Egypt: ADNOC, BP Form Joint Venture To Develop Gas Sector
UAE state-owned oil company the Abu Dhabi National Oil Company (ADNOC) and integrated energy company, BP, have established a joint venture (JV) in Egypt to advance gas development in the north African country.
ADNOC will assume a 49% stake while BP retains a 51% interest.
The formation of the JV, subject to regulatory approvals, is anticipated to be finalized in H2, 2024.
Under the terms of the agreement, bp will transfer its stakes in three development concessions and exploration agreements in Egypt to the newly formed JV.
The concessions include Shorouk (10%), North Damietta (100%), and North El Burg (50%), along with exploration agreements for North El Tabya, Bellatrix-Seti East, and North El Fayrouz. Additionally, ADNOC will provide cash contributions for potential growth endeavors.
Musabbeh Al Kaabi, ADNOC’s Executive Director for Low Carbon Solutions and International Growth, stated that the JV aligns with the company’s efforts to decarbonize operations and spearhead an inclusive energy transition.
This milestone “will enhance Egyptian energy security and economic potential,” he said.
Source:https://energynewsafrica.com
Nigeria: Tinubu Signs Game Changer Electricity Act Into Law
Nigerian President Bola Ahmed Tinubu has signed the country’s Electricity Act (Amendment ) Bill 2024 into law.
The Bill was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023.
The Electricity Act (Amendment) Bill, 2024 seeks to address the development and environmental concerns of host communities, and sets aside five per cent of the actual annual operating expenditures of power generating companies (GENCOs) from the preceding year for the development of their respective host communities.
The Act further provides that the funds set aside for the development of host communities will be received, managed, and administered for infrastructural development in the host communities by a reputable trustee/manager to be jointly appointed by the respective GENCO and their host community.
The Act guarantees the de-centralisation and de-monopolisation of Nigeria’s electricity generation, transmission, and distribution at the national level. It authorises states, companies, and individuals to generate, transmit and distribute electricity.
Under the Act, states are empowered to issue licences to private investors who in turn would be permitted to set up and operate mini-grids and power plants within the State.
The licences obtainable include: electricity generation licence (excluding captive generation); electricity transmission licence; electricity distribution licence; electricity supply licence; electricity trading licence; and system operation licence.
These licences enable private entities to participate in different aspects of the electricity value chain, thereby promoting competition and encouraging innovation to solve the growing energy needs of Nigeria.
Furthermore, the Act stipulates that without a licence, a person may operate or construct an undertaking for the purpose of generating electricity not surpassing 1 megawatt (MW) in total at a site, or an undertaking for the distribution of electricity with a capacity not surpassing 100 kilowatts (KW) in total at a site or such other capacity as the Commission may determine.
In other words, it is possible for a person to construct, own, or operate an undertaking for the purpose of generating electricity or an undertaking for distributing electricity without obtaining a licence, provided that such construction, ownership, or operation undertaking shall not exceed 1MW or distribution undertaking shall not exceed 100KW.
However, the Act prohibits inter-state and transnational electricity distribution.
Source:https://energynewsafrica.comGhana: Genser Energy Builds Accommodation Block For Jungle Warfare School
Genser Energy Ghana Limited, an independent power producing company with a vision for community and social responsibility, has funded the construction and furnishing of a new block for the Jungle Warfare School of the Ghana Armed Forces at Akyem Achiase in the Eastern Region.
The new building, christened the Otwasuom Osae Nyampong VI Block, is the brainchild of the Board Chairman of Genser Energy, Nana Osae Nyampong VI.
It will serve as accommodation for the demonstration company of the school, providing them with essential amenities for comfortable living and training.
The building is equipped with wardrobes, beds with mattresses, washrooms and a water reservoir.
The ceremony was a momentous occasion attended by military officials, community and religious leaders, and representatives of Genser Energy.
Commissioning the block, Brigadier General Anthony Ntem, Commander, 17 Army Signal Brigade, expressed gratitude on behalf of the chief of defence staff, emphasising the importance of maintaining the newly constructed block for long-term use.
“We are very grateful for this kind gesture.
I want to entreat the soldiers to put the place to proper use.
Maintain the place so that it will last long for us,” he stressed.
For his part, Nana Osae Nyampong VI spoke passionately about Genser’s commitment to uplifting local communities, stressing the importance of empowering Ghanaian institutions like the Jungle Warfare School.
“Ghana can only be built by Ghanaians.
What you see here is an effort by Genser to make the soldiers comfortable.
Thank you for giving the company [Genser] the opportunity to serve you.
The block will help with efficient training,” the board chairman of Genser Energy added.
For Lt. Col. Jacob Codjoe, the commanding officer of the Jungle Warfare School, the new block was a game-changer.
He expressed his excitement and gratitude, highlighting how the improved facilities would positively impact the lives of the trainers and officers.
He said: “We are really thrilled to have this block and so grateful to Genser Energy for this kind gesture.
It has come at the right time because where my trainers were staying was extremely bad and this has really transformed our lives.
We need more blocks to accommodate our officers and trainers.”
Lt. Col. Codjoe gave praise to the speed and efficiency that was employed to finalise the project – the building was conceived, completed and fully furnished within three months.
With a citation presented to Nana Osae Nyampong VI for his dedication to strengthening the educational landscape of the school, it was clear that the contribution of Genser Energy had not gone unnoticed.
The significance of the Otwasuom Osae Nyampong VI Block extended far beyond its physical structure.
It became a symbol of partnership between the private sector and the military, demonstrating how corporate entities like Genser Energy could play a crucial role in supporting national defence efforts.
By providing essential infrastructure and amenities, Genser Energy had not only improved the quality of life for the soldiers but also enhanced the efficiency of their training programmes.
The commitment of Genser Energy to education, sports, community development and sustainability exemplifies its dedication to creating a brighter future for all Ghanaians.
Source: https://energynewsafrica.com
Ghana: Energy Expert Dr. Amin Adam Appointed New Finance Minister
The President of Ghana, Nana Addo Dankwa Akufo-Addo, has appointed energy and petroleum policy expert, Dr. Mohammed Amin Adam, as the country’s new Minister for Finance in a reshuffle on Wednesday.
Dr. Amin replaced Mr Ken Ofori-Atta, the immediate past Finance Minister.
Prior to his appointment, he was the Minister of State at the Finance Ministry.
In 2017, President Akufo-Addo appointed him as the Deputy Minister of Energy and served in that capacity until 2021 when he was reassigned to the Ministry of Finance.
Dr. Amin is the founder of Africa Centre for Energy Policy (ACEP), a natural resources governance think tank.
Profile Of Amin Adam
Dr. Mohammed Amin Adam is an Economist, Energy and Petroleum Policy Expert, and Resource Governance Advocate.
He holds a PhD in Energy and Petroleum Economics (2014) from the University of Dundee, Center for Energy, Petroleum and Mineral Law and Policy (CEPMLP), United Kingdom.
He obtained a Master of Philosophy Degree in Economics (2002), and Bachelor of Arts (Honours) Degree in Economics (1998) both from the University of Cape Coast.
He has also studied various topics and received certificates from the Columbia University, Columbia Center for Sustainable Investment, in New York (Extractive Industries and Sustainable Development), EcoMod Modeling School, Washington D.C. (Computable General Equilibrium Modeling with GAMS), University of Texas at Austin, Centre for Energy Economics, Bureau of Economic Geology, Jackson School of Geosciences, USA (New Era Oil, Gas and Power Value Creation), Harvard University (Executive Leadership), and the International Academy of Leadership, Gummersbach, Germany (Human and Civil Rights).
Political Management
Dr. Adam has gained significant experience in political management and administration spanning over 25 years and held various responsibilities including as Mayor of Tamale, Deputy Northern Regional Minister, Deputy Energy Minister, and Minister of State at the Ministry of Finance.
He is currently the Member of Parliament for Karaga in the Northern Region; and served on the Finance Committee, Defence and Interior Committee and Roads and Transport Committee of Parliament.
He has been playing key roles in the Government of President Nana Akufo-Addo. At the Ministry of Finance, he is Chairman of the Budget Implementation Committee, Chairman of the Arrears Clearance Committee, Co-Chairman of the Economic Policy Coordination Committee; and Member of the Financial Stability Council.
Whilst serving as Deputy Minister for Energy, he was Chairman of the National Energy Transition Committee produced Ghana’s Energy Transition Framework; and was Chairman of Gold for Oil Committee.
Professional Life
In private life. Dr. Adam was the Founder and Executive Director of the Africa Centre for Energy Policy (ACEP).
Before then, he was the Africa Coordinator of the Africa Against Poverty Programme, IBIS Ghana; National Oil Coordinator at ISODEC, and provided various Consulting services to many organizations including the World Bank, International Labour Organization (ILO), Africa Centre for Economic Transformation (ACET), OXFAM, NRGI, PIAC and Ghana EITI among others.
He had Short Term Appointments with the World Bank on the Efficiency (Cost-Benefit Analysis) of projects funded with petroleum revenues in Ghana (October 2013 to July 2014), and on energizing Ghana’s economic growth (18th October 2012 to 29th March 2013).
He also served as Strategic Advisor to STAR Ghana which managed Pooled funds from DFID, USAID, DANIDA and the EU (January 2014 to December 2014).
He also served on the Board of private companies including the Board of ZOIL Oil Waste Services Limited (March 2015 to November 2016), and the Board of Weston Oil and Gas Fund (May 2014 to December 2016).
Dr. Adam is globally recognised for his expertise across varying subjects which earned him membership in global initiatives.
He was appointed as a Member of the Advisory Committee of the International Finance Corporation-World Bank Disclosure to Development Program (April 2018), a Member of the International Advisory Board of Open Contracting Partnership (August 2014), a Member of the International Advisory Board of the Natural Resources and Community Review (August 2014), Member of the International Group of Experts that designed ‘’the Open Contracting Initiative’, in Washington DC; facilitated by the World Bank Institute (2012); and Member of the International Group of Experts that designed ‘’the Open Government Partnership’ in Washington DC; facilitated by the State Department of the United States Government (2011).
He has provided advisory services to African countries among which are Kenya, Liberia, South Sudan, Sierra Leone, Mozambique, Tanzania and Uganda.
Dr. Adam held membership of other global professional bodies including the International Research Collaborative on Natural Resource Governance, Inequality and Human Rights, Law and Society and Columbia School’s Executive Session on the Politics of Extractive Industries, a group of renowned global Experts in the area of Resource management.
Source:https://energynewsafrica.com
Ghana: President Akufo-Addo Relieves Two Deputy Energy Ministers Of Their Positions, Appoints New Faces For Replacement
The President of Ghana, Nana Addo Dankwa Akufo-Addo, has relieved two deputy ministers of energy of their positions and appointed two legislators to replace them in a reshuffle exercise barely a year to the end of his administration.
The deputy ministers are William Owuraku Aidoo, the Member of Parliament (MP) for Afigya Kwabre South in the Ashanti Region, and Andrews Kofi Agyapa Mercer, MP for Secondi in the Western Region.
Owuraku Aidoo has been at the Energy Ministry since 2017, while Agyapa Mercer has been there since 2021.
However, President Akufo-Addo has reassigned Egyapa Mercer to the Ministry of Tourism, Arts and Culture as a Minister of State Designate.
The new faces for the deputy energy minister positions are John Kobina Abam Aboah Sanie, MP for Mpohor-Fiase in the Western Region, and Collins Adomako Mensah, MP for Afigya Kwabre North in the Ashanti Region.
Collins Adomako Mensah worked with financial institutions such as Ghana Commercial Bank and Fidelity Bank as deputy manager and relationship manager before entering Parliament in 2021.
Source:https://energynewsafrica.com
Nigeria: South Korea Explores Gas Investment Prospects In Nigeria
The Nigerian National Petroleum Company (NNPC) Limited has met with a consortium of South Korean investors to explore investment prospects within Nigeria’s gas market.
According to media reports, the discussions are expected to enable the signing of a memorandum of understanding (MoU) which will pave the way for greenfield investments in Nigeria’s gas sector while driving various natural gas projects in the country.
“The talks were aimed at deepening the drive of NNPC Ltd. to tap into the nation’s vast gas resources to be a supplier of clean and affordable energy to the global market,” NNPC said in a press statement.
The meeting, which took place in Seoul, included manufacturing and engineering conglomerate Daewoo.
It aligns with Nigeria’s efforts to attract foreign direct investments to expand its gas industry.
Source: https://energynewsafrica.com
South Africa: Eskom Rejects Sabotage Claims As Power Cuts Intensify
South Africa’s power utility company, Eskom, has rejected the allegation by African National Congress (ANC) secretary-general Fikile Mbalula suggesting that sabotage is behind the current heightened stages of rolling blackouts.
Mbalula made the allegation on his official “X” account formerly twitter, according to a report by Sabc.
However, his comment attracted a response from Eskom Head of Generation, Bheki Nxumalo, who rejected the claim.
Nxumalo said the authorities are still investigating the allegation.
“The security cluster is within the stations, we are doing investigations within our coal space everywhere.
So these are ongoing things to look for intelligence.
But currently, what’s happened that’s led to this, you’ve seen it in the biggest changes at Medupi and a series of pipe leaks that also happened between Thursday and Friday as well.
“So there are ongoing investigations and security scans that we are undertaking,” Nxumalo added.
Source:https://energynewsafrica.com
Saudi Arabia Halts Oil Capacity Expansion Over Energy Transition
Saudi Arabia has decided to halt its oil capacity expansion plans as a result of the global energy transition, Prince Abdulaziz bin Salman, Minister for Energy revealed this on Monday.
According to him, the kingdom has plenty of spare capacity to cushion the oil market.
The Saudi government on Jan. 30 ordered state oil company Aramco to halt its oil expansion plan and to target a maximum sustained production capacity of 12 million barrels per day (bpd), 1 million bpd below a target announced in 2020, which was set to be reached in 2027.
“I think we postponed this investment simply because…we’re transitioning,” Prince Abdulaziz bin Salman said at the IPTC petroleum technology conference in Dharan.
He added that Aramco has other investments to make, including in oil, gas, petrochemicals and renewables.
Saudi Arabia has said it aims to reach net zero emissions by 2060 and Aramco says it wants to reach net zero emissions from its own operations by 2050.
Prince Abdulaziz said that the kingdom had a “huge cushion” of spare oil capacity in case of major disruptions to global supplies caused by conflict or natural disasters.
Under cuts agreed between the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+, Saudi oil production is about 3 million bpd below its 12 million bpd maximum sustainable capacity, making it the world’s biggest holder of spare capacity.
“We are ready to tweak upward, downward, whatever the market necessity dictates,” Prince Abdulaziz said.
He criticised a decision coordinated by the International Energy Agency in 2022 to release oil from emergency reserves to cool global prices after Russia’s invasion of Ukraine.
“Why should we be the last country to hold energy capacity, or emergency capacity, when it is unappreciated and when it is not recognised?”
Aramco chief executive Amin Nasser, speaking at the same event, said he expected oil demand to increase to 104 million bpd this year and to 105 million bpd in 2025, downplaying expectations that it will peak any time soon.
Source: https://energynewsafrica.com
Nigeria: Gas Committee Set Up To Ensure Availability Of Gas For Electricity Generation
Nigeria has constituted an inter-ministerial committee to look at the ways and means of achieving a steady and sustainable gas supply to power generationing plants to meet both the domestic and the industrial need of Nigeria.
The inter-ministerial committee was formed by the Minister of State for Petroleum Resources, Ekperikpe Ekpo, and the Minister for Power, Chief Adebayo Adelabu, after a meeting between the two ministries in Abuja, capital of Nigeria.
“At the meeting, Ekpo outlined the challenges causing the low supply of gas to the thermal power plants to include decade of gas legacy debts and vandalism of gas resources infrastructures in the Niger Delta Region.
“He also listed domestic pricing of gas in dollars, among others.
He expressed his willingness to work harmoniously with any individual, organisation and agency to solve these challenges,” a statement issued by the Petroleum Resources Ministry said, quoting the Minister.
In his remarks, Chief Adelabu stated the need for the two ministries to work collaboratively and solve the problem of low gas supply to the thermal power plants.
According to him, this was in order to achieve an uninterrupted power supply in the country.
“There is absolutely nothing that can be done in Nigeria without stable power,” he noted.
Members of the committee were drawn from the ministries of petroleum resources and power, regulatory agencies, operators and critical stakeholders in the gas and power sectors.
The meeting was witnessed by some directors in the ministries of petroleum resources and power.
Nigeria has over 206 trillion cubic feet (TCF) of natural gas but has been unable to tap the resource due mainly to lack of investment in the sector, leading to inadequate gas transportation infrastructure.
Even the inadequate infrastructure is routinely vandalised.
Source: https://energynewsafrica.com
Ghana: LPG Marketers Commends NPA For Reviewing Mode Of LPG Importation
The Liquefied Petroleum Gas (LPG) Marketers Association of Ghana has commended the country’s petroleum downstream regulator, the National Petroleum Authority (NPA), for reviewing the mode of LPG importation by making it go through open competitive bidding process.
According to the association, the open competitive tender for LPG import would reduce the price of the product on the market, which would in turn boost the consumption level.
It would be recalled that the NPA, in a release, said it held a successful maiden competitive bidding on Monday, 29th January 2024.
The NPA said the winning tenderer submitted the lowest premium of USD30.39/MT for the four lots that were tendered for, between March and June 2024.
“This is a significant drop from the current premiums which range between USD67/MT and USD98/MT. Each lot is about 20,000 metric tonnes,” the regulator said.
Commenting on the review of policy on LPG importation, the Vice-President of LPG Marketers Association of Ghana, Gabriel Kumi, said when this policy is properly executed, it would reduce the cost of LPG.
“We, as an association, have consistently called on government and the NPA to ensure that the price of LPG comes down, so that the ordinary Ghanaian can use LPG.
We can all benefit from the enormous benefits that come with consuming more LPG,” he said in an interview with Accra-based Joy News .
He added that the consumption of LPG had declined significantly over the years; hence, this new move would help increase consumption.
Checks by this portal indicate that LPG consumption in 2021 was 345,477,075 kilogrammes while in 2022, consumption was 305,076,209 kilogrammes.
Data sourced from NPA website shows that between January and October 2023, LPG consumption was around 259,375,659 kilogrammes.
Source:https://energynewsafrica.com
Ghana: Labour Unions Suspend Feb 13 Protest Against Imposition Of VAT On Electricity
Labour unions under the umbrella of the Trades Union Congress (TUC) in Ghana have suspended their planned nationwide protest over the imposition of Value Added Tax (VAT) on electricity consumption which was scheduled for February 13, 2024.
The partial suspension of the policy by the government has informed the decision by the labour unions to suspend the protest.
Speaking to journalists at a press briefing on Friday (9 February), the General Secretary of the Industrial and Commercial Workers Union (ICU-Ghana), Morgan Ayawine, said, “The message we are sending out to our members is that it is a victory.
It is a victory not only for our members but also for Ghanaians.
“We want to believe that it is a suspension in perpetuity.
So, our members should not feel that we have been defeated.”
“It is not a defeat and we have also told our members and organised labour will be on red alert, so if the government thinks that it can play a smart one on us, we are still there and alive; we can bounce back.
“The fact that we have not taken a position not to discuss or engage the government on the [15%] VAT on electricity means that it is gone,” he added.
Source:https://energynewsafrica.com
Nigeria: NERC Sanctions Eleven Discos For Failing To Comply With Regulatory Rules
The Nigerian Electricity Regulatory Commission (NERC) has sanctioned eleven electricity distribution companies due to their non-compliance with capping of estimated bills for unmetered customers.
The NERC revealed this in a press statement on Thursday, February 8, 2024, which also reaffirmed its commitment to regulatory compliance and consumer protection within the Nigerian Electricity Supply Industry (NESI).
“The public may recall that in 2020, the Commission issued the Order on Capping of Estimated Bills (Order No: NERC/197/2020) and subsequently issued monthly energy caps which aimed to align the estimated bills for unmetered customers with the measured consumption of metered customers on the same supply feeder,” NERC said.
It revealed that a review of the Electricity Distribution Companies (“DisCos”) billing of unmetered customers for 2023 has revealed non-compliance with the monthly energy caps issued by the Commission.
In response to this and in a bid to safeguard unmetered customers from arbitrary billing by DisCos, the Commission, pursuant to Section 34(1)(d) of the Electricity Act 2023 (“EA 2023”), has issued the Order on Non-Compliance with Capping of Estimated Bills (Order No: NERC/2024/004-014).
NERC stated that this stipulates the following: Credit Adjustment to Customers: DisCos are to issue credit adjustments to all overbilled unmetered customers for the period January to September 2023 by the March 2024 billing cycle.
“Public Notice: DisCos have been directed to publish the list of credit adjustment beneficiaries in two national dailies and on their website no later than 31% March 2024,” NERC added.
“Regulatory Sanctions: The Commission shall deduct a sum of $10,505,286,072 from the annual allowed revenues of the eleven (11) DisCos during the next tariff review, to deter future non-compliance with the energy caps approved by the Commission.”
Source:https://energynewsafrica.com
Ghana: NLC Writes To TOR MD Over Interdiction Of Two Union Executives
The National Labour Commission, the agency responsible for resolving disputes between workers and employers in the Republic of Ghana, has written to the Acting Managing Director of TOR Daniel Osei Appiah to respond to complaints received from the national executives of the General Transport Petroleum and Chemical Workers’ Union over the interdiction of their two executives.
In a letter signed by Dr Bernice A.Welbeck, the Executive Secretary of NLC, said, “The Commission writes to forward a copy of the letter to you and request your response to the complaint by the Union before the close of work on February 13, 2024.
“Treat as urgent given the Union’s decision to begin picketing on 13th February 2024,” a portion of the letter said.
It would be recalled that the Board of Directors of the Tema Oil Refinery (TOR) interdicted Serwah Duncan-Williams and David Koomson who are executives of GTPCWU at the refinery at their 261st sitting on December 13, 2023.
The two executives were issued query letters for allegedly speaking to the media about the Tema Oil Refinery and Torentco Asset Management Limited partnership deal.
The Board accused the executives of disclosing the company’s information to persons not authorised to receive it, in breach of Article 43(4) (vii) of the Collective Bargaining Agreement (CBA) between TOR and GTPCWU of GTUC dated 13th February 2018.
“Your breach of the non-disclosure agreement sighted on April 2023, in which you undertook not to disclose the details of the draft TOR/Torentco Lease and O&M agreements. Giving details of TOR’s draft lease agreement with Tema Energy Processing Limited (TEPL) to the press and print media.
“Using without lawful authority any property or facility provided by the Company for some purpose (media hosting) not connected with the Employee’s official duties, in breach of Article 43 (4)(ii) of the CBA between TOR and GTPCWU of GTUC dated 13th February 2018.”
The company, therefore, invoked Article 43 Section 11 of the Collective Agreement to interdict the two executives.
Reacting to the decision by the Board, the National leadership of GTPCWU rejected the claims by the Board, stating that the press conference was rather organised by the National leadership and not the two executives.
The leadership of GTPCWU accused the management of failing to go through the processes stated in the staff Collective Bargaining Agreement.
Source:https://energynewsafrica.com
Source:https://energynewsafrica.com Equatorial Guinea: ExxonMobil Set To Exit Oil Exploration In Equatorial Guinea
US oil and gas supermajor, ExxonMobil, has planned to leave Equatorial Guinea after operating in the Central African nation for for about three-decade.
ExxonMobil told Bloomberg that it will transfer its holdings in the country to the government and that “Our focus now is on a safe handover of operations and caring for all impacted by this change.”
Exxon also added that the exit was part of the company’s long-term strategy.
That strategy focuses on investments in the lowest-cost and fastest-growth locations, Bloomberg noted in its report.
These locations include Guyana and the Permian.
The news coincided with reports that French TotalEnergies was planning to exit onshore oil in Nigeria, following in the footsteps of fellow supermajor Shell, which last month said it would sell its onshore business in the country for $1.3 billion.
Speaking at the release of TotalEnergies’ financial results for 2023, CEO Patrick Pouyanne said that “Fundamentally it’s because producing this oil in the Niger Delta is not in line with our Health, Security and Environmental policies, it’s a real difficulty.”
Onshore oil production in Nigeria has been problematic for decades, with pipeline vandalism and infrastructure sabotage rampant despite government efforts to rein these in.
Both supermajors, however, will remain in Nigeria’s offshore oil sector, which is more lucrative while less problematic, Reuters noted in a report.
Speaking of problems, these could have been a big reason for Exxon’s decision to leave Equatorial Guinea, according to one analyst interviewed by Bloomberg.
Uncertain regulatory regimes and political stability must have been among the factors Exxon considered before deciding what to do with its Guinea business, the director of Rice University’s Center for Energy Studies at the Baker Institute in Houston, Ken Medlock, told the news outlet.
“If those risks mount, companies could pack up and leave if they have other opportunities with a better risk-reward profile,” he explained.
Source:Oilprice.com