Ghana’s Petroleum Proceeds Jumped By 27% To $1.357 Billion In 2024–PIAC Report
Ghana’s total petroleum proceeds soared by 27.8 per cent from US$1.062 billion in 2023 to US$1.357 billion in 2024.
This is the second-highest annual petroleum receipt since inception, with 2022 being the highest year (US$1.42 billion).
This was revealed by the Public Interest and Accountability Committee (PIAC) in its 2024 Performance Report, citing an increase in crude oil prices.
The report added that the total proceeds from GNPC Explorco’s liftings received in 2024, amounting to US$145 million, were not paid into the Petroleum Holding Fund (PHF).
This brings the cumulative proceeds of unpaid revenue into the PHF held by Jubilee Oil Holding Limited (JOHL) and, subsequently, GNPC Explorco to US$488,790,044 as of the end of 2024.
GNPC argued that proceeds from liftings by GNPC Explorco did not constitute payments into the Petroleum Holding Fund.
About the recommendation, the Committee reiterated its position that proceeds from liftings by GNPC Explorco constituted indirect participation of the State and, therefore, must be paid into the Petroleum Holding Fund.
Surface Rental Arrears
Meanwhile, the surface rental arrears owed by some International Oil Companies (IOCs) remained high at US$2,893,120 as of the end of 2024.
The report stated that about 60 per cent of the arrears were due to three companies whose Petroleum Agreements were terminated in 2021.
For recommendation, the report urged the Ghana Revenue Authority, the Petroleum Commission, the Bank of Ghana and the Ministry of Energy to collaborate to recover the Surface Rental arrears.
Source:https://energynewsafrica.com
Egypt: Afreximbank Launches US$3 Billion Revolving Intra-African Oil Import Financing Programme
African Export-Import Bank has rolled out a $3 billion revolving credit line that will enable African and Caribbean buyers to source petrol, diesel, jet fuel and other products from refineries on the continent more easily.
The bank expects the facility to provide $10–14 billion of trade finance over its first three years and address Africa’s persistent reliance on imported refined petroleum products, which accounts for approximately $30 billion annually in petroleum import costs due to inadequate refining capacity.
Both oil export- and import-dependent economies have been whipsawed this year by a sharp fall in crude prices and a jump in freight costs.
Brent crude is down more than 20% since mid-January on supply dynamics and on fears that a global trade war will sap demand.
Meanwhile, insurance costs for ships using the Red Sea have climbed again after renewed Houthi attacks prompted U.S. airstrikes on Yemen in March, adding hundreds of thousands of dollars to a typical fuel cargo.
By shifting purchases to nearby refineries and locking in bank credit up-front, governments can limit the budget shock from such external swings.
The Revolving Intra-African Oil Import Financing Programme is rooted in Afreximbank’s recent push to boost regional processing capacity.
The Cairo-based lender is the largest financier of Nigeria’s 650,000-barrel-per-day Dangote refinery. It has also helped overhaul Nigeria’s Port Harcourt oil complex and is arranging funding for plants in Angola and Ivory Coast too.
These ventures could add around 1.3 million bpd of refining capacity.
Commeting Professor Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, said that the programme “would galvanise efforts towards making the Gulf of Guinea a key refining hub. Whilst the programme will have a direct impact on the volume of the refined petroleum products produced and consumed in Africa, it will also have a multiplier effect on the downstream petroleum value chain as it will catalyse critical investments in shipping and marine logistics for intra and extra African trade of crude oil and refined products.
The multiplier effect will also be seen in marine cargo insurance and other ancillary businesses within the sector. We want to see an increased proportion of the about 4 mbpd of crude oil produced in the Gulf of Guinea refined in Africa.”
Also commenting on the initiative, His Excellency Dr. Lazarus Chakwera, President of the Republic of Malawi, said: “This programme is a clear demonstration of Africa’s resolve to take charge of its own energy future. We commend Afreximbank for this timely intervention, which stands to benefit African countries like Malawi by reducing import dependency, strengthening regional supply chains, and keeping more value within the continent. Most importantly, it will deliver real impact to our citizens by ensuring more stable and affordable access to refined petroleum products, which are essential to Malawians’ daily life and economic productivity.”
Source:https://energynewsafrica.com
Zambia: UK Firm Seeks Deal To Deploy 5,000MW Renewable Energy In Six Months
United Kingdom (UK)-based Echo Eight Investments Limited is seeking a power deal with Zambia to deploy 5,000MW of renewable energy projects within six months of receiving the necessary approvals, according to a report by Zambia Mail.
David Green, the founder of Echo Eight, stated that the firm has access to immediate capital and is prepared to invest in solar, hybrid and advanced energy storage technologies.
The initiative will incorporate patented 3D solar panels and rooftop wind units designed to boost efficiency and reduce environmental impact, Mr Green added.
This announcement was made during a high-level meeting with a Zambian delegation led by Energy Minister Makozo Chikote at the Zambian mission in London.
Zambia’s Energy Minister welcomed Echo Eight’s proposal, highlighting the country’s need for investors capable of delivering swift and impactful solutions.
He invited Echo Eight Investments Limited to establish clean energy initiatives in Zambia as part of the government’s efforts to end load-shedding and strengthen national energy security.
Source:https://energynewsafrica.com
Ghana: Energy Minister Appeals To Ghanaians To Accept 14.75% Electricity Tariff Hike
Ghana’s Minister for Energy and Green Transition, John Abdulai Jinapor, has appealed to Ghanaians to bear with the government’s decision to increase electricity tariff by 14.75 per cent effective, May 3, 2025.
According to him, the hike is aimed at meeting the revenue requirement of utilities in order to address operational and financial challenges.
Addressing a section of journalists during the Meeting of the Committee of Ministers of the West African Gas Pipeline in Accra, the capital of Ghana, Hon. Jinapor stressed the importance of the review in sustaining the nation’s power supply and advancing ongoing reforms in the sector.
“I want to appeal to Ghanaians and the general consuming public to bear with us even as we make some of these difficult, but unavoidable decisions to ensure that we have stable and reliable power sources for our own economic development,” he stated.
The hike in electricity and water utilities tariffs have been met with stiff opposition from a section of Ghanaians and consumer groups in the West African nation.
However, from the look of things, it appears there is no indication that the government is reversing its decision or reducing the percentage.
Source:https://energynewsafrica.com
London: Globeleq Confirms Jonathan Hoffman As Permanent CEO
The Board of Globeleq, the leading independent power company in Africa, and its shareholders have announced that Jonathan Hoffman, currently interim Chief Executive Officer, has been confirmed as the group’s permanent CEO.
The Board undertook a thorough and extensive search process that considered both internal and external candidates. Jonathan Hoffman joined Globeleq in 2010, was appointed Chief Development Officer in 2020, and took over as interim CEO in July 2024.
Jonathan has led the development and investment team as they have secured deals and new investments across Africa, including the recent award of Red Sands, the largest standalone battery storage project on the continent.
With over 20 years of experience in the power sector, having previously worked for ABB Energy Ventures and co-founded InfraCo, Jonathan is well-suited for the role.
Since 2015, Globeleq has nearly doubled its generating capacity in operation and under construction. In the 2020s, the group has been responsible for 43% of all utility-scale non-hydro renewable and gas IPP generation to reach financial close in Sub-Saharan Africa (excluding South Africa).
Jonathan Hoffman will now lead Globeleq through its next phase of growth, focusing on the energy transition in Southern Africa and Kenya.
The group owns and operates 12 renewable power plants across South Africa, Mozambique, and Kenya, has 485 MW in construction, and has several landmark projects in its development pipeline.
Outside Southern Africa, Globeleq will focus on its existing plants, providing vital power to local communities and industry, and generating returns for its shareholders.
Laurence Mulliez, Globeleq Chair, commented, “I am very pleased to confirm that Jonathan Hoffman is now Globeleq’s permanent CEO. Jonathan has in-depth knowledge of our people and portfolio and is ideally placed to lead Globeleq through the next period of growth. Since becoming Interim CEO last year, Jonathan has impressed the board with his commitment to the business and knowledge of our industry and partners.”
Jonathan Hoffman, Globeleq’s CEO, added, “I am thrilled to lead Globeleq’s talented team to deliver on our mission and drive the energy transition in Southern Africa. My absolute commitment is to solve problems for our customers and deliver value to our shareholders.”
Source: https://energynewsafrica.com
Tanzania’s Electricity Generation Soars From 1,600 MW To 4,301 MW In 6 Years
The Tanzanian government has invested massively in power generation over the past five years, increasing generation capacity from 1,601.84 MW in 2020 to 4,031.71 MW in 2025.
The government investment drive in energy was fuelled by rapid growth in industries and energy use.
Since assuming office in September 2023, Deputy Prime Minister and Minister for Energy, Dr. Doto Mashaka Biteko, has spearheaded development in the energy sector to drive growth in all sectors of the Tanzanian economy.
Presenting the 2025/2026 Energy Budget in Parliament on Monday, April 28, 2025, Dr. Doto Biteko highlighted the major achievements of the ministry.
He mentioned the completion of the Julius Nyerere Hydropower Project (JNHPP) with a generation capacity of 2,115 MW; the 400 kV power transmission line from Singida to Arusha and connecting Kenya through the East African power pool, the 400 kV, 160-kilometre transmission line from the Julius Nyerere Hydropower plant to Chalinze in the Coast Region, the Chalinze substation, and the successful integration of power generated from the JNHPP into the national grid.
Additionally, the Minister mentioned the completion of the 400 kV transmission line from Nyakanazi to Kigoma, connecting the Kigoma Region to the national grid, and the 132 kV, 115-kilometre transmission line from Tabora to Urambo, improving power supply in Urambo.
Touching on other steps the ministry has undertaken, he mentioned the decommissioning of oil-based power plants in Kigoma, which resulted in saving approximately TZS 58.4 billion annually that was previously spent on diesel fuel.
Electricity Access
According to Minister Biteko, electricity access in Lindi and Mtwara regions had also improved following the installation of a 20 MW natural gas-powered plant in Hiyari, Mtwara.
“There has been an increase in electricity customer connections from 2,766,745 in 2020/21 to 5,449,278 as of April 2025, representing a 97% increase,” he said.
He disclosed that 12,318 villages on the Tanzania mainland had been electrified, up from 506 villages in 2007, and that the Rural Energy Agency (REA) had been established.
“A total of 33,657 out of 64,359 hamlets (52%) across the country have been connected to electricity,” he added.
Source: https://energynewsafrica.com
Spain And Portugal Declare States Of Emergency After Massive Power Outage
Spain and Portugal have declared a state of emergency after a massive power outage on Monday knocked out traffic lights, caused chaos on roads and in airports.
The cause of the massive power outage has not yet been established, although an investigation is still underway.
As of the time of filing this report, half of Spain’s power had been restored, according to Prime Minister Pedro Sanchez, after a state of emergency was declared in the country.
Authorities are still yet to establish why the outage occurred, Sanchez said, after Portuguese Prime Minister Luis Montenegro insisted there was “no indication” of a cyberattack.
Sanchez told the country “a long night lies ahead” as images across Spain and Portugal showed residents plunged into darkness.
According to a report by the BBC, citing Portugal’s power firm REN, it could take about a whole week for the country’s power network to fully normalise.Spain’s Interior Ministry has been reinforcing police patrols across the country by deploying 30,000 officers to maintain public order and prevent security incidents, particularly on roads where traffic signals are not working.
“Citizens can and should remain calm,” Prime Minister Pedro Sánchez said during his latest address.
In many towns and cities, plain clothed officers are being used to prevent looting and protect businesses, many of which are unable to lower their electric shutters due to the power outage.
In Catalonia, the Mossos d’Esquadra (Catalan Police) will deploy more than 7,000 officers overnight to respond to emergencies and maintain public order.
The situation left hundreds of people transacting business at banks, shoppers, and travelers stranded as transportation systems were shut down.
Source: https://energynewsafrica.com Tanzania: Gov’t Invests 5.2 Billion Shillings To Upgrade Njiro Power Station To Boost Electricity Supply In Arusha Province
The Tanzanian Government has invested 5.2 billion shillings (an equivalent of $40,211,194.40) to expand the Njiro Electric Cooling Station, boosting power supply in Arusha Province, according to Deputy Prime Minister and Minister for Energy, Dr. Doto Biteko.
The station’s transformer capacity has been upgraded from 90 MVA to 210 MVA, resulting in improved power supply within the province.
Speaking to citizens at the ceremony marking the union of Tanganiaka and Zanzibar in Arusha Province, immediately after inaugurating the station on April 26, 2025, Hon. Dr. Doto Bitieko said the expansion of the transformer capacity was to meet the increasing electricity demand in the province.
“In this zone, the demand for electricity in Arusha Province is 107 megawatts, and 68 megawatts in Tanga. Today, we’ve launched the expansion of the Njiro Electricity Cooling Station, which has ten distribution lines to supply electricity in Arusha, enabling the province to meet electricity requirements of up to 200 megawatts, compared to the current demand of 107 megawatts,” said Hon. Dr. Bitieko.
According to him, the government is implementing a plan to improve electricity infrastructure, following instructions by President Dr. Samia Suluhu Hassan, to repair all weak electricity infrastructure and transmission lines.
“We can generate electricity, but the challenge lies in the infrastructure. That’s why the Honorable President has instructed us to repair all weak electricity infrastructure to ensure a reliable electricity supply,” he said.
Source: https://energynewsafrica.com
Ghana: We’re Fully Committed To Providing Reliable Power -ECG
The Electricity Company of Ghana (ECG) has reassured its customers that it is fully committed to providing reliable and safe power, despite facing challenges with some of its distribution network.
Parts of the country have been experiencing power outages, prompting Ghanaians to express frustration on social media.
Over the weekend, ECG informed the public that the heavy rainstorm on Saturday afternoon caused a power outage within its network and assured customers of a speedy restoration of power.
On Sunday, the power distributor issued another notice, reassuring customers that it is working tirelessly to strengthen and maintain a robust distribution network. It noted, however, that massive rainstorms and stormy winds usually cause trees, billboards, and ripped roofing to fall onto its electrical conductors, resulting in outages.
“The outages that are caused by transient tripping (temporary interruptions) on our feeders are restored soon after the rainstorm. However, permanent faults on our feeders will have to be rectified and may take a while to be restored by our Engineers,” ECG said.
Meanwhile, Charles Nii Ayiku Ayiku, General Manager of External Communication at ECG, has acknowledged that part of its network does not perform at its peak.
Despite this, he emphasised that the company remains focused on ensuring consistent service delivery, even as some equipment struggles to meet optimal standards.
“As you’re aware, ECG works with equipment, and some of them aren’t functioning as they ought to. But that’s why we sometimes have to do periodic maintenance to get the systems working,” he explained.
He added, “Indeed, some of our systems aren’t operating at their optimal level, but we’ll continue to supply reliable and safe power to our customers.”
Source:https://energynewsafrica.com
Trump Officials Push IEA To Drop Energy Transition Agenda
The Trump Administration is pushing the International Energy Agency (IEA) to ditch its focus on the energy transition and promotion of renewable energy sources, two sources briefed on recent IEA meetings have told POLITICO.
Reports emerged as early as last summer during President Donald Trump’s presidential campaign that if elected, Trump would push the IEA, for which the United States provides about a quarter of the funding, to focus back on energy security and fossil fuel supply.
The Paris-based IEA was created to ensure the security of energy supply to developed economies in the aftermath of the Arab oil embargo in the 1970s.
In recent years, however, the agency has shifted from this purpose to endorsing the net-zero by 2050 goal and is advocating for a major change in the global energy system to include more electric vehicles (EVs), renewable power supply, hydrogen, and all other low-carbon energy sources.
The IEA has even infamously said that no new oil and gas developments would be needed if the world stands a chance of reaching net zero by 2050.
But now a very pro-fossil fuel U.S. Administration is pressuring the agency to return to its roots, which has frustrated European officials who want the IEA to continue advocating for a clean energy transition, according to POLITICO’s sources.
The U.S. stance during talks and meetings at the IEA has been “let’s weaken or disable the IEA unless they’re working on our values — which is the same approach that they’ve taken to every other international organization,” a European official told POLITICO.
The IEA’s agenda, especially calls for no investment in new oil and gas supply, has drawn harsh criticism from OPEC in recent years.
Earlier this year, the IEA acknowledged that continued investment in existing oil and gas fields is needed. This, OPEC said, is another moment of truth for the IEA, highlighting the Paris-based agency’s inconsistent messages about upstream investment.
“Hopefully, the Agency can return to analysis based on energy realities and focus on its mandate of energy security. In doing so, the IEA can look to a willing partner in OPEC,” the cartel said.
Source:Oilprice.com
Ghana: Heavy Rainstorm Causes Power Outages…Says ECG
The Electricity Company of Ghana (ECG) has announced that Saturday’s afternoon rainstorm has caused power outages in parts of the country.
In a notice, ECG assured affected customers that its engineers are working assiduously to repair the faults and restore power supply.
“The Electricity Company of Ghana wishes to inform our cherished customers and the general public that the heavy rainstorm that hit parts of the country today, Saturday, 26th April, 2025, has caused some outages within our network,” the statement said.
The company apologised for the inconvenience caused to customers.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com Namibia: Eni Confirms Oil Discovery Offshore
Eni has confirmed the preliminary results of the Capricornus 1-X well in Namibia’s Orange basin.
The well, operated by Rhino Resources, was spudded on February 17 using the Noble Venturer drillship and reached total depth on April 2.
The well successfully penetrated the Lower Cretaceous target, finding 38 meters of net pay with good petrophysical properties.
Hydrocarbon samples and sidewall cores were collected, and a production test achieved a surface-constrained flow rate exceeding 11,000 barrels per day.
The well will be temporarily plugged and abandoned, and the rig will be released.
Laboratory studies will be conducted on fluid samples collected during the test.
Petroleum Exploration License 85 (PEL85) is operated by Rhino Resources (42.5%), with co-venturers Azule Energy (42.5%), Namcor (10%), and Korres Investments (5%).
Eni and bp each hold a 50% interest in Azule Energy.
Source:https://energynewsafrica.com
South Africa: Eskom Suspends Load Shedding Due to 2000 MW Recovery In Generation
South Africa’s power utility company, Eskom, has temporarily suspended load shedding following a recovery of over 2,000 megawatts of generation capacity and sufficient emergency reserves.
This decision also considers an anticipated decrease in electricity demand.
Recently, Eskom implemented stage two load shedding due to high demand and loss of generating units.
The suspension aims to provide relief to consumers until further notice.
Source: https://energynewsafrica.com