Ghana’s petroleum downstream regulator, National Petroleum Authority (NPA), in collaboration with the Ghana National Fire Service (GNFS) and Ghana Police Service, raided an illegal cylinder refurbishing facility at Makola, Accra, and arrested seven suspects.
The seven were arrested following a tip-off. They were engaged in refurbishing damaged cylinders and re-introducing them onto the market.
Three trucks of ceased cylinders ranging from 5kg to 14.5kg, welding tools, cutting and grinding tools, paints and accessories were retrieved from them during the operation last Friday.
Speaking to the media, Director for Gas at NPA, Mrs Akua Ntiwaa Kwakye said, “On the Authority’s investigations, we found out that the suspects were operating at this yard without permit and certification from the appropriate Authorities.
“It is obvious they are compromising on quality for their parochial interest at the detriment of the unsuspecting consumers of gas,” she added.
She added that these refurbished cylinders are part of the major causes of fire outbreaks in our various marketplaces, workplaces and homes.
Mrs. Ntiwaa noted that the Authority’s intervention was critical because the country keeps recording several domestic fires, which had claimed lives and properties, adding that, all and sundry needed to condemn these negative acts.
Mr M. A. Korsah, Assistant Director of Safety at the Ghana National Fire Service, urged all consumers of LPG to be on the lookout for some of these substandard cylinders that have been reintroduced onto the system.
Source: https://energynewsafrica.com
Africa-focused oil and gas firm, Tullow Oil Plc., has recorded a profit of US$264 million for the first half of 2022 ending June compared with the US$93 million profit it made in the half year 2021.
The figure is a huge jump over what it posted in the first half of 2021.
Tullow recorded a Gross Profit of $620 million ending June 2022 while it spent $380 million on investment and decommissioning for the same period.
A statement issued by Tullow on its half-year report on Wednesday 14th September 2022, showed that the firm witnessed significant growth in its operations over the past year.
The firm recorded $845 million in revenue accrued from an oil price of $87 a barrel.
The report also showed a strong pickup in the company’s production of oil fields in the first six months of this year.
Tullow Oil, in the report, noted that its Group’s working interest production for the first half of 2022 averaged 60.9 thousand barrels of oil equivalent per day (kboepd), in line with expectations.
Gross production from the Jubilee field averaged 82.4kbopd in the first half of the year, representing an increase of more than 15 per cent compared to the first half of 2021.
This is due to goodwill and operational performance, which included the successful completion of the planned, biennial maintenance shutdown of the Jubilee FPSO in May.
Full-year net production guidance for Jubilee was 32kbopd while gross production from the TEN fields averaged 24.3kbps in the first half of the year, in line with expectations.
Full-year net production guidance for TEN is 13kbopd, with the expectation of an increase in production rates when the En21-P well comes on stream in the fourth quarter.
Tullow Oil also announced that its drilling programme which started in April 2021, is ahead of schedule, having completed two previous drilled wells and completed another three wells.
A further six wells are expected to be drilled and two of these completed by year-end. According to Tullow Oil, it spent about $50 million on each well, adding that “this is 10 per cent more than the average cost for these wells that it had worked on in the country’s oil fields.”
Tullow Oil also disclosed that the current pace of drilling continues, the next phase of drilling at Jubilee, which includes wells to be tied into Jubilee South East infrastructure, is expected to be accelerated into the fourth quarter of 2022.
Commenting on the 2022 half-year performance, CEO of Tullow Oil Plc., Rahul Dhir said: “The turnaround of Tullow has gained momentum in the first half of 2022, with solid production from our West African portfolio driving stronger financial performance. We added material, unhedged production in Ghana through the pre-emption of the Kosmos-Oxy deal and took over the Operations & Maintenance (O&M) of the Jubilee FPSO to ensure that we can sustain the good operating performance and deliver further operating cost improvements. Our drilling programme has been very efficient and at current performance levels, we will be able to deliver our planned programme of wells through next year with just one rig.
“The Board of Tullow remains fully committed to the merger with Capricorn which continues to be recommended by both the Tullow and Capricorn Boards on the current terms. We firmly believe that the proposed merger has the potential for material value creation by implementing a combined business plan which accelerates investment in key projects and delivers very significant synergies.
“We have a high quality, opportunity-rich portfolio, a clear and disciplined growth strategy and an improving balance sheet. The Board looks to the future with confidence, and I look forward to sharing further details at a capital markets day,” he said.
Nigeria is hopeful the country’s biggest refinery will become operational by December 2022.
The country’s Minister of State for Petroleum Resources, Timipre Sylva disclosed this while briefing journalists after the federal executive council meeting on Wednesday.
The 60,000 barrels per day Port Harcourt Refinery was shut in March 2019 for the first phase of repair works after the government secured the service of Italy’s Maire Tecnimont to handle the scoping of the refinery complex, with oil major Eni, appointed as a technical advisor.
In 2021, the Nigerian National Petroleum Company Limited said repairs had started after the federal executive council approved $1.5 billion for the project.
Speaking last Wednesday, Mr Sylva said the rehabilitation of the refineries is ongoing.
“As we said earlier, the old refinery in Port Harcourt, which is about 60,000 barrels per day capacity, will be functional by December and, of course, we still have some time in the contracting time to conclude the rest of the Port Harcourt refineries,” Mr Sylva said.
He said works in the Kaduna and Warri refineries are also progressing well.
“We will soon be embarking on an inspection visit and some of you, journalists, will be able to go with us to ascertain for yourselves what the extent of work is,” he said.
Reacting to a question on Compressed Natural Gas (CNG), the Minister said: “The CNG development is very much in progress.
“That is part of the promises we made…part of the things we want to put in place before the removal of subsidy. The subsidy has still not been removed because some of these conditions that were agreed upon have not been met and we’re working assiduously to ensure that all the facilities are in place, the pumping stations and the conversion kits.
“I can assure you that work is going on very much in that regard. We may not be in a position to announce exactly what we are doing now or where we are, but I can assure you that work is very much ongoing,” he said.
Source: https://energynewsafrica.com
Ghana’s largest indigenous oil marketing company, GOIL, has organised two-day capacity -building program for personnel at its GOCafe in the South and South East zones in Accra.
GOCafe is the GOIL provision shop at its fuel retail outlets across the country.
The purpose of the training was to equip the attendants with the needed skills to enhance best customer practices.
The attendants were taken through a series of discussions on product certification and customer service delivery by representatives of the Food and Drugs Authority (FDA) and the Ghana Standards Authority (GSA).
Shop operators in the zones also held a meeting to discuss best retail practices that will enhance patronage and boost sales.
Source: https://energynewsafrica.com
By: Felicity Bradstock
Biden, this week, launched a major funding scheme for the wide scale expansion of electric vehicle (EV) infrastructure across the U.S. to support the development of a massive EV fleet.
The President hopes that greater investment in EV charging stations, as well as tax credits for EV development and uptake, will encourage automakers to roll out more EV operations and consumers to switch from petrol to electric.
But, as the public looks at the benefits of EVs, are they fit for purpose in a huge country, full of long-distance commuters? President Biden announced the first round of funding, totaling $900 million, for EV charging networks across 35 states this week, stating “the great American road trip is going to be fully electrified”.
This is an ambitious statement since EVs have the reputation of being short-range vehicles that need regular charging stops on a long trip. But more charging stations across the US will finally make it possible for EV owners to carry out longer journeys without the fear of not finding a place to charge.
At the Detroit Auto Show, Biden told crowds that the government was approving funding for EV infrastructure across the first 35 states.
This is part of the president’s push to encourage consumers to switch to EVs from fossil fuel-powered cars.
The recent passing of the Inflation Reduction Act is expected to further support Biden’s aim by offering tax credits to EV and battery manufacturers. In addition, the Bipartisan Infrastructure Law includes $7.5 billion in funding for a national EV charging network.
Biden stated at the auto show that there were plans for 500,000 charging stations across the country, adding that his administration had contributed $135 billion to EV development. He expects the expansion of EV infrastructure to reduce the barriers to EV ownership, although the lack of ubiquitous chargers is still an issue of concern. Tax credits for consumers looking to switch to EVs are also expected to incentivise uptake.
This is all part of Biden’s plan for EVs to make up 50 percent of all vehicles sold in the United States by 2030.
The development of a favourable EV market, through the rollout of climate policies and related funding and tax incentives, has encouraged many major automakers to expand operations in the US. Companies including Toyota, Honda, Ford, General Motors, and Panasonic have announced investments in manufacturing in North Carolina, Michigan, Ohio, Missouri, Kansas, and other states. This supports Biden’s “Made in America” pledge, which promises to boost national manufacturing of EVs, EV chargers, and batteries.
But as consumers look to make the change, many are still concerned about the restrictions of owning an EV as opposed to an internal combustion engine (ICE) car.
One drawback that automakers have been battling to improve is the range of EVs, which is now up to an average of around 260 miles but can be much shorter if not driving in optimal conditions.
Although this has come a long way since the humble beginnings of the electric car, the time it takes to fully charge an EV has put long-distance drivers off. While people can fill their car up with petrol in just a few minutes, an electric ‘top-up’ charge may take 30 minutes, and a full charge could take several hours – with most owners leaving their cars to charge overnight if they have access to home charging.
In addition to the long charge time, consumers are concerned about the speed at which EV charging infrastructure will be rolled out.
Biden’s recent announcement is very positive for the 35 states outlined, but the remaining states will have to wait longer to see charging stations. The development of a comprehensive charging network will likely take several years and, as EV uptake increases, the demand for these stations will also rise. Given that the time taken at each station is much higher than that at a traditional fueling station, owners may experience long waits to power their cars.
And while there are high hopes for expansive EV infrastructure, consumers may also be concerned about running out of power in a rural area, with no charging stations for miles around. And it’s not easy as simply finding a can of petrol to allow your car to chug along to the next garage. So, as Biden invests in improving this infrastructure, automakers must continue to improve the vehicle range and charge times, to ensure that EVs can become more appealing to consumers.
President Biden has gone a long way to support EV manufacturing since he came to office, and recent climate change policies and infrastructure investments are likely to spur sectorial growth even further. However, automakers must also play their role in improving battery technologies to make EVs more appealing to consumers, working to the shift negative representation of EV range and abilities in comparison to ICE cars.
Source: Oilprice.com
The Gambia has, for the past eight months in 2022, spent 1.3 billion Dalasis (equivalent of $22,750,000) in fuel subsidies in a bid to cushion customers and stabilise rising fuel prices.
This was contained in a statement issued after the government met with the Oil Marketing Companies in the West African nation.
The OMCs shut down their fuel retail outlets recently over some concerns resulting in fuel shortages across the country.
The government worked tirelessly to resolve the OMCs’ grievances, leading to the reopening of the stations last week.
“The impact of Government negotiations with OMCs is estimated to be some 18 million Dalasis additional subsidy,” the statement issued on 3rd September 2022 said.
The prices of diesel and petrol at the pump remained unchanged for September 2022.
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Kenya has removed subsidies on petrol (gasoline) thereby pushing the price of the commodity to a record high in the East African nation.
As a result, the price of petrol has gone up by Ksh20 to KSh179.30 ($1.49) per litre.
The Government retained a subsidy of Kshs.20.82/litre and Kshs.26.25/litre for diesel and kerosene respectively.
Consequently, a litre of diesel will be sold at Kshs 165.82 ($1.38) while kerosene will be sold at Kshs147.94 ($1.23) per lire.
A statement issued by Energy and Petroleum Regulatory Authority (EPRA) noted that the new price regime will remain in force until October 14.
Last month, the subsidy shielded the prices of petrol from jumping to Sh214.04 per litre up from Sh159.12.
This, in effect, helped to lower the cost of diesel as it would have also jumped to Sh206.17 up from Sh140.03, while that of kerosene would have also gone up to Sh202.11 up from Sh127.94.
Kenyan new president, William Ruto, during his inauguration last Tuesday, vowed to withdraw the fuel subsidy that has kept prices stable since July.
The President said he would do away with subsidies on fuel and food, arguing that they are a huge burden to the exchequer and often lead to product shortages.
“In addition to being very costly, consumption subsidy interventions are prone to abuse, distort markets and create uncertainties including artificial shortages of the very products seek to subsidise,” he said.
EPRA had not adjusted these pass-through costs—the Fuel Cost Charge (FCC), Foreign Exchange Rate Fluctuation Adjustment (Ferfa) and Water Resources Management Authority (Warma) levy—since December 2021.
The FCC is the single largest variable electricity cost adjusted monthly and is collected by Kenya Power to be reimbursed to thermal power generators for their fuel purchases used to generate power.
With the brakes off fuel subsidy, the withdrawal of the subsidy on electricity has pushed its cost to the highest level in months heavily hitting households, businesses as well as industrial consumers.
The high fuel prices could, however, avert a fuel shortage crisis that has been brewing for weeks.
The Kenya Pipeline Company (KPC), last week, sounded the alarm over an imminent fuel shortage due to the failure of oil marketing companies to pick up fuel cargo from importers due to a lack of money to pay for the cargo.
The withdrawal of the subsidy will now avert the fuel shortage, with oil marketers handed a new lifeline with the new higher prices as they will collect their money upfront.
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The price of petrol (gasoline), on Friday, witnessed a 60 pesewas reduction at the pumps, energynewsafrica.com can report.
Leading Oil Marketing Companies (OMCs) notably GOIL Company Limited and TotalEnergies, have adjusted their pump prices downward from Gh¢11.55 per litre to Gh¢10.95 per litre.
As at Friday evening, Shell, one of the major OMCs, was still selling petrol at Gh¢ 11.55 per litre.
However, checks by energynewsafrica.com showed that Shell adjusted petrol price to Gh¢ 10.95 per litre on Sunday.
Other OMCs are likely to adjust their pump price for petrol either Saturday or Monday.
The price of diesel (gasoil), however, remained unchanged and is still being sold at Gh¢14.50 per litre.
The reduction in petrol price follows a drop in crude oil prices over the last two weeks.
International benchmark crude Brent and West Texas Intermediate (WTI) prices have fallen below $100 per barrel for the past two weeks.
In a statement issued last Wednesday, the Institute for Energy Security (IES) projected a drop in petrol prices by 5 per cent.
“With the fall in the international price of Gasoline and Gasoil by 10.96% and 0.54% respectively, the Institute for Energy Security (IES) projects a marginal reduction in the current price of Gasoline at the local pump, due to the significant decline in the value of the local currency against the US Dollar.
“Even though the prices of Gasoil and LPG also dipped on the international market, the 3.58% depreciation of the Cedi may thwart any expected fall in the price of the two products at the local pumps. Consumers may rather be forced to buy Gasoil and LPG at a higher value over the current prices for the rest of September 2022, on account of the Cedi fall against the greenback,” a statement signed by Fritz Moses, Research at IES, said.
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Nigeria’s Vice President, Yemi Osinbajo has stressed that the use of gas as a transition fuel will help in stemming deforestation and advancing Nigeria’s broader development goals.
The Vice President said Nigeria has one of the largest gas reserves in the world and deserves to reap more from it.
Osinbajo’s spokesman, Laolu Akande, in a statement on Wednesday in Abuja, said the Vice President received the U.S. Special Presidential Envoy on Climate Change, John Kerry, at the Presidential Villa, Abuja, on Tuesday
Mr Kerry, who was on a working visit to Nigeria, met with President Muhammadu Buhari before meeting the vice President.
Osinbajo said that other developing countries would also benefit from the adoption of gas as a transition fuel.
Highlighting the need for Nigeria to continue the exploration and use of gas as a way of arresting deforestation, he said it would help in transiting away from dirtier fuels like diesel, kerosene and petrol, while at the same time ensuring that the country had the necessary energy baseload for industrialisation.
Osinbajo said that Nigeria has one of the largest gas reserves in the world and should benefit from its exploitation.
He also highlighted the significance of Nigeria’s Energy Transition Plan(ETP) which is the first in Africa.
Vice President Osinbajo had discussed the ETP during his recent visit to Washington D.C., where he met with his American counterpart, Kamala Harris, at the White House, among other top US government officials.
Before the recent US trip, the Federal Government had launched the ETP at a global virtual event.
The Vice President and Kerry also discussed the issues of renewable energy sources and the global transition.
In his remarks, Kerry praised the plan and the efforts already being made in Nigeria to step up the use of renewables, especially solar and hydro-power, as major components of the energy mix.
He acknowledged that Nigeria ought to benefit from its gas reserves and urged an even more rapid adoption of renewables, especially electric vehicles, which were certainly the next wave in auto manufacturing.
Kerry observed that the technology of renewables improved daily, adding that batteries were in production which lasted far more than those that were already in the market.
Upon a request by the Vice President, Kerry promised that the U.S. would assist Nigeria with the expertise to scientifically determine the most appropriate energy mix toward the goal of energy for all by 2030 and net zero carbon emissions by 2060, without compromising the country’s energy security.
The US Special Envoy also affirmed the readiness of the U.S. Government to assist Nigeria in a bilateral partnership to realise its Climate Change adaptation and resilience capacity, thereby, consolidating the nation’s place as a model for other countries on the planet.
He added that he looked forward to Nigeria presenting an inspiring position, which would no doubt attract all necessary global support at the upcoming COP 27 in Egypt later in the year.
Kerry was accompanied by other U.S. officials including the American Ambassador to Nigeria, Ms Mary Leonard.
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Ghana’s Minister for Energy, Dr. Matthew Opoku Prempeh says the government will not scrap the BOST Margin of nine pesewas on every litre of petroleum products, ostensibly saying the call for its scrapping is unreasonable.
Bulk Oil Storage and Transportation (BOST) Company Limited is a strategic fuel stock-keeping company.
The BOST Margin was introduced in 2011 on the price build-up to cover the maintenance and expansion of fuel infrastructure.
Some civil society groups and individuals, in recent times, have demanded that it be scrapped because it is no longer relevant.
But the Managing Director of the company, Edwin Nii Obodai Provencal insists the Margin is still useful because the company is utilising it effectively.
Speaking at the Annual General Meeting of BOST on Wednesday, Dr Opoku Prempeh indicated that the introduction and subsequent increase in the Margin to six pesewas have increased revenue for BOST by about 80 per cent in 2021.
“I can promise you that the BOST margin on the price build-up for petroleum products is not going to be taken out anytime soon. We will use the fund efficiently and effectively to protect the citizens against private sector interests which are always about profits for their businesses.
“The margin will be accounted for and serve the people of Ghana to ensure that petroleum products are available in the country in case of any uncertainty,” he said.
Board Chairman of BOST, Ekow Hackman told the board that the company has experienced massive transformation and is on the path to declaring dividends soon.
“Passion, performance and excellence remain at the heart of our business to ensure that we fulfill our mandate as a company and deliver value to the shareholder” he noted.
Source: https://energynewsafrica.com
Ghana’s petroleum downstream regulator, National Petroleum Authority (NPA), has locked three filling stations in Sunyani in the Bono Region for cheating consumers by dispensing fuel less than the quantity they pay for.
A statement issued by NPA named Frimps oil station at Penkwase, the GOIL station near Eusbett hotel and Engen, all in the Sunyani Township as the culprits.
In the case of Frimps, all seven dispensing units functioning at the time of the visit were under-delivering whilst Goil and Engen had two and four of their nozzles under-delivering respectfully.
However, the NPA team observed that some of the nozzles at these filling stations were dispensing petroleum products more than what the consumer had paid for.
The random exercise was undertaken after the team, led by Kwadwo Odarno Appiah, and Eunice Budu Nyarko, Bono Regional Manager and Consumer Services Manager respectively, sensitised commercial drivers and traders at the Nana Bosoma market, popularly known as the Wednesday market, in the Sunyani Municipal area of the Bono Region.
The Bono Regional Manager emphasised that the Authority would continuously monitor the operations of fuel stations to ensure consumers have value for money and that the products sold are of good quality.
He said the defaulting fuel stations are going to be sanctioned.
“The Authority will require a report on investigations carried out by the stations as to what caused the anomalies of the nozzles,” he noted.
He further cautioned fuel stations, after seizing two ramps, to desist from the practice of using ramps and shaking vehicles during filling, adding that, it is an unsafe practice which can cause unwarranted sparks and fire.
“The NPA will not hesitate to lock temporarily stations caught using ramps,” he hinted.
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Source: https://energynewsafrica.com
Ghana’s Minister for Energy, Dr. Matthew Opoku Prempeh, has expressed his delight in Bulk Oil Storage and Transportation Company’s achievement in the 2021 financial year.
According to the Minister, the company’s pre-tax profit of One Hundred and Sixty-Four Million Cedis (Gh¢160 million) for the 2021 financial year from a previous figure of Two Million Ghana Cedis (Gh¢2 million) is a remarkable achievement.
“This is also happening at a time when the company is making assiduous efforts at extricating itself from a quagmire of protracted debts,” he said.
This, he said, was a testament that, with the right leadership and set of attitudes, State Owned Enterprises (SOEs) can grow to feed the government with the revenue required for its progress as a people.
He urged the Ministry responsible for Public Enterprises and the State Interests and Governance Authority (SIGA) to leave no stone unturned in encouraging SOEs to deliver on their mandate, helping the government to make the lives of the people better, using the BOST story as a perfect blueprint.
The Minister was confident that if BOST sustained the current momentum, more successes would be chalked for the overall benefit of the citizens of our country.
“This is crucial, especially as the government works to ensure that BOST is resourced to fulfill its mandate of ensuring the nation’s fuel security,” Dr Prempeh noted.
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The United Nations Development Programme (UNDP) Resident Representative in the Republic of Ghana, Dr Angela Lusigi, has visited the Bui Power Authority’s Generation Station located within the Bui Enclave in the Savannah and Bono Regions.
She was accompanied by the Communication Officer of UNDP, Praise Nutakor, National Coordinator of Global Environmental Facility (GEF), Dr George Austin and two other UNDP staff.
She visited the hydro generation station where she was conducted around the plant by Benjamin Awuku of the Electrical Maintenance Department.
Dr Lusigi and her entourage also visited the solar PV Power Plant station which is currently generating a 50MW peak onto the national grid and the 1MW floating solar on the Bui reservoir.
The Authority is constructing a 250MW peak and also intends to scale up the floating solar to 5MW.
The Director of Renewable at the BPA, Wisdom Ahiataku-Togobo, and his team also took Dr Lugusi and her entourage around the solar plant and later had closed-door discussions.
Speaking to the press, Dr Angela Lusigi said she was impressed with the level of progress made by the Bui Power Authority in terms of power generation and also initiatives aimed at combating climate change and improving the livelihoods of settlers in the area.
She mentioned that UNDP and BPA have been working together, stating that based on that collaboration, UNDP supported BPA during the construction of the hydropower project as well as the Tsatsadu Mini Hydro Generation Station at Alavanyo Abehenease in the Hohoe Constituency in the Volta Region.
She said her outfit would continue to deepen the collaboration between them and the BPA.
“There are tremendous opportunities to grow renewable energy in Ghana. And definitely what I have seen on the ground shows that there is a diversity of options right from hydro to the solar plant. It’s just amazing to see the installation of the first floating solar on the water,” she said.
She also commended the Authority for its re-afforestation project, saying, “Not only are we looking at energy generation but are also looking at helping the community maintain the resources that are necessary for us to continue to enjoy benefits.”
The Director for Renewable Energy, Wisdom Ahiataku-Togobo who spoke on behalf of the CEO Hon. Samuel Kofi Dzamesi noted that BPA is committed to the deployment of renewable and clean energy systems to help in combating climate change and reduce CO2 emissions in the energy sector.
Wisdom Ahiataku-Togobo, Director for Renewable Energy at Bui Power Authority
He said apart from deploying clean and renewable energy systems, the Authority is also building a good carbon sink by undertaking massive tree planting activities on all degraded lands in the enclave.
Dr Angela Lusigi and her entourage viewing the floating solar on the Bui ReservoirDonate To Support Independent Journalism
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Saudi Arabia and the United Arab Emirates as part of the OPEC+ pact led to a 790,000-barrel-per-day rise in global oil production in August, the International Energy Agency (IEA) said in its closely-watched Oil Market Report on Wednesday.
Production gains were partially offset by losses in OPEC member Nigeria—the biggest laggard in the OPEC+ deal – as well as lower output in the non-OPEC members of the OPEC+ alliance, Kazakhstan and Russia, the IEA said.
Growth in production is expected to slow toward the end of this year, edging up by just 280,000 bpd from August through December to 101.6 million bpd.
Global oil production is forecast to rise by 4.8 million bpd this year, to an average of 100.1 million bpd. Next year, production is expected to grow by 1.7 million bpd to 101.8 million bpd, the IEA said.
In August, Libya’s oil production rebounded to 1.211 million bpd, according to the country’s National Oil Corporation (NOC)—a level last seen before the port blockades that began this spring. Libya’s oil production has been recovering ever since the blockade was lifted in the middle of July.
At the other end of the supply spectrum, crude oil exports out of Nigeria plunged to below 1 million bpd, their lowest level on record, last month, oil export analytics firm Petro-Logistics said earlier this week.
The monthly report from the Paris-based agency showed still very resilient Russian oil exports, but flagged major losses in just a few months’ time when the EU embargo on seaborne oil imports from Russia enters into full force early next year.
Russian total oil exports actually rose by 220,000 bpd in August to 7.6 million bpd, which is down by just 390,000 bpd from pre-war levels.
However, the EU embargo on Russian crude oil and product imports that comes into effect in December 2022 and February 2023, respectively, is expected to result in deeper declines as an additional 1 million bpd of products and 1.4 million bpd of crude will have to find new homes, the IEA said.
“Russian total oil production is forecast to decline to 9.5 mb/d by February 2023, a 1.9 mb/d drop compared to February 2022,” the agency said.
Source: Oilprice.com
Source: https://energynewsafrica.com 
The reduction in petrol price follows a drop in crude oil prices over the last two weeks.
International benchmark crude Brent and West Texas Intermediate (WTI) prices have fallen below $100 per barrel for the past two weeks.
In a statement issued last Wednesday, the Institute for Energy Security (IES) projected a drop in petrol prices by 5 per cent.
“With the fall in the international price of Gasoline and Gasoil by 10.96% and 0.54% respectively, the Institute for Energy Security (IES) projects a marginal reduction in the current price of Gasoline at the local pump, due to the significant decline in the value of the local currency against the US Dollar.
“Even though the prices of Gasoil and LPG also dipped on the international market, the 3.58% depreciation of the Cedi may thwart any expected fall in the price of the two products at the local pumps. Consumers may rather be forced to buy Gasoil and LPG at a higher value over the current prices for the rest of September 2022, on account of the Cedi fall against the greenback,” a statement signed by Fritz Moses, Research at IES, said.
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He said the defaulting fuel stations are going to be sanctioned.
“The Authority will require a report on investigations carried out by the stations as to what caused the anomalies of the nozzles,” he noted.
He further cautioned fuel stations, after seizing two ramps, to desist from the practice of using ramps and shaking vehicles during filling, adding that, it is an unsafe practice which can cause unwarranted sparks and fire.
“The NPA will not hesitate to lock temporarily stations caught using ramps,” he hinted.
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Dr Lusigi and her entourage also visited the solar PV Power Plant station which is currently generating a 50MW peak onto the national grid and the 1MW floating solar on the Bui reservoir.
The Authority is constructing a 250MW peak and also intends to scale up the floating solar to 5MW.
The Director of Renewable at the BPA, Wisdom Ahiataku-Togobo, and his team also took Dr Lugusi and her entourage around the solar plant and later had closed-door discussions.
Speaking to the press, Dr Angela Lusigi said she was impressed with the level of progress made by the Bui Power Authority in terms of power generation and also initiatives aimed at combating climate change and improving the livelihoods of settlers in the area.
She mentioned that UNDP and BPA have been working together, stating that based on that collaboration, UNDP supported BPA during the construction of the hydropower project as well as the Tsatsadu Mini Hydro Generation Station at Alavanyo Abehenease in the Hohoe Constituency in the Volta Region.
She said her outfit would continue to deepen the collaboration between them and the BPA.
“There are tremendous opportunities to grow renewable energy in Ghana. And definitely what I have seen on the ground shows that there is a diversity of options right from hydro to the solar plant. It’s just amazing to see the installation of the first floating solar on the water,” she said.
She also commended the Authority for its re-afforestation project, saying, “Not only are we looking at energy generation but are also looking at helping the community maintain the resources that are necessary for us to continue to enjoy benefits.”
The Director for Renewable Energy, Wisdom Ahiataku-Togobo who spoke on behalf of the CEO Hon. Samuel Kofi Dzamesi noted that BPA is committed to the deployment of renewable and clean energy systems to help in combating climate change and reduce CO2 emissions in the energy sector.
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