Oil&Gas Industry Requires US$14 Trillion Investment From Now To 2035–OPEC

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The oil and gas sector would require about US$14 trillion in investments from now till 2035 to be able to meet global demand, Secretary General of OPEC, Haitham al-Ghais, has said. The OPEC helmsman said this in Abuja, the capital of Nigeria, when he paid a working visit to the Group Chief Executive Officer of NNPC Ltd, Mr Mele Kyari, at the NNPC Towers on Wednesday, February 28, 2024. During the discussion, Mr al-Ghais urged NNPC Ltd. to do everything possible to raise its production to continue to be a reliable source of energy to the world. He stated that OPEC was completely aligned with NNPC Ltd.’s vision as captured in its payoff line: ‘Energy for Today, Energy for Tomorrow’ because of its inclusive view of energy as opposed to the view being pushed in some quarters that some sources of energy were bad. “We will continue to ensure that the market is stable. The global market has to be stable for Nigeria to be able to attract investors. If there’s volatility, if there’s no stability in the market, it will only create havoc for everybody, whether it’s a producer or consumer country. So, we will continue to do that in OPEC. We count on Nigeria’s support,” the US OPEC helmsman said. Mele Kyari, Group CEO of NNPC Ltd, said his outfit was working very hard to recover lost production and provide the right fiscal environment to attract investments. He expressed appreciation to OPEC for its support to Nigeria, adding that NNPC Ltd. will continue to support the organisation in whatever way it can. Despite the global push for energy transition from fossil fuels to renewable energy, the oil and gas industry still looks very attractive to investors. According to a report by the International Energy Agency (IEA), the oil and gas industry attracted more than USD500 billion in investment.     Source:https://energynewsafrica.com

Nigeria: NNPC Ltd, OPEC Pledge Collaboration To Attract Investments, Grow Production

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) and the Organisation of the Oil Exporting Countries (OPEC) have pledged to work closely together to achieve the nation’s aspirations to attract investments and grow production. The two organisations came to this accord when the Secretary General of OPEC, Haitham al-Ghais, paid a courtesy visit to the Group Chief Executive Officer of NNPC Ltd, Mr Mele Kyari, at the NNPC Towers on Wednesday, February 28, 2024. This was contained in a press statement issued by Olufemi O. Soneye, Chief Corporate Communications Officer of NNPC Ltd. According to the statement, al-Ghais stated that OPEC was completely aligned with NNPC Ltd.’s vision as captured in its payoff line: ‘Energy for Today, Energy for Tomorrow’ because of its inclusive view of energy as opposed to the view being pushed in some quarters that some sources of energy were bad. He disclosed that despite the pushback on oil and gas, the world would require about US$14 trillion in investments from now till 2035 to be able to meet global demand, and urged NNPC Ltd. to do everything to tap into that opportunity to raise its production to continue to be a reliable source of energy to the world. “We will continue to ensure that the market is stable. The global market has to be stable for Nigeria to be able to attract investors. If there’s volatility, if there’s no stability in the market, it will only create havoc for everybody, whether it’s a producer or consumer country. So, we will continue to do that in OPEC. We count on Nigeria’s support,” the OPEC helmsman said. In his remarks, Kyari said NNPC Ltd. was working very hard to recover lost production and provide the right fiscal environment to attract investments. He expressed appreciation to OPEC for its support to Nigeria, adding that NNPC Ltd. will continue to support the organisation in whatever way it can.   Source:https://energynewsafrica.com

Ghana: Electricity Tariffs For Residential And Non-Residential Consumers To Drop By 6.56%, 4.98% Effective April 1

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Residential and non-residential electricity consumers in the Republic of Ghana, who consume 301kWh and above will enjoy a 6.56 per cent and 4.98 per cent drop in their electricity tariffs effective April 1 to June 30, 2024. The Public Utilities Regulatory Commission (PURC), the regulator for electricity and water, announced this in a press statement issued and copied to energynewsafrica.com on Tuesday, February 27, 2024. The PURC said, “There will be no change in the electricity of lifeline consumers (0-30KWh) as well as for residential consumers within the consumption bracket of 0-300kWh. “There will, however, be an average reduction in electricity tariffs of 6.5% for residential consumers within the consumption bracket of 301kWh and above. “Tariffs within the 0-300kWh for non-residential class of consumers remains the same with no change in their rates. However, consumers within 301kWh and above class will experience an average reduction of 4.98%,” the Commission explained. The Commission reduced the residential tariff bands from four to three and the Non-Residential Tariff bands class to two bands. Additionally, the Commission has reduced the industry tariff band to reward the productive use of electricity, resulting in a 4.88 per cent reduction for Low Voltage (SLT-LV) consumers. The Commission has also merged the high voltage, medium voltage and steel companies into one band, with all classes now paying GH₵1.5252/kWh leading to a 4.72 per cent-point reduction in the tariff of the high voltage consumers. Meanwhile, water tariffs for all customer classes, the PURC said would remain unchanged during the specified review period. The Commission noted that these reviews have been undertaken in line with the Quarterly Tariff Review Mechanism, which tracts and incorporates movements in key uncontrollable factors, namely the exchange rate between the US$ and the Ghana Cedi, domestic inflation rate, the electricity generation mix and the cost of fuel, mainly natural gas.       Source:https://energynewsafrica.com

Renewable Energy: A HOT Topic For 2024 Election In United States -Why It Matters And What New Plans Mean For You

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President Joe Biden unveiled his much anticipated vision for solar farms to help transition the U.S. power grid into 100% clean energy by 2035. His plan lays out where the farms should and should not be within 11 states in the Western hemisphere, including Arizona, California, Colorado, Nevada, New Mexico and Utah. The Western Solar Plan initiative, overseen by the Bureau of Land Management, would provide companies with access to approximately 22 million acres of land open for solar projects. Lawmakers say the Western Solar Plan ensures farmers, ranchers and small businesses will benefit directly from a clean energy economy. The investments announced in renewable energy and domestic fertilizer projects are said to “expand access to renewable energy infrastructure and increase domestic fertilizer production, all while creating good-paying jobs and saving people money on their energy costs that they can then invest back into their businesses and communities,” according to U.S. Department of Agriculture Secretary Tom Vilsack. Critics of the plan say these acres are desperately needed to protect and save the lives of endangered species, and say nearby landowners may object to living in close proximity to solar fields. They also say developing such massive fields will require a huge influx of new transmission lines, and without these necessary additions, would compromise those already in place — limiting the power disbursed to neighboring communities as a result. Global Energy Expert and SolarBank CEO Richard Lu says whether you agree or disagree with the plan, one thing is certain: the environment is at a critical stage, and safe, reliable, low cost ways of producing energy are vital. “We are not taking away productive agriculture lands. All the brownfields, landfills, rooftops, parking lots, spent mines/open pit and so on are more than enough surface to produce zero-carbon energy with solar panels to make the USA a great country with clean energy,” Lu said. SolarBank is a full-service renewable energy developer with development opportunities of solar projects In New York and Maryland.     Source: SolarBank Corporation

Russia Bans Gasoline Exports For Six Months From March 1

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Russia has announced plans to introduce a six-month ban on gasoline exports effective March 1, a spokesperson for Russian Deputy Prime Minister, Alexander Novak, said on Tuesday. The move aimed to offset the growth in demand in spring and summer, the spokesperson said. He said that another possible measure is to increase the diesel sales rate on the stock exchange to 16 per cent. The restriction would not apply to the countries in the Eurasian Economic Union, he added. Previously, Russia introduced a ban on gasoline exports from September 21 to November 17, 2023, to stabilise the price situation in the domestic motor fuel market. The ban was lifted after the domestic fuel market reached saturation and a supply surplus was established.     Source: https://energynewsafrica.com

Ghana: Locally Made Electrical Cables Are World Class–GSA Boss

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Electrical cables produced by indigenous Ghanaian firms are certified and are of world-class quality, the Director-General of Ghana Standards Authority (GSA), Dr Alex Dodoo, has stated. The Ghana Standards Authority (GSA) has licensed six indigenous electrical cable manufacturing companies that produce all kinds of cables for both domestic and industrial use. They are Tropical Cables and Conductors Limited, Nexans Cable Ghana Limited, Reroy Cables Ghana Limited, Signal Ghana Limited, African Diamond Cable Company Limited and Fenice Metal Technology Limited Company. Aside from that, the GSA has also licensed 100 importers that import foreign electrical cables in the West African nation for sale. Speaking at the graduation of 195 electricians who successfully passed the Certified Electrical Wiring Professional examination, Prof Alex Dodoo said cables from the local manufacturers are of exceptional quality. He noted that the huge proportion of imported cables has been a cause for considerable debate since the country has adequate capacity to produce some cables. He revealed that nationwide surveillance conducted by the Ghana Standards Authority (GSA) in 2018 revealed that more than 70 per cent of imported electrical cable brands on the Ghanaian market were substandard. He continued that a review of data from GSA laboratories indicated that 43 per cent of electrical cables tested did not pass the tests. “This is a cause for concern, and we will continue to partner with the Energy Commission to drive this number towards zero per cent. “Whilst achieving hundred per cent quality cables on the market is not easy, it can be done, and we are all committed to achieving just that and this is how we will do it,” he stated. To address this, Prof Dodoo said his outfit has introduced a 3-prong approach towards solving the problem of substandard cables and accessories and ensuring the safety of life and property. He mentioned continuous testing and certification of all cables, encouragement for local manufacture of not just cables but also of accessories heightened testing and inspection of all imports and increased market surveillance to rid the market of substandard cables. He revealed that GSA had already trained the needed workforce to do that, and “we shall not relent in our efforts.” He urged electrical cable consumers to patronise locally made cables for their safety and the growth of the country’s economy.     Source: https://energynewsafrica.com

SolarBank Appoints Renewable Energy Executive To Board Of Directors

SolarBank Corporation, an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA has appointed Chelsea L. Nickles to its Board of Directors as an independent director. This was revealed by the company in a statement issued on Tuesday, February 27, 2024. Ms. Nickles is a renewable energy professional with more than 20 years of experience contributing to a net zero world. For nearly the past decade, Ms. Nickles has been focusing on developing offshore wind projects in multiple jurisdictions with Ørsted, the global leader in offshore wind. Ms. Nickels currently holds the title of Director with Ørsted and also serves as a director for several offshore wind companies where she helps to steer their success. Prior to joining Ørsted, Ms. Nickles worked as a lawyer in the Projects, Energy, Natural Resources and Infrastructure group with Allen & Overy LLP in London, England. Ms. Nickles holds a Bachelors of Arts (honours) from Acadia University and obtained a juris doctor from the University of Calgary in 2009. Dr. Richard Lu, President & CEO of SolarBank commented: “I am very pleased that Chelsea has agreed to join the Board as our third independent director. Her experience in renewable energy, and international background, are key skill sets that will assist SolarBank as it continues to grow its business. Access to wind project expertise and her being located overseas open up new opportunities for SolarBank to explore.”      

Ghana: NPA Orders Sentuo Refinery To Compensate PUMA Energy

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Ghana’s downstream petroleum regulator, the National Petroleum Authority, has directed the Chinese-owned refinery, Sentuo Refinery, to compensate Puma Energy, one of the oil marketing companies in the Republic of Ghana, after the regulator established that gasoline bought from the refinery did not fulfil the required vapour pressure. Per the directive by the regulator, the refinery is expected to ensure that the products in question were evacuated from the retail outlet of Puma, return the products to the refinery for correction through the BDCs that marketed the product, and compensate Puma with products that are acceptable quality per quantities returned through the BDCs involved. A source at the NPA, disclosed this to Energy News Africa via the telephone. This comes after two energy sector think tanks– Institute for Energy Security (IES) and COPEC–raised concerns that the refinery had sold products that did not meet industry standards. The regulator responded via a press statement and clarified that the issue had to do with the vapour pressure of the gasoline from the refinery and not all their products as reported. The statement mentioned that a sanction had been imposed on the refinery without giving details on the level of the said sanction. However that did not meet the expectations of the two thinks–IES and COPEC–who issued a joint statement to demand disclosure about the level of sanction imposed on the refinery. “NPA, in insisting Sentuo Refinery has acquired all due licences to enable it to put products onto the Ghanaian market, is also entreated to publish both the Commercial Licences so granted and the Quality Assurance Certificate on the petroleum consignment in question, for the sake of transparency, and dispelling industry and consumer fears that the refinery is in a hurry to side step some regulatory protocols meant to ensure no rules of safety are bent using apparent arm twisting as we currently seeing. “The NPA must be made aware of the fact that any such sanctions on the Chinese refinery must factor due and appropriate compensations to both AOMCs and its members affected by the bad fuel and its attendant challenges on their facilities as well as the consumers who patronised these products and are currently grappling with one issue or the other on their engines,” IES and COPEC said in their statement. The refinery, last week, admitted that its premium spirit, popularly known as petrol, did not meet the required standard and took corrective measures to address the issue. Albert Duncan, a consultant with the refinery, told energynewsafrica.com that they realised that there was a problem with the vapour pressure of the PMS and they took corrective measures to address the issue. “As we speak, we are selling. It’s only the petrol that had a problem and we have taken steps to correct it,” Mr Duncan said via the telephone.       Source: https://energynewsafrica.com

Uganda: UETCL Posts Shs95b Profit In 2023 Despite Surge In Power Losses

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Ugandan Electricity Transmission Company (UETCL) has posted a profit of Shs94.9billion (equivalent of $23,915,228.40) for the period ended June 2023 on account of forex gains, a local media has reported. The report said UETCL also reported unpaid arrears of Shs166b, resulting from power bills due to different ministries, agencies and departments. The Ugandan Minister for Energy and Mineral Development Minister, Dr Ruth Nankabirwa, described the profit as a “good gesture,” during UETCL’s 15th annual general meeting in Kampala, noting: “We have also seen more off-taking of power evacuated by UETCL during the period.” The company’s energy sales performance also grew by seven per cent from 5.4 gigawatts per hour due to an increase in demand and supply, leading to Shs1.3b in energy sales revenues. Uganda currently has an installed electricity generation capacity of slightly above 2,000 megawatts largely from hydropower dams, of which 1,496 megawatts are from large hydropower dams. However, annual transmission losses increased to 4.79 per cent from 4.2 per cent, against the Electricity Regulatory Authority’s 4.6 per cent target. During the period, transmission coverage increased from 3,989 circuit kilometres to 4,218 kilometres with the commissioning of the 132-kilovolt Karuma to Lira, 132-kilovolt Karuma to Kawanda, and 132-kilovolt Mutundwe to Entebbe transmission lines, respectively.     Source:https:// energynewsafrica.com

Qatar Announces Another Major LNG Expansion Project

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QatarEnergy, the state company of one of the world’s biggest LNG exporters, is adding another major LNG expansion project to its two ongoing projects, aiming to raise its total LNG export capacity by 85% from current levels by 2030. QatarEnergy said on Sunday it is proceeding with a new LNG expansion project, the North Field West project, after drilling appraisal wells at the world’s largest natural gas field, the North Field it shares with Iran, and finding “huge additional gas quantities” in the field. The North Field West project adds to the ongoing North Field East (NFE) and North Field South (NFS) expansion projects, with the three field developments expected to boost Qatar’s LNG production capacity to 142 million tons per annum (MTPA) before the end of this decade, representing an increase of nearly 85% from current production levels of 77 MTPA. Commenting on the appraisal drilling and the new export project, QatarEnergy’s chief executive Saad Sherida Al-Kaabi said in a statement, “These are very important results of great dimensions that will take Qatar’s gas industry to new horizons, as they will enable us to begin developing a new LNG project from the North Field’s western sector with a production capacity of about 16 MTPA.” QatarEnergy will immediately commence the basic engineering works necessary to ensure that the planned progress is achieved according to the approved schedule for the North Field West project, the company said. At the end of last year, Al-Kaabi told Reuters that QatarEnergy is assessing further LNG export expansion beyond the already announced huge North Field developments—the biggest LNG expansion project in the world currently underway. “If we think there is more capacity, we’ll probably do more,” the executive told Reuters. Last year, Al-Kaabi saidthat “40% of all the new LNG that will come to the market by 2029, when all our projects are up and running, is going to be from QatarEnergy.”       Source: Oilprice.com

Namibia: Remembering The Legacy Of President Hage Geingob, A True African Giant

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On Sunday morning, February 5, many of us woke to the news of the tragic passing of Namibian President Hage Geingob.

The death of this great man and remarkable leader is a tremendous loss. The African Energy Chamber extends our deepest sympathies, both to President Geingob’s family and to the people of Namibia.

It’s difficult to express how much President Geingob meant to us. He spoke so glowingly about our work, and we looked to him with great respect.

I’m grateful that I got to see and hear him up close just a few months ago at African Energy Week (AEW). We spent a lot of time talking that week, and I can honestly say that President Geingob was one of the funniest presidents I have met.

Not only that, but his memory, resolve, and intellectual depth were surreal. He was truly a deep thinker.

How ironic that he opened his speech at AEW with a tribute to former Finnish President Martti Ahtisaari, who had just died. And now, a few months later, President Geingob has gone on to his final rest.

Important Place in History

When I think of President Geingob, my thoughts go to his recent accomplishments and the positive impact he made since he was elected to his first term in 2015.

I think about his visionary leadership, his integrity, and his wise approach to building Namibia’s hydrocarbon and renewable energy sectors.

But his critical place in Namibia’s history was firmly cemented long before he became president.

Geingob was Namibia’s first prime minister. He took that role in 1990, immediately after the country gained independence from South Africa. He served as prime minister until 2002, and again from 2008 to 2012.

He also served as president of Namibia’s ruling SWAPO Party (The South West Africa People’s Organisation), which formed as a liberation movement in 1960 when Namibia (then known as South-West Africa) was under the administration of South Africa.

Going back even further, Geingob was a respected anti-apartheid activist who spent nearly 30 years in exile in Botswana and the United States.

In 1964, he was the SWAPO representative at the United Nations and to the Americas. He went on to be the founding director of the UN Institute for Namibia, an educational body set up by the United Nations Council for Namibia in 1976.

Later, Geingob was elected chairman of the constituent assembly that was responsible for drafting the Namibian constitution.

Impactful Leadership

As president of Namibia, Geingob was known for his wisdom, diplomacy, and unwavering commitment to the well-being of Namibians.

I would add that some of his greatest moments as a leader took place behind the scenes, as he laid the foundation for a successful Namibian energy industry.

Namibia made global headlines in 2022 after Shell and TotalEnergies announced massive offshore oil and gas discoveries there. But neither those discoveries, nor the flurry of exploration activity that followed, took place in a vacuum.

They were the result of leadership that recognized the critical roles of good governance, stability, and business-friendly policies in encouraging investment. Namibia has Geingob to thank for that.

The country also has Geingob to thank for committing to using a portion of Namibia’s natural gas resources to meet domestic needs. That wise course will bolster energy security, paving the way for economic growth and industrialization.

Likewise, Namibia has Geingob to thank for its rapidly developing green hydrogen sector, which will lead to even more jobs, business opportunities, and access to electricity for Namibians.

These accomplishments, among countless others, led the African Energy Chamber to award President Geingob our 2023 Lifetime Achievement Award during AEC in Cape Town last October.

The award recognizes African leaders who have taken bold steps to improve the socioeconomic development and the well-being of Africans by accelerating energy sector growth in our continent.

As I’ve said more than once, Namibia stands as a shining example of what can be achieved through visionary leadership and a commitment to sustainable development.

Under President Geingob’s guidance, Namibia’s energy sector has become a beacon of opportunity, attracting major investments and driving innovation.

President Geingob was truly an African giant, one whom far too many people didn’t know about. I’m glad I did, and I’m glad we were able to honor his efforts.

Ghana Has The Cleanest Fuel In West Africa–NPA Boss

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Ghana’s specifications for gasoline and gasoil which are set at a Sulphur content of 50 parts per million (ppm) is the cleanest in the West African sub-region, the downstream petroleum regulator NPA CEO, Dr Mustapha Abdul-Hamid, has said. Dr Abdul-Hamid was speaking as a panel member on: ‘Downstream Decarbonisation and Circularity–Going Full Circle’, at the Egypt Energy Show in Cairo, Egypt. He said that calls on the government by civil society organisations and the public to adhere to the decarbonisation objectives and the protection of the environment caused the policy change in Ghana to reduce the Sulphur content in fuel to 50 ppm. The NPA Chief Executive, who is also the President of the African Refiners and Distributors Association (ARDA), said Ghana is changing the LPG distribution model to improve clean cooking across the country. He said a series of accidents at LPG refilling stations in the past, the need to improve the environment, prevent deforestation and improve the lives of rural women especially have made the new LPG distribution model called the Cylinder Recirculation Model (CRM) more imperative. He emphasised that the CRM would enhance access to LPG, as exchange points are being constructed across the country. He added that the government’s LPG for Development Programme aims to achieve a 50 per cent penetration of LPG in households across the country by 2030. Dr Abdul-Hamid disclosed that the government provides free LPG cylinders to poor households in rural areas under the programme. He said people could not afford cylinders and cookstoves in the first place, and that informed their reliance on wood fuels. Besides, the NPA Boss said the government has ordered 100 electric-powered buses for the Metro Mass Transit Limited (MMT) as a way of showing an example in the energy transition agenda. Dr Abdul-Hamid also highlighted the government’s policy for state institutions to be powered by solar. He indicated that an incentive has been given to private individuals who want to power their institutions and houses on solar. Dr Abdul-Hamid lauded the freedom of speech in Ghana, which encourages civil society organisations and the public to the agenda towards cleaner energy in the country.       Source: https://energynewsafrica.com

Nigeria: President Tinubu To Inaugurate Geometric Power Plant In Abia Today

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Nigerian President Bola Tinubu is expected to inaugurate the 188MW Geometric power plant in the Osisioma Industrial Layout of Aba in Abia State today. The inauguration was supposed to have been done over the weekend but was rescheduled for Monday, February 26, 2024. “The new date was chosen by the Presidency in Abuja due to what insider sources described as unexpected developments,” the company said in a statement. It was disclosed that the President would inaugurate the 188MW thermal plant alongside Aba Power Limited, which would take electricity from the new plant and supply it to nine of the 17 local government areas in Abia State. The Managing Director of the company, Ben Caven, described the power plant as the biggest investment in the South-East, saying the company had spent $800 million on its integrated power project, which included building a 27km natural gas pipeline from Owaza in Ukwa West Local Government Area in Abia State to the Osisioma Industrial Layout in Aba. “We have, in addition, installed 150,000km of cables and wires and installed four new power sub-stations, as well as refurbished three others inherited from the defunct Power Holding Company of Nigeria,” explained Caven. The Geometric Power Group was founded by Professor Bart Nnaji, who was Nigeria’s former Minister for Science and Technology and later, Minister for Power. The statement added that Nnaji had embarked on the integrated project after the then World Bank President, James Wolfensohn, and former Nigeria’s Finance Minister, Ngozi Okonjo-Iweala, visited Aba on March 17, 2004, and discovered that the greatest challenge facing both large-scale and medium-scale industrialists in Aba was the epileptic power supply.     Source: https://energynewsafrica.com

Ghana: Bawumia Constitutes 15-Member Energy Committee To Draft Energy Policy Ahead Of December 7 Election

The Flagbearer of the governing New Patriotic Party, Vice President Dr. Mahamudu Bawumia has constituted a Member Energy Committee to draft an energy policy his administration will be implementing from 2025 and beyond if given the nod to become the next President of Ghana. The country’s general election have been scheduled for December 7, 2024. The fifteen-member Energy Manifesto committee is chaired by Kojo Poku Nsafoah, Executive Director of the Institute for Energy Policy Research (INSTEPR). Minister for Energy Dr Matthew Opoku Prempeh, the Member of Parliament for Manhyia South, is an advisor to the committee. The other members are Nana Ama Tima Boakye (Co-Chair), Deputy Chief Executive Officer in charge of Operations and Technical at the Petroleum Hub Development Authority, Dr Mustapha Abdul-Hamid, Chief Executive Officer of National Petroleum Authority, Mr Emmanuel Antwi Darkwa, Chief Executive Officer of Volta River Authority, Mr Edwin Provencal, Managing Director of Bulk Energy and Transportation Company Limited formerly BOST, Dr Ben K.D Asante, Chief Executive Officer of Ghana National Gas Company, Ms Portiaownsn-suwaah Obeng, Hamida Nuhu, Prof Appiah-Adu, Mr Kwesi Sarpong, Mustapha Hameed, Hon. Andrew Agyapa Mercer, former Deputy Minister for Energy, Mr Robert Forson and Mr Steve Oko. The list was part of the 289 members selected to form t the Manifesto Committee for the various sectors of the economy.       Source: https://energynewsafrica.com