Ghana: Top Two Ghanaian Journalists Attend ATOMEXPO2022 In Russia
Russia’s leading atomic energy agency, Rosatom, invited two top Ghanaian energy reporters to attend the ATOMPEXPO2022 which is taking place in Sochi, from Monday, November 21 to Tuesday, November 22, 2022.
The invitation was issued by the Russian nuclear power agency, Rosatom’s office, in Africa to Michael Creg Afful, editor of energynewsafrica.com and Emmanuel Aboagye -Wiafe, host of Energy 101 on Accra-based Asaase Radio.
The two journalists are among a couple of journalists who were invited from Africa to attend this year’s programme.
Michael Creg Afful is a specialised energy reporter and two-time Energy Reporter of the Year at the Ghana Energy Awards organised by the Energy Media Group and endorsed by the Ministry of Energy and World Energy Council (WEC).
Michael Creg Afful is a Strategic Communication Specialist while Emmanuel Aboagye Wiafe, host of the Asaase Radio Energy 101 programme, holds a Master’s in Petroleum Management.
The two journalists have attended a capacity-building workshop on Nuclear Power organised by Nuclear Power Ghana, the agency spearheading the country’s first nuclear power.
The XII ATOMEXPO2022 is a gathering of nuclear experts and exhibitors from across the world.
The programme is organised biennially.
Source: https://energynewsafrica.com
Algeria: Diesel Cars Banned In Bid To Push Electric Vehicle Models
Algeria has banned the importation of diesel cars or diesel cars made in the country for environmental and regulatory reasons.
Given this, local car manufacturers are required by law to start producing, at least, one range of electric vehicles if they have been trading for five years or more.
When the Algerian government banned imports of assembly line kits two years ago, several car businessmen were successfully prosecuted and jailed for fraud and money laundering.
Those strict importation measures caused a nationwide shortage of cars and led to an unprecedented surge in prices.
There are more than 6.5 million licensed vehicles in Algeria, according to the latest data from the office for national statistics.
At the last count in 2019, World Bank data listed Algeria’s carbon dioxide emissions per capita at 3.98 metric tons; almost half of South Africa’s 7.51 metric tons per capita, but both countries are eclipsed by the US whose carbon dioxide emissions are at an estimated 14.67 metric tons per capita.
Source: https://energynewsafrica.com
Japan: IAEA Review Of Fukushima Water Discharge Progresses
An International Atomic Energy Agency (IAEA) task force has carried out a second mission to Japan to review the country’s updated technical plans for the discharge of treated water from the damaged Fukushima Daiichi nuclear power plant into the sea.
At the Fukushima Daiichi site, contaminated water – in part used to cool melted nuclear fuel – is treated by the ALPS system, which removes most of the radioactive contamination, with the exception of tritium.
This treated water is currently stored in about 1000 tanks on site. The total tank storage capacity amounts to about 1.37 million cubic metres and all the tanks are expected to reach full capacity in mid to late-2023.
Japan announced in April 2021 it planned to discharge treated water stored at the Fukushima Daiichi plant into the sea over a period of about 30 years and asked the IAEA to review its plans against IAEA safety standards.
Last week the task force met with plant owner Tokyo Electric Power Company (Tepco) and Japan’s Ministry of Economy, Trade and Industry (METI) in Tokyo as part of its second mission to assess safety-related elements of Tepco’s implementation plan.
The updates by Japan to the technical plans for the discharge – made in part due to the feedback provided during the ongoing IAEA safety review process – include changes to the radiological environmental impact assessment prior to the discharge and the associated monitoring programmes.
In the report of the first meeting with Tepco/METI in February this year, the task force, among other points, called for further clarification of Tepco’s characterisation of the treated water that will be discharged.
In reviewing the updated plans last week, the task force noted that Japan had addressed this issue in its amendments.
The IAEA said the task force will continue its consideration of these specific aspects.
“The task force’s findings from its first mission in February 2022 were considered in depth and have been reflected in Japan’s revisions to the plan,” IAEA Director General Rafael Mariano Grossi said.
“The IAEA will continue its impartial and science-based review of the proposed discharge plan.”
During its latest mission, the task force also visited the Fukushima Daiichi plant to review the progress made in the design and construction of equipment and facilities for the discharge, including the tunnel that is being built to transport the treated water one kilometre out to sea.
“It was vital that the task force saw for themselves the advances made in the construction of the water dilution facility and the undersea tunnel,” said Gustavo Caruso, director of the IAEA’s Department of Nuclear Safety and Security and chair of the task force.
“Our visit to see the equipment and facilities to be used for the discharge is essential to further reinforce our understanding of the process as part of our safety review.”
The task force will release a report on its second mission within three months.
The IAEA said it will publish a comprehensive assessment on the safety of the discharge, including all components of the review – technical, regulatory and independent sampling and analysis – prior to the planned release in 2023.
The task force will conduct its next mission to meet with Japan’s Nuclear Regulation Authority to continue its direct discussions on the regulatory aspects of the discharge from 16 to 20 January 2023.
Source: worldnuclernews.org
Nuclear Energy Generation Will Double By 2050 – IEA Predicts
The International Energy Agency (IEA) has predicted that nuclear energy generation across the globe will double by 2050.
According to the latest World Energy Outlook report published by the IEA, at least 30 countries will increase their use of nuclear energy as a part of the “Net Zero Emissions by 2050” scenario.
The IEA claimed that the global energy crisis may become a turning point towards a cleaner and more secure future.
The global energy crisis triggered by Russia’s special military operation in Ukraine is causing profound and long-term changes that could accelerate the transition to a more sustainable and secure energy system, according to the IEA.
“Energy markets and policy have changed significantly because of the Russia’s special military operation in Ukraine not only for the time being, but also for decades to come”, Fatih Birol, Executive Director of the IEA said.
“Even with today’s policy settings, the energy world is dramatically changing before our eyes. Governments’ reactions around the world promise to make this a historic and definite turn towards a cleaner, more affordable and more secure energy system.”
The WEO scenario “The Net Zero Emissions by 2050” defines what needs to be done to achieve net-zero emissions worldwide by 2050.
In addition to this scenario, the WEO-2022 considers two others: STEPS and APS. The Stated Policies Scenario (STEPS) represents a path, based on the energy and climate measures taken by governments today, as well as specific policy initiatives that are under development.
The Announced Pledges Scenario (APS) charts the way in which the net zero emissions obligations, announced by governments nowadays, are implemented in time and in full.
The growth in nuclear power generation
The global nuclear output will increase from 2776 TWh in 2021 to 3351 TWh in 2030 and to 4260 TWh in 2050, according to the STEPS scenario.
At the same time, the share of NPPs in the total volume of energy production remains at the level of 10%.
This scenario requires the commissioning of 120 GW of new nuclear capacity by 2030, as well as the addition of another 300 GW worth of new reactors between 2030 and 2050 in more than 30 countries.
In the APS scenario, about 18 GW of new nuclear capacity is added per year over the outlook period, a quarter more than in STEPS.
However, the higher level of electricity demand in this scenario means that the share of nuclear power in the electricity supply mix remains about 10%. In the APS, nuclear generation increases to 3547 TWh in 2030 and to 5103 TWh in 2050.
In the NZE scenario, extension of the service life in the 2020s helps to limit global emissions, and an average annual addition of 24 GW of capacity between 2022 and 2050 more than doubles nuclear power capacity by 2050.
“Significant international efforts are still required to close the gap in levels of investment in clean energy between advanced economies and countries with developing economies,” the report said.
“The continued role of the atom in the electricity relies on decisions to extend the service life of existing reactors and the success of programs to build new ones.”
However, the IEA noted that investment in nuclear power is “returning in fashion” in some countries: “Announcements of lifetime extensions for existing reactors have been made, as part of the response to the current crisis, there is growing interest in the potential for small modular reactors to contribute to emission reductions and energy system reliability.”
Reduced CO2 Emissions
In its STEPS scenario, the IEA assumes that global CO2 emissions will reach a high point of 37 billion tons per year in 2025 and gradually decrease to 32 billion tons by 2050. Full implementation of all climate commitments will lead the world to a safer environment, but there is still a large gap between today’s commitments and the stabilization of global temperature rise at 1.5°C.
In APS, emission will peak in the mid-2020s and decline to 12 billion tons in 2050, resulting in a projected global median temperature rise in 2100 of 1.7 °C.
“Amid the major changes taking place, a new energy security paradigm is needed to ensure the reliability and affordability of energy while emission reduction,” said Fatih Birol.
“That is why, WEO 2022 presents 10 principles that can help the leaders through the period when declining fossil fuel and expanding clean energy systems co-exist, as both systems should function properly during energy transitions to deliver the energy services, which are necessary for consumers. And as the world recovers from the energy crisis, it is necessary to avoid new vulnerabilities arising from high and volatile mineral prices or high concentration of clean energy supply chains.”
Source: https://energynewsafrica.com
Energy Ministry Deputy Director ‘Detained’ In Cubicle In Casablanca By Royal Air Maroc For Two Days
A Deputy Director at Ghana’s Ministry of Energy, Dr. Robert Bobby Mawuko Sogbadji, has had the shock of his life travelling by Royal Air Maroc.
Dr. Sogbadji travelled to Egypt to participate in the just-ended Conference of Parties (COP27) and was supposed to return to Ghana on November 17, 2022.
Sadly, his wish to return on the scheduled date was shattered by the airline.
In a tweet sighted by energynewsafrica.com, Dr Sogbadji narrated how bad the airline treated him.
Describing his bad experience with the airline, Dr Robert Bobby M. Sogbadji wrote: “Royal Air Maroc asks me to pay for a flight to get me home, after they prevented me from going to Accra through delays. It’s a terrible service to passengers, especially from black Africa. No efforts to get me to Accra on time except for their airline which departs in 2 days.”
He continued: “Royal Air Maroc delays my flight to Accra from Cairo and has kept me in a cubicle in Casablanca with a new departure date in two days. I’ve no access to my luggage, no clothing and no items to freshen up. I’m living on burgers and fizzy drinks. The staff do not respect black Africans.
“Royal Air Maroc puts me on a flight to depart in two days after delays in Cairo, hence, miss my flight to Accra. Treatment with no respect because of my ECOWAS passport. Transit service attendant threatened me. Oasis counter kept me waiting for 3 hours, while he went home.”
Meanwhile, the attention of the Ghana Airport Company has been drawn to the unfortunate incident.
MY PREDICAMENT WITH ROYAL AIR MAROC
The return From COP27 through Casablanca was terrible as I’m still here not sure if my promised departure day will be fulfilled.
My flight from Cairo (AT271) to Casablanca delayed for two hours, upon arrival in Casablanca, the Accra bound flight had left. I found a flight itinerary on Royal Air France which could get me to Accra the same day but later in the day, but I was told the cost would have to be borne by me.
The Royal Air Maroc Transit desk attendants had a discussion about my passport, upon realizing that it was ECOWAS passport and from sub-sharan Africa, they immediately printed me a ticket which was to depart in two days. (I know this because they requested for my passport before taking a decision and also unknown to them, I could understand the language they spoke-French).
This meant I only get to arrive in Accra on Sunday 20th November, instead of Friday 18th November. Needless to say that I was checked into fly Hotel by Oasis Lounge of AirMaroc, a hotel with cubicles as rooms. It is such an uncomfortable space to stay for two days and two nights. There are two common bathrooms and toilets to be shared with 49 other occupants.
I had requested earlier to be checked into another hotel which could come with a bit of comfort and privacy but that was declined because I needed visa to enable me get put of the airport. I couldn’t have access to my luggage as same valid visa issue applied. For two days and two nights, I wouldn’t have any means of freshening up. I had to pay for my dinner on the first night since the hotel said it was past time to issue dinner voucher.
In my frustration I went back to the Oasis Lounge counter to reason with the attendant to secure a flight to Ghana through Air France. He asked to sit and wait whiles he checked from the transit office.
After three hours of waiting he never returned till a new attendant reported at the counter to start the morning shift. She told me the male staff I spoke to had closed and gone home. “For a moment I thought to myself, what will cause any human being to treat a fellow human being with such little or no respect.” I had not slept the whole night and fatigued.
The morning shift staff directed me to Service Transit Office still in pursuit of either the next available flight which was through Air France or at least access to my luggage, the officer refused, I tried to register my frustration by dropping my back pack on the floor. The staff of the transit office rushed from his desk to intimidate me and started issuing threats, standing with his forehead millimeters away from mine, questioning why I dropped my bag. He emphasised I had no right to be frustrated. I was dragged out from the office to a counter (nothing short of a criminal being hauled by an officer)and I was warned not to return to the office.
I have never been this traumatised my entire life.
So I resulted to serve my “Air Maroc prison sentence” without seeking any way out, with the fear that it might be nasty.
My little observations: the staff were very impolite to especially dark skinned people. They treated us with no respect no matter how polite and humble you came across.
Nothing you say mattered once you are black.
I’ve had to depend on one sandwich and fizzy drink for breakfast, lunch and supper. May I hasten to add that none of these meals served was and is accompanied with drinking water. You drink water at your own cost. The airport has no other healthy food alternatives even if you choose to spend from your pocket.
For two days now, I’ve not been able to take my medication, attend to my personal hygiene of any form nor changed clothes.
Both staff and service of Royal Air Maroc has treated me badly and with utmost disrespect and I can only conclude it’s as a result of my skin colour and the passport I possess. I can never recommend Royal Air Maroc to anyone. You book that flight at your own peril, if the old aircraft doesn’t kill you, the management will. I survived, you may not.
Source: https://energynewsafrica.com
Biden-Harris Administration Announces $13 Billion To Modernize And Expand America’s Power Grid
The Biden-Harris Administration, through the U.S. Department of Energy (DOE) has announced $13 billion in new financing opportunities for the expansion and modernization of the nation’s electric grid.
Funded by the President’s Bipartisan Infrastructure Law, the Grid Resilience Innovative Partnership (GRIP) program and the Transmission Facilitation Program together represent the largest single direct federal investment in critical transmission and distribution infrastructure and one of the first down payments on an over $20 billion investment under the Administration’s Building a Better Grid Initiative.
These federal investments will unlock billions of dollars of state and private sector capital to build transformative projects that increase the reliability of the power grid and modernize it so that more American communities and businesses have access to affordable, reliable, clean electricity – helping deliver on the President’s goal of 100% clean electricity by 2035.
“We are moving swiftly to deliver cleaner, cheaper energy to every American community by building a modern and reliable electric grid,” said U.S. Secretary of Energy Jennifer M. Granholm.
“With nearly 70% of the nation’s grid more than 25 years old, the President’s agenda is making historic investments that will strengthen the nation’s transmission grid to drive down energy costs, generate good-paying jobs, and help keep the lights on during extreme weather events.”
Independent estimates indicate that the U.S. needs to expand electricity transmission systems by 60% by 2030 and may need to triple current capacity by 2050 to accommodate the country’s rapidly increasing supply of cheaper, cleaner energy and meet increasing power demand for electric vehicles and electric home heating and reduce power outages from severe weather.
The funding announced, along with a $2.3 billion program that funds grid resilience investments by States and Tribes to reduce impacts due to extreme weather and natural disasters, are programs under the Building a Better Grid Initiative.
Launched in January 2022, the Building a Better Grid Initiative brings together community and industry stakeholders to identify national transmission needs and is investing more than $20 billion to support the modernization and build out of long-distance, high-voltage transmission and distribution systems that are critical to reaching President Biden’s goal of 100% clean electricity by 2035 and a zero-emissions economy by 2050.
GRIP Program
The President’s Bipartisan Infrastructure Law provides $10.5 billion across three programs that make up the GRIP program to enhance grid flexibility and improve the resilience of the power system against growing threats of extreme weather and climate change.
The program will deliver projects centered on: Grid Resilience Utility and Industry Grants ($2.5 billion) fund comprehensive transmission and distribution technology solutions that will mitigate multiple hazards across a region or within a community, including wildfires, floods, hurricanes, extreme heat, extreme cold, storms, and any other event that can cause a disruption to the power system.
Eligible applicants include electric grid operators, storage operators, generators, transmission owners or operators, distribution providers, and fuel suppliers.
Smart Grid Grants ($3 billion) increase the flexibility, efficiency, reliability, and resilience of the electric power system, with particular focus on increasing capacity of the transmission system, preventing faults that may lead to wildfires or other system disturbances, integrating renewable energy at the transmission and distribution levels, and facilitating the integration of increasing numbers of electric vehicles, buildings using electricity to heat and hot water, and other grid-edge devices. The program is open to domestic entities including institutions of higher education, for-profit entities, non-profit entities, state and local government entities, and tribal nations.
Grid Innovation Program ($5 billion) provides financial assistance to one or multiple states, Tribes, local governments, and public utility commissions to collaborate with electric grid owners and operators to deploy projects that use innovative approaches to transmission, storage, and distribution infrastructure to enhance grid resilience and reliability.
The first round of funding announced for GRIP is $3.8 billion for fiscal years 2022 and 2023. Concept papers are a required first step in the application process. Concept papers for the Grid Resilience Utility and Industry Grants and Smart Grid Grants are due December 16, 2022. Concept papers for the Grid Innovation Program are due January 13, 2023.
A public webinar will be held on November 29, 2022, to provide additional information.
Transmission Facilitation Program
The Transmission Facilitation Program establishes an innovative revolving fund to help overcome the financial hurdles facing large-scale new transmission lines, upgrades of existing transmission lines, and, in select states and territories, the establishment of micro grids.
The President’s Bipartisan Infrastructure Law authorizes DOE, through the program, to borrow up to $2.5 billion to assist in the construction of high-capacity transmission lines with an innovative approach that can spur valuable new lines that otherwise would not get built or increase the capacity of already planned lines.
Under this first solicitation released today, DOE will use capacity contracts to commit to purchasing up to 50% of the maximum capacity of the transmission line. By initially offering capacity contracts to late-stage projects, DOE will increase the confidence of additional investors and customers and reduce the risk of project developers under-building or under-sizing needed transmission capacity projects.
The submission deadline for the first phase is February 1, 2023. A public webinar will be held on November 30, 2022, to provide additional information. Registration required.
Visit the Grid Deployment Office website for additional information and access to the Grid and Transmission Programs Conductor to help identify which financing program is most appropriate for individual projects.
Source: https://energynewsafrica.com
Ghana: Botched Tema LNG Project Likely To Let Ghana Lose Up To $1.5 Billion
A group of African Policy think tanks, led by Africa Centre for Energy Policy and IMANI Africa, are raising alarm over how the Tema LNG Terminal project is likely to let the Republic of Ghana throw millions of dollars into the bin.
The Tema LNG Terminal, a project led by Helios Investment Partners, was scheduled to be completed and commenced operations in 2020.
The scheduled date has elapsed; the project is yet to come online.
In a statement issued on the Tema LNG Terminal project, the alliance of think tanks noted that Ghana’s National Oil Company (GNPC) has signed a gas purchasing agreement with the Tema LNG Terminal Company at more than $13/MMBtu in the current oil price environment.
Although GNPC will be buying the gas from Tema LNG Terminal Company at $13MMBtu, the think tanks said GNPC would be bound to sell the gas at $5.99/MMBtu to power utilities in Ghana.
The concern by the think tanks on the Tema LNG project comes barely a few weeks ago when the two think tanks raised similar concerns on the gas sale agreement GNPC signed with Genser Energy, in which the former is alleged to be losing huge sums of money.
“GNPC has even signed a contract to sell gas for as low as $2.79/MMBtu to Genser Energy Limited, an off-grid power supplier, to Ghanaian gold mines, with plans for a further reduction to $1.72/MMBTU, on dubious pipeline-barter grounds.”
Making a call for the suspension of the agreement between GNPC and Tema LNG Terminal, the think tanks said, “The origins of the Tema LNG project in perverse bid-rigging and attendant procurement irregularities have heightened the corruption risk associated with the project.
“Tema LNG is just one example of how mismanaged investment in gas and power investments in Ghana are financially crippling the country and failing to deliver affordable or reliable energy to consumers. Ghana’s power sector arrears, already in the billions of dollars, continue to mount. In November 2020, the ex-head of Ghana’s Energy Commission estimated that the country was paying a combined $1.2bn annually for excess power capacity and gas supply it does not use. These costly investments in oil and gas have been backed by the international community.”
Below is the statement by the Alliance of African Think Tanks:
Furthermore, African leaders are also busily using the climate talks to convince rich nations to continue investing in the continent’s fossil fuels, which they see as necessary to expand economies and boost electricity access. However, decades of investment in oil and gas is still failing to deliver cheap and reliable electricity supply to Africa’s poorest consumers due to poor strategic choices, policy incoherence and outright corruption.
To probe these challenges, confusions and contradictions, a group of African think tanks and Civil Society Organisations (CSOs) convened by the Africa Centre for Energy Policy (ACEP) and the IMANI Center for Policy & Education (IMANI) held deliberations on the virtual sidelines of COP 27 on 9th November 2022. At the event, the partners launched a series of case studies intending to show how corruption, mismanagement and onerous offtake terms, have blunted the strategic flexibility of African governments by saddling them with mounting debts and poor response choices, in a time when rising energy costs are fuelling a cost of living crisis across the continent.
The first case study is presented in this short brief. It looks at Tema LNG Terminal (Tema LNG), a project led by Helios Investment Partners to import LNG into Ghana, supported by multiple development finance institutions.
The project was expected to start operations in 2020 but as at November 2022, it is still not online. Ghana’s national oil company, Ghana National Petroleum Corporation (GNPC), is committed to pursuing the project, despite officials admitting there is no demand for the gas. There are now serious doubts about the feasibility of the project even in 2023.Tema LNG poses a major risk to the already strained finances of GNPC. Calculations by ACEP and IMANI suggest GNPC could be paying between $790 million – $1.357 billion a year (based on average 2022 Brent crude prices) for gas the country doesn’t need.
Whilst GNPC has contracted gas from the Tema LNG Terminal Company (TLTC) at more than $13/MMBtu in the current oil price environment, it is bound by regulation to on-sell the gas at $5.99/MMbtu to most power utilities in Ghana. Prices are even lower for opaquely-selected “strategic industries,” which pay just $4.2/MMBTU for the gas. GNPC has even signed a contract to sell gas for as low as $2.79/MMBtu to Genser Energy Limited, an off-grid power supplier to Ghanaian gold mines, with plans for a further reduction to $1.72/MMBTU, on dubious pipeline-barter grounds.
The origins of the Tema LNG project in perverse bid-rigging and attendant procurement irregularities have heightened the corruption risk associated with the project.
Tema LNG is just one example of how mismanaged investment in gas and power investments in Ghana are financially crippling the country and failing to deliver affordable or reliable energy to consumers. Ghana’s power sector arrears, already in the billions of dollars, continue to mount. In November 2020, the ex-head of Ghana’s Energy Commission estimated that the country was paying a combined $1.2bn annually for excess power capacity and it gas supply does not use.
These costly investments in oil and gas have been backed by the international community.
Development finance institutions have spent at least US$2.8bn in direct project finance to support the development of upstream and downstream fossil fuel projects in Ghana since 2010. Meanwhile, Ghana’s vast renewable energy potential has generally been overlooked.
Ghana’s modern renewable generation capacity remains negligible, at less than 1% in 2020.
This is despite renewable energy sources, such as solar, now being the cheapest form of energy in many parts of Africa, according to the International Energy Agency – and are set to outcompete all other sources continent wide by 2030.
In light of all the above, the Alliance of policy think tanks advocating for good governance to drive green growth in Africa proposes the following:
- A public release of all contracts, agreements, restated/amended agreements and constructive understandings entered into by GNPC, TLTC and all other actors connected in any commercial sense to the Tema LNG project.
- An immediate suspension of the Tema LNG project and a standstill arrangement in respect of all obligations of the Ghanaian state concerning the project.
- A complete renegotiation of the financial and commercial terms of the project to better reflect the current strategic situation in the global and domestic energy markets.
- A halt to further funding and financing for the project, particularly from DFIs, MDBs and international development agencies until a sound ESG framework is in place.
- An upgrade to the governance of the project and others like it by instituting a credible stakeholder participatory model and set of consultative practices.
South Africa: African Energy Week Announces 2023 Dates – Road to Cape Town
The African Energy Chamber (AEC) – the voice of the African energy sector – is proud to announce that African Energy Week (AEW)– Africa’s premier event for oil and gas sector – will return in 2023 from October 16 – 20 to drive Africa’s energy sector growth and make energy poverty history across the continent by 2030.
Following a successful 2022 edition, AEW 2023 – the official place where Africa’s entire hydrocarbon ecosystem will be discussed and optimized – will build on the discussions held, deals signed, partnerships formed, and relationships cemented in 2022 to maximize energy investments across the continent’s entire energy base whilst paving way for free markets and increased private sector participation in energy sector expansion.
By uniting African Presidents, Ministers, public and private sector representatives, energy companies and investors as well as global partners, AEW 2023 is the official meeting place for the continent’s energy market players to meet, inspire each other and continue to create an enabling environment to maximize energy investments for a secure energy future. We will sign more deals this year.
Investments in fossil fuels including in oil and gas by developed countries including G20 members have increased by 16% to $693 billion in 2021, penetration in Africa has been and continues to be restrained by energy transition-related policies implemented by some of these countries, yet the continent is heavily suffering chronic energy shortages and high fuel prices.
In this regard, AEW 2023 will promote Africa as a global energy investment destination and address the consistent under-investment and difficult financial conditions across the African market. AEW 2023 aims to ensure Africa reduces its over-reliance on external funding and energy imports while meeting its growing energy needs leveraging local resources.
AEW 2023 will make a strong case on the role Africa’s hydrocarbon resources play in boosting energy access and driving socioeconomic developments across the continent.
Through high-level panel discussions, networking forums, technical workshops, one-one meetings, projects, technology and partnership launches, and more, AEW 2023 will explore business, deals and policy necessities for Africa maximize the exploitation, development and monetization of its oil and gas resources for energy mix diversification, employment creation, industrialization and energy security.
“The Chamber is proud to host AEW 2023 in partnership with industry players and government representatives as part of our efforts to continue to fight for Africa’s energy independence and security. With the number of people living in energy poverty in Africa continuing to increase, we believe Africa has and needs to exploit its entire energy base including oil, gas, hydropower and renewables to drift itself away from poverty and under development,” states NJ Ayuk, Executive Chairman of the AEC.
AEW 2023 is the AEC’s annual conference, exhibition and networking event. AEW 2023 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments.
Source: https://energynewsafrica.com
By uniting African Presidents, Ministers, public and private sector representatives, energy companies and investors as well as global partners, AEW 2023 is the official meeting place for the continent’s energy market players to meet, inspire each other and continue to create an enabling environment to maximize energy investments for a secure energy future. We will sign more deals this year.
Investments in fossil fuels including in oil and gas by developed countries including G20 members have increased by 16% to $693 billion in 2021, penetration in Africa has been and continues to be restrained by energy transition-related policies implemented by some of these countries, yet the continent is heavily suffering chronic energy shortages and high fuel prices.
In this regard, AEW 2023 will promote Africa as a global energy investment destination and address the consistent under-investment and difficult financial conditions across the African market. AEW 2023 aims to ensure Africa reduces its over-reliance on external funding and energy imports while meeting its growing energy needs leveraging local resources.
AEW 2023 will make a strong case on the role Africa’s hydrocarbon resources play in boosting energy access and driving socioeconomic developments across the continent.
Through high-level panel discussions, networking forums, technical workshops, one-one meetings, projects, technology and partnership launches, and more, AEW 2023 will explore business, deals and policy necessities for Africa maximize the exploitation, development and monetization of its oil and gas resources for energy mix diversification, employment creation, industrialization and energy security.
“The Chamber is proud to host AEW 2023 in partnership with industry players and government representatives as part of our efforts to continue to fight for Africa’s energy independence and security. With the number of people living in energy poverty in Africa continuing to increase, we believe Africa has and needs to exploit its entire energy base including oil, gas, hydropower and renewables to drift itself away from poverty and under development,” states NJ Ayuk, Executive Chairman of the AEC.
AEW 2023 is the AEC’s annual conference, exhibition and networking event. AEW 2023 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments.
Source: https://energynewsafrica.com Expecting Great Things From Africa’s New Oil and Gas Economies In 2023 (Article)
By: NJ Ayuk, Chairman, African Energy Chamber
While the consensus opinion of the western elites may be that oil and gas is a dirty, outdated technology staggering on its last legs, the African Energy Chamber remains grounded in reality.
As proponents of a zero-carbon future tout the promises of solar, wind, geothermal, and hydropower – depicting a world free of emissions yet somehow exponentially more electrified than it is today – the global oil and natural gas industry is certain that fossil fuels will continue to play a major role in powering the earth for decades to come.
If a fully sustainable energy future truly awaits us, however far off it may be, oil and gas will undoubtedly continue to fuel our journey toward it just as petroleum-based materials will remain central to its development. Hydrocarbons will continue to provide heat and generate electricity as we assemble turbines, solar panels, and electric vehicles from components made of plastic.
The fact that legacy oil fields diminish in productivity over time doesn’t mean we should abruptly halt all production in the name of climate change and learn to manage with what little output renewables currently offer. Such an ill-advised decision would constitute a veritable death sentence for the developing world, if not most of society.
New Players on the Field
As noted in our recently released report, The State of African Energy: 2023 Outlook, untapped discoveries, both onshore and off, practically encircle the African continent, and several new oil and gas economies stand ready to come online, stepping up into their rightful place on the world stage.
In 2022, one month after Shell announced an oil discovery off the coast of Namibia, the TotalEnergies discovery in the Venus-X1 well in block 2913B in the Orange Basin became the region’s second significant find for the year. The discovery is estimated to be more than 1 billion barrels of oil equivalent (BOE) and represents the southern African nation’s first opportunity to become an oil producer. Operations in the region are underway, and production is expected to begin in 2026.
On the eastern coast, Mozambique’s recent entry into the natural gas industry has set the impoverished country on a new path toward economic development. With discoveries made in the Rovuma Basin projecting annual liquefied natural gas (LNG) output in excess of 30 million tonnes, Mozambique’s LNG industry has secured $55 billion in investments; quadruple the value of the nation’s GDP. A quarter of the LNG produced will be reserved for domestic use while revenue from exports will add $10-$14 billion to their GNP each year.
Moving south, the Brulpadda and Luiperd discoveries off the coast of South Africa’s Mossel Bay are estimated to hold more than 2 billion barrels of gas condensate – an amount that would set South Africa’s total petroleum resources at approximately 9 billion barrels of oil and 60 trillion cubic feet of gas. Such figures would dramatically transform the national economy by covering more than half of the country’s current energy demands and slashing its reliance on imports. Successful development of the Brulpadda and Luiperd sites will inevitably lead to further exploration, capitalization, and investments toward much-needed infrastructure, providing welcome relief from South Africa’s economic troubles.
When Samia Suluhu Hassan took office as Tanzania’s first female president, the change in leadership led to revived negotiations between the government, Royal Dutch Shell, and Norway’s Equinor regarding the development of the country’s offshore LNG reserves.
Discovered in 1974, the sizeable reserves remained untouched mainly due to political stagnation, but the new administration has managed to arrange for a project construction start date in 2023. In addition to attracting outside investment, job creation, export revenue generation, and providing a supply of domestic energy, the Bank of Tanzania estimates that this project will single-handedly increase the nation’s economic growth rate by 2%.
Recent discoveries in the Senegal-Mauritanian basin have proven that the region sits atop more than 1 billion barrels of oil and 40,000 billion cubic feet of natural gas – designating the find as one of the petroleum industry’s largest to date.
In an effort to appeal to foreign investors, both Senegal and Mauritania have taken steps to facilitate the establishment of offshore operations in the area. Senegal’s Plan for an Emerging Senegal (PES) commits billions to infrastructure, including airport, highway, and rail improvement projects and the construction of a deepwater port in the capital city of Dakar.
Mauritania has revised its previously prohibitive regulations, developed a gas master plan, and designated the port city of Nouadhibou as a hub for gas processing and international trade.
A Healthy Compromise
Africa cannot be deprived of this long-awaited opportunity for economic growth. An adjustment to the oil and gas industry’s focus – from elsewhere in the world to Africa – will create jobs, business and monetization opportunities, infrastructure improvements, and a diversification of national economies.
Governments across Africa will collect massive increases in revenue. The spread of reliable and affordable electricity across the continent will rectify widespread energy poverty issues. Schoolchildren will find all new educational opportunities, and the overall quality of life in Africa will significantly improve.
As nations across the globe work to transfer their energy dependence from fossil fuels to renewable resources, the same cannot be expected from Africa, at least not on the same timetable.
For more than a century, Asia, Europe, the Middle East, and North America have reaped the economic and technological rewards that this head-start has given them. Africa will require time to catch up but can offer much support to the global energy evolution in the meantime.
Between 2026 and 2030, Namibia, South Africa, Mozambique, Tanzania, and the Senegal/Mauritanian region will be capable of producing a million barrels of oil per day (boepd) and 2.5 million boepd over the following decade.
This production rate will initially account for 8% of Africa’s oil and gas output, increasing to roughly 20% of its total production between 2031 and 2040.
Any impact on climate change brought about by an increase in African oil and gas production, if not balanced by emissions reductions in more developed countries, will be minimal compared to what the world has already accommodated. The African Energy Chamber stands by these nations as they prepare to benefit from their natural resources, and we are excited by the prospect of contributing to the transition to a sustainable and prosperous future for all.
London:UTM Offshore Signs Front-End Engineering Design Contract For Floating Liquefied Natural Gas Facility In Nigeria
UTM Floating Liquefied Natural Gas (LNG) Limited, JGC Corporation, Technip Energies and Kellogg Brown & Root (KBR) have signed a Front-End Engineering Design (FEED) contract for the development of Nigeria’s first Floating Liquefied Natural Gas (FLNG) facility in London.
With the signed contract, the development of the FLNG facility in block OML 204 offshore Nigeria will kick off, enabling the West African country to maximize the exploitation of stranded gas resources in a sustainable manner while contributing to the Nigerian government’s agenda of reducing flaring and optimizing environmental sustainability in energy developments, according to Chief Timipre Sylva, Minister of Petroleum Resources, Nigeria, in a speech made during the signing ceremony of the contract.
According to the minister, with factors such as a lack of investment, transportation and export infrastructure, and technological challenges disrupting Nigeria from maximizing its gas industry, the FLNG project is a step forward in the right direction for the West African country to develop, exploit and monetize its over 209 trillion cubic feet (tcf) of proven gas resources and a potential upside of 600 tcf of gas to ensure energy security, economic growth and the reduction in emissions.
“Given the large resources that may be developed and used for commercial purposes, we have already proclaimed that gas is our transition fuel and a destination fuel, and we anticipate that it will be a major component of our energy mix by the year 2060,” added Minister Sylva, adding that, “As a developing nation, we believe that affordable, accessible and reliable energy will continue to be essential to sustaining and powering our growing economy, and to lift millions out of poverty. As a government we know our action is essential to enable evolution of the energy system. We believe innovation, technology and policy will be the key drivers of change.”
Highlighting the role of FLNG technology in accelerating gas exploitation, the Minister added that “We are aware that the number of offshore gas finds has surged in recent years around the world, with LNG and FLNG becoming even more important in terms of satisfying the world’s future energy needs. According to market research analysts, the FLNG market is estimated to increase at a compound annual growth rate (CAGR) of 27.14%, reaching $88.99 billion by 2024. The UTM offshore FLNG project is therefore timely and will lead towards a faster-moving, more diverse and more flexible global LNG industry.”
He also gave reference to some of the mechanisms and policy reforms including the Decade of Gas, The Year of Gas and the Petroleum Industry Act implemented by the government to create an enabling environment to expand the country’s gas industry and ensure a just and inclusive energy transition.
Speaking on how Nigeria can fast track gas developments, meet its 2030 economic growth targets and growing energy demand, create jobs and bring new investments on the back of gas exploitation, the minister also highlighted the importance of collaborative partnership, commending the “African Export-Import Bank, under the leadership of its amiable President and Chairman, Dr. Benedict Okey Oramah, for orchestrating the signing of the Memorandum of Understanding (MoU) with UTM Offshore Limited to raise $5 billion for the development of Nigeria’s first FLNG project.”
Julius Dediare Rone, CEO and Chairman of UTM Offshore, who was awarded the National Honors Award in the Rank of Order of the Federal Republic – OFR on October 11, 2022 by H.E. President Muhammadu Buhari for his leading role in driving Nigeria’s gas sector expansion, added that gas and FLNG will play a crucial role in helping the Nigerian government to meet its three priorities, namely, “security of supply, economic competitiveness, and a reduction of greenhouse gas emissions.”
According to Rone, “We opted for FLNG because FLNG was originally developed to help realize the promise of natural gas – specifically, to bring gas to the global market from small offshore fields and nearshore terminals in areas lacking infrastructure – especially pipelines. And the LNG market is stuck with traditional models that do not address the world’s demand for low cost, flexible LNG to become a preferred fuel-of-choice over coal and liquids. The world markets as we all know it today needs low-cost, flexible LNG supply and has limited capacity to underpin major conventional projects. The solution, UTM offshore believes, is a standardized FLNG that allows the costs to be 20-40% cheaper with FID thresholds of just 1.5 – 2.5 MTPA. And this is where the UTM offshore FLNG project will hold sway, having the desired impact as well as influence.”
Commenting on Africa’s gas and FLNG market trends, NJ Ayuk, Executive Chairman of the African Energy Chamber, reiterated that “Gas is green for Africa and crucial for driving socioeconomic development and for making energy poverty history across the continent.
“The Chamber commends the work being undertaken by UTM Offshore and its development and investment partners such as the Afreximbank. At African Energy Week, we took a strong position to drive up African gas deals and this is one of them that we support. We believe African solutions and companies will be crucial for unlocking the full potential of the continent’s massive gas resources to ensure energy security and revive industrialization.”
Source: https://energynewsafrica.com
Ghana: US$100Million Oil Revenues; GNPC Disagrees With PIAC And Absolves Finance Minister Of Wrongdoing
The Public Interest and Accountability Committee (PIAC) and the Ghana National Petroleum Corporation (GNPC) have expressed divergent views on the account into which petroleum revenue of $100.7 million should be paid.
While PIAC insists it should be paid into the Petroleum Holding Fund, the GNPC says it should be paid into Jubilee Oil Holding Limited, a subsidiary of the corporation.
Lifting Of Oil
The amount was realised from the lifting of 944,164 barrels of oil from the Jubilee fields and Anadarko CWTP Company in the first half of 2022.
Testifying as a witness before the ad hoc committee of Parliament hearing the censure motion on the Minister of Finance on Thursday, the Vice-Chairman of PIAC, Nasir Alfa Mohammed, said the money was rather paid into an offshore account.
“We have established that they have not paid that quantum of money, which ought to have formed part of the petroleum revenues of Ghana, into the Petroleum Holding Fund, and in our view that is contrary to the law,” he told the committee.
However, the GNPC said PIAC got it all wrong.
The Deputy Chief Executive (CEO) of the GNPC in charge of Commerce, Strategy and Business Development, Joseph Dadzie, who also testified as a witness before the committee, said the money was paid into Jubilee Oil Holding Limited, which was legally clothed with the authority to receive the money.
He, therefore, disagreed with PIAC that the money should have been paid directly into the Petroleum Holding Fund.
Both witnesses were testifying in response to the proponents of the censure motion against Ken Ofori-Atta on the ground of illegal payment of revenues into an offshore account, in flagrant violation of Article 176 of the Constitution.
Accruals
Answering questions from members of the committee, Mr Nasir said the proceeds were accrued from the seven per cent interest the GNPC acquired from the Jubilee Fields and Anadarko Company assets for $119 million on April 1, 2021.
He said the failure to lodge the amount in the Petroleum Holding Fund breached Section 6 of the Petroleum Revenue Management Act, 2011 (Act 815) and Section 7 of the Petroleum Revenue Management (Amendment) Act, 2015 (Act 893).
Both acts 815 and 893, he explained, state that revenues accruing to the state from the direct or indirect participation of the state in petroleum operations shall first be paid into the Petroleum Holding Fund.
Losing legitimate revenues
Emphasing that the money ought to have been deposited in the Petroleum Holding Fund and not in any other account, Mr Nasir said: “Our consideration is that if that money does not come to the Petroleum Holding Fund, the state will be denied legitimate revenue from petroleum.”
“Our position, as a committee, is that lifting, whether it is lifted by 100 per cent of GNPC or not, ought to come first into the Petroleum Holding Fund from where disbursement can be made for whatever reason,” he added.
The witness indicated that in its annual report from January to December 29021, PIAC reported that in line with the GNPC strategy to increase its stake in viable oil blocks, it acquired a seven per cent interest from Occidental Petroleum from Anadarko Company in respect of the company’s Deepwater Tano Cape Three Points assets for $119 million, effective April 1, 2021.
He said the acquisition, which was to be transferred to the GNPC’s subsidiary, Explorco, translated to 5.95 and six per cent production interest in the Jubilee and the TEN fields, respectively, for the GNPC.
Explaining further, the witness said 100 per cent of acquisition was later ceded to Jubilee Oil Holding Limited, which made its first oil lifting of 944,164 barrels of oil in the Jubilee Field in the first half of 2022.
With $100.7 million being realised from the sale of the crude oil, he said, the revenue was not paid into the Petroleum Holding Fund, as required by law.
“Mr Chairman, it was the consideration of the committee that contrary to Section 6 (e) of Act 815, capital gains tax was not assessed and collected by the Ghana Revenue Authority in the sale of the seven per cent interest by Anadarko Company in the Jubilee and the TEN fields in 2021.
“We wrote to both the GRA and the Ministry of Finance for responses on these issues and in its written response to PIAC on the matter, the GRA referred the committee to the Ministry of Finance, indicating that the ministry was exclusively in charge of the transaction,” Mr Nasir said.
He said the Ministry of Finance, in turn, referred the committee to the GRA for answers.
He said for the purposes of disclosure, the GNPC referred the committee to an advice by the Attorney-General’s Department purporting to okay the transaction in the nature and manner the GNPC dealt with it.
“Mr Chairman, we are happy to say that we did not come to this conclusion without recourse to that advice,” he added.
Set up
When he appeared before the committee, the GNPC Deputy CEO said it was not the GNPC that set up Jubilee Oil Holding Limited but rather Anadarko Company.
He said Jubilee Oil Holding Limited was set up because Anadarko decided to sell its stakes in the Ghana assets and reached an agreement with Kosmos to purchase it.
The Ghana government, he said, then made a submission that it wanted part of that stake, and after negotiations, “we agreed on seven per cent”.
With strict timeliness for the consummation of that transaction and the need for the GNPC to go through the approval process, Mr. Dadzie said, Anadarko decided to sell Jubilee Oil Holding Limited, carving out the seven per cent for the GNPC to acquire later on.
“We got the necessary approvals and we were ready to buy Jubilee Oil Holding Limited, so the structure of the transaction was not a GNPC-defined structure but that of the seller (Anadarko Company).
“We did not buy a participating stake; we rather bought the company which held seven per cent in Jubilee and TEN,” he said.
Acquisition
On where GNPC got the funds to buy Jubilee Oil Holding Limited, Mr Dadzie said the corporation wrote to the Ministry of Finance to advance it a loan towards the purchase and obtained approval from the ministers of Energy and Finance.
On the quantity of oil lifted by Jubilee Oil Holding Limited so far, he said: “We have lifted in total $153 million.”
“Jubilee Oil Holding Limited is a 100 per cent subsidiary of the GNPC and we believe it is a company registered under the Companies Act and obviously the terms and conditions, as well as the constitution of Jubilee Oil Holding Limited, are governed by that act, not the Petroleum Revenue Management Act.
“For that reason, 100 per cent of that revenue cannot be paid into the Petroleum Holding Fund. Jubilee Oil Holding Limited must operate, and if at the end of the day it declares profit and the directors decide dividends must be paid, that money is paid to the GNPC, which will pay it into the Petroleum Holding Fund,” Mr Dadzie said.
Finance Minister not wrong
Responding to a question on which of the allegations related to the Finance Minister, he said: “As far as Jubilee Oil Holding Limited is concerned, the Finance Minister is not responsible for the revenues.”
“Obviously, we have to, at the end of the day, submit our financials and pay whatever asset tax there is to the GRA. In 2021, Jubilee Oil Holding Limited paid GH¢17 million to the GRA as tax on its operations.
“So, as far as revenue is concerned, I do not think the Finance Minister has any direct control over revenue,” he declared.
Asked if the $100 million was paid into an offshore account, Mr Dadzie said: “Yes, it was paid into an account at the Ghana International Bank in London by the buyers of the crude.”
Source: graphic.com.gh
U.S., Japan And Partners Mobilise $20 Billion To Move Indonesia Away From Coal
A coalition of countries will mobilise $20 billion of public and private finance to help Indonesia shut coal power plants and bring forward the sector’s peak emissions date by seven years to 2030, the United States, Japan and partners have said.
The Indonesia Just Energy Transition Partnership (JETP), more than a year in the making, “is probably the single largest climate finance transaction or partnership ever”, a U.S. Treasury official told reporters.
The Indonesia JETP is based on last year’s $8.5 billion initiative to help South Africa more quickly decarbonise its power sector that was launched at the COP26 climate summit in Glasgow by the United States, Britain and European Union.
To access the programme’s $20 billion worth of grants and concessional loans over a three- to five-year period, Indonesia has committed to capping power sector emissions at 290 million tonnes by 2030, with a peak that year. The public and private sectors have pledged about half of the funds each.
Indonesia has also set a goal to reach net-zero emissions in its power sector by 2050, a decade before its current target in its national climate plan, and to double the pace of renewable energy deployment so that it accounts for at least 34% of all power generation by 2030.
“We’ve built a platform for cooperation that can truly transform Indonesia’s power sector from coal to renewables and support significant economic growth,” U.S. Special Envoy on Climate Change John Kerry said.
The Treasury official said peak power emissions for Indonesia in 2030 under the plan would be at a level 25% lower than their currently estimated peak in 2037. Indonesia’s annual emissions reduction over those years would be larger than Britain’s annual power sector emissions, the official said.
The plan will eliminate 300 million tonnes of greenhouse gas emissions through 2030 and a reduction of well over 2 billion tonnes through 2060, the partners said in their statement.
“Indonesia is committed to using our energy transition to achieve a green economy and drive sustainable development,” President Joko Widodo said in a statement. “This partnership will generate valuable lessons for the global community.”
The United States and Japan are co-leading the effort with Indonesia on behalf of the other G7 democracies Britain, Canada, France, Germany, Italy, as well as partners Norway, Denmark and the European Union.
Multilateral development banks and the Climate Investment Funds will account for about a third of the $10 billion in public funding for Indonesia’s JETP, CIF head Mafalda Duarte told reporters. CIF has allocated about $500 million to aid Indonesia’s energy transition.
“There is a recognition that this is the first move, a first package of support, and that more will be needed,” Duarte said when asked about the adequacy of the JETP funding.
On Monday, Japan announced it would help Indonesia transition away from coal power through public and private institutions, including the state-affiliated Japan Bank for International Cooperation (JBIC).
Indonesia, the Asian Development Bank (ADB) and a private power producer on Monday announced plans to refinance and prematurely retire a 660-megawatt coal-fired power plant in West Java province, the first such deal under the ADB’s new carbon emissions reduction financing programme.
U.S. Treasury and State Department officials said half of the $20 billion would come from the private sector, with seven global banks participating: Bank of America (BA.N) Citigroup Deutsche Bank (DBKGn.DE), HSBC (HSBA.L), Standard Chartered (STAN.L), Macquarie (MQG.AX) and MUFG.
The U.S. officials said public finance would include concessional lending and equity, as well as some grants.
The United States will work with Indonesia to map out a 90-day plan to set up a secretariat to run the initiative and for Indonesia to reform its policies, such as streamlining permitting and setting up a competitive procurement process to make the targets achievable.
South Africa this month said the scale of funding it requires to phase out its coal was much higher than the funding mobilized through its JETP mechanism.
The State Department official said it had learned some lessons and had engaged local partners from the outset to “move as fast as possible”.
Source: Reuters
Ghana: Fuel Prices Drop Across Filling Stations
Oil marketing companies in the Republic of Ghana have reduced the prices of fuel at the pumps across the West African nation, energynewsafrica.com can confirm.
Diesel (gasoil) price has been reduced by almost Gh¢3 per litre while petrol (gasoline) went down by, at least, Gh¢1.17 per litre.
Many consumers have described the reduction as good while others think the reduction should have been much bigger.
Prices of diesel and petrol shot up during the second pricing window in October and November 1, with diesel selling at Gh¢23.49 per litre while petrol sold at Gh¢17.99 per litre.
The increment in fuel prices, which was caused by the continuous depreciation of the Ghanaian cedi against major international currencies, triggered hikes in transport fares, with some drivers taking advantage of the situation to charge exorbitant fares.
On Tuesday, 15th November 2022, the leading oil marketing company, GOIL, took the lead to reduce its pump prices.
A litre of petrol is now sold at Gh¢16.82 down from the previous window price of Gh17.99 while diesel is sold at Gh¢20.49.
Shell and TotalEnergies, both major competitors of GOIL, sold at the same price for both petrol and diesel during the first pricing window with GOIL, but have also reviewed their pump prices with Shell selling at the same price GOIL is selling for both petrol and diesel.
TotalEnergies adjusted its diesel price to Gh¢20.99 per litre and petrol Gh¢16.99 per litre.
Engen, Star Oil, Petrosol and many other OMCs have also reviewed their pump prices downward.
Petrosol is selling diesel at Gh¢20.44 per litre while petrol is being sold at Gh¢16.82 per litre.
Engen is selling diesel at Gh¢20.50 per litre while petrol is sold at Gh¢16.80 per litre.
Star Oil is selling petrol at Gh¢16.59 per litre while diesel is sold at Gh¢20.29 per litre.
Meanwhile, Alinco oil is selling petrol at Gh¢16.60 while diesel is being sold at Gh¢19.79
Source: https://energynewsafrica.com
Ghana: Ex-Deputy Energy Minister Shocks Ghanaians
A former Deputy Minister for Energy and the incumbent Member of Parliament for Adansi-Asokwa in the Ashanti Region, Kobina Tahir Hammond shocked Ghanaians on Tuesday when he revealed that he does not know the cost of fuel because he doesn’t have a car.
“I don’t buy fuel. I don’t have a car, so I don’t buy fuel,” the former Deputy Energy Minister said during the proceedings of an ad-hoc committee hearing the motion of censure against Ken Ofori-Atta, Ghana’s Minister for Finance.
Many Ghanaians have been wondering whether the MP rides a bicycle to Parliament for his parliamentary duties or has other means of transportation to the House.
Fuel prices have been soaring on the local market due to the depreciation of the Ghanaian cedi.
However, on Wednesday, 16th November 2022, oil marketing companies adjusted their pump prices due to a decline in crude oil prices on the world market, as well as gains made by the Ghanaian currency over the past few days.
Source: https://energynewsafrica.com