European Power Giant Looks to Sell $1.8-Billion U.S. Solar And Wind Projects
Spanish utility giant Iberdrola is in search of a buyer of 50% of a portfolio of wind and solar projects under development in the United States, hoping to raise up to $1.8 billion from the sale, sources with knowledge of the plans told Bloomberg on Thursday.
Iberdrola, one of the biggest utilities and renewable energy developers in Europe and the Americas, is looking to sell 50% in a portfolio of 400 megawatts (MW) of solar plants and 300 MW of onshore wind farms, all of which have purchase power agreements (PPAs) with big technology firms, according to Bloomberg’s sources.
The Spanish utility giant aims to formally launch the sales process in July 2024 and hopes to complete it by the end of the year.
Earlier this month, Iberdrola sign an agreement to buy the 18.4% minority stake in its U.S. subsidiary Avangrid, which it previously did not own. Iberdrola already owned 81.6% of Avangrid before announcing the transaction last week.
In March, Iberdrola’s executive chairman Ignacio Galán told the Financial Times in an interview that the company would focus the largest part of its multi-billion investments for 2024-2026 on the United States as its capex plans don’t hinge on the Inflation Reduction Act and a possible repeal of the IRA by a second Trump presidency.
Iberdrola said in March it would invest $44 billion (41 billion euros) and hire 10,000 people by 2026 to accelerate electrification in its key markets.
A total of 85% of the investment would go to A-rated markets, and the United States remains Iberdrola’s leading investment destination with 35% of the capex, followed by the UK with 24%, Iberia, 15%, and Latin America, also with 15% of the planned capital expenditure.
Of the total investments, $23.3 billion (21.5 billion euro) will be for expansion and strengthening of the networks in the U.S., the UK, Brazil, and Spain, Iberdrola said.
Source:Oilprice.com
Ghana: Petroleum Tanker Drivers To Call Off Strike Today After Emergency Stakeholders’ Meeting
Petroleum Tanker Drivers in the Republic of Ghana will, on Friday, May 24, 2024, suspend their four days of industrial action.
This follows an emergency stakeholders’ meeting on Thursday, May 23, 2024, at the head office of the National Petroleum Authority (NPA), Ghana’s petroleum downstream regulator in Accra, the capital of Ghana.
The tanker drivers declared a nationwide strike action on Monday, May 20, 2024, over claims that the Board of NPA and Association of Oil Marketing Companies (AOMC) had refused to approve the conditions of service framework for tanker drivers and their mates, which was unanimously endorsed by a committee whose composition was facilitated by the NPA.
The regulator, NPA, and AOMC responded to the issue, with the NPA rejecting the assertion by the Tanker Drivers’ Union that its board had refused to approve the framework.
In a statement issued by Dr. Riverson Oppong, Chief Executive Officer of AOMC, the association clarified that payment of salaries to drivers and their mates is the sole responsibility of employers.
While acknowledging the important role the tanker drivers play in the transportation and distribution of petroleum products across the country, he said the AOMC remained committed to ensuring that tanker drivers were fairly remunerated.
He urged the union to provide a list of all OMCs that are not paying drivers and their mates.
In a communique issued after the stakeholders’ meeting, it was agreed that the drivers called off the strike and adopted the conditions of the service framework.
The implementation of the framework is expected to commence in June 2024.
The General Secretary of GNPTDU, Francis Sunday, told this portal that they would meet their members tomorrow morning, Friday, after which they would call off the strike action.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com Kenya: Kenya Power Calls For Copper Trade Ban To Curb Vandalism On Power Infrastructure
Kenya’s power utility company, Kenya Power has asked the government to impose a total ban on copper exports to help tame infrastructure vandalism in the East African nation.
This is in the wake of continued destruction and looting of power lines, transformers, poles and other electrical equipment, including attacks on power sub-stations, that has seen the utility firm lose hundreds of millions.
Actions by vandals have also negatively impacted power distribution in the country, with the vice not only rife in the energy sector but also in roads, rail, and other strategic national infrastructure.
In a statement issued and signed by its Managing Director, Dr Joseph Siror, the company also demanded that scrap metal dealers be made to declare their sources especially for copper and aluminium, with a continuous vetting of all those engaged in the scrap metal trade.
These include main scrap metal dealers, smelters, and exporters.
“There should also be joint inspections of business premises to ensure compliance with the law and filing of returns by dealers as per the Scrap Metal Act and Scrap Metal regulations,” Siror said.
“In 2024, we have so far had 78 transformers vandalised, worth Sh78 million. The loss constitutes only the cost of installing a new transformer,” said Siror.
He said if the cost of unserved energy, loss of business, and possibly lives, is computed, the losses run into billions of Kenya shillings which has a huge impact on on the economy
While the sector is regulated and overseen by the Scrap Metal Council, a state corporation domiciled in the State Department for Industry established by the Scrap Metal Council Act of 2015, a few unscrupulous dealers continue to target key installations.
Kenya Power head of security Paul Nyaga said hotspots for vandalism are Kiambu, Embu, Machakos, Kajiado, Muranga and some parts of Mombasa country mainly Changamwe and Miritini.
“There is ready market for copper and aluminum in the export markets which is encouraging the trend. We are however working on putting all measures in place to curb the acts,” Nyaga said.
Key export markets for the products are China and India, with a kilogramme of copper in the black market currently fetching up to Sh1,700.
The call by Kenya Power comes amid the Energy Ministry’s push to cut system losses to an average 20 per cent in the short-term and double energy efficiency.
Energy CS Davis Chirchir says these will help improve energy security, reduce the expenditure of foreign currency reserves on energy imports, lessen the strain on the national grid during peak time, bring down power bills and lower the costs associated with emissions.
Source: https://energynewsafrica.com
Ethiopia: African Development Bank’s Sustainable Energy Fund For Africa To Extend $8 Million For Groundbreaking Mini-Grid Pilot Programme
The African Development Bank Group’s Board of Directors has approved $8 million to support the rollout of a pioneering pilot mini-grid programme with potential Africa-wide benefits.
The funding, provided by the Bank-managed Sustainable Energy Fund for Africa (SEFA)
in the form of concessional loans, grants and risk mitigation, will finance up to 50 percent of mini-grid capital expenditures for the Ethiopia Distributed Renewable Energy and Agriculture Modalities programme.
DREAM, which represents a first-of-a-kind approach for Africa’s mini-grid industry, entails a pilot that will test the commercial viability and effectiveness of a business model integrating mini-grids with agribusiness operations at 9 sites across Ethiopia.
The programme was developed in collaboration with the Global Energy Alliance for People and Planet(link is external) (GEAPP), which is providing co-financing, and Ethiopia’s Ministry of Water and Energy, Ministry of Irrigation and Lowlands, Ministry of Agriculture, Agricultural Transformation Institute and other stakeholders.
The pilot’s successful conclusion will pave the way for potential scale-up and replication of the model in Ethiopia and other African countries.
“Water, energy, and food are critical for our sustainable well-being,” said Dr Eng. Habtamu Itefa Geleta, Ethiopia’s Minister of Water and Energy.
“The Ethiopian government is approaching the twin challenges of agricultural productivity and energy access with an integrated approach. We are glad to partner with the African Development Bank, through SEFA, and other project stakeholders on this innovative DREAM pilot. With the long-standing partnership we have with the Bank, my ministry reaffirms its commitment to work with all stakeholders and ensure the DREAM becomes a reality.”
GEAPP’s Interim CEO, Joseph Ng’ang’a, said, “GEAPP was created to address two of the defining challenges of our time – ending energy poverty and tackling the climate crisis through a just transition to renewable energy, and DREAM is a great example.
Leveraging on strategic partnerships to implement the programme, DREAM communities won’t just get electrification, but will also get reliable power for irrigation and clean drinking water. The programme will also enable the local economy to create enormous value and accelerate rural development for close to 300,000 people.”
Dr Daniel Schroth, the Bank Group’s Director for Renewable Energy and Energy Efficiency, said, “The DREAM project provides an innovative approach to addressing the water-energy-food nexus in Ethiopia. It demonstrates the importance of partnerships and the catalytic role played by the Sustainable Energy Fund for Africa (SEFA) in crowding-in private sector investments in energy access.”
Source: African Development Bank
UAE President Honours IEA Executive Director For Contributions To Major COP28 Outcomes
The United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan has honoured the Executive Director of the International Energy Agency Fatih Birol with the First Class Order of Zayed II, the UAE’s highest civil decoration, at a ceremony in Abu Dhabi.
The honour was in recognition the IEA’s tireless efforts to support and guide governments and other stakeholders towards achieving significant outcomes at the COP28 climate conference in Dubai in December.
At the ceremony, President Sheikh Mohammed congratulated Dr. Birol for bringing countries together and providing substantive input from IEA analysis to underpin the major COP28 commitments on energy, which formed a central part of what has become known as the UAE Consensus.
He noted that the IEA was crucial to mobilising global cooperation ahead of the summit, including by co-convening a series of high –level energy transition dialogues with energy and climate leaders in the lead-up to COP28. The dialogues focused on building consensus around pathways to limit global warming to 1.5 °C, a key goal of the 2015 Paris Agreement. The IEA also led the calls for many of the biggest energy commitments made by nearly 200 countries in Dubai, including the 2030 pledges to triple global renewable power capacity, double the pace of energy efficiency improvements, substantially reduce methane emissions and accelerate the transition away from fossil fuels in a just, orderly and equitable manner.Several other prominent figures were also recognised for their contributions at the ceremony, including former US Special Presidential Climate Envoy John Kerry; Denmark’s Minister for Development Cooperation and Global Climate Policy Dan Jørgensen; Egypt’s Minister of Environment Yasmine Fouad; and World Bank President Ajay Banga.
“Receiving this recognition from President Sheikh Mohammed is a huge honour that I share with my colleagues in the International Energy Agency. The energy commitments made at COP28 in Dubai marked a major step forward – and I cannot overstate how important they are to reaching the world’s energy and climate goals,” Dr Birol said.
“I am proud that the IEA’s data, analysis, policy advice and convening power helped inform this crucial result. We look forward to continuing to work with countries around the world to deliver on the COP28 outcomes, leading efforts to closely track global progress, and encouraging even greater ambition. COP28 showed that through strong international cooperation, we can take meaningful steps towards a more secure and sustainable energy system.” Source: IEACOP29-OPEC High-Level Energy Dialogue
The COP29 Presidency and OPEC today held a High-Level Dialogue at the OPEC headquarters in Vienna, ahead of the climate change conference COP29 which will be held in Baku, Azerbaijan from 11 to 22 November 2024.
The Dialogue – which was co-chaired by H.E. Mr. Mukhtar Babayev, Minister for Ecology and Natural Resources of Azerbaijan and COP29 President-Designate and H.E. Haitham Al Ghais, OPEC Secretary General – brought together high-ranking officials from OPEC and non-OPEC countries participating in the Charter of Cooperation (CoC) and provided a unique opportunity for both sides to engage in a constructive and inclusive dialogue.
In his welcoming remarks, H.E. Al Ghais showed OPEC’s full support to Azerbaijan in order to ensure a successful outcome at COP29 in Baku. Furthermore, H.E. Al Ghais stated that “at OPEC, we believe there is ‘no one-size-fits-all’ solution to the climate challenge and moving forward, diverse pathways are needed”.
H.E. Al Ghais highlighted the telling significance that three successive COPs take place in countries participating in CoC, namely COP28 in Dubai-UAE, COP29 in Baku-Azerbaijan, and COP30 in Belém-Brazil.
“This is an indication that oil producers and the industry must be part of the solutions to the climate challenge”, H.E. the Secretary General added.
During the dialogue, H.E. Mr. Babayev, COP29 President-Designate said that “Azerbaijan, like other countries rich in natural resources, should be at the forefront of addressing climate change.
I am grateful for OPEC’s support for the COP29 Presidency’s plan to enhance ambition and enable action and for the opportunity to include all parties as we build fair and shared solutions. Success will require action from everyone, so we are intensifying our political engagements as we seek to go further and faster to invest today to save tomorrow.”
Source: OPEC
Ghana: Give Us A List Of OMCs Who Don’t Pay Drivers And Mates–AOMC To GNPTDU
The Association of Oil Marketing Companies in the Republic of Ghana has asked striking petroleum tanker drivers to provide a list of their employers who are mistreating them by not paying them the appropriate remuneration.
According to the Association, verifying specific instances of unpaid drivers is crucial and, thus, encouraged the leadership of the Ghana National Petroleum Tanker Drivers Union (GNPTDU) to share any information regarding the drivers who do not receive proper remuneration for them to assist in addressing same.
Last Monday, petroleum tanker drivers under the aegis of the Ghana National Petroleum Tanker Drivers’ Union declared a nationwide strike action in protest of poor working conditions.
They accused the Board of NPA and the Association of Oil Marketing Companies (AOMC) of failing to approve the conditions of service framework for drivers and their mates.
Speaking to the Communications Manager for NPA, Mohammed Kudus, rejected the claim by the drivers that the NPA had refused to sign the framework.
He explained that payment of salaries to drivers and their mates is the sole responsibility of the employer and not the NPA, stating that the NPA CEO facilitated the composition of the committee that worked on the conditions of service framework out of the good heart he has for the drivers and their mates.
In a statement issued by the Chief Executive Officer of AOMC, Dr Riverson Oppong reminded the drivers that the responsibility for determining and paying employee remuneration lies with the employer being the respective tanker owners and not the National Petroleum Authority as the proposed framework seeks to do.
According to him, payment of salary is purely an employer/employee relationship guided by the labour laws of Ghana.
“The NPA’s role is primarily regulatory, focusing on ensuring compliance with industry standards and regulations. ”
“Compensation matters fall under the administrative purview of the employer the Petroleum Service Providers (PSPs).
“NPA does not have the legal nor administrative capacity to take up this role from the employers of these drivers as the proposed framework in its current form seeks to do,” Dr Riverson Oppong said.
He said the association recognises the importance of fair compensation for tanker drivers and their mates.
He added that the Association remains committed to finding a resolution that ensures the fair treatment of all stakeholders involved while maintaining the stability of the petroleum distribution network to ensure smooth operations of Ghana’s fuel supply chain.
Source: https://energynewsafrica.com
Ghana: GNPC CEO, Petroleum Commission Boss Discuss Upstream Development
The newly appointed Chief Executive Officer of GNPC, Ghana’s national oil company, Mr Joseph Abuabu Dadzie, has met with the Chief Executive Officer of the upstream regulator Petroleum Commission (PC), Egbert Faibille Jnr., to discuss several key issues aimed at fostering greater synergy in addressing challenges in Ghana’s upstream petroleum sector.
Joe Dadzie who was accompanied by some management staff of GNPC met PC CEO on Monday, May 20, 2024.
During the meeting, Mr Dadzie outlined his vision for GNPC, aiming to consolidate its position as a leader in the industry.
He acknowledged the critical role that PC plays in regulating Ghana’s upstream oil and gas sector, indicating his readiness to work closely with the commission to achieve mutual success and contribute to the growth of Ghana’s energy sector.
Highlighting the significance of maintaining positive relationships, Mr Dadzie emphasised the need for open communication and transparency to ensure a seamless partnership between the national oil company and PC.
He reiterated his commitment to openness, inviting suggestions and feedback from all stakeholders and partners.
Re-echoing the position of his guest, Mr Egbert Faibille Jnr, CEO of PC, reflected on past collaborations between GNPC and his outfit and emphasised the value of knowledge sharing within the confines of mutual understanding and respect.
“Our relationship as professionals is an intricate one that requires that we continuously improve on ensuring that we safeguard Ghana’s interest in the end,” he said in a Facebook page of GNPC.
The two-state entities used the opportunity to address several outstanding concerns related to regulatory compliance, operational challenges and industry best practices.
Mr Joseph Dadzie assured them that all outstanding issues would be thoroughly attended to as GNPC strives towards building stronger and more productive work relationships with the Commission.
Source: https://energynewsafrica.com
Ghana’s Crude Oil Output Falls Steeper… Declined From 71.44 Million Barrels To 48.25 Million In 2023
Ghana’s crude oil production from the three oil-producing fields namely Jubilee, Sankofa Gye Nyame and Tweneboa Enyenra Ntomme fell steeper from a high of 71.44 million barrels in 2019 to 48.25 million barrels in 2023.
This represents an annual average decline of 9.2 per cent, a report by the Public Interest and Accountability Committee (PIAC), an independent body that provides oversight responsibility of Ghana’s oil revenue, has revealed.
The report which was launched in Accra, the capital of Ghana, on Tuesday, May 21, 2024, highlighted the happenings in the upstream petroleum sector.
The report said of the 48 million barrels, 63 per cent came from the Jubilee Fields, 23 per cent from SGN and 14 per cent from TEN.
“For the year 2023, a total of 48,247,036.61 barrels (bbls) was produced from the three producing fields; Jubilee – 30,444,217 bbls (63%); TEN – 6,716,278 bbls (14%) and SGN 11,086,541.61 bbls (23%).”
For raw gas, a total of 255,171.97MMSCF was produced in 2023 from the SGN Field (127,203.02 MMSCF, 50%), Jubilee (77,900.05 MMSCF, 30%) and TEN Fields (50,068.90 MMSCF, 20%).
It was also discovered that the total proceeds from the Jubilee Oil Holdings Limited (JOHL) liftings received in 2023, amounting to US$70,456,718.93, were not paid into the Petroleum Holding Fund (PHF) for the second consecutive year.
This brings the cumulative proceeds of unpaid revenue into the PHF by JOHL to US$343,108,927.88 as of the end of 2023.
The average achieved price by the Ghana Group for all three producing fields during the period under review was US$78.067/bbl.
On the back of this, the committee recommended that the government and the relevant regulatory bodies should take the appropriate steps to reverse production decline in existing fields and ensure investments in unexploited fields.
The 2023 Annual Report is in fulfillment of PIAC’s obligation under the Petroleum Revenue Management Act, 2011 (Act 815), as amended by Act 893, to publish Semi-Annual and Annual Reports
Due to dwindling oil reserves in the Jubilee Oil Field, the partners have committed to raising US$704 million to decommission the field by 2036, which is about twelve years away, by signing an agreement with all the partners involved in the operation of the field.
The agreement was signed at the Ministry of Energy in March 2024.
The Jubilee partners– Tullow Ghana Limited, Kosmos and GNPC–have consented to create a Trust Fund where monies could be lodged by the partners based on the Petroleum Agreement covering the field and used for the decommissioning of the field.
Source: https://energynewsafrica.com
Nigeria: Joy At Last As 2000 Communities In Ondo State Connected To National Grid After 15 Years Of Staying In Darkness
Over 2000 communities in five local government areas of Ondo State in the Federal Republic of Nigeria have been connected to the country’s national electricity grid after 15 years of being without electricity.
The 2000 communities were connected to the national grid on Wednesday after the Niger Delta Development Commission (NDDC) inaugurated a 132kv transmission line and a 132kV/33kV substation in Okitipupa Local Government Area.
The President of the West African nation, Bola Ahmed Tinubu, in a speech delivered on his behalf by the Minister for Niger Delta Affairs, Hon Abubakar Momoh, said the project commissioning was part of his administration’s effort to ensure sustainable development as well as peace and stability of the Niger Delta region.
He said the project would change the scenario of the five local government areas.
President Tinubu assured that the 2024 budget would enable many projects of the NDDC to be completed.
“We placed a high premium on sufficient power to stimulate the economy of the country. The power supply is crucial to enhance social economic development and increase income for the family. This project is one of many other projects being undertaken by the NDDC. This project has the capacity for efficient power distribution. It is a celebration of development and hard work. I cannot imagine the level of decadence in many communities,” he stated.
Managing Director of the NDDC, Samuel Ogbuku, said the project was completed because it was not vandalised.
Ogbuku stated that the NDDC has earmarked 50 projects to be commissioned as part of President Tinubu’s one year in office.
“This will be a major boost for the local economy and will facilitate more food production,.processing and transportation.
“It is expected to be a catalyst for the development of the areas, Ondo state and the region.”
Governor Lucky Aiyedatiwa, on his part, called on the NDDC to complete other ongoing projects scattered across the state.
Local reports suggested that there was joy and excitement among residents in the Ondo State Local Government area when the area was connected to the grid.
Source: https://energynewsafrica.com
Nigeria: Tinubu Inaugurates 15-member NEITI Governing Board
Nigerian President Bola Tinubu has inaugurated the Governing Board of the Nigeria Extractive Industries Transparency Initiative, NEITI.
Inaugurating the 15-member committee, Mr Tinubu said he was proud of the board with the members carefully selected, based on their diverse competencies, skills, knowledge, integrity and track record of service in their previous assignments.
Represented by Sen. George Akume, Secretary to the Government of the Federation, SGF, who also chairs the new NEITI Board, Mr Tinubu said prudent management of Nigeria’s resources was central to his administration’s economic agenda and anti-corruption policies.
The president reaffirmed Nigeria’s commitment to the implementation of the principle and standards of the global Extractive Industries Transparency Initiative, EITI, in Nigeria.
“The present administration is passionate and remains fully committed to the global EITI, the work of NEITI and the visible impacts which the EITI process has achieved so far in Nigeria.
“Nigeria is therefore, irrevocably committed to the implementation of EITI in the oil, gas, and mining industries,” he said.
He said NEITI had demonstrated a high degree of competence, integrity and commitment to the values that the country required to achieve economic growth and development in the sector.
The president added that the effort was through availability of reliable information and data required for national planning and reforms.
“As members of this board, your job is clearly and specifically evolving strategic policy direction and oversight that supports NEITI Management and the Secretariat to continue to implement its activities smoothly without any distractions or interference.
“It is also very important that the board supports NEITI to preserve its corporate values, remain focused and committed to its values of transparency and accountability for the benefit of all of us present here today and our future generations,” he said.
Addressing the Board shortly after inauguration, Sen. George Akume said his appointment demonstrated the Federal Government’s prompt response to recent EITI assessment of Nigeria’s implementation of the initiative which stressed urgent need to reconstitute NEITI’s Board to avoid sanctions.
He said the new NEITI Board would take steps to address outstanding issues raised by the EITI validation report which the NEITI Secretariat has already prepared a detailed corrective action plan for the Board to consider.
“This Board has the responsibility to understand the issues and provide policy support to the Secretariat to successfully implement the plan. Nigeria scored 72 points in that global Assessment.
“And it is my hope that Nigeria will score 100 points at the next validation due in January 2026 under this Board and my chairmanship.
“We must support the ongoing independent audits of the industry, reforms in the oil and gas sector being driven by the Petroleum Industry Act 2021, the reforms in the solid minerals sector and the proposed amendments of the NEITI Act,” he said.
Earlier, Dr Orji Ogbonnaya Orji, Executive Secretary, NEITI, while expressing gratitude to the president over his approval for the inauguration, said global EITI was also delighted over the decision for Nigeria to get a new board.
The 15-Man NEITI Board also include the Executive Chairman of the Federal Inland Revenue Service, FIRS, representing the Government, while the Group Chief Executive Officer, Nigeria National Petroleum Company Limited (NNPC Ltd.) is representing the National Oil and Gas Company.
The Board also has a representative of the Oil Producers Trade Section, OPTS, Lagos Chamber of Commerce and the President of Miners Association of Nigeria, representing Extractive Companies (Oil, gas and mining companies), among others.
Ghana: TOR Workers Offered Hope By NDC Flagbearer
Workers of the struggling state-owned Tema Oil Refinery (TOR) have been offered hope by the 2024 flag-bearer of the National Democratic Congress (NDC), John Dramani Mahama, that his administration will be committed to revamping the refinery if he is elected president in the upcoming December 7 general elections.
This, Mr Mahama said would be done through a joint private-public partnership which his government would secure to help revive the nation’s troubled oil refinery.
He made the pledge when he met with players in the petroleum downstream sector in Accra.
Mr Mahama said TOR would be given full attention under his next administration.
“We need to look again at how we can bring the refinery back in place. But I do think that the problems we have with running that refinery is because it is a state-owned enterprise.
“And we all know the inefficiencies that go with state-owned enterprises. And so we are open to private partnership in terms of bringing that refinery back into operation and running it, but we think that whatever private partnership or private participation is invited, it must come through a transparent process.”
Since he became President in 2017, Nana Akufo-Addo has appointed six Managing Directors with the hope of turning around the refinery but none has succeeded.
Source: https://energynewsafrica.com
Ghana: WAPCo Resumes Gas Delivery At Tema Facility After Glitch
The West African Gas Pipeline Company Limited (WAPCo), has resumed gas delivery at its Regulating and Metering Station at Tema, Accra, after a system shut down on Wednesday morning.
Severe winds that accompanied this morning’s rains triggered the system’s automatic shutdown mechanism, causing the entire system to shut down.
As a result, WAPCo was unable to deliver gas to customers in Tema, the company said in a statement.
The statement assured that their engineers were waiting for the storm to subside when it will then be safe to fix the problem.
In an update, the company said it has restored gas delivery to customers in Tema and expressed gratitude to its key stakeholders for their patience while the system was being fixed.
Source: https://energynewsafrica.com
ADNOC Continues LNG Expansion With Stake In Mozambique Project
Abu Dhabi’s national oil company ADNOC has acquired a 10% interest in an LNG project offshore Mozambique as it continues to expand its international natural gas operations.
ADNOC has bought the 10% stake in the Area 4 concession of the Rovuma basin in Mozambique held by Portugal’s Galp.
The deal will entitle ADNOC to a share of the LNG production from the concession, which has a combined production capacity exceeding 25 million tonnes per annum (mtpa), the state energy firm of the United Arab Emirates (UAE) said on Wednesday.
The Area 4 concession includes the operational Coral South Floating LNG (FLNG) facility, the planned Coral North FLNG development, and the planned Rovuma LNG onshore facilities.
“This strategic investment is ADNOC’s first in Mozambique and complements ADNOC’s efforts to expand its lower-carbon LNG portfolio to meet growing gas demand and support a just, orderly and equitable energy transition,” the company said, announcing a second major acquisition of an LNG stake this week.
On Monday, ADNOC said it had bought an 11.7% stake in Phase 1 of NextDecade’s Rio Grande LNG export project in Texas, announcing its first strategic investment in the U.S.
ADNOC has also signed a 20-year LNG offtake agreement from Rio Grande LNG Train 4 with NextDecade.
ADNOC has been looking to expand abroad and broaden its LNG portfolio with lower-carbon gas supply.
According to the UAE’s firm, NextDecade’s Rio Grande LNG would be a “world-class lower-carbon LNG project.”
Rio Grande LNG near Brownsville, Texas, is the first U.S. LNG project offering expected emissions reduction of more than 90% through its proposed carbon capture and storage (CCS) project, ADNOC noted.
The CCS project is expected to capture and permanently store more than 5 million metric tons per annum of carbon dioxide (CO2) – equivalent to removing 1 million vehicles from the road annually.
Source:Oilprice.com