Ghana: BPA Inaugurates Six-Member Audit Committee
The Bui Power Authority (BPA) has inaugurated a six-member internal audit committee for 2023 in line with section 86(1) of the Public Financial Management Act 2016(Act 921).
The committee is chaired by Dr. Mrs. Rebecca Atswei Lomo.
The rest are Mr. Steven Perdison, Emmanuel Quarshie, Dr. Mrs. Rebecca Acquaah-Arhin, Mr. Paul Twum-Barimah and Ms. Beatrice Dadson.
The Chief Executive Officer of BPA, Samuel Kofi Dzamesi, who chaired the swearing ceremony, in a welcome speech, reiterated the importance of the Internal Audit Unit and how impactful it has been in the efficient operation of the Authority.
While congratulating the members, Mr. Samuel Kofi Dzamesi stressed the need for the sharing of information as it is the hallmark of any successful team.
He also reassured the team of his unrelenting support.
The Deputy Director of the Internal Audit Agency (IAA), Mr. Senanu Mensah, who conducted the swearing-in on behalf of Dr. E.O Osae, the Internal Audit Agency Director-General, emphasised that the Audit Committee is paramount in public accountability and management of public resources.
He mentioned that the Audit Committee’s role is in three parts namely Mandatory, Advisory/Consulting and Support to BPA’S Internal Audit Committee.
He further explained that the mandatory function is to ensure that all necessary Audit Reports are endorsed and submitted as stipulated by the Agency.
As an advisory, the Audit Committee would focus on areas such as Financial Management, Internal Control, Government Processes, Regulation Laws, Policies and Risk Management.
The Committee is also to support the Internal Audit Unit of the Authority to ensure that it delivers on its mandate.
He ended by stating that, although the Agency operates as a stand-alone, it expects a seamless synergy between the Audit Committee and BPA, as it would ensure that the mandate is carried out efficiently.
Source: https://energynewsafrica.com
Ghana: GNGC Signs US$700m Deal For Second Gas Processing Plant
The Ghana National Gas Company (GNGC) on Friday signed a Project Implementation Agreement with its joint venture partners to construct a second Gas Processing Plant (GPP Train 2) at Atuabo in the Ellembele District of the Western Region.
The project which is estimated at US$700 million is expected to be completed within 24 months.
It would generate 1,500 direct and indirect jobs within the Atuabo enclave.
According to a report filed by Ghana News Agency, Dr. Benjamin K. D. Asante, the Chief Executive Officer (CEO) of the GNGC, initialed the agreement on behalf of Ghana Gas while Dr Hilton John Mitchell, a representative of the Consortium, comprising the Integrated Logistics Bureau Limited, Jonmoore International, Phoenix Park Limited and African Finance Corporation, signed for the rest of the partners.
The construction of a second train gas processing plant with a nominal capacity of 150 million standard cubic feet per day (MMscfd), expandable to 300 MMscfd, to process incremental raw gas volumes from the Greater Jubilee and TEN fields.
The project formed part of the GNGC’s strategic development plan and expected to increase the national gas processing capacity to 450 MMscfd.
The new gas processing facility will process raw gas with natural gas liquids (NGLs) being fractionated into pure components like propane, butane, pentane and stabilised condensate components from the Jubilee and TEN Fields.
The lean gas containing methane and ethane shall be tied into the lean gas export from existing GPP Train 1 and delivered into the onshore export pipes.
Some of the components of the GPP Train 2 include the construction of a 150 MMscfd capacity processing plant, expandable to 300 MMscfd, a storage facility, an additional compressor package at Atuabo Mainline Compressor Station and provision of utilities and liquid waste treatment system.
Speaking at the signing ceremony in Accra, Mr. Kennedy Ohene Agyapong, the Board Chairman of Ghana Gas, said the project, upon completion, would enhance the operations of the GNGC and further boost the utilisation of the country’s gas resources for the Government’s industrialisation agenda.
Mr. Agyapong, also Member of Parliament for Assin Central, said the facility would play a critical role to help Ghana achieve her energy transition objectives of using renewable energy sources for industrial purposes and reduce the global carbon emissions.
Dr. Asante, the CEO of Ghana Gas, said the project would enable it to become a fully integrated gas services company and provide reliable supply of gas and gas derivatives in Ghana and West African Sub-region.
It would further fulfill the Company’s vision of supplying gas in a cost-effective and environmentally friendly manner, he said.
The new plant, upon coming on stream, he said, would improve the output of liquids processed from natural gas to 80 per cent, compared to the existing facility, which produced between 40 and 50 per cent of gas liquids.
Dr. Asante added that the plant would help the nation to generate more megawatts of electricity and ultimately resolve the perennial power outages (dumsor) experienced in Ghana.
The by-products from the processed gas, he explained, could be used to manufacture fertilizer, which would boost the agriculture industry and ultimately reduce the country’s fertilizer import.
Mr Egyapa Mercer, a Deputy Minister of Energy, on his part, said the project would be a useful additional infrastructure in the country’s power generation system.
It would also support the government’s efforts in providing an alternative power supply to drive socio-economic development, he added.
Dr Hilton John Mitchell, who spoke on behalf of the joint venture partners, expressed the Consortium’s commitment to work collaboratively with the GNGC to deliver the gas processing plant on schedule and in a cost-effective manner.
The Ghana National Gas Company was established in July 2011 as a limited liability company with the responsibility to build, own and operate natural gas infrastructure required for gathering, processing, transportation and marketing of gas.
Source: https://energynewsafrica.com
Shell Reports $40bn Profits Highest In 115 Years
Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia’s invasion of Ukraine.
Profits hit $39.9bn (£32.2bn) in 2022, double last year’s total and the highest in its 115-year history.
Energy firms have been making record profits after oil and gas prices jumped following the invasion of Ukraine.
It has heaped pressure on firms to pay windfall taxes as households struggle with rising bills.
Last year, the UK government introduced a windfall tax – called the Energy Profits Levy – on the profits of firms to help fund its scheme to lower gas and electricity bills.
Oil and gas prices had begun to rise after the end of Covid lockdowns but rose sharply in March last year after the events in Ukraine led to worries over supplies.
It led to bumper profits for energy companies, but also fueled a rise in energy bills for households and businesses. Along with rising food prices it has pushed inflation – the rate at which prices rise – to a 40-year high.
Despite the government’s windfall tax, Shell previously said it did not expect to pay any UK tax this year as it is allowed to offset decommissioning costs and investments in UK projects against any UK profits.
But the BBC understands that it will now say that it has paid some tax in 2022 and expects to pay hundreds of millions in UK tax in 2023.
These numbers look small compared to its profits, but Shell only derives around 5% of its revenue from the UK – the rest is made and taxed in other jurisdictions.
This is unlikely to satisfy those who think that a UK headquartered company which has set a new record for corporate profits should be paying more, and those who will notice that Shell paid more to its shareholders than it spent on renewable investments.
The government is limiting gas and electricity bills meaning that a household using a typical amount of energy will pay £2,500 a year, although this is due to rise to £3,000 in April.
However, that is still more than twice what it was before Russia’s invasion.
In May, the government introduced its windfall tax on the profits made from extracting UK oil and gas. The rate was originally set at 25%, but it was increased to 35% in November.
Earlier this year, Shell said it would pay tax in the UK for the first time since 2017 as a result of the new windfall tax.
Shell chief executive Wael Sawan said the firm’s latest results “demonstrate the strength of Shell’s differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world”.
But Labour’s shadow climate change secretary Ed Miliband said: “As the British people face an energy price hike of 40% in April, the government is letting the fossil fuel companies making bumper profits off the hook with their refusal to implement a proper windfall tax.
“Labour would stop the energy price cap going up in April, because it is only right that the companies making unexpected windfall profits from the proceeds of war pay their fair share.”
Source :BBC
Ghana: GTPCWU Secures Victory For Worker Unfairly Dismissed By Halliburton
Ghana’s Labour Commission, the state agency responsible for settling disputes between employees and employers, has directed Halliburton International Incorporated, Ghana, the subsidiary of global offshore services, to compensate a worker they dismissed wrongfully by paying the victim one year’s salary or reinstating her.
The directive follows the hearing of a case sent before the Commission by the General Transport Petroleum and Chemical Workers Union (GTPCWU-TUC) on behalf of the victim, Margaret Jackline Adjimah, a member of the union.
According to documents available to energynewsafrica.com, Halliburton International Incorporated, Ghana, dismissed Margaret Jackline Adjimah on 4th May 2018 without following due process spelt out in Article 8 of the Collective Bargaining Agreement (CBA) between the Union and Halliburton International Incorporated Ghana.
The documents further indicated that the company failed to follow the processes outlined in sections 19 and 105 of the Labour Act 2003 (Act 651).
The documents revealed that when Labour Commission invited the parties and evaluated the evidence before it by the parties, it was established that Halliburton International Incorporated Ghana unfairly terminated the contract of Margaret Jackline Adjimah and, therefore, directed them to reinstate her or pay her one-year salary as compensation.
Commenting on the ruling of the Labour Commission, the National Chairman of the General Transport Petroleum and Chemical Workers Union (GTPCWU-TUC), Mr. Bernard Owusu welcomed the decision of the Commission, saying it is a victory for the Union and urged workers who have not yet joined the Union to do so to enjoy the support and protection of the Union against unfair labour practice from some employers against employees.
Source: https://energynewsafrica.com
Ghana: ECG’s Indebtedness To Bui Power Authority Hits $600 Million
The Electricity Company of Ghana’s (ECG) outstanding indebtedness to the Bui Power Authority (BPA) ballooned to US$614, 373,274.36 at the end of December 2022.
The debt is adversely affecting the smooth operations of the power generation company.
BPA operates the 404 mega hydropower Dam on the Bui River, the 50-Megawatts Peak Solar Power Plant and the Tsatsadu Mini hydro power plant in the Hohoe Municipality in the Volta Region.
The huge indebtedness was captured in the Auditor General’s report for 2022.
At the Public Accounts Committee sitting on Tuesday, the Chairman of the PAC, Dr James Klutse Avadzi advised the Management of Bui Power Authority to quickly recover the amount from ECG.
“The indebtedness will not go out completely at any point in time…it will continue because every day there is production, sale and repayment by the buyer, so what is more important is the rate at which the debt is being recovered,” he stressed.
According to the report, ECG owed the Authority $386 million as of the end of December 31, 2019, which increased to $614, 373,274.36 by the end of 2022.
The Chief Executive Officer (CEO) of BPA, Kofi Dzamesi explained that the Authority was not gaining any receivables from ECG despite doing its best to generate more power for the country.
He added that last year, BPA generated more power than any year in the history of the Authority since it was commissioned.
“We generated about 1,540 gigawatts and our profit margin for last year should be hitting around $70 million, yet we are not getting anything,” he lamented.
The PAC Chairman equally urged the Ministry of Finance to take more steps to ensure that all government agencies settled the debts they owed one another.
“They should ensure that at least, they settle some of the debt ECG owes other agencies like Bui and VRA because they buy the power from these two sources,” he said.
Dr Avedzi also urged agencies in the energy sector as well as other government agencies to refrain from charging their fees in foreign currencies, particularly, the United States dollars.
“Our currency is Ghana Cedi. ECG will sell the power and collect cedis and they will now go chasing to buy dollars to pay,” he said.
The Minister for Energy, Dr Matthew Opoku Prempeh, also recommended that steps should be taken to ensure ECG was financially viable as it continued to deal with Independent Power Producers (IPPs).
Source: https://energynewsafrica.com
Ghana: A Gallon Of Petrol Increased By Over GH¢8, Diesel By GH¢ 1.75
Oil Marketing Companies (OMCs) in the Republic of Ghana have begun adjusting their pump prices upward following the rise in crude oil prices and the depreciation of the local currency, cedi.
Checks by this portal indicate that as of Wednesday morning, leading oil marketing companiesπ—GOIL and TotalEnergies—have adjusted their pump prices for both diesel and petrol.
GOIL and Shell adjusted diesel price from GH¢15.60 per litre to GH¢15.90, representing 30 pesewas while TotalEnergies adjusted their diesel price from Gh¢15.60 to Gh¢15.99, representing 39 pesewas.
For petrol, GOIL and Shell adjusted their pump price from GH¢13.60 to GH¢15.25, representing GH¢1.65 increment per litre while TotalEnergies adjusted their pump price from GH¢15.70, representing GH¢2.1 increment.
This means that a gallon of petrol has been increased by GH¢8 while diesel increased by GH¢ 1.75
Petrosol is selling petrol at GH¢15.25 per lire while diesel is being sold at GH¢15.90
Allied is selling petrol at GH¢14.85 per litre while diesel is sold at GH¢14. 85 per litre.
Star oil has adjusted petrol price to GH¢ 14.89 from GH¢ 13.19 per litre while the price of diesel remained unchanged at GH¢ 15.29.
Alinco is selling petrol at GH¢ 14.75 while diesel GH¢ 14.95.
Dukes is selling petrol at GH¢ 14.85 per litre while diesel GH¢ 15.25 per litre.
Source: https://energynewsafrica.com
Ghana: Energy Commission’s Message To Ghanaians
Ghana’s technical electricity regulator, Energy Commission, wishes to inform the general public that per its mandate under Act 541, has caused Parliament to pass nineteen (19) laws to regulate the markets for electrical appliances and renewable energy products.
The purpose of the Regulations is to prevent Ghana from becoming a desirable destination for both new and substandard and used appliances; save the economy by reducing electricity demand which necessitates additional generation capacity with its associated fuel costs and protect the environment and safeguard the health of citizens from air pollution caused by increased power generation.
Additionally, it protects the consumer from purchasing unsuitable appliances and the payment of unnecessarily high electricity bills.
In a public notice, the Commission urged the general public, particularly importers of electrical appliances and renewable energy products as well as prospective manufacturers, to keep themselves abreast of the list of Regulations.
PUBLIC NOTICE
PN054012023
ENACTMENT OF NEW REGULATIONS ON ELECTRICAL APPLIANCES AND RENEWABLE ENERGY PRODUCTS
The Commission was established by an Act of Parliament, the Energy Commission Act, 1997 (Act 541) to ensure the judicious use of energy resources in Ghana.
The Energy Commission wishes to inform the general public that per its mandate under Act 541, it has caused Parliament to pass nineteen (19) laws to regulate the markets for electrical appliances and renewable energy products. The purpose of the Regulations is as follows: a. To prevent Ghana from becoming a desirable destination for both new but substandard and used appliances; b. To save the economy by reducing electricity demand which necessitates additional generation capacity with its associated fuel cost;
- To protect the environment and safeguard the health of citizens from air pollution caused by increased power generation; and d. To protect the consumer from purchasing unsuitable appliances and the payment of unnecessarily high electricity bills. The Commission urges the general public, particularly importers of electrical appliances and renewable energy products as well as prospective manufacturers to take note.
- LI 2443 Energy Commission (Energy Efficiency Standards and Labelling) (Clothes Washing Machines) Regulations, 2022
- LI 2444 Energy Commission (Energy Efficiency Standards and Labelling) (Industrial Fans) Regulations, 2022
- LI 2445 Energy Commission (Energy Efficiency Standards and Labelling) (Rice Cookers) Regulations, 2022
- LI 2446 Energy Commission (Energy Efficiency Standards and Labelling) (Computers) Regulations, 2022
- LI 2447 Energy Commission (Energy Efficiency Standards and Labelling) (Set-Top Boxes) Regulations, 2022
- LI 2448 Energy Commission (Energy Efficiency Standards and Labelling) (Ventilating Fans) Regulations, 2022
- LI 2449 Renewable Energy (Standards and Labelling)(Solar Panels) Regulations, 2022
- LI 2450 Energy Commission (Energy Efficiency Standards and Labelling) (Microwave Ovens) Regulations, 2022
- LI 2451 Energy Commission (Energy Efficiency Standards and Labelling) (Storage Water Heaters) Regulations, 2022
- LI 2452 Renewable Energy (Standards and Labelling) (Renewable Energy Batteries) Regulations, 2022
- LI 2453 Energy Commission (Energy Efficiency Standards and Labelling) (Public Lighting) Regulations, 2022
- LI 2454 Renewable Energy (Standards and Labelling) (Improved Biomass Cookstoves) Regulations, 2022
- LI 2455 Energy Commission (Energy Efficiency Standards and Labelling) (Television Sets) Regulations, 2022
- LI 2456 Energy Commission (Energy Efficiency Standards and Labelling) (Electric Motors) Regulations, 2022
- LI 2457 Energy Commission (Energy Efficiency Standards and Labelling) (Electric Kettles) Regulations, 2022
- LI 2458 Energy Commission (Energy Efficiency Standards and Labelling) (Air conditioners) Regulations, 2022
- LI 2459 Energy Commission (Energy Efficiency Standards and Labelling) (Distribution Transformers) Regulations, 2022
- LI 2460 Energy Commission (Energy Efficiency Standards and Labelling) (Comfort Fans) Regulations, 2022
- LI 2461 Renewable Energy (Standards and Labelling) (Inverters) Regulations, 2022 These Regulations entered into force on Wednesday November 2, 2022.
Libya: Oil Ministry Rejects $8 Billion Gas Deal With Eni
Libya’s Oil Ministry has rejected the huge $8-billion deal that the Italian energy giant signed with the Libyan National Oil Corporation (NOC) this weekend, saying that the agreement violated legislation and was not approved by the ministry prior to the signing.
Eni’s chief executive Claudio Descalzi and the CEO of the National Oil Corporation of Libya, Farhat Bengdara, agreed on Saturday on the development of “Structures A&E”, a strategic project aimed at increasing gas production to supply the Libyan domestic market as well as to ensure export to Europe.
The agreement was signed in the presence of the Prime Minister of Italy, Giorgia Meloni, and the Prime Minister of the Libyan Government of National Unity, Abdul Hamid Al-Dbeibah.
Under the deal, the combined gas production from the two structures will start in 2026 and reach a plateau of 750 million standard cubic feet of gas per day, Eni said in a statement.
The overall investment is estimated at $8 billion, with a significant impact on the industry and the associated supply chain, allowing a significant contribution to the Libyan economy, the Italian group said.
However, Mohamed Aoun, Libya’s Oil and Gas Minister in the Tripoli-based government led by Al-Dbeibah, rejected the deal because, he says, it bypassed his oil ministry and cabinet approval and changed a previous deal signed in 2008.
Aoun and his supporter Fathi Bashagha, the rival eastern-based prime minister appointed by Libya’s Parliament, have now rejected the deal.
According to Aoun, the agreement is illegal and lacks equality between Libya and Italy, the oil minister said in a video recording seen by Libya Herald.
Libya’s inner political struggle could delay the start of gas flows from the project from Libya to Europe, which has pinned its hopes—especially through Italy—on increased gas supply from North Africa and the Eastern Mediterranean.
Source: Oilprice.com
Tunisia: TotalEnergies Group To Install EV Charging Points Across Service Stations
The TotalEnergies group has announced plans to install electric vehicle charging points (EV charging points) in most of its service stations across Tunisia.
The move is part of the company’s strategy to develop its investments in Tunisia.
This was disclosed by Jean-Philippe Torres, Senior Vice President for Africa at TotalEnergies during a meeting with Minister of Industry, Energy and Mines Neila Gounji.
TotalEnergies currently counts 18 service stations equipped with EV charging points and 56 stations equipped with solar panels.
“The group will continue to develop its projects in Tunisia and investment in clean and environmentally friendly energies, notably through the development of electric mobility infrastructures,” Jean-Philippe Torres.
Source: https://energynewsafrica.com
Ghana: Four Filling Station Robbers Grabbed
Ghana police have arrested four persons who attacked a filling station at Wassa Agona in the Western Region on Saturday 28th January 2023.
The suspects are Francis Ebuka, Wisdom Justway, Samuel Chibuzor and Kingsley Okechuku alias Kofi Kingsley.
In a statement released by the Ghana Police Service, it said the suspects in the course of the robbery also subjected the fuel attendants to severe beatings and made away with an unspecified amount of money together with the filling station’s CCTV Digital Video Recorder (DVR) and mobile phones belonging to the victims.
According to the police, upon receiving information concerning the robbery attack, they quickly dispatched patrol teams within the catchment area mobilized and proceeded to the scene.
The statement said in the course of the operation, suspects Francis Ebuka, Wisdom Justway and Samuel Chibuzor were given a hot chase as they fled the robbery scene on a motorbike.
“A search conducted on them led to the recovery of a black hood, a handbag containing two mobile phones and an amount of Twenty Thousand, Seven Hundred and Twenty-Two Cedis (GH₵20,722).
“The Police team further pursued the fourth suspect, Kingsly Okechuku to a hotel near Bogoso where an amount of Forty-Four Thousand, Eight Hundred and Fifty-Two Cedis (GH₵ 44,852), suspected to be part of their booty, was retrieved from him,” the statement read in parts.
It mentioned other items recovered from the suspects including the DVR components of the CCTV setup stolen by the suspects together with two pinch bars and a Ghana Card belonging to one of the victims.
All four suspects are said to be currently in police custody and would be put before the court to face justice.
The police assured the public about their commitment to continue to work tirelessly to keep the communities safe.
Source: https://energynewsafrica.com
The statement said in the course of the operation, suspects Francis Ebuka, Wisdom Justway and Samuel Chibuzor were given a hot chase as they fled the robbery scene on a motorbike.
“A search conducted on them led to the recovery of a black hood, a handbag containing two mobile phones and an amount of Twenty Thousand, Seven Hundred and Twenty-Two Cedis (GH₵20,722).
“The Police team further pursued the fourth suspect, Kingsly Okechuku to a hotel near Bogoso where an amount of Forty-Four Thousand, Eight Hundred and Fifty-Two Cedis (GH₵ 44,852), suspected to be part of their booty, was retrieved from him,” the statement read in parts.
It mentioned other items recovered from the suspects including the DVR components of the CCTV setup stolen by the suspects together with two pinch bars and a Ghana Card belonging to one of the victims.
All four suspects are said to be currently in police custody and would be put before the court to face justice.
The police assured the public about their commitment to continue to work tirelessly to keep the communities safe.
Source: https://energynewsafrica.com Ghana: Burkina Faso’s SONABEL Pays Working Visit To GRIDCo
A delegation from the National Electricity Company of Burkina Faso, [Société Nationale d’électricité du Burkina Faso (SONABEL)] led by its Board Chairman, Dr Konate Souleymane and Director General, Daniel Serme, have met with GRIDCo’s Chief Executive and Management team.
The discussions during the meeting focused on the ongoing transformer repairs for the Nayagnia sub-station and commitments for continued bulk power export to Burkina as the hot season approaches at the end of the first quarter of 2023.
The SONABEL team also updated GRIDCo on some of its power projects and suggested two alternative power connections to further extend the power supply to other towns in Burkina.
Ing Ebenezer Essienyi, speaking on behalf of the Management, reassured the SONABEL team of GRIDCo’s commitment to delivering on agreements made. The team met on Friday 27th January 2023.
Source: https://energynewsafrica.com
Nigeria: Buhari Commissions 10MW Solar Power Plant In Kano
Nigeria’s President Muhammadu Buhari, on Monday, commissioned a 10 Megawatts solar power plant in Kano to spur industrial activities.
The $16 million project was funded through Nigerian Sovereign Investment Authority (NSIA).
President Buhari expressed appreciation, saying, “The project will help to revive ailing industries which depend on electricity to power their giant plants in the state.”
In his remark, the Managing Director and the Chief Executive Officer of the NSIA, Aminu Umar Sagir described the project as a progress for the people towards adding value to the economy.
“All the necessary support and funds were provided for the implementation of the project and, hopefully, the impact of the project would be felt via the creation of fresh employment opportunities,” he stated.
He also said that as the project begins to supply power, it would put a smile on the faces of families through employment opportunities to be created for individuals and collective families.
“At the close of the day, peace and security would reign supreme as Nigerian masses would no longer starve over lack of food because they would be paid emoluments at the close of the end of the day.
“The project is to be supervised and managed by the NSIA which is jointly owned by the federal government, Kano State, and the host community, Kumbotso.
“The project is currently the largest grid-connected solar PV plant and is proof of successful mid-sized solar PV deployment in Nigeria.
“This would catalyst growth in the power sector as it shows that renewable projects of this magnitude can be successfully delivered. It also builds Nigeria’s credentials in the fight against climate change and our commitment to attaining net zero carbon emissions by 2060,” he added.
Source: https://energynewsafrica.com
London: Sierra Leone Invites Investors For Juicy 126 Oil Blocks
The Director General of the Petroleum Directorate of Sierra Leone, Foday B. L. Mansaray, has called on prospective oil and gas investors around the world to take advantage of the favourable fiscal regime in the country and invest in the country’s oil and gas industry.
The West African nation has about 126 oil blocks with 56 blocks covering 63,600sq. km going for licensing round while 70 blocks are going for direct negotiations.
The blocks are 1,360 square kilometres each.
The West African country is home to a working petroleum system that was supported by small-scale oil and gas discoveries, including the Venus-B1, Mercury-1 and Jupiter-1 wells by Anadarko and the Savannah-1X well by Lukoil.
Oil and gas exploration in the country began nearly four decades ago with the drilling of two wildcat exploration wells but was put on pause around 2015/2016.
Sierra Leone’s Petroleum Directorate operates under the mandate to unlock the full potential of its national hydrocarbon resources, regulating the exploration and production of affordable, reliable and cleaner energy across Sierra Leone.
Speaking last Thursday in London during the ‘Invest in Africa’ programme organised by African Energy Chamber,
Mr. Foday Mansaray stated that Sierra Leone offers access to acreage, competitive fiscal conditions, a transparent and stable government, high-quality data with reprocessing and world-class conjugate discoveries.
“The response from investors [to our fifth licensing round] has been excellent and is part of the reason we extended the deadline.
“We like to think of IOCs as partners and not investors. We try to integrate into their operations. We’ve tried to eliminate the red tape. It currently takes 85 days from application to licensing,” Mansaray said.
Sierra Leone’s Petroleum Directorate recently signed a cooperation agreement with Angola’s National Agency for Oil, Gas and Biofuels, to establish a shared commitment to promoting and intensifying collaboration across the oil and gas sector.
The Memorandum of Understanding served to outline opportunities for bilateral trade and investment; position oil and gas cooperation as mutually beneficial economically, technologically, socially and environmentally for both countries; and reaffirm stronger economic, cultural and social ties between Angola and Sierra Leone.
Source: https://energynewsafrica.com