of Paks-II Nuclear Power Plant in Hungary.
Earlier this summer, on July 1, 2024, the core catcher for Unit 3 was delivered to the construction site of the El-Dabaa NPP in the Arab Republic of Egypt.
“It is symbolic that the first large-sized equipment which arrived at Paks-II NPP construction site is an element of the passive safety system.
Thus, reliability and safety of the new Hungarian NPP is provided long before the commencement of its operation.
We are making every effort so that at the end of 2024 – beginning of 2025 we can start the construction of the power units and subsequent installation of the core catcher – an important element of the passive safety system of the new Hungarian NPP,” Vitaly Polyanin, Vice President of ASE JSC, Director of Paks-II NPP Construction Project said.
The core catcher is a part of the passive safety system, designed to prevent the release of radioactive substances into the environment in the event of a severe accident accompanied by destruction of the reactor vessel.
The “trap” is a container with a steel casing, which, in the event of an emergency, reliably holds fragments of the core melt and does not allow them to escape beyond the sealed shell of the reactor building.
The components of the core catcher for Paks-II NPP Unit 5 were transported from Russia by water, from Volgodonsk to Paks.
The transportation lasted for 48 days, in total the vessels covered 3200 km.
Specialists perform preparatory works for construction of Unit 5, where the core catcher is intended, according to the schedule.
Currently, soil stabilisation is nearing completion, preparation for ground extraction from the pit to the design elevation of 23 meters is underway, which is a pre-condition for beginning the preparation of the foundation slab and subsequent large-scale works for construction of the new power facility.
Both Paks-II and El-Dabaa NPPs are international projects of Rosatom, a global leader in nuclear technologies.
Top Egyptian, Russian and Hungarian, as well as other countries companies are involved in works at the construction site.
“Our common goal with the general contractor is construction of a safe nuclear power plant within the shortest possible period.
Currently, 900 specialists are engaged at the site,” said Gergely Jákli, President and Director General of Paks II Zrt.
Nuclear energy can be considered as a vital element of the energy mix. Africa is actively engaged in developing nuclear projects across the continent.
Egypt, Ghana, Kenya, Morocco, Niger, Nigeria and Sudan have already engaged with the IAEA to assess their readiness to embark on a nuclear programme.
Algeria, Tunisia, Uganda and Zambia are also mulling the possibility of nuclear power. Ethiopia, Burkina Faso, Mali, the Republic of Guinea, Burundi have signed memorandums with Rosatom to establish strong nuclear energy ties.
Source: https://energynewsafrica.com
Exxon Restarts Illinois Refinery
Exxon has begun to restart some units at its refinery in Joliet, Illinois, after a three-week outage.
The 251,800-bpd facility was shut down in the middle of July following a power outage caused by a storm. The refinery produces about 9 million gallons daily of gasoline and diesel.
“Situations like this take time to recover as they will have to see if the sudden shutdown did damage to any of the units,” an unnamed source close to the company told Reuters at the time.
It later emerged that the power outage had affected 16 units at the refinery, including a vacuum distillation unit and a catalytic cracker unit.
The outage at the Joliet refinery deepened the discount of heavy crude from Canada to West Texas Intermediate because the facility is a major consumer, but the news about its restart tightened the price difference in anticipation of a pickup in demand.
As of the time of writing, the discount had narrowed from about $15 per barrel to some $13 per barrel.
Exxon earlier this month beat Wall Street estimates with the second-highest earnings for the second quarter in a decade as the acquisition of Pioneer Natural Resources fueled a record quarterly production and the highest oil production since the Exxon and Mobil merger.
The company reported last week that its second-quarter 2024 earnings came in at $9.2 billion, or $2.14 per share assuming dilution.
That was higher than the analyst estimate of $2.02 compiled by The Wall Street Journal.
The $60-billion Pioneer acquisition, which Exxon completed during the second quarter, contributed $500 million to earnings in the first two months post-closing with record production, and integration and synergy benefits are exceeding expectations, Exxon said.
The transaction handed Exxon access to over 1.4 million net acres in the Delaware and Midland basins in the Permian.
Source: Oilprice.com
Ghana: Tema ECG To Sanitise Asset Database
The Tema Region of the Electricity Company of Ghana (ECG) has begun a project aimed at sanitising its customer and asset database.
This project will also help automate work processes related to installation, replacements, maintenance works and decommissioning of downstream assets.
It also targets uncaptured meters and individuals connected to the ECG network who are not receiving bills, ensuring they are fully onboard as ECG customers to improve revenue and reduce system losses.
The project, which started in the Nungua District of the Tema Region, is currently ongoing in the Ashaiman District and will be replicated in other districts in the region.
The project implementation involves tagging downstream assets such as low voltage poles, building structures and meters with unique QR codes, as well as updating customer information in the ECG network.
The Project Manager, Mr Charles Obeng, who is also the Director of Project Planning, Monitoring and Evaluation of the ECG, indicated that “an inventory and tagging of assets throughout the district is being done as part of efforts designed to ensure accurate records and effective management of the district assets.”
He added that “customers should collaborate with the personnel who may visit their premises as part of this project.
“The ECG personnel will be working with service persons, interns and some military personnel as part of their on-field study experiences with ECG.”
Source: https://energynewsafrica.com
Ethiopia: Over 580,000 Ethiopians Benefit From Off-Grid Energy Solutions Programme
The Ethiopian Ministry of Water and Energy (MoWE) has revealed that 580,000 citizens of Ethiopia have benefited from the implementation of an off-grid energy solutions programme.
The Minister for Water and Energy, Eng Habtamu Itefa, disclosed this during an interview with the Ethiopian Press Agency (EPA).
He said the country has been working to increase energy supply by integrating renewable sources to meet the growing power demand.
He mentioned that development partners such as the World Bank Group (WBG) and others are ready to support energy sector initiatives in the country.
The MoWE also organised the sector’s structure and trained manpower to exploit solar energy.
Ethiopia is endowed with renewable energy potentials such as water, solar, wind and geothermal energy.
So far, over 92 per cent of the country’s energy production supply comes from hydropower whereas the remaining energy comes from wind and other sources with the capacity to generate over 60, 000MW of electric power, he added.
“Currently, the emerging energy alternative to outreach the rural and remote areas’ growing electricity demand is solar energy.”
Furthermore, the country has been performing various activities to exploit solar energy potential, according to the Minister.
Source: https://energynewsafrica.com
Kenya, Uganda Hold Talks On Fuel Pipeline Extension To Kampala
Kenya and Uganda have initiated discussions to extend a petroleum products pipeline from Eldoret to Kampala, a project aimed at reshaping the region’s fuel import landscape.
According to a report by Kenya Broadcasting Corporation (KBC), Ugandan Energy Minister Ruth Ssentamu visited Kenya last week to meet with Kenyan energy officials, including Principal Secretary Mohammed Liban, and tour the Kenya Pipeline Company (KPC) headquarters.
KPC Managing Director Joe Sang said the extension would bolster Kenya’s position in the petroleum export market, especially in light of Uganda’s recent shift to independent fuel imports. He expressed KPC’s readiness to collaborate with Uganda on the Eldoret-Malaba section of the pipeline.
The project involves Kenya building a multi-product pipeline from Eldoret to the Malaba border, while Uganda constructs a connecting line to Kampala.
There are also plans for a potential extension to Kigali, Rwanda.
Ssentamu said the visit focused on planning the project and gaining insights into KPC’s operations.
Uganda ended its reliance on Kenya for fuel supplies in early July after a deal between the Uganda National Oil Corporation and Vitol Bahrain.
The East African nation aims to secure lower fuel prices while continuing to use Kenya’s Port of Mombasa and KPC infrastructure for transporting products to western Kenya depots.
The pipeline concept was first proposed in 1995 and revived in May following a feasibility study funded by the European Investment Bank.
President William Ruto said in May that Kenya and Uganda would form a joint committee to oversee the project and mobilize resources. Progress reports are expected by the end of the year.
Source: https://energynewsafrica.com
AJERAP Forecasts Oil Prices At $70 – $90, Presents Outlook August 8, 2024
The African Association of Energy Journalists and Publishers, AJERAP, (https://AJERAP.org), has predicted global oil prices to hover between $70 and $90 per barrel in the second half (July – December) of 2024.
The forecast forms part of AJERAP’s report – AFRICA ENERGY OUTLOOK SECOND HALF 2024 – scheduled for unveiling to the African and global community during a webinar at 10 am West Central African Time, on Thursday, August 8, 2024.
The event has Wumi Iledare, Professor Emeritus in Petroleum Economics & Policy, Executive Director, Emmanuel Egbogah Foundation, Abuja, Nigeria; Mr. Haddison Etchuo, Managing Director, IBC Consultancy, United Kingdom; Mrs Cany Job, Director of Exploration and Production, Gambia National Oil Corporation, The Gambia; Mr. NJ Ayuk, Executive Chairman, African Energy Chamber and Mr. Robert Mugabi, Operator/HSE Contractor, Uganda, as panelists.
It will be moderated by Marcia Zali, a South African journalist while the Outlook will be reviewed by Sanna Camara, another journalist based in The Gambia.
Meanwhile, the Outlook, stated: “The prices of many crudes hovered at more than $80 per barrel in the global oil market during the first half (January – June) of 2024.
“In the second half of the year (July – December), the oil market will be unstable with prices hovering between $70 and $90 per barrel, due to dynamics, especially the forces of demand and supply as well as unexpected developments around the world.
“The price level will be sufficient to meet the budget 2024 targets of many African nations, including Nigeria, the continent’s leading producer that had budgeted to produce 1.70 million barrels per day and earn $77.96 per barrel in 2024.
“Other African-producing nations, including Angola, Algeria, Congo, Equatorial Guinea, Gabon and Ghana also stand to earn sufficient foreign exchange from oil exports as the world economic growth forecast for 2024 and 2025 remain at 2.8% and 2.9%, respectively.
“But unforeseen circumstances, especially disruptions in operations that could disrupt production, export and prices remain high, especially in Libya and Nigeria’s Niger Delta.
“This will continue to be fueled by communal disturbances, pipeline vandalism, oil theft, oil spillage and illegal refining, which are still the sad realities in Africa.
“The Organisation of Petroleum Exporting Countries, OPEC, working with non-OPEC producing countries and other stakeholders appears technically ready to initiate options that would restore global market stability.”
Also, the Outlook, which expects much exploration and production activities in Africa in the second half of 2024, stated: “Oil and gas exploration and production will continue in many African nations because of their need to actualize energy security as well as generate foreign exchange to fund development projects and programmes.
“Many exploration and production activities should be expected in many nations, especially Angola, Algeria, Congo, Equatorial Guinea, Gabon, Ghana, The Gambia, Senegal, Uganda, Tanzania and Nigeria.
“The developed Western world will continue to condemn Africa’s commitment to developing its oil and gas potential, mainly through the much-politicized energy transition.
“African countries that heavily rely on natural gas as their transition fuel will execute their energy transition programmes during the period.
“However, lack of adequate funds remains a major constraint as global financial institutions and their partners are opposed to the continued funding of fossil fuel projects.
“This and other constraints could reduce the number of rigs deployed for operations in many African oil and gas countries in the second half of 2024.”
For registration and participation, use this link: https://apo-opa.co/4dy0JS7
AJERAP was established to promote accurate reportage and analysis of the energy and related sectors from an African perspective.
This is expected to assist in achieving not only the ‘just energy transition’ for Africa but also energy security in the continent, which is still struggling to overcome its energy poverty.
The association is committed to promoting professional development and cooperation among its members while encouraging investment, local content development and sustainability in Africa and beyond.
Source: https://energynewsafrica.com