GOIL PLC MD Adjudged Petroleum Downstream CEO Of The Year

Michael Creg Afful
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GOIL PLC MD Adjudged Petroleum Downstream CEO Of The Year
The Group CEO and Managing Director of GOIL PLC, Mr.  Kwame Osei-Prempeh has been crowned as the outstanding CEO in the Petroleum downstream sector at the just ended Ghana CEO Summit in Accra, capital of Ghana. The 7th Ghana CEO Summit was attended by Chief Executive Officers of Companies, Business Executives, Captains of industry and major decision and policy makers who discussed topical business strategies to sustain and grow their businesses while influencing and impacting society. This year’s summit discussed economic sovereignty, sustainable corporate governance, and Digital industrial Transformation. A key feature of this year’s summit was how to transform state-owned enterprises for growth and prosperity and fostering a high-level public-private sector dialogue. Mr. Osei-Prempeh expressed gratitude for the award and indicated he shared it with the entire team of GOIL whose efforts and expertise contributed to it. “It was an honour done me to be recognized as the best CEO in the Downstream oil sector in Ghana and I do not take it lightly. My team of Board members, Management and staff in general have all made this successful,’’ he said as carried by Myjoyonline.com. He urged customers to continue to patronize GOIL fuels and lubricants and enjoy all the goodness they offer. Since Mr. Osei Prempeh’s assumption of the position of Group CEO and MD in 2019, GOIL has steadily maintained its leadership position as the market leader in the highly competitive industry.       Source: https://energynewsafrica.com  

Petrobras Launches New Commercial Portfolio For Natural Gas

Michael Creg Afful
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Petrobras Launches New Commercial Portfolio For Natural Gas
Brazilian national oil company Petroleo Brasileiro SA has launched a new commercial portfolio for natural gas in a move that will see the company expand and diversify deadlines, benchmarks and places of delivery in a bid to become more competitive. Petrobras will also resume using Henry Hub benchmark prices for gas in addition to Brent oil prices, while offering distributors more options for contract deadlines and delivery locations. Using the new portfolio, Petrobras, which currently has contracts with more than 14 suppliers, will become more competitive in the public calls being made by the state distributors and in the commercialization via the Free Market. Earlier, Petrobras reported that its Q1 2023 revenue and profits decreased which it attributed to lower commodity prices. Q1 net income fell to 38.16B reais (~$7.7B) from 44.6B reais in the prior-year period, but well above the 31.96B reais analyst consensus estimate. Q1 adjusted EBITDA fell to 72.5B reais from 77.7B reais a year ago but also topped the consensus estimate of 67.36B reais. Meanwhile, revenues fell 1.8% Y/Y to 139.07B. Thankfully, PBR continues paying out hefty dividends to shareholders, with payouts for the quarter clocking in at 24.7B reais ($4.94B). Petrobras has been at the center of a major corruption scandal over the past decade, due to large political appointments in its senior management. Last year, the oil and gas supermajor announced that it will increase 2023-2027 investments by about 15% to $78 billion over the company’s 2022-2026 projected spending. Of the $78 billion planned for capex, 83% or $64 billion is earmarked for E&P activities while 67% of the E&P capex budget will go to pre-salt activities. The company also plans to boost spending to reduce carbon emissions to ~6% of the total compared with 4% in the previous plan, and will see its decarbonization fund more than double the current $248M. PBR shares underperformed badly last year but have gained 26% year-to-date.     Source: Oilprice.com  

Nigeria: New President Declares Removal Of Fuel Subsidy

Michael Creg Afful
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Nigeria: New President Declares Removal Of Fuel Subsidy
Nigeria’s new President, Bola Ahmed Tinubu has told Nigerians that the era of subsidy payment on fuel has ended. The Buhari administration planned to end subsidy on fuel next month as a result of pressure on government coffers. To this end, the Buhari administration only made payment of fuel subsidy covering half year 2023. In August last year, the Minister for Finance Zainab Ahmed disclosed that the Federal Government will be incurring about N6.4 trillion annually if the policy remains. Delivering his inaugural address on Monday after he was sworn in as the 16th President, the new Nigerian leader declared that “the fuel subsidy is gone.” Tinubu said his government shall instead channel funds into infrastructure and other areas to strengthen the economy, adding that a “unified exchange rate” is guaranteed under his administration. “We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the millions of lives,’’ the President said.     Source: https://energynewsafrica.com

Ghana: GECA Urges GSA, Energy Commission To Speed Up Passage Of Law On Electrical Accessories

Michael Creg Afful
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Ghana: GECA Urges GSA, Energy Commission To Speed Up Passage Of Law On Electrical Accessories

The Ghana Electrical Contractors Association (GECA) has urged the Ghana Standards Authority (GSA) and the Energy Commission to speed up the process for the passage of the law on electrical accessories.

According to the Association, when the law comes into force, it would help to weed out unscrupulous dealers from the Ghanaian market.

“As we await the passage of the proposed law, we encourage certified electrical engineering inspectors to enforce the use of materials approved by GSA,” the Association said in a press statement issued on Friday.

The statement comes after the Ghana Standards Authority had identified that about 6,000 fake electrical products were on sale in the Ghanaian market.

The GECA noted that identifying good electrical products is a daunting task and, therefore, cautioned electrical wiring practitioners and the general public to be wary.

It encouraged all to buy their electrical materials from credible, tried and tested dealers as they are likely to offer quality and value for money.

 

 

 

 

Source: https://energynewsafrica.com

Ghana: GECA Cautions Consumers Against Fake Electrical Materials On Sale

Michael Creg Afful
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Ghana: GECA Cautions Consumers Against Fake Electrical Materials On Sale
The Ghana Electrical Contractors Association (GECA) has cautioned consumers about the fake electrical products currently on sale on the Ghanaian market. According to the association, the worrying development was recently confirmed by a report by the Ghana Standards Authority that it had identified about 6,000 fake electrical products on sale. The GECA noted that identifying good electrical products is a daunting task and, therefore, cautioned electrical wiring practitioners and the general public to be wary. It encouraged the public to purchase their electrical materials from credible, tried and tested dealers as they are likely to offer quality and value for money.       Source: https://energynewsafrica.com  

Nigeria: Electricity Supply Boosted As 700MW Zungeru Hydroelectric Power Connected To Grid

Michael Creg Afful
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Nigeria: Electricity Supply Boosted As 700MW Zungeru Hydroelectric Power Connected To Grid
Nigeria has connected the recently completed 700 Megawatts Zungeru Hydroelectric Power Plant to the National Grid to boost electricity. “Today the Zungeru Hydroelectric Power Plant has become a reality; we have as of today joined the grid with 700MW. Testing started Wednesday night. “Information has reached us with the pictorial view of the meters showing us that the 700MW has gone on the grid,” the outgoing Minister for Power Abubakar Aliyu said during a farewell party for him and the Minister of State, Mr. Goddy Jedy-Agba by the Ministry of Power on Friday in Abuja. The minister said that the Kashimbila Hydroelectric Power Project, a joint project with the Ministry of water resources had been completed. He said phase one of the project which is the line taking electricity to Yandev in Benue over 240 kilometers, had been completed and inaugurated last week. On the Siemens project, Mr Aliyu said that the ministry had installed transformers in Abuja, Ajah, Lagos, adding that 10 massive mobile substations had been cleared. “We have 10 of them at the port and the first one is in Ajah sub-station and some are also on the sea coming, ‘’ he said. Mr Aliyu also said that the ministry of power on Wednesday presented to the Federal Executive Council (FEC), a contract for over 13, 000kilometers distribution line. He said that the contract was approved for the Presidential Power Initiative (PPI). “One thing we should have in our minds is that these things don’t happen just at once, it is a process. These bring about delays of some of the projects, ‘’he said. The minister urged all players in the industry to continue to work together in synergy to be able to achieve the desired results. According to him, electricity is a value chain from generation to distribution, urging players to work in synergy. Aliyu commended members of staff of the ministry and stakeholders in the sector, for the cordial working relationship. He said that the ministers would not have achieved what they achieved without the support of the staff of the ministry. Also speaking, the Minister of State for Power, Jedy-Agba also thanked the staff for the working relationship that existed between them. “It is a long journey but I enjoyed working with you all as you took directives from us and you implemented them, ‘’ he said.

Nigeria: Dangote has Paid Back 70% Of Loans For Refinery Project-CBN Boss Announces

Michael Creg Afful
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Nigeria: Dangote has Paid Back 70% Of Loans For Refinery Project-CBN Boss Announces
The Dangote Group has paid back 70 per cent of the loans it took from the Central Bank of Nigeria to finance the group’s 650,000 barrels per day oil refinery located in Lekki, Lagos State, Governor of CBN, Mr Godwin Emefiele, has revealed. Dangote Refinery, which is Africa’s largest crude oil refinery, was officially commissioned by President Muhammadu Buhari, on Monday, May 22, at a ceremony attended by many oil and gas leaders. The refinery was initially estimated to cost just about $9 billion but the project cost escalated and was eventually completed with a total of $18.5 billion. Speaking at the commissioning of the refinery, Godwin Emefiele said the amount constituted 50 per cent equity investment by Dangote and 50 per cent debt finance by banks. According to him, the commercial loan component of the project was financed majorly by domestic banks while the rest was provided by foreign banks. He added that the CBN also partnered with the Dangote Group to ensure the successful completion of the project by providing about N125 billion for domestic currency requirements while also ensuring the availability of foreign exchange (FX) to pay for imported equipment. “We have it on good authority that the Dangote Group has paid off some portion of these commercial loans even before this commissioning today,” Emefiele said. “Today, total loans outstanding have dropped from over $9 billion when this project started to $2.7 billion. This reflects the astute credit worthiness and commercial capability of the group and its chairman, Alhaji Dangote. “I must, at this juncture, appreciate all the participating local Nigerian banks, which did not only partner with the project through effective financing but were keenly aware of the importance of the project for our nation. “They provided immense support and exceptional understanding, even when interest payments and principal repayment had fallen due,” Emefiele stated. Emefiele further expressed optimism that Nigeria, under the incoming administration, would cease importing petroleum products, fertiliser and petrochemicals and save the country over $26 billion.     Source: https://energynewsafrica.com

Uganda: Gov’t Bans Charcoal Production In A Bid To Protect Environment

Michael Creg Afful
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Uganda: Gov’t Bans Charcoal Production In A Bid To Protect Environment
Uganda has banned charcoal production and business in the North and North-Eastern part of the country. This directive was contained in Executive Order Number 3 of 2023 dated May 19, which the state house made public on Wednesday. According to a report by Uganda-based Monitor, the regions where the ban applies are Karamoja, Tesco, Lango, Acholi and West Nile where security forces especially commanders of Uganda People’s Defence Forces, are accused of aiding destroyers of the environment by guarding charcoal producers and transporters. “In order to save the environment and also the reputation of the NRM, I, therefore, hereby ban the cutting of trees for charcoal burning,” President Yoweri Museveni stated in the order, citing extinction threats to valued Shea-butter trees according to Monitor. The ban on charcoal production has been welcomed by some Members of Parliament and environmentalists.   Source: https://energynewsafrica.com

ARDA Congratulates Dangote Group…Says Refinery Will Reduce Import Of High-Sulphur Fuel To Africa

Michael Creg Afful
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ARDA Congratulates Dangote Group…Says Refinery Will Reduce Import Of High-Sulphur Fuel To Africa
African Refiners and Distributors Association (ARDA) has congratulated Nigerian businessman, Aliko Dangote, and his Dangote Group for the successful commissioning of their 650,000 barrels per day refinery and petrochemicals facility located in Lekki, Lagos, State. ARDA President and Chief Executive of the National Petroleum Authority of Ghana, Dr Mustapha Abdul-Hamid said in a release that while the Association continues to work alongside the African Union Commission (AUC) to harmonise fuel specifications across Africa, the Dangote Refinery was designed to produce cleaner AFRI-6 (10 ppm Sulphur) fuels from the onset. Dr. Abdul-Hamid said the refinery was a game-changer for Africa’s clean fuels journey as its start-up will reduce the import of high-Sulphur fuels into the continent while meeting climate commitments and reducing public health challenges. According to Dr. Abdul-Hamid, “This strategic move by the Alhaji Dangote and the Dangote Group will also assure Africa’s energy security even as the continent’s growing energy needs are met sustainably while reducing foreign exchange expended on petroleum products imports, providing employment and promoting a strong market for African crude oil on the continent amidst the global push away from fossil fuels.” ARDA Executive Secretary and former NNPC COO Refining & Petrochemicals, Mr Anibor Kragha also commended Alhaji Dangote and said the refinery has highlighted the viability of large-scale downstream industry investments that are fundamental for Africa to refine its crude oil and create a robust, intra-African energy market amidst the global geopolitics and energy transition concerns. Kragha also said that successful investments like the Dangote Refinery would positively impact the petroleum products supply chain dynamics of various African countries and would be critical for the continent to develop and implement a unique, integrated, sustainable African Downstream Energy Transition Roadmap that would prioritise cleaner, low-sulphur fuels and carbon emissions reduction efforts in the near-term and mature, cost-effective renewable energy solutions later. In November last year, an ARDA delegation including the Executive Secretary and top executives from refineries and storage & distribution companies in Senegal (SAR, SENSTOCK and Elton Oil), Cote d’Ivoire (SIR and SMB), Gabon (SOGARA) and Zambia (Indeni) as well as the Department of Hydrocarbons in the Ministry of Cote d’Ivoire and ARSE, the downstream regulator in Niger Republic toured the Dangote Refinery site and had commended the intense efforts to bring the refinery on stream. Kragha said, “The commissioning of the Dangote Refinery about six months after the ARDA delegation visit last November, serves as a testimony to the vision and doggedness of the excellent Dangote team to deliver a world-class ‘Refinery of the Future’ that prioritises cleaner fuels and maximises value addition via petrochemicals facilities while reducing its carbon footprint in line with global best practices.”     Source: https://energynewsafrica.com

Norway: Aker BP Makes “Significant” Oil Discovery Offshore

Michael Creg Afful
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Aker BP is nearing completion of drilling the Øst Frigg Beta/Epsilon exploration well, situated in the Yggdrasil area of the Norwegian North Sea. The well has resulted in a significant oil discovery. Preliminary estimates indicate a gross recoverable volume of 40-90 MMboe, surpassing the previously communicated pre-drill estimate of 18-45 MMboe. The discovery enhances the resource base for the Yggdrasil development, which was previously stated at 650 MMboe (gross). The Plan for Development and Operations (PDO) was submitted to Norwegian authorities in December 2022, with production scheduled to commence in 2027. “We are extremely pleased with the results of this well. The discovery will be evaluated as a potential addition to the Yggdrasil development. We see further upside potential around Yggdrasil and, in collaboration with our partners, will continue active exploration in the area,” says Per Øyvind Seljebotn, SVP Exploration & Reservoir Development in Aker BP. The oil discovery is located within production licenses 873 and 442. In license 873, the partnership consists of Aker BP (operator, 47.7% interest), Equinor (40% interest) and PGNiG Upstream Norway (12.3% interest). In license 442, the partnership comprises Aker BP (operator, 87.7% interest) and PGNiG Upstream Norway (12.3% interest).       Source: Worldoil.com

UK Energy Market Regulator To Allow Suppliers To Boost Profit Margins

Michael Creg Afful
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UK Energy Market Regulator To Allow Suppliers To Boost Profit Margins
After dozens of UK energy firms went bankrupt during the energy crisis, Britain’s energy market regulator on Thursday proposed amendments to the profit margins companies are allowed to make, which could boost margins by 27%. The UK has a so-called Energy Price Cap in place, which protects households from excessively high bills by capping the price that providers can pass on to them, but which additionally burdens energy providers. According to the consultation proposed on Thursday by the regulator Ofgem, a hybrid allowance is proposed for the Earnings Before Interest and Tax (EBIT) allowance in the default tariff cap. This hybrid allowance will include a fixed and a variable component based on a revised assessment of the capital employed and cost of capital because the energy market has changed significantly since the margin allowance was initially set in 2018. Njord Reopens: Norway’s Equinor Boosts Gas Production Amid Europe’s Energy Crisis Under the proposal, the money energy firms can set an indicative EBIT allowance of £47 per customer, compared with a £37 per customer margin allowance under Ofgem’s current approach. The proposal has an open period for comments and responses by June 28, 2023. Subject to the consultation, the planned implementation of changes would take effect in October 2023, Ofgem said today. The allowance for higher profit margins would be welcome news for energy suppliers in the UK, which have struggled since the start of the energy crisis due to the surge in commodity prices at the end of 2021 and last year, especially of natural gas. More than a dozen power suppliers in the UK exited the retail energy market in the autumn of 2021 and early 2022. Also today, Ofgem said that the energy price cap from July 1 to September 30 would be set at an annual level of $2,566 (£2,074) for a dual fuel household paying by direct debit based on typical consumption. The new cap is down by around $618 (£500) compared to current levels due to the recent decline in wholesale energy prices.     Source: Oilprice.com

Ghana: GNPC Board Washes Hands Off ‘Controversial’ Sale Of Oil Assets To PetroSA—Freddie Blay

Michael Creg Afful
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Ghana: GNPC Board Washes Hands Off ‘Controversial’ Sale Of Oil Assets To PetroSA—Freddie Blay

The Board of Ghana National Petroleum Corporation (GNPC) has decided to stay away from any discussion regarding the controversial planned sale of half of the seven per cent share Ghana acquired from Anadarko’s share in the Jubilee and Ten oilfields, to PetroSA, the national oil company of South Africa.

Rather, GNPC wants Ghana’s Minister for Energy, Dr Matthew Opoku Prempeh, or President Nana Akufo-Addo to handle the controversial deal going forward.

“We have washed our hands off. Let the minister do what he thinks is best,” the under-fire Board Chairman of GNPC, Mr. Freddie Blay said on Accra-based Citi FM’s Eyewitness News on Tuesday after he said the board met and took that decision on Tuesday.

Mr. Freddie Blay and GNPC have come under fire after a letter by the Minister for Energy, Dr Matthew Opoku Prempeh, to Jubilee House, the seat of Government, revealed that he was clandestinely dealing with South Africa’s PetroSA to sell Ghana’s oil assets to the company despite objecting to the planned sale.

In a strongly worded letter sent to the Jubilee House, the Energy Minister said Mr Freddie Blay was pretty much aware that he had written to South Africa’s Minister for Energy and Petroleum Resources, Gwede Mantashe, that Ghana would not sell its seven per cent interest to PetroSA.

In the said letter to Gwede Mantashe, Dr Matthew Opoku Prempeh wrote: “Honourable Minister, the Government of Ghana would like to reiterate that we cannot support PetroSA in its quest to pursue pre-emption of Jubilee Oil Holdings Limited (JOHL) stakes that have already been acquired by Ghana, as this would be inconsistent with our stated objectives of increasing the State’s stakes in our natural resources development including oil and gas. This policy informed the use of state funds in this acquisition,” parts of the letter dated 24/11/2022 stated.

Despite being copied and aware of the Minister’s letter to South Africa’s Minister for Energy and Mineral Resources, the Board Chairman of GNPC, Mr Freddie Blay, on 23rd May 2023, wrote to PetroSA: “We receive your last letter dated 22nd December 2022 and noted the contents thereof. Under this, and further, our meetings regarding the said pre-emption transaction in line with the rights afforded to PetroSA in the DWT Joint Operating Agreement, and on the discussion of an equal split in the DWT interest held by JOHL with PetroSA and GNPC, we, as mentioned in conversation, sought guidance from our legal advisors on the matter.

“Consistent with the said advice, the GNPC Board has considered and is agreeable to your proposal to share the interest in an equal split in the DWT interest held by JOHL. Our Board, considering your strong views in maintaining PetroSA’s claim to pre-emptive rights afforded under the DWT Joint Operating Agreement, and being desirous to continue to cultivate the cordial relationship between our two entities to agree that this split is prudent to both parties’ interest.”

This revelation prompted a coalition of Civil Society Organisations working in the extractive sector, anti-corruption and good governance to demand the immediate removal of Mr. Freddie Blay and Mr. Opoku Ahweneeh-Danquah, CEO of GNPC, from their post.

The CSOs, numbering about 29 comprising African Centre for Energy Policy (ACEP), Ghana Anti-Corruption Coalition (GACC) and Centre for Extractives and Development Africa (CEDA), were of the view that the continuous stay in office of the duo poses threats to the nation’s oil and gas resources.

For 2022 alone, Ghana raked in some US$290 million from the seven per cent share in the Jubilee and TEN, according to a report by Public Interest and Accountability Committee (PIAC).

However, reacting to the demands by the CSOs, Mr Freddie Blay stated that he did no wrong in the planned sale of the oil assets.

Mr Freddie Blay said he had discussed the sale of Ghana’s oil assets to PetroSA with President Nana Akufo-Addo.

As far as he was concerned, the planned sale of the assets was best for Ghana, saying the state risked losing it since PetroSA had been claiming it.

“I have done nothing wrong. I have observed my conscience and I thought I was protecting the interest of the country, and I am convinced about it and if others think otherwise and if those who appointed me are saying otherwise, then so be it.

“I have spoken to the President about it, and we haven’t gotten to where he will ask for his job back. It is not about convincing the President. The law will speak for itself, and the law will talk and there are few documents on the agreement,” Mr. Blay said.

 

 

Source: https://energynewsafrica.com

South Africa: NERSA Member Advocates Review Of Electricity Regulations To Protect Consumers

Peter Adofo Asante
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South Africa: NERSA Member Advocates Review Of Electricity Regulations To Protect Consumers
A member of the National Electricity Regulator of South Africa (NERSA), Mr. Nhlanhla Gumede, has called for a review of his country’s electricity regulations to ensure consumer protection. According to him, the current laws regulating electricity in South Africa protect the suppliers from the disadvantage of the poor consumer. Speaking exclusively to the Editor of energynewsafrica.com, Michael Creg-Afful, in Accra recently, Mr. Gumede assured the people of South Africa of his avowed commitment to facilitating reforms in the country’s electricity sector. He lamented that power consumers in South Africa do not have associations and also, the larger consumers fear antagonizing Eskom, hence, failing to participate in their efforts at reforming the electricity sector to protect innocent consumers. Asked why his outfit is unable to initiate steps to fast-track reforms in the power sector, he explained that the law setting up the NERSA defines their role and it, therefore, restricts any revolutionary measure to tilt changes towards consumers without strictly adhering to the South Africa Constitution. Though Mr. Gumede expressed the hope that the process would be quickened, he stressed that unfortunately, “consumers are failing themselves by not putting up proposals to ensure changes in the sector,” which is beneficial to suppliers. Sadly, the Act setting up the NERSA confines their scope and that is why last month, an upward adjustment of over 18 per cent amid irregular electricity supply in South Africa could not be resisted because of the uncoordinated consumer front in the country. It is in the phase of these inconsistencies in the electricity supply chain in that country that compels Mr. Gumede who is an electrical engineer by profession is advocating reforms and urging South Africans to firm interest groups to fight the law regulating the sector in the country to cushion poor consumption. “Most essential service consumers in countries in Africa and other developing countries suffer this fate as a result of the way our laws regulating most essential services are formulated and regulated,” he explained.         Source: https://energynewsafrica.com

Ghana: ECG Announces Five Days’ Revenue Mobilisation Exercise From May 29

Michael Creg Afful
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Ghana: ECG Announces Five Days’ Revenue Mobilisation Exercise From May 29
Ghana’s southern power distribution company, Electricity Company of Ghana (ECG), has hinted at embarking on a revenue mobilisation exercise across its operational areas, starting from Monday, 29th May to 2nf June 2023. According to ECG, the exercise will focus on all categories of customers who are in arrears including state-owned enterprises (SOEs). In a statement issued by ECG on Tuesday, 23 May, it said it would operate with a lean workforce to ensure its top management and staff embark on the nationwide exercise. The statement urged customers who owe arrears to settle their bills to avoid disconnection. During the last revenue mobilisation exercise, which started from March 20 to April 20, 2023, the company recovered about Gh¢3.1 billion from its customers.     Source: https://energynewsafrica.com
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