Source: https://energynewsafrica.com Zambia: Zesco Releases New Load Rationing Timetable
Zambia’s power utility company, Zesco Limited, has issued a new load rationing timetable effective July 1, 2024, to guide electricity consumers.
Some areas will experience outages for about twelve hours while other areas will experience more than fifteen hours.
A statement issued by Zesco’s Corporate Affairs on Tuesday, July 2, 2024, urged Zambians to download the ‘My ZESCO Mobile App’ which has been upgraded to include a load rationing schedule to guide them.
The corporation also urged Zambians to practice energy efficiency by turning off non-essential appliances and using energy-efficient devices.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com Saudi Arabia: Major Oil, Gas Discovered
Saudi Arabia on Monday announced the discovery of seven oil and natural gas deposits in the country’s Eastern Province.
The discovery was made by Aramco, Saudi Arabia’s state-owned oil company, Saudi Energy Minister Prince Abdulaziz bin Salman said in a statement cited by the state news agency SPA.
Aramco “has discovered two unconventional oil fields, one Arabian light oil reservoir, two natural gas fields, and two natural gas reservoirs in the Eastern Province and the Empty Quarter,” he added.
Saudi Arabia is the world’s largest crude oil exporter and leader of the Organization of Petroleum Exporting Countries (OPEC).
Aramco’s oil production hit 500,000 barrels per day (bpd) in 1949, and the company currently produces around 9 million bpd, making it one of the world’s largest oil producers.
Source: https://energynewsafrica.com
South Africa: SolarAfrica Energy Launches Landmark 1 GW Solar Farm Project In Northern Cape
SolarAfrica Energy has officially commenced construction of its first utility-scale solar farm, SunCentral, in the Northern Cape.
Phase 1 of this ambitious project will generate around 342 MW, with subsequent phases increasing the total capacity to 1 GW, making it one of the largest solar projects in South Africa.
David McDonald, CEO of SolarAfrica Energy, highlighted the importance of collaboration during the groundbreaking ceremony. “A project of this magnitude wouldn’t have been possible without the power of partnerships. Eskom’s dedication to partnering with the private sector has been instrumental in addressing South Africa’s power generation struggles,” McDonald said.
Representatives from Emthanjeni Municipality and Business Chamber were present, with Mayor Lulamile Nkumbi expressing strong support for the project and the importance of transparent communication among stakeholders.
Originally developed by Soventix South Africa for the Renewable Energy Independent Power Producer Procurement Programme (REIPPP), the project rights were sold to SolarAfrica.
Soventix will continue to develop Phases 2 and 3. Engineering, Procurement and Construction (EPC) firms Proconics and Sinohydro will play crucial roles, with Proconics handling the installation of the Main Transmission Substation (MTS) and Sinohydro managing the installation of over 500,000 solar panels.
Phase 1 involves an investment of nearly R5 billion, with R1 billion allocated to the MTS and R4 billion to the solar installation. McDonald emphasized that such investments bolster the national grid’s capacity to manage and distribute power.
Located between Hanover and De Aar, SunCentral will implement several corporate social responsibility (CSR) projects in partnership with local leaders to benefit surrounding communities.
These initiatives will align with community needs assessments, the United Nations Sustainable Development Goals, the National Development Plan, and the strategic objectives of the Emthanjeni Local Municipality.
Nationally, SunCentral aims to alleviate the generation burden on Eskom through public-private partnerships, addressing South Africa’s power challenges.
SunCentral will provide affordable, green energy to South African businesses via wheeling, enabling more companies to access cheaper and cleaner power.
This approach supports economic growth in the commercial and industrial sectors while helping businesses combat rising electricity tariffs and achieve sustainability goals.
SolarAfrica offers a Virtual Power Purchase Agreement for businesses interested in accessing this power. Phase 1 has already secured customers such as Vantage Data Centers, ATTACQ, and Enpower Trading.
As Phases 2 and 3 progress, more businesses will have the opportunity to join the project. SolarAfrica is also finalizing other solar projects across the country, aiming for a generation portfolio of over 3 GW.
“Breaking ground on SunCentral is a collective achievement that underscores the potential of wheeling in South Africa,” McDonald concluded.
“We are poised to harness this potential fully, contributing to a sustainable energy supply for our customers and broader communities.”
Source: SolarQuater
Nigeria: No Explosion At Zungeru Power Plant —Power Minister Clarifies
Nigeria’s Minister for Power, Adebayo Adelabu has said that no explosion occurred at Zungeru Hydropower plant on Monday, July 1,2024.
The minister was reacting to media reports that an explosion occurred at Zungeru power plant.
A statement by Bolaji Tunji, Special Adviser, Strategic Communications and Media Relations, on Monday quoted the minister as saying that the report of an explosion was a figment of the imagination of the purveyors of such information.
According to the Minister, the Zungeru power plant is on the grid and the plant is running at optimum capacity.
“I have spoken with the Managing Director of Mainstream Energy and I can assure you that nothing of such took place in Zungeru.
”The plant is working and it continues to supply to the grid. We have video evidence from Zungeru that nothing like that occurred today and whoever is interested should go there to find out.
”It is rather unfortunate that people will sit down somewhere and cook up this sort of story. It is unpatriotic; such people should desist from creating unnecessary panic.”
The minister assured Nigerians of adequate supply of energy.
“We have seen the worst in the sector, we can only get better.
”We promised incremental supply of power and that is what is happening now and that’s why we have the present improvement and it will continue, “the Minister assured.
Source: https://energynewsafrica.com
Ghana: Independent Power Generators Take On Finance Minister Over US$1Bilion Legacy Debt Restructuring Claim
Independent Power Generators in Ghana have disputed a claim by the Minister for Finance, Dr Amin Adam, that the government had reached an agreement with them to restructure over US$1 billion legacy debt owed to the IPPs.
According to the power generators, there has not been an agreement with them yet as the Minister claimed.
“We have successfully concluded negotiations with several IPPs to restructure over $1 billion in legacy debt.
“This agreement not only provides fiscal relief but also sets the stage for a more stable and reliable electricity supply across Ghana.
“The restructuring of PPAs with IPPs like AKSA, Amandi, CENIT, Cenpower, Karpowership, Early Power and Sunon Asogli will alleviate financial pressures and enhance operational efficiencies.
“This initiative underscores our commitment to resolving longstanding challenges in the energy sector while promoting sustainable development goals,” Dr Mohammed Amin said during a press conference on Monday.
However, in a statement clarifying what had transpired between the Independent Power Generators, Ghana, and the Government of Ghana’s negotiation team, the Chief Executive Officer of the IPPs, Dr Elikplim Kwabla Apetorgbor, said the last time they met was in April and since then no agreement on any terms had been reached.
“The posture and generalization that the Government has secured a debt restructuring agreement with the IPPs is not only misleading but also amounts to public deception,” said Dr Elikplim Apetorgbor.
He urged the Minister for Finance to refrain from making such inaccurate statements and to engage in transparent and honest communications.
“We remain committed to constructive dialogue and finding a mutually beneficial resolution to the ongoing discussions,” he stated.
Source: https://energynewsafrica.com
Ghana: Vivo Energy Ghana Appoints Jean-Michel Arlandis As New Managing Director
Vivo Energy Ghana, the marketer and distributor of Shell branded fuels and lubricants has appointed Jean-Michel Arlandis as its new Managing Director.
He replaced Mr. Kader Maiga whose term has just ended.
According to the Executive Vice President, West Region, Franck Konan-Yahaut, this change underscores Vivo Energy’s commitment to strengthen its international operations and leverage leadership capabilities to drive growth and innovation across its markets.
He thanked Kader Maiga for his remarkable performance and expressed confidence for business continuity in the new leadership.
Jean-Michel has over 30 years’ experience in the energy and retail sector and has a deep knowledge of Africa and emerging markets.
Prior to joining Vivo Energy Ghana, Jean-Michel was the Managing Director of Vivo Energy Malawi where he transformed the business to position the company as one of the top-ranking oil marketing companies in Malawi.
He was a former Head of Internal Audit for Decathlon, a leading global sporting brand, a Partner at both Deloitte and Ernst &Young and the Head of Corporate at Eferton Group, an international investment company in Africa.
In 2017, Jean Michel joined Vivo Energy Mauritius as Head of Finance where he created a formidable Finance team to support business growth.
He thereafter transferred to Vivo Energy Ghana as the Head of Finance replicating the Mauritius success story.
Commenting on his appointment, Jean Michel commended the outgoing Managing Director for his exceptional leadership in building a solid team and a resilient business and pledged his commitment to delivering exceptional value to customers and stakeholders.
“Together we will continue to provide innovative products and exceptional services to our customers, and drive sustainable growth for our stakeholders,” he said.
On people, Jean-Michel expressed his excitement to work with the dedicated team of employees to drive optimal growth and explore new opportunities for the company.
Jean-Michel is ambitious, goal-oriented and diligent. He has a proven track record of driving growth and innovation in the industry.
Source: https://energynewsafrica.com
Nigeria: Report Of Explosion At Zungeru Hydropower Plant Is False, Misleading –Management
Nigerian-based Mainstream Energy Solutions Limited, the operator of the Zungeru Hydropower Plant in the Niger State, has refuted media reports suggesting that there was an explosion incident at the plant on Monday, leading to severe injuries.
Reports by notable online portals in Nigeria suggested that the explosion which occurred in the early hours of Monday, affected some of the installations in the dam.
“Several workers were injured in the incident, with one of the foreign engineers seriously injured and rushed to the Minna General Hospital.
“The engineer, believed to be a Chinese national, was admitted at the emergency ward of the hospital for treatment for burns in the head and hand,” said one of the online portals.
However, a statement issued by the management of the dam described the report as false and mischievous.
“This report is not only false but also highly irresponsible and insensitive, given the pervasive nature of the insecurity issues in Nigeria,” said management in a statement.
The statement said such a misleading report is severe and far-reaching, creating unnecessary panic among their investors, partners, staff and their families.
The statement assured the public that the Zungeru Hydropower Plant is intact and continues to power Nigerian homes and businesses after successfully concluding a 15-day test run which remarkably boosted the power supply to the grid.
Source: https://energynewsafrica.com
Nigeria: Petroleum Downstream Regulator Denies Dangote Refinery’s Dirty Fuel Claims
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has rejected claims by Dangote Industries Limited that some marketers have imported dirty fuel into the West African nation.
“There is no dirty fuel that we would encourage to come into Nigeria. And there is no dirty fuel being brought in,” said Ogbugo Ukoha, Executive Director of Distribution Systems, Storage and Retailing Infrastructure, at the NMDPRA during a press briefing after a meeting with the oil marketers and local refiners at the headquarters of the NMDPRA in Abuja on Tuesday.
His response followed allegations by Devakumar Edwin, Vice President in charge of Oil and Gas at Dangote Industries Limited, that the regulator had granted licences indiscriminately to marketers to import dirty fuel into Nigeria.
According to Ukoha, NMDPRA takes seriously its statutory mandate to ensure that only quality petroleum products are supplied and consumed in Nigeria.
Mr Ukoha explained that the Economic Community of West African States (ECOWAS) heads of state, in 2020, endorsed a declaration adopting the Afri-5 fuel roadmap that requires that certain products have a minimum of 50 parts per million (ppm) litres of sulphur.
“Whilst it encouraged almost an immediate enforcement against imports to comply with that standard, the same treaty deferred enforcement for local refineries up to 31 December 2024.”
He said section 317 of the Petroleum Industry Act (PIA) 2021 also captured and upheld this ECOWAS treaty.
“So as an authority, what have we done since we came into being? We started by engendering compliance. We saw a downward trend up to December 2023. In December and January of this year, we noticed a spike in the sulphur contents of products being imported. And we again now began strong enforcement from 1st February.
“I am happy to tell Nigerians that up until as we speak in June, the average sulphur content in every Automotive Gas Oil (AGO) that is brought into Nigeria is far below, the average is far below what the 50 ppm provision is in the law.
“With the local refineries, remember that declaration deferred it and so they continue to produce at a higher level. But we are not very anxious about that because even the new refineries that are coming in have within their design of the plant desulphurisation units that will see in the nearest future that sulphur going down as low as 10 ppm,” he said.
He assured them that this is a mandate that the authority takes very seriously and that it is determined to guarantee the well-being and health of Nigerians.
“What we have on the average from imports has continued to go down from 200 on the average ppm and now we have it far below the 50 ppm that is in the law, provided under the law.
“And then with the refineries, there is no need to enforce that until the end of this year. But they are already taking steps to see that is also guaranteed,” he said.
Speaking on the outcome of the meeting, Mr Ukoha said the meeting was aimed at promoting collaboration in a manner that ensures and guarantees energy security within the country.
“Our discussions covered considerable issues, very significant and profound. Issues of pricing, and competition have been raised and we will continue to engage with every operator to see that we land at a place that is ultimately beneficial to Nigeria and Nigerians,” he added.
Source: https://energynewsafrica.com
Nigeria: Protection Of Africa’s Natural Carbon Sinks Will Enhance Sustainability–Sahara Group
Nigerian-based Sahara Group’s Director for Governance and Sustainability, Ejiro Gray, believes protecting and rehabilitating Africa’s natural carbon sinks, such as forests, oceans, coastal mangroves, wetlands and grasslands can significantly aid in mitigating the effects of climate change.
Speaking at the maiden edition of Asharami Square, Sahara Group’s initiative aimed at promoting sustainability through media advocacy, Gray said developing intentional policies and investments on protecting the continent’s carbon sinks would enhance carbon sequestration and reduce net emissions.
She said these natural landscapes act as significant carbon reservoirs, absorbing and storing carbon dioxide (CO₂) from the atmosphere, adding that developing reforestation and afforestation programmes, implementing strict conservation policies and providing financial incentives for conservation projects are critical for combating climate change in Africa.
According to Gray, Natural Gas Development and Commercialisation, Increase Use of Renewables, investment in low-cost/low emissions clean energy solutions, Carbon Capture Storage/Carbon Capture and Reutilisation are other factors that can help accelerate Africa’s march towards sustainability.
“Natural gas presents a viable opportunity to serve as a transition fuel as Africa continues to gradually invest in renewable energy. It is a relatively clean-burning fossil fuel, producing fewer CO₂ emissions compared to coal or petroleum. In 2021, Africa’s natural gas reserves totalled over 620 trillion cubic feet. By developing and monetizing these reserves through processing and eventual usage of CNG, LNG, LPG and other gas products, Africa can leverage its natural gas resources to support sustainable energy development,” Gray said.
Speaking on the role of the media in promoting sustainability, Bethel Obioma, Head, of Corporate Communications at Sahara Group, said Africa needs to articulate and promote a robust sustainability narrative that leaves no one behind in issues relating to climate change, energy access and energy transition, among others.
“To achieve this, Sahara Group hopes to make Asharami Square a formidable platform through advocacy and collaboration towards shoring up capacity and participation of all segments of the media to drive accuracy, clarity, impact, positive policy formulation, agenda-setting and collective action,” he said.
Obioma said Asharami Square would feature mentoring, training, exchange programmes, facility tours for media practitioners and competitions to recognise and celebrate exceptional reporting of sustainability in the media.
BusinessDay, a foremost provider of business and financial intelligence and insight in West Africa, emerged as winner of the Asharami Square’s Sustainable Media Reporting Excellence award
Source: https://energynewsafrica.com
Ghana: Deputy Energy Minister Launches 2024 Ghana Energy Awards …Calls For Greater Participation
The Deputy Minister for Energy in the Republic of Ghana, John Kobina Abbam Aboah Sanie, has launched the eighth Ghana Energy Awards (GEA) 2024 in Accra, the capital of Ghana, with a call on industry players to get involved and help boost the development of the sector.
The annual event, initiated by the Energy Media Group, brings players in the power subsector, petroleum downstream and upstream subsector from both the public and private sectors together
The theme for this year’s event is: ‘The Role of Local Content in Building Ghana’s Energy Sector’, and it reflects the commitment to the award in promoting and acknowledging the pivotal role of local stakeholders in Ghana’s energy sector.
Addressing the gathering at the launch of the event on Thursday, Mr Aboah Sanie indicated that the awards stood as a beacon of excellence and a catalyst for positive change in the nation’s energy sector.
He said by recognizing and celebrating the remarkable contributions of companies, institutions and individuals, the awards would inspire innovation and drive industry players to achieve global standards.
“The impact of these awards extends far beyond mere recognition as they foster a culture of continuous improvement and excellence, aligning the sector’s growth with the broader vision of national development,” he stated.
The Deputy Minister stated that this year’s theme was a powerful call to action for stakeholders in the sector and, thus, beckoned every Ghanaian with a vision, every entrepreneur with an innovative idea, as well as companies poised to make a difference to take advantage of the initiative.
He urged industry players to seize the abundant opportunities within the borders to contribute to building a resilient, sustainable and wholly Ghanaian-owned energy sector.
The event, expected to be held in October, are aimed at spotlighting initiatives, projects and individuals who have made significant contributions to advancing local participation, innovation, and capacity building within the industry.
It also seeks to stimulate continued skills development and knowledge transfer, foster collaboration, promote investment and drive sustainable development within Ghana’s energy sector.
The awards scheme has been categorised into 25 competitive awards including Energy Personality of the Year, CEO of the Year, Visionary Leadership, Local Content Leadership Impact, Energy Company of the Year, Energy Institutions of the Year and Local Content Torchbearer Excellence awards.
Other competitive awards include the Rising Star Individual Award, Rising Star Company, the Energy Signature Award, the Green Chief Trailblazer Award, the Local Content Legacy Achievement Award and Energy Reporter of the Year, among others.
Non-competitive award categories are the Osagyefo Young Leadership Award, women in Energy Excellence Award, Exemplary Leadership Award and lifetime achievement awards.
Nominations have been opened and will end in August 2024.
Mr Kwame Jantuah, Chairman of the award panel, noted that the theme chosen for this year highlights the vital importance of leveraging local resources, talent, and expertise to create a robust and self-reliant energy sector.
He said local content policies and initiatives were not just about economic growth but building resilience, fostering innovation, and ensuring that the benefits of the country’s natural resources were enjoyed by Ghanaians.
He said: “Ghana’s energy sector holds the key to powering our nation’s progress, but this progress must be sustainable, promoting not just energy security but also the development of our people and industries, hence, the theme which highlights the role of local content in building Ghana’s energy sector.”
The Chairman urged sector players to heed the call by actively participating in the nomination process, which was essential in recognising and celebrating the achievements of those who were making significant contributions to the energy sector.
Engineer Henry Teinor, GEA Event Director, said the impact of the award programme had been profound and had played a crucial role in the landscape by serving as a platform to recognise and celebrate exceptional contributions and achievements in the sector.
Mr Teinor said since the inception of the awards programme in 2017, his outfit had remained steadfast in its programmes, contributing meaningfully to the country’s energy sector and has the potential of inspiring and mentoring the next generation.
“These awards have not only honoured individual and corporate achievements but have also set a benchmark for experts, inspiring many to strive for higher standards. Our award winners have made a substantial impact both locally and internationally, showcasing the talent and potential of the people,” he stated.
Source: https://energynewsafrica.com
Guinea-Bissau: World Bank Grants $35 Million To Boost Solar Power
The World Bank’s Board of Executive Directors has approved a $35 million grant aimed at bolstering solar power generation in Guinea-Bissau.
The Guinea-Bissau Solar Energy Scale-up and Access Project aims to develop solar energy infrastructure, including the establishment of utility-scale solar parks and the upgrade of existing solar grid systems.
This initiative also includes capacity building and technical assistance to the Ministry of Energy and Electricity and Water of Guinea-Bissau (EAGB).
Anne-Lucie Lefebvre, World Bank Resident Representative in Guinea-Bissau, emphasized the project’s importance in advancing inclusive growth through improved infrastructure and services.
Currently, only 33% of Guinea-Bissau’s population has access to electricity, with significantly higher costs in the capital city of Bissau. Harnessing Guinea-Bissau’s abundant solar resources presents an efficient and cost-effective solution to addressing the country’s energy deficit.
The Solar Energy Scale-up and Access Project is slated to benefit residential, commercial, and industrial consumers nationwide, including those on the islands.
It aligns with the government’s strategy to facilitate private sector involvement, stimulate economic growth, and create sustainable employment opportunities.
Funded by the International Development Association (IDA), the Green Climate Fund (GCF), and the Energy Sector Management Assistance Program (ESMAP), the project is set to run until June 2030.
Its implementation marks a significant step towards transforming Guinea-Bissau’s energy landscape, paving the way for a more sustainable and electrified future.
Ghana: Power Cut In Parts Of The Country Due To System Disturbance–GRIDCo
Ghana’s power transmission company, GRIDCo, has attributed the power outage being experienced in parts of the country to a system disturbance that occurred at about 14:41 GMT on Thursday.
The system disturbances affected power supply in Accra, Western and the Northern parts of the country.
A statement issued by Dzifa Bampoh, Manager, of Corporate Communications at GRIDCo, said the system disturbances caused the Accra Central-Achimota lines to trip and caused other transmission lines and generating stations at Aboadze, Kumasi and Tema to also trip.
The statement said efforts are underway to restore power to the affected areas.
Parts of the company’s statement on the disturbance read: “The Ghana Grid Company Limited (GRIDCo) wishes to inform the public that the Ghana power system experienced a disturbance which led to the interruption of power supply to some consumers in Accra, Western and the Northern parts of the country.”
Source: https://energynewsafrica.com
Zambia: Off-Grid Energy Leader ENGIE Energy Access Launches 15 Solar Mini-Grids In Zambia, Targets 60 By 2025
ENGIE Energy Access, Africa’s leading Pay-As-You-Go (PAYGO) and mini-grid solutions
provider, has officially commenced the construction of 15 solar mini-grids in Zambia’s Eastern Province.
This initiative is a crucial part of the transformative Increase Access to Electricity and Renewable Energy Production (IAEREP) programme, funded by the 11th European Development Fund and the European Union.
By expanding the adoption of off-grid energy solutions in Zambia, ENGIE Energy Access will provide reliable electricity to underserved families and small businesses, creating economic
growth and increasing socio-economic welfare in local communities.
MySol Grid Zambia, a unit of ENGIE Energy Access, is responsible for constructing, owning, operating, and maintaining these mini-grids. This ensures that residential, commercial, and
productive-use customers have access to dependable and renewable power along with value adding services.
“We are excited to announce this significant milestone, which brings ENGIE Energy Access closer to achieving its goal of operating 60 mini-grids across five provinces in Zambia.
“This project supports several United Nations Sustainable Development Goals, particularly SDG 7, by delivering affordable, reliable, and sustainable clean energy to 40,000 people living in rural areas.
“Our work is an important element of the national electrification plans, and we are committed to collaborating with the authorities to expand energy access and promote sustainable development in Zambia,” said Gillian-Alexandre Huart, CEO of ENGIE Energy Access.
The first sites in this groundbreaking project include: Lusinde, Kandongwa, Nyimba Mwana, Chidiwa, Chataika, Kanyanga, Petulo, Kasamba, Chidiwa, Mphole, Mung’omba, Kalambana,
Mtore, Kondwelani, Lunga, and Luamphande and are scheduled to be operational by the end of 2024.
In 2023, MySol Grid Zambia signed a USD 7.5 million debt facility with Facility for Energy Inclusion (FEI), managed by Cygnum Capital.
This funding will provide the company with the necessary resources and flexibility to construct a total of 60 mini-grids under the IAEREP programme.
This is a significant step for the mini-grid sector, with these assets having attracted non-recourse longterm financing.
ENGIE Energy Access established its presence in Zambia in 2017. It currently has over 250
employees, 650 independent sales agents, and more than 60 points of presence across the
country.
The compant has sold over 300,000 shs kits and has 1 minigrid operational in Chitandika
Source: https://energynewsafrica.com
Carlyle Group Plans Significant Investments In Egypt’s Oil And Gas
Investment firm Carlyle Group plans to make significant investments in Egypt’s oil and gas industry to boost domestic production and turn Egypt into an energy hub in the Mediterranean.
Executives from Carlyle met this week in Egypt with Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, to discuss the investment firm’s plans for Egypt and the Mediterranean after Carlyle announced an acquisition of assets in the region last week.
Carlyle said a week ago that it had agreed to acquire a portfolio of gas-weighted exploration and production (E&P) assets in Italy, Egypt, and Croatia from Energean plc, a London-based company focused on developing resources in the Mediterranean.
The deal is expected to deliver to Carlyle a diversified portfolio of strategic gas-weighted assets with expected production equivalent to 47,000 barrels of oil per day and operations across Italy, Egypt, and Croatia.
The assets are well-advanced and large-scale developments in markets that are supportive of new gas development. The portfolio which Carlyle is buying includes interests in Cassiopea, Italy’s largest gas field in terms of reserves, and Abu Qir, one of the largest gas-producing hubs in Egypt.
“We look forward to supporting the transformation of these assets into a scalable E&P platform in the Mediterranean through the execution of near-term developments, unlocking organic growth opportunities, M&A, and accelerating the delivery of existing decarbonisation plans,” said Bob Maguire, Co-Head of Carlyle International Energy Partners.
During the meeting with Egyptian officials this week, Carlyle’s representatives said that the North African country provides attractive investment opportunities, and Carlyle intends to use advanced technologies for deepwater exploration activities.
Carlyle plans to boost production of oil and gas in Egypt and turn it into a hub for receiving and distributing the group’s production in the Mediterranean.
Egypt, for its part, is currently looking to import in the coming months the highest number of LNG cargoes in years as it looks to ease the strain on its grid and industry amid energy shortages that have led to rolling blackouts this summer.
Source: Oilprice.com