Angola, Sierra Leone Sign Cooperation Agreement On Oil &Gas
Angola’s National Agency for Oil, Gas and Biofuels (ANPG) and Sierra Leone’s Petroleum Directorate have signed a historic cooperation agreement at the Angola Oil & Gas (AOG) 2022 Conference & Exhibition in Luanda.
This is with a view to establishing a shared commitment to promoting and intensifying collaboration across the oil and gas sector.
The MoU was signed by Paulino Jerónimo, President of the ANPG, and Foday Mansaray, Director General of Sierra Leone’s Petroleum Directorate.
The Memorandum of Understanding serves 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.
As the largest oil producer on the African continent, Angola has been on a path of fostering pan-African energy diplomacy, executing diplomatic visits to and signing a series of cooperation agreements with new and existing hydrocarbon producers across the region. These agreements have targeted policy alignment, knowledge sharing and enhanced trade and investment across energy and non-energy sectors like.
“The MoU signals new opportunities for bilateral cooperation across the trade, energy and economic sectors between Angola and Sierra Leone. We are proud to collaborate with the Petroleum Directorate and are excited for what lies ahead for both nations. With this agreement, we can enhance the very industries that will drive Africa into a new era of economic progress,” Paulino Jerónimo stated.
Sierra Leone, for its part, is seeking to advance in its nascent oil and gas sector, having launched a licensing round last May, offering over 63,000 square kilometers of highly prospective acreage.
The West African country is home to a working petroleum system that was supported by small-scale oil and gas discoveries, before exploration was put on pause around 2015/2016.
“This partnership with Angola is of uttermost importance as it creates and broadens opportunities for Sierra Leone to significantly expand its burgeoning oil and gas industry on the back of cooperation and regional trade. With recent discoveries in the country laying the foundation for robust sectoral growth, Sierra Leone is optimistic that it can create a competitive energy market, and this agreement serves to only enhance this agenda,” Foday Mansaray said.
One of the key components of the AOG 2022 agenda – which continues through Thursday as Angola’s premier energy event and investment platform – is exploring and advancing opportunities for regional synergies, as the country confronts a national mandate to diversify its economy, process more of its raw materials in-country and increase trade with its neighbors.
Source: https://energynewsafrica.com
Uganda: Police Arrest Scores Of Suspected Power Line Vandals
The police in Uganda have arrested scores of people who have vandalised part of transmission towers belonging to the country’s power transmission company, UETCL.
The number of those arrested is, however, not known to this portal.
In a post sighted on the Twitter page of UETCL, it said police conducted operations in Kisenyi and surrounding areas where suspected vandals were arrested and transmission tower members were recovered.
“Let’s work together to put an end to vandalism,” the post concluded.
Some unidentified persons have been vandalising power installations of the Uganda Electricity Transmission Company Limited for some time now.
The sad development is costing the company huge sums of money.
It is not yet clear why Ugandan citizens are destroying power installations.
Source: https://energynewsafrica.com
Ghana: NPA Directs OMCs To Increase BOST, UPPF Margins
The National Petroleum Authority (NPA) has directed Oil Marketing Companies (OMCs) in the Republic of Ghana to adjust the Unified Petroleum Price Fund (UPPF) and BOST Margins upward effective 1st December 2022.
Per the NPA’s directive, UPPF and BOST Margins are to be increased by 11 pesewas and 2 pesewas respectively.
This is expected to push the prices of petrol, diesel, kerosene, premix fuel, Marine Gas Oil, Gasoil Mines and Gasoil rigs.
“All Oil Marketing Companies and Liquefied Petroleum Gas Companies are to take note of the above review of the UPPF and BOST Margins and apply them in their Price Build-Up effective 1st December 2022,” a letter signed by Linda Asante, a deputy CEO of NPA, said.
Fuel prices shot up significantly with diesel selling at Gh23.45 while petrol sold at Gh¢18.99 in October.
However, prices have been dropping due to the stability of the Ghanaian cedi and the fall of crude oil prices on the international market.
As of Thursday morning, most of the oil marketing companies adjusted their pump prices with diesel selling at Gh18.86 while petrol is selling at Gh¢15.41 per litre.
The UPPF is used to support the efficient transportation of petroleum products around the country to ensure that price of the product are the same in every part of the country irrespective of the location.
BOST Margin is a tax imposed on petroleum products used to cover the maintenance and operating cost of petroleum product depots and undertaking expansion programmes at depots.
Source: https://energynewsafrica.com
Fuel prices shot up significantly with diesel selling at Gh23.45 while petrol sold at Gh¢18.99 in October.
However, prices have been dropping due to the stability of the Ghanaian cedi and the fall of crude oil prices on the international market.
As of Thursday morning, most of the oil marketing companies adjusted their pump prices with diesel selling at Gh18.86 while petrol is selling at Gh¢15.41 per litre.
The UPPF is used to support the efficient transportation of petroleum products around the country to ensure that price of the product are the same in every part of the country irrespective of the location.
BOST Margin is a tax imposed on petroleum products used to cover the maintenance and operating cost of petroleum product depots and undertaking expansion programmes at depots.
Source: https://energynewsafrica.com Ghana: Fuel Prices Reduced Significantly
Fuel prices at the pump have dropped significantly across the various filling stations in the Republic of Ghana, energynewsafrica.com can confirm.
A litre of petrol is now selling at Gh¢15.49 while diesel is selling at Gh¢18.86.
Previously, diesel sold at Gh¢19.77 while petrol sold at Gh¢16.26 per litre.
However, due to the fall in crude oil prices on the world market and the stability of the Ghanaian cedi Oil Marketing Companies have reviewed their pump prices downward.
As result, GOIL is now selling petrol at Gh¢15.41 per litre while diesel is sold at Gh¢18.86 per litre.
TotalEnergies is selling petrol at Gh¢15.40 per litre while diesel is sold at Gh¢18.85 per litre.
Shell is selling diesel at Gh¢ 18.99 per litre while petrol is sold at Gh¢15.49 per litre
Petrosol is selling diesel at Gh¢18.84 per litre while petrol is being sold at Gh¢15.39 per litre.
Star Oil is selling petrol at Gh¢14.88 per litre while diesel is sold at Gh¢18.69 per litre.
Zen petroleum is selling petrol at Gh14.99 per litre while diesel is sold at Gh18.99.
Puma is selling petrol at Gh¢15.29 while diesel is being sold at Gh¢18.49.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com
US Economic Professor Mocks Ghana…Says Plan To Use Gold To Buy Oil Is Bogus
A US-based Economic Professor and Currency expert at the Johns Hopkins University, Steve Hanke, has mocked Ghana over its proposed plan to use gold to purchase refined petroleum products.
He described the proposed policy announced by the West African nation’s Vice President as bogus.
Prof Hanke could not understand why the country wants to embark on something that can’t address the depreciation of the Ghanaian cedi.
Ghana’s Vice President, Dr Mahamudu Bawumia, last Thursday, posted on his official Facebook page that the Government of Ghana was making plans to use gold to buy oil products to address the cedi depreciation, which caused increases in fuel prices and economic hardships in the country.
“Government is negotiating a new policy regime where our gold (rather than our US dollar reserves) will be used to buy oil products.
“The barter of sustainably mined gold for oil is one of the most important economic policy changes in Ghana since independence. If we implement it as envisioned, it will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency with its associated increases in fuel, electricity, water, transport, and food prices. This is because the exchange rate (spot or forward) will no longer directly enter the formula for the determination of fuel or utility prices since all the domestic sellers of fuel will no longer need foreign exchange to import oil products.
“The barter of gold for oil represents a major structural change,” he said.
Some civil society groups in the energy sector have expressed concerns over the issue, with some wondering about the feasibility of such a policy.
Some claimed they are yet to be engaged as stakeholders in the energy industry.
Reacting to the issue, Prof. Hanke wrote on Twitter that Ghana’s Vice President, Dr Bawumia, is grasping for straws.
“VP of Ghana Mahamudu Bawumia unveiled a plan to buy oil with gold instead of the USD. Bawumia claims that his gold-for-oil plan “will reduce the persistent depreciation of our currency.” Bawumia is grasping for straws. His plan is Bogus.”
Source: https://energynewsafrica.comVP of Ghana Mahamudu Bawumia unveiled a plan to buy oil with gold instead of the USD. Bawumia claims that his gold-for-oil plan will "reduce the persistent depreciation of our currency." Bawumia is grasping for straws. His plan is BOGUS. https://t.co/8x0lgU5Et1
— Steve Hanke (@steve_hanke) November 29, 2022
Ghana: PETROSOL Adjudged Petroleum Company Of The Year 2022
PETROSOL Ghana Ltd, a leading Ghanaian Oil Marketing Company (OMC), was adjudged the Energy Company of the Year 2022 for the petroleum category at the 2022 edition of the Ghana Energy Awards held in Accra, the capital of Ghana.
The event had the Vice President, H.E Dr Mahamudu Bawumia, as the Special Guest of Honour, as well as the Deputy Minister for Energy, Dr Mohammed Amin Adam, and some ambassadors in attendance.
The Ghana Energy Awards annually recognises players in the energy sector who are demonstrating excellence in their operations.
According to Ing Henry Tenor, the Event Director of the Ghana Energy Awards, PETROSOL was selected for the award out of other major players nominated in recognition of the high quality of its petroleum products; its delivery of an accurate quantity of fuel to consumers; its commitment to environmental sustainability; its high level of professionalism as well as the jobs it has created for the youth across the country.
He indicated further that PETROSOL’s commitment to operating in line with best international practices was also a major factor, considering that the company has triple International Organisation for Standardisation (ISO) certification for Quality Management System; Environmental Management System; and Occupational Health and Safety Management System.
The Chief Executive Officer of PETROSOL, Michael Bozumbil expressed his delight at the recognition, especially coming from such highly respected energy sector awards organisers.
He dedicated the award to the cherished customers across the country who have demonstrated their confidence and loyalty to the PETROSOL brand over the years, as well as the dedicated dealers and staff whose hard work and commitment to duty have earned the company the award.
Mr Bozumbil was also grateful to the regulators, as well as other key stakeholders for their support over the years.
Mr Bozumbil further indicated that he and his team would not rest on their oars but remain focused on ensuring that they continue to deliver value for money to their customers and operate ethically through regulatory compliance and tax payment compliance.
PETROSOL, which operates several fuel stations across the country, has won several awards for its commitment to best industry practices.
It was recently congratulated by the Commissioner-General of the Ghana Revenue Authority for its tax compliance.
Source: https://energynewsafrica.com
He indicated further that PETROSOL’s commitment to operating in line with best international practices was also a major factor, considering that the company has triple International Organisation for Standardisation (ISO) certification for Quality Management System; Environmental Management System; and Occupational Health and Safety Management System.
The Chief Executive Officer of PETROSOL, Michael Bozumbil expressed his delight at the recognition, especially coming from such highly respected energy sector awards organisers.
He dedicated the award to the cherished customers across the country who have demonstrated their confidence and loyalty to the PETROSOL brand over the years, as well as the dedicated dealers and staff whose hard work and commitment to duty have earned the company the award.
Mr Bozumbil was also grateful to the regulators, as well as other key stakeholders for their support over the years.
Mr Bozumbil further indicated that he and his team would not rest on their oars but remain focused on ensuring that they continue to deliver value for money to their customers and operate ethically through regulatory compliance and tax payment compliance.
PETROSOL, which operates several fuel stations across the country, has won several awards for its commitment to best industry practices.
It was recently congratulated by the Commissioner-General of the Ghana Revenue Authority for its tax compliance.
Source: https://energynewsafrica.com U.S. Warns EU Members Against Setting Oil Price Cap Too Low
The United States has urged caution in the European Union’s discussions of a price cap on Russian crude, saying that the lower prices that have been cited in recent days may be misleading.
Per a Reuters report, an unnamed U.S. official said that the price of $52 per barrel of Urals crude – Russia’s flagship blend – does not reflect the overall level at which Russian oil has been trading this year.
The official then went on to explain that over the past two months Urals crude had been trading at a discount of between $23 and $17 to Brent crude, meaning its price was higher than $52 per barrel.
Urals slipped to $52 a barrel last week, as Brent, WTI, and the other benchmarks also slid down on renewed concerns about Chinese oil demand.
The warning, however, may be interpreted as one directed towards three European Union members that insist on setting the cap much lower than the $65-$70 per barrel proposed by Washington.
Poland, Estonia, and Lithuania want the price for Russian crude to be capped at about $20 to $30 per barrel. That price point will hardly find any support among the rest of the European Union as it is Russia’s production cost for crude.
If the EU does not reach an agreement on the price cap, it will put into effect an embargo on all Russian maritime imports of crude from next Monday. This appears not to be what Washington wants because it would shrink the availability of Russian oil on global markets, and lead to higher prices.
Even if the EU agrees on the cap, the danger of lower oil supply remains and could even increase because Russia has stated it will not sell oil to countries enforcing the price cap.
Source: Oilprice.com
China Looks To Boost Energy Partnership With Russia
China is ready to work for a closer partnership with Russia in the energy sector, Chinese President Xi Jinping was quoted as saying on Tuesday, days before the EU embargo on seaborne imports of Russian crude oil and the G7-EU price cap on Russia’s oil are set to enter into force next week.
“Energy cooperation is an important cornerstone of practical cooperation between China and Russia, and also a positive force for maintaining global energy security,” Chinese news agency Xinhua quoted Xi as saying in a letter to a China-Russia Energy Business Forum.
“Xi also said the Chinese side stands ready to join hands with Russia to push for clean and green energy development, and safeguard international energy security and the stability of industrial and supply chains, thereby making new contributions to the long-term, healthy and sustainable development of the global energy market,” Xinhua reported.
China is now the biggest outlet for Russia’s crude oil after the Russian invasion of Ukraine and the EU bans and embargoes forced Moscow to re-route most of its crude exports to the biggest Asian buyers, China and India.
China’s energy imports from Russia, including coal, oil, and natural gas, have reached $60 billion since the Russian invasion of Ukraine, Bloomberg reported earlier this month, up from $35 billion in the same period of 2021.
China has become Russia’s biggest energy client alongside India, with both countries refusing to join the Western sanction push against Moscow and instead opting to continue doing business and forging closer political ties with Russia.
Reports have emerged in recent weeks that some Chinese buyers have become wary of purchasing spot Russian cargoes loading after December 5, waiting for details about the price cap and the potential consequences for buyers.
Still, China has no intention of joining any price cap mechanisms, and it is said to be demanding deep discounts from Russia for its crude.
Source: Oilprice.com
Ghana: Women In Energy Meet For Three Days’ Confab
Ghanaian women in energy have gathered in Accra, the capital of Ghana, to deliberate on issues affecting gender equality in the energy sector and the role women can play in achieving energy transition.
The three days Women In Energy conference has attracted women in the West African nation’s public and private sector actors in both the power and petroleum sector to discuss ways and share ideas on how to increase women’s participation in the energy sector.
Under the theme: ‘Energy Transition: Prospects for Women in Energy’, the three-day conference will deliberate on topics such as ‘The Role of Women As Drivers of Change in the Energy Transition Process’, ‘Driving Women’s Readiness Towards Energy Transition and Prospects’, the Role of Internship & Mentoring in Energy Transition’, ‘Does the current Legal and Regulatory Regime Supports Energy Transition?’ Do we need new laws or amendments?’ ‘Role of women entrepreneurs in the energy transition and the Role of Women in Leadership in achieving energy transition’.
Speaking at the opening of the conference on Tuesday, Ghana’s Chief of Staff, Akosua Frema Osei Opare noted that for Ghana to achieve Sustainable Development Goal 7, which is to ensure access to affordable, reliable, sustainable and modern energy, would require active inclusion of women in all facets of the industry’s operations.
According to her, women represent 50.7 per cent of Ghana’s population and are important energy consumers due to their traditional role in household chores and the agri-food sector, therefore, stressing the need for women to be interested in clean cooking initiatives.
Touching on initiatives that have been pursued to promote gender parity, Madam Frema Osei Opare said successive governments have promoted Science, Technology, Engineering and Mathematics (STEM) education to allow students to acquire critical and independent thinking skills and become creative to solve problems.
Madam Akosua Frema Osei Opare noted that despite the energy sector being tagged as male-dominated, some corporate policies concerning equality inclusion and diversification create a happy workforce, and called on the few women in the industry, who are in leadership positions, to remain a shining example to others.
The Acting Chief Director at the Ministry of Energy, Mrs Wilhelmina Asamoah said she strongly believes Ghanaian women have a critical role to play in the exploitation of Ghana’s hydrocarbon resources, hydro, thermal and renewable just like their counterparts in advanced jurisdictions.
She said the three-day conference would provide an opportunity for women to share ideas, network and also within the current energy transition conversation, find the way forward in addressing issues in the energy sector.
Prof. Nana Ama Browne Klutse, an Associate Professor at the Department of Physics, University of Ghana, noted that a recent report by the International Energy Agency (IEA) showed that women who have jobs in the energy sector globally constitute only 22 per cent-23 per cent.
Prof. Ama Klutse described the figure as not encouraging and underscored the need for efforts to be made to encourage more girls to pursue Science, Technology, Engineering and Mathematics (STEM) education to be able to take up future jobs in the energy sector.
The CEO of VRA, CEO of Petroleum, MD of ECG, CEO of GRIDCo and Executive Secretary of Energy Commission delivered a statement on what their respective organisations are doing to promote women.
The organizers of the Women in Energy appreciated Dr. Cherub Antwi-Nsiah, a former Director for Gender and Social Inclusion at MiDA, Dr. Joyce Aryee, a Board Member of VRA and Madam Akosua Frema Osei Opare for their contributions towards women’s development in the country by presenting them with citations.
Source: https://energynewsafrica.com
Speaking at the opening of the conference on Tuesday, Ghana’s Chief of Staff, Akosua Frema Osei Opare noted that for Ghana to achieve Sustainable Development Goal 7, which is to ensure access to affordable, reliable, sustainable and modern energy, would require active inclusion of women in all facets of the industry’s operations.
According to her, women represent 50.7 per cent of Ghana’s population and are important energy consumers due to their traditional role in household chores and the agri-food sector, therefore, stressing the need for women to be interested in clean cooking initiatives.
Touching on initiatives that have been pursued to promote gender parity, Madam Frema Osei Opare said successive governments have promoted Science, Technology, Engineering and Mathematics (STEM) education to allow students to acquire critical and independent thinking skills and become creative to solve problems.
Madam Akosua Frema Osei Opare noted that despite the energy sector being tagged as male-dominated, some corporate policies concerning equality inclusion and diversification create a happy workforce, and called on the few women in the industry, who are in leadership positions, to remain a shining example to others.
The Acting Chief Director at the Ministry of Energy, Mrs Wilhelmina Asamoah said she strongly believes Ghanaian women have a critical role to play in the exploitation of Ghana’s hydrocarbon resources, hydro, thermal and renewable just like their counterparts in advanced jurisdictions.
She said the three-day conference would provide an opportunity for women to share ideas, network and also within the current energy transition conversation, find the way forward in addressing issues in the energy sector.
Prof. Nana Ama Browne Klutse, an Associate Professor at the Department of Physics, University of Ghana, noted that a recent report by the International Energy Agency (IEA) showed that women who have jobs in the energy sector globally constitute only 22 per cent-23 per cent.
Prof. Ama Klutse described the figure as not encouraging and underscored the need for efforts to be made to encourage more girls to pursue Science, Technology, Engineering and Mathematics (STEM) education to be able to take up future jobs in the energy sector.
The CEO of VRA, CEO of Petroleum, MD of ECG, CEO of GRIDCo and Executive Secretary of Energy Commission delivered a statement on what their respective organisations are doing to promote women.
The organizers of the Women in Energy appreciated Dr. Cherub Antwi-Nsiah, a former Director for Gender and Social Inclusion at MiDA, Dr. Joyce Aryee, a Board Member of VRA and Madam Akosua Frema Osei Opare for their contributions towards women’s development in the country by presenting them with citations.
Source: https://energynewsafrica.com Nigeria: TCN Moves 22 Power Transformers, Other Transmission Equipment To Lagos To Boost Power Supply
The Transmission Company of Nigeria (TCN) has delivered 22 brand-new power transformers, spare parts and critical equipment to its Central Store in Ojo, Lagos, as part of efforts to boost power transmission in the area.
”As more of the equipment arrives at Lagos Port for onward delivery to the store for subsequent installation at various ongoing project sites across the country, some of the equipment would be kept in the store to serve as spares for future use,” TCN said in a statement signed by Mrs. Ndidi Mbah, Public Affairs Manager.
A large number of the equipment still in the store was recently inspected by members of the Governing Board of TCN and Management.
The massive and unprecedented stockpile of various kinds of transmission equipment presently is gradually being moved to project sites for maintenance, new projects and upgrading of existing transmission lines and substations.
The equipment, described as the highest of such in the company’s history, comprises 22 power transformers, haulage trucks, transmission switchyard spare parts and 45No. earthing transformers, suspension clamps, vibration dampers, armour rods, circuit breakers, current transformers, voltage transformers and 100 tons crane truck heads.
The Technical and Monitoring Committee of the Governing Board, led by the Committee Chairman, Nsima Ekere, visited the Ojo Store as part of their two-day visit to the Lagos Region where they inspected key power transmission substations as well as the Ojo Central Store.
After the equipment inspection, Mr Ekere lauded TCN for the record stock delivery to the store.
“We have seen loads of equipment that give me hope that the new dawn that we have been expecting to see at TCN is here. We saw about 30 forklifts, mobile transformers, reconditioning facilities, all kinds of things, the conductors, isolators, several other types of equipment and electric scaffold mobile scissors among others,” he said.
He continued that “all are to improve the capacity of TCN’s efficiency in doing their work. I am convinced that the transmission grid expansion project that TCN is presently executing is ongoing and I must also commend the World Bank and other donor agencies that are helping us with funding.”
Mr. Ekere said that with the massive stock at the TCN central store, the capacity of TCN to wheel power is being enhanced.
Speaking on the quantum of equipment in the Ojo Central Store, the Managing Director and Chief Executive Officer, Engr. Sule Ahmed Abdulaziz said that most of the equipment was procured for donor-funded projects supported by the World Bank, French Development Agency (AFD), and African Development Bank, among others.
Engr Abdulaziz noted that resources have been committed by Donor Agencies, assisting the transmission company in its grid expansion drive, the capacity of the transformers he said, ranges from 60MVA up to 150MVA.
Speaking further, he said: “We have not seen this level of the massive supply of materials in TCN stores in the past, purely for network expansion and maintenance. We have 150MVA transformers which are very massive and will eventually be connected to our 330kV circuit. We have 100MVA transformers, high-grade cranes and other equipment. It implies that the turnaround time to rectify faults when they occur and the downtime have been reduced.”
He mentioned other equipment delivered to the Lagos store to include circuit breakers, isolators, and aluminium conductors among others.
He added that the equipment is what TCN requires to ensure that the system becomes more stable.
With these, TCN can now ensure constant maintenance of the grid due to the availability of spares.
Also, expansion and promptly scheduled maintenance of the grid will ensure a more efficient and effective transportation of bulk electricity to distribution load centres nationwide for the benefit of Nigerians.
The projects, when completed, would further enhance the quality and stability of bulk supply as well as longer hours of power supply.
Source: https://energynewsafrica.com
The equipment, described as the highest of such in the company’s history, comprises 22 power transformers, haulage trucks, transmission switchyard spare parts and 45No. earthing transformers, suspension clamps, vibration dampers, armour rods, circuit breakers, current transformers, voltage transformers and 100 tons crane truck heads.
The Technical and Monitoring Committee of the Governing Board, led by the Committee Chairman, Nsima Ekere, visited the Ojo Store as part of their two-day visit to the Lagos Region where they inspected key power transmission substations as well as the Ojo Central Store.
After the equipment inspection, Mr Ekere lauded TCN for the record stock delivery to the store.
“We have seen loads of equipment that give me hope that the new dawn that we have been expecting to see at TCN is here. We saw about 30 forklifts, mobile transformers, reconditioning facilities, all kinds of things, the conductors, isolators, several other types of equipment and electric scaffold mobile scissors among others,” he said.
He continued that “all are to improve the capacity of TCN’s efficiency in doing their work. I am convinced that the transmission grid expansion project that TCN is presently executing is ongoing and I must also commend the World Bank and other donor agencies that are helping us with funding.”
Mr. Ekere said that with the massive stock at the TCN central store, the capacity of TCN to wheel power is being enhanced.
Speaking on the quantum of equipment in the Ojo Central Store, the Managing Director and Chief Executive Officer, Engr. Sule Ahmed Abdulaziz said that most of the equipment was procured for donor-funded projects supported by the World Bank, French Development Agency (AFD), and African Development Bank, among others.
Engr Abdulaziz noted that resources have been committed by Donor Agencies, assisting the transmission company in its grid expansion drive, the capacity of the transformers he said, ranges from 60MVA up to 150MVA.
Speaking further, he said: “We have not seen this level of the massive supply of materials in TCN stores in the past, purely for network expansion and maintenance. We have 150MVA transformers which are very massive and will eventually be connected to our 330kV circuit. We have 100MVA transformers, high-grade cranes and other equipment. It implies that the turnaround time to rectify faults when they occur and the downtime have been reduced.”
He mentioned other equipment delivered to the Lagos store to include circuit breakers, isolators, and aluminium conductors among others.
He added that the equipment is what TCN requires to ensure that the system becomes more stable.
With these, TCN can now ensure constant maintenance of the grid due to the availability of spares.
Also, expansion and promptly scheduled maintenance of the grid will ensure a more efficient and effective transportation of bulk electricity to distribution load centres nationwide for the benefit of Nigerians.
The projects, when completed, would further enhance the quality and stability of bulk supply as well as longer hours of power supply.
Source: https://energynewsafrica.com
Ghana: GOIL Announces Reduction In Petrol, Diesel Prices
Ghana’s leading indigenous Oil Marketing Company (OMC), GOIL, has announced a reduction in the pump prices of gasoline (petrol) and gasoil (diesel) at all its retail outlets across the West African nation.
A litre of petrol is selling at Gh16.26 while diesel is selling at Gh19.77 per litre, effective Wednesday morning, according to a release by Robert Kyere, the Public Relations Manager for GOIL Company Limited.
Previously, a litre of petrol was sold at Gh16.82 while diesel was sold at Gh¢20.50 per litre.
This means that a litre of petrol has been reduced by 56 pesewas while diesel saw a reduction of 73 pesewas per litre.
Fuel prices are reviewed every fortnight in the Republic of Ghana, unlike some countries in West Africa where it is done monthly.
The second pricing window will end today, November 30, 2022, and prices of fuel are expected to be reviewed by the oil marketing companies from tomorrow.
Fuel prices shot up significantly across various filling stations due to the depreciation of the cedis and the rise in crude oil prices on the international market.
However, the Ghanaian cedis has witnessed some stability over the last few days while crude oil prices have been hovering around US$85 per barrel.
Source: https://energynewsafrica.com
Dubai’s ENOC Denies Gold-For-Oil Barter Talks With Ghana
Emirates National Oil Co. has denied a senior Ghanaian official’s claim that the company is in talks about supplying the West African nation with fuel in return for gold.
According to a report by Bloomberg, the claim by a senior Ghanaian official that Government of Ghana had engaged them to exchange gold for refined petroleum product is false.
Kabiru Mahama, an economic advisor to the Vice President of Ghana last Friday said that Government of Ghana had reached a tentative agreement with the Dubai based oil firm.
“We’re open to any international oil-trading company that is interested,” Mahama said in a phone interview on Friday as reported by energyvoice.com. “Starting next October, all our oil-product needs would be swapped for gold.”
However, the firm had denied any engagement with Government of Ghana.
“This is totally baseless and incorrect,” an official of Dubai oil firm, ENOC, said as carried by Bloomberg on Tuesday.
“There have been no discussions regarding this subject,” the official added.
It would be recalled that Vice President of Ghana Dr. Mahamudu Bawumia last Thursday revealed that government is negotiating a new policy regime where our gold will be used to buy oil products.
In a post on his official Facebook page Dr. Bawumia said the new policy is expected to take effect by the end of the first quarter of 2023.
“The demand for foreign exchange by oil importers in the face of dwindling foreign exchange reserves results in the depreciation of the cedi and increases in the cost of living with higher prices for fuel, transportation, utilities, etc. To address this challenge, Government is negotiating a new policy regime where our gold (rather than our US dollar reserves) will be used to buy oil products. The barter of sustainably mined gold for oil is one of the most important economic policy changes in Ghana since independence.
“If we implement it as envisioned, it will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency with its associated increases in fuel, electricity, water, transport, and food prices. This is because the exchange rate (spot or forward) will no longer directly enter the formula for the determination of fuel or utility prices since all the domestic sellers of fuel will no longer need foreign exchange to import oil products.
“The barter of gold for oil represents a major structural change. My thanks to the Ministers for Lands and Natural Resources, Energy, and Finance, Precious Minerals Marketing Company, The Ghana Chamber of Mines and the Governor of the Bank of Ghana for their supportive work on this new policy. We expect this new framework to be fully operational by the end of the first quarter of 2023.”
Nigeria: Integrated Resource Plan To Increase Energy Security In Lagos
The Lagos State and the United States Agency for International Development (USAID) have partnered on the Lagos State Integrated Resource Plan to bolster energy for the residents of the state in Nigeria.
The United States Consul General Will Stevens and the Lagos State Governor Babajide Sanwo-Olu held a handover ceremony to celebrate the completion of the Lagos State Integrated Resource Plan.
Access to a stable and sustainable energy supply remains critical for the long-term, sustainable development of more than 15 million residents of Lagos State.
The Integrated Resource Plan is a 20-year plan developed by the Ministry of Energy and Mineral Resources, in conjunction with the United States of America.
They work through the USAID and Power Africa Nigeria Power Sector Programme, PA-NPSP, to increase electricity generation to 11,000MW.
As the most populous in Nigeria, Lagos State has a predicted increase in peak electricity demand by as much as 400% by 2040.
The Integrated Resource Plan serves as a roadmap and blueprint to improve sector planning and coordination while providing guidance on Lagos State energy development requirements to stakeholders, including federal and state agencies, regulators, power generators, electricity transmitters and distributors, investors and consumers.
The Integrated Resource Plan will improve sector planning and coordination to provide stable and sustainable energy to all citizens and businesses.
The plan will outline resource development plans for the next 20 years to meet the long-term electricity needs of the state’s residents, businesses, industries and public/government premises such as hospitals and health clinics.
“The US government is committed to expanding and supporting the modernisation of Lagos’s energy sector, building a foundation for broad and inclusive economic and social development. This Integrated Resource Plan is a concrete testament to the partnership between the United States and Lagos State as we both work together to create a sustainable and equitable future,” explained Stevens.
The US government, USAID and Power Africa will continue to collaborate with Lagos State to implement the plan to further support power sector planning and coordination and provide guidance to stakeholders on Lagos state power system development requirements.
Source: https://energynewsafrica.com
Ghana To Stop Using Dollars To Buy Oil On International Market In 2023-Says Ghana’s Vice President
Ghana has announced that it will, from March next year 2023, stop using dollars to import refined petroleum products.
Instead, the West African nation plans to use gold, which is one of its export products, to exchange for oil in a form of barter trade on the international market.
The move is to stem the mad rush for dollars by oil importers, which has put pressure on the local currency, the cedi, to depreciate about 54 per cent since the beginning of 2022.
Ghana’s Vice President Dr. Mahamudu Bawumia, who gave a hint of the Akufo-Addo’s administration new plan on his Facebook page, wrote: “The demand for foreign exchange by oil importers in the face of dwindling foreign exchange reserves results in the depreciation of the cedi and increases in the cost of living with higher prices for fuel, transportation, utilities, etc.”
Fuel prices shot up on the local market, with a litre of diesel selling at Gh¢23 while petrol sold at Gh¢17.99 per litre.
The hikes in fuel prices triggered increases in food prices and transport fares, pushing Ghanaians to groan.
To address this challenge, Dr Bawumia said, “Government is negotiating a new policy regime where our gold (rather than our US dollar reserves) will be used to buy oil products.
“The barter of sustainably mined gold for oil is one of the most important economic policy changes in Ghana since independence. If we implement it as envisioned, it will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency with its associated increases in fuel, electricity, water, transport, and food prices. This is because the exchange rate (spot or forward) will no longer directly enter the formula for the determination of fuel or utility prices since all the domestic sellers of fuel will no longer need foreign exchange to import oil products.
“The barter of gold for oil represents a major structural change,” he said.
Contributing to discussions of the issue on Joy News, a local radio station in Accra, Ghana’s capital, a Deputy Minister for Energy, Dr Mohammed Amin Adam said Ghana has enough gold in its reserve to exchange for oil to reduce the current skyrocketing prices of fuel.
“Gold mobilisation and gold purchases are everyday activities. And so we have looked at the market and the Bank of Ghana is already buying gold and they can do 50,000 ounces of gold a month. The PMC [Precious Mining Company] also purchases gold from small-scale miners and they can buy 160,00 ounces every month. And what we need is 205,000 a month.
“And so if you look at our oil bill vis-à-vis the worth of the gold, we can mobilise monthly…there is no doubt that we’ll be able to get the required gold to exchange for the requirement of our petroleum products and so we are very confident that this is a policy we can implement without difficulties,” he said.
Source: https://energynewsafrica.com