Saudi Aramco reported a net profit of $161.1 billion for 2022, up from $110 billion a year earlier and a record net earnings result for the company, which joins every other big oil producer in the world to benefit from higher oil prices.
The company also boasted a record cash flow from operating activities, at $186.2 billion, and a record free cash flow, at $148.5 billion.
In comments on the company’s results, Chief Executive Amin Nasser noted that he expected oil and gas demand across the world to remain robust, fueling the future growth of the company.
He also cautioned, however, that global underinvestment in new production threatened the security of supply.
“Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real — including contributing to higher energy prices,” Nasser said, after saying that Aramco was working on boosting both its production capacity and “capability across the supply chain”.
Aramco’s chief executive has been repeatedly warning about underinvestment in new oil and gas output and the adverse effect this underinvestment will eventually come to have on global energy security, tightening the availability of oil and gas and making them less affordable.
Speaking to the media at the release of the company’s financial report, Nasser noted that Aramco’s spare capacity remained at 2 million barrels per day. Demand, notably from China, on the other hand, was climbing higher. Even so, the executive said there was reason for some guarded optimism.
“If you considered China opening up and a pick up in jet fuels and very limited spare capacity, we are talking 2 million barrels, so as I said we are cautiously optimistic in the short to midterm and the market will remain tightly balanced,” Nasser said, as quoted by Reuters.
Source: Oilprice.com
The Ugandan Government has announced plans to add nuclear power to its electricity generation mix by targeting to generate, at least, 2,000 Megawatts (2 gigawatts) from nuclear power.
The East African nation anticipates constructing the project in two phases, with the first phase of 1,000 megawatts expected to be ready by 2031.
Uganda is rich in uranium, which is fuel for nuclear power plants, and the country hopes to optimise its uranium reserves.
The project will be executed in partnership with China National Nuclear Corporation (CNNC).
Currently, in Africa, only South Africa operates nuclear power while Egypt started construction of its first El-Dabaa Nuclear Power Plant in November 2022.
Ghana, which is located in West Africa, has also advanced in its nuclear power plan and hopes to announce a vendor country soon.
Addressing journalists last Thursday, Uganda’s Minister for Energy and Mineral Development, Dr Ruth Nankabirwa Ssentamu said studies conducted in the energy sector revealed that electricity generation from hydro, biomass, geothermal and peat potential, if fully
developed, cannot meet Uganda’s ‘Vision 2040’ targets.
She said Uganda is, therefore, making firm steps to integrate nuclear energy into the electricity generation mix to ensure energy security and provide sufficient electricity for industrialisation.
According to her, the first nuclear facility, Buyende Nuclear Power Plant, is expected to be constructed roughly 150 kilometres (93 miles) North of Kampala.
“Preparation to evaluate the Buyende Nuclear Power Plant site is ongoing to pave the way for the first nuclear power project expected to generate 2,000MW, with the first 1,000MW to be connected to the national grid by 2031,” Ruth Nankabirwa stated.
Source: https://energynewsafrica.com
Uganda’s Ministry of Energy and Mineral Development and the Nuclear Business Platform will host the Africa Nuclear Business Platform 2023 (AFNBP 2023) in Kampala from Tuesday, Match 14 to Friday, March 17, 2023.
Over 300 stakeholders from the international nuclear community are expected to converge at Speke Resort, Munyonyo.
AFNBP 2023 will bring together the key stakeholders pursuing nuclear energy implementation to understand and discuss nuclear energy developments in Africa and explore areas of strategic collaborations to move Uganda and African countries’ nuclear industry forward.
The President of Uganda, H.E. General Yoweri Kaguta Museveni, and the Deputy Director General of the International Atomic Energy Agency (IAEA), Mikhail Chudakov, are expected to grace the event which would feature ministers and senior officials from various countries running nuclear programmes, industry players and nuclear technology vendors.
Addressing journalists last Thursday, the Minister for Energy and Mineral Development, Dr Ruth Nankabirwa Ssentamu said the Conference presents an excellent opportunity to Uganda particularly, and the African continent in general, to find suitable approaches to challenges in the nuclear industry.
Currently, seven sub-Saharan African countries, including Uganda, have committed to having nuclear energy as part of their energy mix between 2030 and 2037.
The other countries are Ghana, Nigeria, Sudan, Rwanda, Kenya and Zambia.
She said these countries have developed national positions on having nuclear energy and have engaged with the International Atomic Energy Agency (IAEA) to assist in their nuclear power programmes.
Ongoing activities in the countries include site selections, drafting nuclear laws and regulations, establishing dedicated nuclear organizations and developing strategic cooperation with key global nuclear nations such as the USA, South Korea, China, France and Russia.
Source: https://energynewsafrica.com
Africa-focused oil and gas firm, Tullow Oil, marked the 2023 International Women’s Day with a hybrid event across the company to inspire and motivate women.
The event brought together participants from four organisations, including Girls in Science and Technology, Toronto Academy, Centre for Maritime Development for Younger Women and Developers In Vogue, to interact with Tullow staff and share their views on the theme: ‘DigitALL–Innovation and Technology for gender equality’.
The Deputy Managing Director of Tullow Ghana Limited, Mrs. Cynthia Lumor challenged individuals to take a stance for personal contribution, conscious awareness of biases and deliberate action to embrace gender equity.
She said, “Enhancing women’s safe and equal access to digital technologies is a prerequisite for sustainable development.”
Other speakers at the event included Mrs Hannah Agbozo, Associate General Counsel and Head of Legal; Kate Daly, Chief Information Officer at Tullow Oil; Sharika Iddrisu, Commercial Operations Manager; Nana Yaa Arthur, Aviation Superintendent; Gabrielle; Giona Acquah, Giona Asafu-Adjaye, Rachel Dzane-Selby, Maame Ekua Sackey and Aseye Afi Borlu from Baker Hughes and Cheryl Glover Tay from SLB.
In a related event, Ms Lina Sowah, Deputy Operations Manager for Tullow, joined the Petroleum Commission of Ghana staff to discuss Women in Petroleum: Improving Digital Literacy & Access to Technology in the Upstream Sector. Lina urged women to make a deliberate effort to acquire the requisite knowledge and skills in digital literacy to be effective in the oil and gas industry.
Tullow Oil continues to promote diversity and inclusion through digital access for its workforce, support for STEM education for women, contribution to Free Senior High School education in Ghana and providing scholarships and skills training, among other activities.
Source: Tullow
Malawi has been thrown into a nationwide blackout after a heavy rainfall flooded the country’s power stations, forcing a shutdown on Sunday at about 2:30 pm.
A statement by the country’s electricity supply company, ESCOM, said heavy flow of water and trash, following the heavy rains, affected the hydropower plants at Nkula and Tedzani Power Stations which are in the Southern Region.
“Before the shutdown, heavy rains had also affected some of our transmission and distribution lines, increasing the number of faults on the supply system,” the electricity supplier said in a statement.
Meanwhile, the Electricity Generation Company (EGENCO) which supplies electricity to ESCOM has said that two machines at Nkula are now back online.
The company added that efforts are underway to restore power.
Source: https://energynewsafrica.com
Namibia’s state-owned oil company NAMCOR has made a third oil discovery with partners, Shell and Qatar Energy in the Jonker-1X deepwater exploration well in the Orange Basin offshore southern Namibia, it said on Monday.
New discoveries could make Namibia, the southern neighbour of OPEC member Angola, another oil producer along the African Atlantic coast.
“We are delighted to announce this third oil discovery after the success of the Graff-1X and Venus-1X discoveries by Shell and TotalEnergies, TTEF.PA, in 2022,” Immanuel Mulunga, managing director of NAMCOR, said in a statement.
The acquired data is being evaluated, and further appraisal drilling is planned to determine the size and potential of the discovery, the statement said.
Shell Namibia B.V and QatarEnergy each hold a 45% stake in the joint venture while state-owned NAMCOR has 10 per cent.
Source: https://energynewsafrica.com
The Nigerian Government has banned the Chief Executive Officer of Seplat Energy Plc, Roger Brown, from staying in the West African nation for allegedly engaging in racism.
Roger’s work permit, visa and residence permit have all been revoked, energynewsafrica.com can report.
A letter written by the country’s Minister for Internal Affairs, Rauf Aregbesola, to the Board Chairman of Seplat Energy Plc. accused Brown of allegations of racism and discrimination against Nigerian employees and others.
“I write to inform you that the Ministry receives a petition from the solicitor to the concerned workers and stakeholders of Seplat Energy Plc., accusing Mr Rogers Thomson Brown, the CEO of the companies, of various allegations,” Aregbesola said.
“These accusations include racism, favouring foreign workers and discriminating against Nigerian employees. Testimony was received from several witnesses, which supported the allegations.”
The Minister accused Brown of having a Combined Expatriate Residence Permit and Aliens Card (CERPAC) not based on a valid expatriate quota that violates the country’s immigration laws and regulations.
“Investigation and records in the Ministry also revealed that Mr Roger Brown had CERPAC that was not based on validly issued Expatriate Quota approved by the Ministry of Interior, resulting in the violation of relevant immigration laws and regulations.
“As a result of these, the honourable Minister has determined that Mr Brown’s continued stay in Nigeria is contrary to the national interest.”
Aregbesola also noted that Brown declined to attend the two invitations from the ministry’s panel during the investigation, claiming “to be unavailable even though we learnt he was in Abuja for other purposes at the time.”
Brown was appointed as the CEO of Seplat in 2020 after he joined the energy firm in 2013 as the Chief Financial Officer (CFO).
Source: https://energynewsafrica.com
Zambians have called on the country’s Energy Regulation Board (ERB) to reject the application by ZESCO Limited to revise the electricity tariffs for the multi-year period from 2023 to 2027.
The Energy Regulation Board on Thursday, March 10, 2023, held a public hearing on the proposal by the country’s power distribution company requesting for upward review of electricity tariffs.
According to a report filed by Diamondtvzambia.com, some Zambians who attended the programme kicked against the request by ZESCO.
The report said the Universal Mining Corporation Industrial Limited Shareholder Dr. Julius Kaoma, who was at the public hearing, stated the tariffs would cripple the operations of the industry if they are revised.
Ruth Henson, a Livingstone based Livestock farmer questioned the business models used by the power utility company that threatens the operations of its client base.
Meanwhile, Zesco Limited Head of Business Development Fitzpatrick Kapepe contends that revising the electricity tariffs will spur investment in economic sectors such as mining, industrial, agricultural and tourism.
Mr. Kapepe says failure to revise the electricity tariffs will make Zesco Limited unable to attain the cost reflectivity of its operational costs owing to its current debt portfolio.
Source: https://energynewsafrica.com
Hundreds of residents of Accra and surrounding towns joined Ghana’s leading indigenous Oil Marketing Company (OMC), GOIL PLC, to embark on a 10-kilometre walk on Monday, 6th March 2023, to celebrate Ghana’s 66th Independence Day anniversary.
Dubbed ‘Walk with GOIL’, the 10 kilometres’ walk attracted individuals, associations, petroleum industry players and some banking sector players.
Among key personalities who featured in the walk were Mr Kwame Osei Prempeh, Managing Director and Group CEO of GOIL Plc, Professor Azumah Nelson, a former World Boxing Authority Champion, Mr John Boadu, former General Secretary of the governing NPP, and Board Member of GOIL Plc.
Reginald Daniel Laryea, Board Chairman of GOIL Plc, Duncan Amoah, Executive Secretary of Chamber of Petroleum Consumers (COPEC), Dr Suleiman, International Petroleum consultant, and some officials of the Association of Oil Marketing Companies (AOMC) joined in the walk.
The participants trekked from the El-Wak Sports stadium through the Aviation Social Centre road, Airport roundabout, 37 Military Hospital road, Jubilee House, Switch back road and back to the El-wak Sports Stadium
Addressing the participants, the Managing Director and Group CEO of GOIL Plc commended the participants for taking time out of their busy schedule to join the company for the walk.
Mr Osei Prempeh said GOIL has been supportive of Ghana’s economic development by selling quality fuel to facilitate movement of goods and services.
He urged consumers to continue to patronise the services of GOIL Plc, saying, “GOIL sells the best fuel.”
Board Chairman of GOIL Plc, Reginald Daniel Laryea stressed the importance of fitness of staff and the workers, stating that “GOIL is nothing without you. You make GOIL happy when you patronise our products because you believe in quality and preserving the life span of your vehicles. We thank you for making the right choice all the time.”
GOIL’s Brand Ambassador, Professor Azumah Nelson suggested regular exercises and urged the participants especially staff and management of GOIL, to continue keeping fit because it would help keep everyone away from doctors.
Prizes were awarded to individuals who distinguished themselves during the walk, including the most enduring participants aged between 65–70 years, and others who walked briskly during the 10km distance.
The topmost prizes were the ‘Good Energy Award’, ‘the Brand Ambassador Award’ and the ‘Group CEO Award’.
Source: https://energynewsafrica.com
GRIDCo Ladies Association, a female staff association of Ghana’s power transmission company, GRIDCo, have marked the 2023 International Women’s Day in Tema.
Speakers at the event called on them to build their capacity in the area of technology to remain employable.
International Women’s Day is an annual event and it is celebrated across the world.
The United Nations (UN) theme for this year’s IWD is ‘DigitALL: Innovation and technology for gender equality’.
In a speech read by Ing Mark Baah, Director for Southern Sector, on behalf of the Chief Executive Officer, Ing Ebenezer Kofi Essienyi, he acknowledged the contribution of the female workforce towards the growth of the company.
He noted that in 2008, the company’s female workforce was about three per cent but the figure has increased to about 19 per cent in 2023.
He said the female staff are working in both technical and non-technical departments of the company.
According to the CEO, the company is committed to increasing the number of women in the company and called on women to pursue Science, Technology, Engineering and Mathematics (STEM) courses to give them the advantage of being recruited.
Ing. Mark Baah, Director for Southern Sector at GRIDCo
The President of GRIDCo Ladies Association (GRIDLASS), Mrs. Azara Amadu said although technology and innovation have historically been less accessible and less friendly towards women, they cannot ignore the reality of the world today.
“Technology and innovation are at the forefront of progress, and we must embrace it to achieve the development and equality we seek,” she advised.
“As women, we must take conscious steps to integrate innovation and technology into our lives and work. We can draw inspiration from the words of Michelle Obama, a former First Lady of America who believes that “there is no limit to what we women can accomplish” We are taking our first step towards change today, by embracing digital innovation and technology.”
The National President of EGC’s Power Queens Club Queen, Doreen Gyebi said current trends indicate that the world is speedily moving towards digitalisation in all aspects of human life.
She said women must be aware of this new global direction, embrace it, fully acquaint themselves with it and utilise it effectively and efficiently for growth and advancement.
“This way, the woman can be impactful and relevant in a gender-competitive environment and society,” she stressed.
Ing Nana Yaa Obenewa Okudzeto, who was the keynote speaker, reminded GRIDCo ladies that technology is now driving work and encouraged them to take advantage and build their capacity in order not to be left behind.
She challenged them to continue to build on their professional career to compete for equal opportunities stating that “reluctant to innovate makes you stagnate.”
Source: https://energynewsafrica.com
Fuel prices are likely to drop further significantly in the next pricing window from 16th March 2023 as two more cargoes of fuel under the government’s gold for oil programme arrive.
According to sources within BOST, two cargoes of fuel comprising 35,000 metric tons of gasoline and 40,000 metric tons of gasoil arrived at the Tema Port on 25th February and 3rd March 2023.
The products have since been discharged into the storage facilities of BOST.
Already, crude oil prices have declined marginally, with Brent selling around $82 per barrel while WTI is sold at $76 per barrel as of Thursday morning.
The local currency, the cedi, has also witnessed some stability over the last few days.
Last week, Oil Marketing Companies adjusted their pump prices downward with diesel and petrol currently sold between Gh¢12.90 and Gh¢13.80 respectively.
Petrosol, one of the best indigenous Oil Marketing Companies, is selling petrol at Gh¢13.49 per litre while diesel is being sold at Gh¢13.57 per litre.
Engen is selling diesel at Gh¢13.77 per litre while petrol is sold at Gh¢13.69 per litre.
Star Oil is selling petrol at Gh¢12.99 per litre while diesel is sold at Gh¢12.99 per litre.
Puma Energy is selling petrol at Gh13.19 per litre while diesel is sold at Gh13.59.
Alinco oil is selling petrol at Gh¢12.90 while diesel is sold at Gh¢12.90
Duke’s petroleum is selling petrol at Gh¢13.08 per litre while diesel is sold at Gh¢13.40 per litre.
Goodness is selling petrol at Gh¢ 12.90 per litre while diesel is sold at Gh¢12.90 per litre.
Lucky oil is selling petrol at Gh¢13.50 per litre while diesel is sold at Gh¢13.50 per litre.
Allied is selling petrol at Gh¢13.16 per litre while diesel is sold at Gh¢13.46 per litre.
Cash oil is selling petrol at Gh¢13.19 per litre while diesel is sold at Gh¢13.49 per litre.
Source: https://energynewsafrica.com
Kenya’s plan to have the government take over all imports of petroleum products from private companies has been challenged in court, with several petitioners seeking a ruling that the nationalization of the oil imports is unconstitutional.
Kenya decided to go with the plan to have all oil imports nationalized after a severe foreign exchange reserves crunch left the African country with just four months’ worth of foreign currency to cover imports.
So, the government and the energy ministry are seeking to take over all imports and pay for the supplies after at least six months, compared to payments due within a week per the current imports scheme.
However, four petitioners have filed an objection to the plan in court, Bloomberg reported on Thursday, citing a filing made by Ndegwa & Ndegwa Advocates on behalf of the petitioners.
The nationalization of oil imports “amounts to unfair practice as an unconscionable representation that is excessively one sided” and favors the supplier rather than the consumer, the court documents say.
The Kenyan government should have thought of better ways to stabilize the bleeding of U.S. dollars instead of kicking private oil marketing firms out of business, according to the filing carried by Bloomberg.
Earlier this week, Kenya issued the first tender for oil imports under the new plan, with 180 days between product delivery and payment settlement.
Kenya is now seeking government-to-government contracts to procure oil products following the crash of the Kenyan currency and the acute shortage of foreign exchange reserves.
The winner in this first tender will supply oil to Kenya for nine months and will be paid every six months, Daniel Kiptoo, director general of energy industry regulator EPRA told Reuters.
“By doing that we alleviate the pressure by removing a third of the demand for dollars in the market,” Kiptoo added.
Source: Oilprice.com
The Finance Manager of Ghana’s premier oil refinery, Tema Oil Refinery (TOR), has died, energynewsafrica.com can confirm.
The sudden demise of Frank Oppong has shocked the staff of the refinery and they are yet to come to terms with his death.
According to sources within the refinery, the late Frank Oppong reported to work last Thursday and returned home after the closing of work only for staff to be informed late in the night that he had died.
It is not yet clear what killed him but sources within the refinery told energynewsafrica.com that he told a few people last Thursday that he was not feeling well.
The late Frank Oppong, who was a Finance Manager in charge of payroll, according to some staff, was lovely and accommodating.
A source told energynewsafrica.com that he was the next person to replace the Finance Director, Daniel Appiah, who will be retiring in the next couple of weeks.
Some of the workers took to social media platforms to express their grief.
Norwegian oil firm, AGM Petroleum, has relinquished its interest in the South Deep Water Tano (SDWT) block offshore the Republic of Ghana in a bid to depart the West African nation.
The company disclosed this in a statement issued on Monday, March 6, 2023.
AGM Petroleum holds an 80 per cent interest in the SDWT block while GNPC has a 15 per cent stake with Quad Energy holding the remaining 15 per cent.
It would be recalled that two years ago, the current Energy Minister, Dr Matthew Opoku Prempeh submitted to Ghana’s Parliament a proposal on behalf of Ghana’s national oil company, GNPC, to seek approval for a loan of $1.6 billion to acquire 37 per cent stake in the Deep Water Tano Cape Three Point (DWT/CTP) block operated by Aker Energy Ghana Limited and 70 per cent stake in the South Deep Water Tano (SDWT) block operated by AGM Petroleum Ghana Limited.
The two acquisitions were to cost Ghana about $1.3 billion.
However, the cost of the acquisition was contested by Civil Society Groups in the country led by African Centre for Energy Policy (ACEP) and IMANI Africa.
The group argued that the cost of the acquisition should not be more than $300 million.
Interestingly, after almost two years, the company, in an official statement issued, Per -Kjetil Skare, CEO of AGM Petroleum Ghana Limited, said, “AGM Petroleum Ghana Limited (AGM) and its owners have decided to relinquish the South Deep Water Tano (SDWT) block after carefully considering all options.
“AGM has carried out the substantial activity in Ghana and contributed through drilling two ultra-deepwater wells including the Nyankom discovery and matured the subsurface understanding to the benefit of the Ghanaian authorities and other industry players. Further, AGM has carried out CSR investments and fulfilled all of the obligations under the petroleum agreement.”
The SDWT block is situated in ultra-deep waters with substantial investments required to proceed.
According to the statement, a relinquishment conclusion is a normal conclusion for exploration blocks like SDWT, and the petroleum regime in Ghana presumes that the operator has to decide to drill or drop at specific times during the exploration period.
The company said it is an independent company and the decision has no implication for Aker Energy’s plans in Ghana.
Source: https://energynewsafrica.com
Source: Tullow 
Mr Osei Prempeh said GOIL has been supportive of Ghana’s economic development by selling quality fuel to facilitate movement of goods and services.
He urged consumers to continue to patronise the services of GOIL Plc, saying, “GOIL sells the best fuel.”
Board Chairman of GOIL Plc, Reginald Daniel Laryea stressed the importance of fitness of staff and the workers, stating that “GOIL is nothing without you. You make GOIL happy when you patronise our products because you believe in quality and preserving the life span of your vehicles. We thank you for making the right choice all the time.”
GOIL’s Brand Ambassador, Professor Azumah Nelson suggested regular exercises and urged the participants especially staff and management of GOIL, to continue keeping fit because it would help keep everyone away from doctors.
Prizes were awarded to individuals who distinguished themselves during the walk, including the most enduring participants aged between 65–70 years, and others who walked briskly during the 10km distance.
The topmost prizes were the ‘Good Energy Award’, ‘the Brand Ambassador Award’ and the ‘Group CEO Award’.
Source: https://energynewsafrica.com
