Ghana: BOST Marine Assets Receives Oil And Gas Project Of The Year Award
The Bulk Energy Storage and Transportation Company (BOST) has received the ‘Oil and Gas Company of the Year Award’ at the recent National Project Management Conference & Project Management Excellence Awards ( NPMC & PMEA 2024) at the Rock City Hotel in the Eastern Region.
The award was in recognition of the significant contributions of the revamped marine assets of the company to the economic development of the West African nation.
The theme: ‘Sustainable Project Management Futures: Crafting a Resilient and Inclusive World’, brought together project management professionals to review performance and set new standards for future project management in the country.
BOST Marine Assets plays a crucial role in the supply of petroleum products to northern Ghana.
Source: https://energynewsafrica.com
South Africa: Eskom Blames Illegal Connections For Load Reduction In Rural Limpopo
Several rural communities in Limpopo have accused Eskom of wrongfully implementing load reduction in their areas.
Residents of Ga-Mathabatha Village, near Lebowakgomo, have been experiencing power interruptions for three weeks.
The power utility has implemented load reduction across affected areas due to illegal connections.
Some residents who spoke to SABCnews said they rely on firewood during outages.
According to them, there are no illegal connections where they live.
“We suspect that what is causing Eskom to implement load reduction could be cable theft, some of the criminals in our area steal cables, especially at homes that are abandoned. Actually, the whole issue of electricity started around June.
On the 6th of June until today. So, it has affected us because initially when children have to go to school they normally wash at around seven ‘o’ clock and the people that are working because that is the time they have to wash.”
Eskom spokesperson for Limpopo, Matshidiso Phaladi, says the main cause of load reduction in some areas is illegal connections.
Phaladi says a number of areas, including Botlokwa, parts of Thohoyandou, Zebediela and Burgersfort, have been affected.
“The continued pressures on our transformers and mini substations due to illegal connections and electricity theft, makes it necessary for us to implement load reduction so that we avoid equipment damage. And also ensure security of supply for our customers.
“We are having 75 feeders in the province that are overloaded due to illegal connections.”
Disgruntled communities in Limpopo slam load reduction
Source: https://energynewsafrica.com
To Stem Investment Elsewhere, Nigeria’s Oil Sector Requires Change(Article)
Nigeria, a previous bright spot on big oil and gas investors’ radar screens, has dimmed substantially as investor attention is increasingly drawn to new and emerging developments in Namibia, Ivory Coast, Angola, and the Republic of Congo.
With two-thirds or more of its revenue coming from oil, investor flight is a serious problem for Nigeria.
Divestments: The Reasons And The Buyers
Big foreign players, including TotalEnergies and Shell, are exiting or shifting their priorities in Nigeria, rattled by a variety of deleterious forces: an uninviting regulatory environment, lack of transparency, safety issues, vandalism, and theft, among other factors.
For a country whose economy is dependent on fossil fuels, this divestment by majors, totaling around £17 billion since 2006, is catastrophic.
Nigeria’s 37 trillion barrels of reserves can do the country no good underground. Among those looking to pull out of the country, at least in part, is France’s TotalEnergies.
The company is seeking to sell its share of Shell Petroleum Development Company of Nigeria, Limited (SPDC), although it will continue to have 18% of its investments in Nigeria.
TotalEnergies CEO Patrick Pouyanne says his company hasn’t explored for oil in Nigeria for 12 years, explaining, “There is always a new legislature in Nigeria about a new petroleum law.
“When you have such permanent debates, it’s difficult for investors looking for long-term structure to know what direction to go.”
TotalEnergies’ stance highlights the obvious — investors want predictable environments and simple, trustworthy systems of regulation.
A dearth of these factors seems to have trumped the fact that Nigeria yet contains large reserves that could be tapped.
Five global oil companies are still working in the country, but three of those — Shell, Eni, and ExxonMobil — are selling in-country assets valued at £1.8 billion, £4 billion, and £11.9 billion, respectively.
Both Shell and Eni have stated an intent to continue operating in Nigeria’s offshore sector, and ExxonMobil has expressed a commitment to continued investment in Nigeria.
Nigerian companies such as Seplat, Aiteo, and Eroton have moved quickly to buy divested assets.
So has the Nigerian government, which has been named top bidder for 57 oilfields and granted licenses to 130 firms for development.
I am pleased to see indigenous companies seizing these opportunities created by divestments.
I also urge them to take serious measures to control emissions and limit flaring, as large international firms have.
In doing so, they will be taking care of their own families, neighbors, friends, and fellow citizens, while building top-notch reputations.
Large or small companies — Nigeria must never choose one or the other. International oil companies, national oil companies, independents, and indigenous companies all have important roles to play in Nigeria’s economic growth.
Where The Investments Are Going
As I said, Ivory Coast, Namibia, the Republic of Congo, and Angola are drawing investors’ attention away from Nigeria.
Shell is pursuing deepwater blocks in Ivory Coast for exploration, while large Italian firm Eni has just added offshore Block CI-205 to its vast Murene Bailene discovery of 2021.
Production from the Baleine discovery has shot Ivory Coast’s production to 30,000 barrels per day (bpd), a number that is expected to rise an astonishing 556% to 200,000 bpd by 2027.
All of this is happening while Ivory Coast is successfully emphasizing carbon-reducing technologies and natural gas as a transition fuel.
Overseas investment has also spurred significant recent discoveries in Namibia, earning the country the nickname, “new Guyana.”
(That South American country’s crude oil production soared by a yearly average of 98,000 bpd from 2020 to 2023, making Guyana the third-fastest growing non-OPEC oil-producing country.)
Notable among recent Namibian discoveries is TotalEnergies’ Venus Discovery, for which the French major is seeking approval to move ahead by the close of 2025.
Venus is expected to produce up to 180,000 bpd of oil.
TotalEnergies is also looking to invest $600 million in exploration and production in the Republic of Congo’s Moho Nord deep offshore field this year.
As I have said before, this kind of investment is evidence that the company is in the Republic of Congo to stay.
Angola, too, has become a major investment site for TotalEnergies. The firm’s CEO has said it will invest $6 billion in energy in Angola, as “a country with a more stable policy framework.”
Nigerian Reforms and Rules Changes
March 2024 brought some much-needed federal policy reforms to Nigeria’s petroleum industry in the form of presidential executive orders and policy directives.
The reforms are aimed at improving the country’s investment environment and reinvigorating growth in its petroleum industry.
The changes include investor tax credits, an investment allowance, simplifying contracting procedures, and easing local content rules.
The tax credits apply to non-associated gas greenfields — that is, new ventures — both onshore and in shallow water and vary according to hydrocarbon liquids (HCL) content.
The credit becomes an allowance after 10 years, making it an ongoing investment incentive.
A 25% investment allowance has also been added for qualified capital expenditures (QCEs) on plants and equipment, cutting down on large capital outlays and thus encouraging industry growth and improvement.
Changes in third-party contracting aim to decrease both contracting costs and the time it takes for companies to get to production.
The new rules encompass financial approval thresholds, consent timelines, and contract duration.
The requirements call for only one level of approval at each contract stage and establish time limits for completion of approvals.
Local content requirements have also been modified to take local capacity into account, enabling investors to keep their projects cost competitive.
Overall, the executive orders help clear up the regulatory fog that has been discouraging major investment and will hopefully help the country regain its status among investors.
The Economy and the New Licensing Round
It’s been estimated that Nigeria requires USD 25 billion of investment per year to keep its production at 2 million bpd — a level that will sustain the nation’s economy.
Historically, 2014 marked the peak of investment in Nigerian oil at USD 22.1 billion.
The federal government is strategizing for increased oil production to meet this fiscal need in an environment where vandals have attacked pipelines and stolen oil — factors the government has claimed as reasons it has fallen short of its 1.5 million bpd OPEC quota.
(Though not by much: for example, production in March 2024 declined from 1.47 million bpd to 1.45 million bpd, according to S&P Global Commodity Insights.)
Looking to improve those figures in the remainder of 2024, the government’s target is 1.78 million bpd.
Although recent problems on the Trans Niger Pipeline and maintenance by oil companies have dropped output, President Bola Tinubu expects a return to target levels.
By using every available well to increase production and revenue, the government aspires to increase crude production to 2.6 million bpd by 2027.
In April 2024, Nigeria began a new oil and gas licensing round, with an attached promise to investors that the process would be transparent.
The new round is intended to help stem the flow of investments to African competitors like Angola and Namibia by easing the process of acquiring oil blocks.
The new licensing round offers 19 onshore and deepwater oil blocks, plus an additional 17 deep offshore blocks.
These were chosen for their attractiveness to foreign investors who have both the necessary finances and technical savvy to develop the areas.
Successful bidders will be held to precise exploration timelines.
Bidding had begun on seven offshore blocks in 2022 but was delayed for the installation of a new government — just the sort of shaky situation large foreign investors like to avoid.
With that experience in mind, Nigeria must work tirelessly to mitigate not only government instability, but other factors that discourage investment, be they regulatory hurdles, lack of transparency, or safety and security issues.
Source: NJ Ayuk, Chairman of African Energy Chamber
Ghana: VRA Meets Interior Ministry And Security Agencies On Emergency Preparedness
The Volta River Authority (VRA), managers of the Kpong and Akosombo Hydroelectric Dams, has held its annual stakeholders’ engagements with security services as part of its Emergency Preparedness Plan.
The officials of VRA, led by the Deputy Chief Executive (Services), Ing Ken Arthur, met with the Minister of Interior, Henry Quartey, and representatives from the various security agencies.
The meeting followed the Volta River Authority’s ongoing sensitisation efforts in downstream communities south of the Akosombo Dam, which were impacted by the spillage last year.
The VRA has, so far, engaged traditional authorities, religious leaders and opinion leaders in the ten impacted districts–East Ada, West Ada, Shai-Osudoku, Asuogyaman, Lower Manya Krobo, North Tongu, Central Tongu, South Tongu, Keta and Anloga–in the Greater Accra, Eastern and Volta Regions.
Tabling the issues, Ing Arthur explained that stakeholder engagement and community sensitisation have become necessary due to the rainy season and the anticipated volumes that could occur.
He stated that the precautionary discharge could become a necessity if the volume of rains goes up, even though the current level of water in the Akosombo Dam is relatively lower than the same time last year.
On the part of the security agencies, the representatives assured of their readiness and support should there be a need for a precautionary discharge.
Present at the meeting included the Deputy Minister, the Honourable Naana Eyiah, Ag. Chief Director at the Ministry of Interior, Doreen Annan, and the Technical Advisor at the Ministry of the Interior, Samuel Amankwah.
Source: https://energynewsafrica.com
Ghana: Minister, ERERA Chairman, Others Rally For Energy Security In West Africa
The 9th Forum of the ECOWAS Regional Electricity Regulatory Authority (ERERA) opened on July 24, 2024, in Accra, Ghana with a resounding call for increased regional cooperation to address the complex challenges of electricity trade security in West Africa.
High-level officials, industry experts, and international partners are gathered to discuss the theme, “Electricity Trade Security in ECOWAS Region: The Interplay Between National Policies and Free Market Principles.”
In his keynote address, the Minister of State at the Ministry of Energy, Ghana, Mr. Herbert Krapa, emphasized the critical role of energy security in the region’s development.
He stated, “Energy security has become a central theme in all geo-political debates due to its critical role in shaping the economic, political, and strategic interests of nations.
“For West Africa, harnessing its energy resources effectively is crucial for domestic development but also for our role in global energy markets.”
Mr Krapa highlighted the importance of international relations in attracting investments, saying, “Political stability, robust diplomatic relations, and transparent regulatory frameworks are crucial factors that attract international investors by mitigating risks and providing a predictable business environment.”
The Minister went on to discuss several key aspects of energy security in the region. He emphasized the application of free market principles in the West African electricity sector and the need to balance national energy security with regional trade benefits.
Mr Krapa also stressed the importance of harmonizing national policies and regulations to create a more cohesive regional approach.
Furthermore, he highlighted the role of technological innovations and infrastructure development in enhancing energy security, as well as strategies for attracting investments in cross-border electricity infrastructure.
Mr Krapa concluded his address by saying, “By embracing these principles, West Africa can harness its energy potential to drive economic growth, enhance regional stability, and contribute to global energy security.”
Engr. Kocou Laurent Rodrigue Tossou, Chairman of ERERA, echoed these sentiments in his address, stressing the need for a unified approach to energy challenges.
He remarked, “We must strive to be interdependent in energy supply and our actions to address future global challenges and conditions. We must work together to build infrastructure and electricity systems that adapt to all our needs.”
Engr. Tossou also addressed the current global energy crisis, stating, “We are facing increasing pressure on oil and gas prices, which also increases the cost of energy supply in our Member States and production costs for our electricity companies.
As a result, we face rising commodity supply costs and inflation, affecting our economies’ competitiveness and growth.”
Chairman Tossou reinforced the message of regional cooperation, adding: “We must collectively identify innovative financing options for our energy projects and define development objectives and policies for our countries emphasizing the energy sector.”
The forum was organized in collaboration with Ghanas Energy Commission and the Public Utilities Regulatory Commission (PURC) with the support of various partners, including the European Union, the United States Agency for International Development (USAID), the African Development Bank (AfDB), the German International Cooperation (GIZ), and the Tony Blair Institute.
Their continued commitment to the region’s energy sector development was acknowledged and appreciated by all participants.
Source: https://energynewsafrica.com
Ghana: NPA Boss Sweeps Two Awards At The Ghana CEO Awards 2024
The Chief Executive Officer of the National Petroleum Authority (NPA), Dr. Mustapha Abdul-Hamid has been awarded CEO of the Year Oil and Gas (Downstream) and the CEO of the Year Public Sector, respectively at the 3rd edition of the Ghana CEO awards 2024, held at the Kempinski Hotel Gold Coast City in Accra.
Both awards were given to Dr. Mustapha Abdul- Hamid in recognition for his exceptional business practices, achievements, and leadership qualities exhibited at the National Petroleum Authority (NPA) in driving economic growth while making meaningful contributions to the overall economy.
It will be recalled that the NPA Boss was adjudged the Best CEO of the year 2023, and also, in 2022, he received the Outstanding Public Sector CEO’s Award.
This year, however, Dr. Abdul -Hamid carried home two different awards – CEO of the Year Oil and Gas (Downstream) and the CEO of the Year Public Sector, crowning his hardwork and examplarly leadership as the CEO of the National Petroleum Authority (NPA).
In his remarks, the Chief Executive Officer of the National Petroleum Authority( NPA), who doubles as the President of the Africa Refiners and distributors Association (ARDA) Dr. Mustapha Abdul- Hamid dedicated the two awards to the Directors, Departmental heads as well as Management, and staff of the NPA for their hard work and dedication towards the tenet and vision of the National Petroleum Authority.
He said, this year’s theme, “CEO’s for Climate: Steering Towards a Greener Future” is timely and appropriate, given that global warming and climate change has been at the top on the government of Ghana’s agenda in recent years.
According to him, energy solutions that addresses developmental issues related to economic growth, environmental, and social equity are simultaneously needed by developing nations
Dr. Mustapha Abdul-Hamid, therefore, affirmed the NPA’s commitment to ensuring Ghana achieves its target of cleaner energy levels by 2030.
Adding that, the National Petroleum Authority (NPA) guided by Act 691 will continue to supervise the downstream industry to supply environmentally sustainable oil and gas products to consumers.
This year’s award brought together individuals demonstrated to be a model of business excellence in the private and public sector to recognize their significant role in driving economic growth while making meaningful changes in Ghana’s economy.
The Guest of Honour, Vice President of the Republic of Ghana Dr. Mahamadu Bawumia, whose speech was read on his behalf by the Minister of Information, Hajia Fatimatu Abubakar, acknowledged the immense contributions the private and public sector have made over the years to Ghana’s economy.
He urged them to also support the government in it quest to achieve a greener future in Ghana.
The CEO of the Year Awards is an annual prestigious celebration meant to acknowledge individuals who embody exceptional business practices, achievements, and leadership qualities in Ghana.
This prestigious accolade recognizes their significant role in driving economic growth while making meaningful contributions to the economy.
Source: https://energynewsafrica.com
TAFE Announces New Nuclear Fusion Technology
The Tomoiu Advance Fusion Energy Corp (TAFE), led by principal scientist Constantin Tomoiu, a pioneering inventor, has announced that it has successfully developed the nuclear fusion technology called Tomoiu Internal Confinement Fusion (TICF).
Tomoiu Internal Confinement Fusion, TICF is the only working technology in the energy development sector able to harness nuclear fusion energy in a controlled and continuous manner.
Tomoiu is poised to introduce TICF to the world, as it faces the energy crisis and climate change.
“The technology is fully developed and ready to power the world with clean and limitless energy,” said Tomoiu.
“TICF is the key to saving our planet. TICF is not a concept or a promise, it is a reality and ready to significantly improve the environment in use as a clean source of power.”
Tomoiu added, “Now that the working fusion technology is up and running, I am seeking investor partners to bring the technology into commercial production.”
TICF is a hybrid chemical-thermonuclear fusion process. It does not use electric energy or any external source of energy to heat, compress, and confine simultaneously multiple micro-plasmas.
TICF does not use Deuterium and Tritium. Tritium is radioactive and harmful to the environment.
From April 2013 to March 2022, Tomoiu developed ten reactors that were independently tested at the University of Maryland and City University of NY (CUNY).
Five additional independent laboratories have reported the generation of continuous net energy.
Documentation of more than two thousand certified pages, collected from laboratory testers include reports, PowerPoint presentations, and collected data.
The success and merit of TICF technology is being celebrated by all who have evaluated the sustainable energy source.
Source: https://energynewsafrica.com
Global Electricity Demand Set To Rise Strongly In 2024 And 2025
Global electricity demand is forecast to grow by around 4% in 2024, up from 2.5% in 2023, the IEA’s Electricity Mid-Year Update finds.
This would represent the highest annual growth rate since 2007, excluding the exceptional rebounds seen in the wake of the global financial crisis and the Covid-19 pandemic.
The strong increase in global electricity consumption is set to continue into 2025, with growth around 4% again, according to the report.
Renewable sources of electricity are also set to expand rapidly this year and next, with their share of global electricity supply forecast to rise from 30% in 2023 to 35% in 2025.
The amount of electricity generated by renewables worldwide in 2025 is forecast to eclipse the amount generated by coal for the first time. Solar PV alone is expected to meet roughly half of the growth in global electricity demand over 2024 and 2025 – with solar and wind combined meeting as much as three-quarters of the growth.
Despite the sharp increases in renewables, global power generation from coal is unlikely to decline this year due to the strong growth in demand, especially in China and India, according to the report.
As a result, carbon dioxide (CO2) emissions from the global power sector are plateauing, with a slight increase in 2024 followed by a decline in 2025.
However, considerable uncertainties remain: Chinese hydropower production recovered strongly in the first half of 2024 from its 2023 low. If this upward trend continues in the second half of the year, it could curb coal-fired power generation and result in a slight decline in global power sector emissions in 2024.
Some of the world’s major economies are registering particularly strong increases in electricity consumption.
Demand in India is expected to surge by a massive 8% this year, driven by strong economic activity and powerful heatwaves.
China is also set to see significant demand growth of more than 6%, as a result of robust activity in the services industries and various industrial sectors, including the manufacturing of clean energy technologies.
After declining in 2023 amid mild weather, electricity demand in the United States is forecast to rebound this year by 3% amid steady economic growth, rising demand for cooling and an expanding data centre sector.
By contrast, the European Union will see a more modest recovery in electricity demand, with growth forecast at 1.7%, following two consecutive years of contraction amid the impacts of the energy crisis.
In many parts of the world, increasing use of air-conditioning will remain a significant driver of electricity demand. Multiple regions faced intense heatwaves in the first half of 2024, which elevated demand and put electricity systems under strain, the report finds.
“Growth in global electricity demand this year and next is set to be among the fastest in the past two decades, highlighting the growing role of electricity in our economies as well as the impacts of severe heatwaves,” said Keisuke Sadamori, IEA Director of Energy Markets and Security.
“It’s encouraging to see clean energy’s share of the electricity mix continuing to rise, but this needs to happen at a much faster rate to meet international energy and climate goals. At the same time, it’s crucial to expand and reinforce grids to provide citizens with secure and reliable electricity supply – and to implement higher energy efficiency standards to reduce the impacts of increased cooling demand on power systems.”
With the rise of artificial intelligence (AI), the electricity demand of data centres is drawing increased attention, underscoring the need for more reliable data and better stocktaking measures.
The report highlights the wide range of uncertainties concerning the electricity demand of data centres, including the pace of deployment, the diverse and expanding uses of AI, and the potential for energy efficiency improvements. Better collection of electricity consumption data of the data centre sector will be essential to identify past developments correctly and to better understand future trends.
The IEA has been a frontrunner in studying the links between the energy sector and digitalisation.
To explore the opportunities and challenges ahead, the IEA has launched a major new initiative: Energy for AI & AI for Energy.
As part of this initiative, the IEA will consult with governments, industry, researchers and civil society experts. A major milestone will be the Global Conference on Energy and AI, taking place in Paris on 5 December 2024.
Oil Spill Detected After Tanker Carrying 1.4 Million Litres Of Fuel Oil Capsizes Off Manila
Philippine-flagged tanker Terra Nova carrying 1.4 million litres of industrial fuel oil capsized and sank off Manila on Thursday (25 July), raising fears of a major oil spill in Manila Bay.
According to the Philippine Coast Guard, the incident took place 3.6 nautical miles east of Lamao Point, Limay, Bataan, at around 1.10am when it was heading to Iloilo as its port of destination.
CG Rear Admiral Balilo said 16 of the 17 crew on board have been rescued. Four of the 16 rescued individuals received further medical attention.
The Coast Guard Aviation Command also performed an aerial survey as part of the ongoing oil spill response operations.
The deployed aerial asset monitored an oil spill 5.6 nautical miles east off Lamao Point with an estimated coverage (length) of two nautical miles carried by strong current heading east to northeast.
Marine environmental protection personnel have also been mobilised to combat the oil spill.
The Coast Guard, in a later update, said three 44-meter multi-role response vessels (MRRVs) were deployed to augment the ongoing oil spill response operations in Bataan.
“These vessels will start the application of oil dispersants to immediately mitigate impact, especially during the period where siphoning is being prepared,” CG Admiral Gavan explained.
“The PCG sets an operational target of seven days to finish siphoning the oil from the sunken tanker to stop further spread,” the Coast Guard Commandant furthered.
“The vessel sunk 34 meters deep which is considerably shallow. Siphoning will not be very technical and can be done quickly to protect the vicinity waters of Bataan and Manila Bay against environmental, social, economic, financial, and political impacts,” CG Rear Admiral Balilo said.
At around 3pm on 25 July, the Coast Guard reported that the body of Terra Nova’s missing crew was found in the vicinity waters off Limay, Bataan.
Source: Manifoldtimes.com
Ghana: Africa’s Largest Single Rooftop Solar Project Commissioned In Tema
Ghana’s renewable energy sector has been boosted with the commissioning of 16.8 megawatts rooftop solar project, which is the largest in Africa in Tema Freezone Enclave.
The $17 million project which is owned by Helios Solar Energy, a subsidiary of LMI Holdings, Ghana, a private firm, is mounted across a rooftop area of 95,754 m² on a Mega Warehouse which is also the largest warehouse in Africa.
The solar system is projected to produce 24,750 MWh of clean, stable, and sustainable electricity annually. It will provide power to businesses operating within the Tema Free Zones.
The project was fully funded by the International Finance Corporation (IFC) as part of a $30 million clean power and water deal with LMI Holdings.
The project was engineered by Ghanaian -based firms Dutch and Co.(D&C) for the photovoltaic (PV) and Blossom Enbel Ventures Limited (BEVL) led by Engr. Joseph Makinde, who is the Company CEO, and Lead Project Manager responsible for the grid interconnection.
These firms served as the Engineering, Procurement, and Construction (EPC) contractors. Their combined expertise ensured the project adhered to international standards and significantly advanced Ghana’s renewable energy infrastructure.
The construction, installation and connection of the entire project was done by Ghanaian engineers and technicians.
Currently, Ghana’s total solar projects capacity stands at 186.9 megawatts peak, including those executed by private developers and state agencies.
Speaking at the commissioning of the project on Thursday, July 25, 2024, Mr. Herbert Krapa assured the audience that the government would continue to provide the enabling environment and policies for more private sector participation in renewable energy projects.
He said the project is significant because it underscored the power of the private sector in contributing to the government’s agenda of bringing growth, prosperity and development to Ghanaians.
Mr. Krapa said the government could provide some funding, but the biggest funding must come from the private sector, adding that the project points the private sector in the direction it needs to go to support the government’s vision of achieving 10% renewable energy sources in the nation’s energy generation mix by 2030.
He said the $17 million project, financed by the International Finance Corporation (IFC) of the IMF Group which covered an area of one million square metres, was a clear indication that there is room for more private sector players who are interested in supporting the government to meet its target.
These players, Mr. Krapa added, should take a cue from the private sector and reach out and partner the government “to ensure that together we are able to achieve that vision.”
Mr. Krapa indicated that the project would have a positive socio-economic impact, noting that “by this project you are creating greener and sustainable jobs for our people and helping us to meet our nationally determined contributions under the Paris Agreement.”
He also stated that the project would help to introduce skills and technology to young engineers as part of the development and maintenance.
He added that the solar project would also contribute significantly to improve the standard of living of the workers, adding that “the government is equally proud of you for that contribution.”
Regarding its impact on industry, Mr. Krapa said it would contribute to a reduction in cost of power and position the manufacturing sector in a competitive level since over time, solar energy leads to reduced cost in the mix.
“You are helping to power industry and you are helping industry to also meet their green credentials,” he said.
Mr. Krapa said the project feeds into the government’s overall vision for the power sector and more specifically the renewable energy vision.
“Government is alive to its ethical responsibility that we have to help protect the planet; we have come up with a national energy transition framework which we did consulting across all 16 regions and have concluded that by 2060 we should have walked a net zero pathway,” he added.
He announced that the government had modelled the National Energy Transition Framework into an investment plan which President Akufo-Addo launched on the sidelines of the United Nations (UN) General Assembly last year.
He said a significant number of projects are required to be executed for the implementation plan to see the light of day.
This project stands as a shining example of how private enterprises can lead the charge in driving environmental stewardship and aligning our operations with international standards for sustainability,” the Chief Executive of the Free Zones Authority, Mike Aaron Oquaye Jnr, said.
Mr Oquaye indicated that in a world increasingly focused on the implications of climate change, investments in renewable energy were not just desirable, they were imperative, adding that “Embracing this forward-thinking approach keeps us in step with our global counterparts and sets a benchmark for others to follow”.
The Managing Director of LMI, Adlai Opoku-Boamah, described the 16.8MW plant as the first step because the company was aiming at a target of 1000 megawatts of solar energy production by 2030 and as a first move, it had secured 200 acres of land for that.
He added that it had secured $110 million from IFC for the development of another 150 megawatts in the interim, and that the purpose was to drive industrialisation and prosperity.
Source: https://energynewsafrica.com
Mr. Krapa indicated that the project would have a positive socio-economic impact, noting that “by this project you are creating greener and sustainable jobs for our people and helping us to meet our nationally determined contributions under the Paris Agreement.”
He also stated that the project would help to introduce skills and technology to young engineers as part of the development and maintenance.
He added that the solar project would also contribute significantly to improve the standard of living of the workers, adding that “the government is equally proud of you for that contribution.”
Regarding its impact on industry, Mr. Krapa said it would contribute to a reduction in cost of power and position the manufacturing sector in a competitive level since over time, solar energy leads to reduced cost in the mix.
“You are helping to power industry and you are helping industry to also meet their green credentials,” he said.
Mr. Krapa said the project feeds into the government’s overall vision for the power sector and more specifically the renewable energy vision.
“Government is alive to its ethical responsibility that we have to help protect the planet; we have come up with a national energy transition framework which we did consulting across all 16 regions and have concluded that by 2060 we should have walked a net zero pathway,” he added.
He announced that the government had modelled the National Energy Transition Framework into an investment plan which President Akufo-Addo launched on the sidelines of the United Nations (UN) General Assembly last year.
He said a significant number of projects are required to be executed for the implementation plan to see the light of day.
This project stands as a shining example of how private enterprises can lead the charge in driving environmental stewardship and aligning our operations with international standards for sustainability,” the Chief Executive of the Free Zones Authority, Mike Aaron Oquaye Jnr, said.
Mr Oquaye indicated that in a world increasingly focused on the implications of climate change, investments in renewable energy were not just desirable, they were imperative, adding that “Embracing this forward-thinking approach keeps us in step with our global counterparts and sets a benchmark for others to follow”.
The Managing Director of LMI, Adlai Opoku-Boamah, described the 16.8MW plant as the first step because the company was aiming at a target of 1000 megawatts of solar energy production by 2030 and as a first move, it had secured 200 acres of land for that.
He added that it had secured $110 million from IFC for the development of another 150 megawatts in the interim, and that the purpose was to drive industrialisation and prosperity.
Source: https://energynewsafrica.com Nigeria: Eni Receives Approval To Sell NAOC To OANDO
Italian oil and gas firm, Eni has received formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of NAOC Ltd to Oando Plc.
Having already obtained all other relevant local and regulatory authorities’ authorizations, this achievement will allow Eni to proceed to the completion of the transaction for the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), Eni’s wholly owned subsidiary focusing on onshore oil & gas exploration and production as well as power generation in Nigeria, to Oando PLC, Nigeria’s leading national energy solutions provider, listed on both the Nigerian and Johannesburg Stock Exchange.
NAOC Ltd participating interest in SPDC JV (Shell Production Development Company Joint Venture – operator Shell 30%, TotalEnergies 10%, NAOC 5%, NNPC 55%) is not included in the perimeter of the transaction and will be retained in Eni’s portfolio.
Eni remains committed to the country through investments in deepwater projects and Nigeria LNG.
Furthermore, the company is developing plans for economic diversification in the country which include assessing the potential production of agri-feedstock for Enilive biorefineries and various nature- and technology-based projects, such as clean cooking initiatives, to offset emissions.
Eni has been operating in Nigeria since 1962, actively engaging in hydrocarbon exploration and production, as well as power generation.
Currently, Eni has a substantial portfolio of assets in exploration and production, with an equity production of approximately 40,000 barrels of oil equivalent per day net of NAOC contribution.
Eni also holds a 10.4% interest in Nigeria LNG.
Source: https://energynewsafrica.com
Egypt: Gov’t Raises Fuel Prices To Lock In IMF Loan Tranche
Egypt is raising fuel prices for the second time in four months, fulfilling an economic reform condition set by the International Monetary Fund (IMF) to unlock hundreds of millions in new loans.
Egypt’s official gazette reported an up to 15 percent price hike for petrol on Thursday, four days before the IMF is to review its $8billion loan programme, the next tranche of which is $820m.
The new prices will take effect on Friday, said Egypt’s Ministry of Petroleum and Mineral Resources.
Petrol prices jumped about 15 percent and will now range from 12.25-15 pounds ($0.25-$0.31) per litre.
The decision will also make diesel, one of Egypt’s most commonly used fuels, costlier, taking its price from 10 Egyptian pounds ($0.21) to 11.50 pounds ($0.24).
As part of its IMF bailout deal, Egypt agreed to gradually slash fuel subsidies, which take up a chunk of its cash-strapped budget.
Egypt introduced an initial round of price hikes in March to bring domestic prices somewhat in line with those in international markets.
It aims to fully remove fuel subsidies by the end of 2025, according to government spokesperson Mohamed el-Homossan.
The move comes as Egypt battles its worst economic crisis in more than a decade, with ballooning foreign debt driving up inflation and causing several consecutive devaluations of the local currency.
Inflation peaked at nearly 40 percent last year, before winding down to 27.5 percent in June.
Nearly 30 percent of Egyptians live in poverty, according to official figures.
Alongside the economic crisis, Egypt has also been caught in regional tensions, with bloody wars raging in neighbouring Gaza and Sudan.
Attacks by Yemen’s Iran-aligned Houthis on shipping around the Red Sea have also hit revenues from Egypt’s Suez Canal, recording a 23.4 percent drop in the 2023-24 fiscal year compared with the previous one.
The IMF has demanded Egypt implement wide-ranging reforms to reset its economy, including shifting to a liberal exchange regime, reducing government spending and incentivising private investment.
Source: Aljazeera
Ghana: Addressing Energy Supply Security In West Africa Requires Holistic Approach–Krapa
The Minister of State at the Ministry of Energy in the Republic of Ghana, Herbert Krapa, has highlighted the energy security challenges in the West African sub-region, with a call for a holistic approach that addresses geopolitical dynamics, promotes sustainable development and fosters regional integration.
This, he said, would help the sub-region to harness its energy potential to drive economic growth, enhance regional stability and contribute to global energy security.
Currently, West Africa has a total population of 451,486,444 people, per the United States estimate.
However, out of this, only 42 per cent have access to electricity.
Security of electricity supply is one of the major challenges in the sub-region, despite the region’s vast energy resources, including oil and natural gas, sunshine, wind and hydro.
Speaking on ‘Geopolitical Dynamics and Energy Security: Implications for the West Africa Region’ at the 9th ERERA Regional Electricity Forum in Accra, the capital of Ghana, Mr Krapa mentioned that energy security has become a central theme in all geo-political debates due to its critical role in shaping the economic, political and strategic interests of nations.
He opined that every nation’s energy security is based on the assurance and diversity of fuel supply, reliability of energy infrastructure and financial viability of the energy sector.
He noted that there is a linkage between energy and national security.
“Stability of energy supply is not merely an economic concern but a fundamental pillar of national and regional security,” he said.
Mr Krapa said harnessing West Africa’s energy resources effectively is crucial for domestic development but was of the view that understanding the dynamics of electricity trade security in the ECOWAS region is important for several reasons, particularly in the regional context.
Touching on factors which are essential to attracting investments into the energy sector, Mr Krapa mentioned political stability, robust diplomatic relations and transparent regulatory frameworks as crucial factors that attract international investors.
Conversely, he said geopolitical tensions, inconsistent policies and inadequate infrastructure can deter investments, highlighting the need for cohesive international relations strategies that promote stability, cooperation and sustainable development across the region.
He called on West African nations to prioritise regional integration and multilateral partnerships to enhance energy security and resilience.
“By fostering dialogue and cooperation, countries can collectively address common challenges, leverage shared resources and promote stability and prosperity across the region,” he concluded.
In a welcome address, Chairman of ERERA Mr. Kocou Laurent Rodrigue Tossou said holding the forum after the 23rd CCRO was a continuation of consultations, which is an integral part of ERERA’s approach.
The forum brought together power sector generators and regulators such as the ministries in charge of energy, parliamentarians, the academia and researchers, consumer groups and other civil society organisations, investors and technical and financial partners on the current concerns of the regulation of the electricity sector in West Africa.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com Nigeria: Navy Swoops On Illegal Bunkering Site In Private Residence
Nigeria’s Navy has apprehended two suspected oil thieves operating an illegal bunkering site concealed in their private residence in Rivers State.
According to News Agency of Nigeria (NAN), the Navy discovered 200,000 litres of illegally refined diesel stored at a site in the Okwuzi community of Ogba/Egbema/Ndoni Local Government Area of Rivers.
“The operation was conducted based on credible intelligence, leading us to a private compound used solely for illegal refining of petroleum products.
“About 200,000 litres of illegally refined diesel, bagged in sacks, are suspected to be a product of crude oil siphoned from pipelines in the area,” Desmond Igbo, Commander, Nigeria Navy Ship (NNS) Pathfinder in Port Harcourt, said on Wednesday, when he took reporters to the site.
Mr Igbo described the operation as timely, adding that the product was already packaged for sale.
“We arrested the owner of the property and one of his workers, while efforts are ongoing to arrest others involved in the criminal act.
“It would be recalled that a few weeks ago, the Nigerian Navy relaunched phase three of Operation Delta Sanity aimed at curbing crude oil theft, illegal bunkering and related illicit activities in the Niger Delta.
“The stealing of crude oil is bad for the economy and so NNS Pathfinder is determined to apprehend those undermining the nation’s economy, whether on land or water,” Mr Igbo said.
He further said the suspects would be handed over to the prosecuting agencies.
According to him, the illegal bunkering site has been sealed while investigation has commenced.
He said the Navy had been challenged to increase the country’s crude oil output to meet the OPEC quota of 1.5 million barrels per day for this year.
Mr Igbo said the Chief of Naval Staff, Emmanual Ogalla, had charged naval forces to enhance surveillance around the oil installations to meet the target.
“Therefore, youths are cautioned to avoid being used as tools for sabotaging the nation’s economy through oil theft, pipeline vandalism, illegal bunkering and other illegal activities,” he said.
Source:https://energynewsafrica.com