Gambia’s Director Of Exploration And Production Cany Jobe Honoured By PETAN

Michael Creg Afful
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The Director for Exploration and Production at the Gambia National Petroleum Corporation, Cany Jobe, has been awarded for her exceptional role and dedication to the Energy Sector in her country and beyond. She was recognised by the Petroleum Technology Association of Nigeria (PETAN), organisers of the just ended Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC2022) at a dinner in Nigeria. She was handed over the award by four leading women in the Energy Sector which included Dr Ibilola Amao, Funmi Ogbue and Patricia Simon-Hart in a show of camaraderie and honour. The event also saw ten oil and gas companies awarded for their contribution to local content development in the industry and on the African continent. The 10 companies include Nigeria Liquefied Natural Gas Limited (NLNG) (Nigeria); Societe Mauritanienne des Hydrocarbures et de Patrimoine Minier (SMH) (Mauritania); Shell (Nigeria); Uganda National Oil Company (UNOC) (Uganda); TotalEneries (Nigeria); ND Western (Nigeria); Instituto Nacional de Petroleo (INP) Mozambique; Agencia Nacional de Petroleo Gaz Biocombustiveis (ANPG) Angola; and Proscovia Nabbanja (Uganda). Commenting on the award in an interview with energynewsafrica.com, Cany Jobe, who was full of joy, said: “The best part of this particular award has been getting up on stage and handed over the award by not one but four outstanding and stellar women of the industry with a combined 200 years of experience. “STEM Pioneers and one per cent do not have the privilege I had growing up to google and see other women do it and be it. It made me blush to stand on the shoulders of such giants and the memory will be a special one that will forever remain with me.” She added, “Women still have to dismantle many stereotypes to get to where we are and, therefore, getting publicly celebrated when we break barriers is one of the many ways to get rid of inherent biases against women leadership.” Profile of Cany Jobe Cany is a dedicated and strategic Petroleum Engineer with a passion for cleaner and renewable energy technologies. Her work experience spans energy projects in Australia where she worked with a multi-disciplinary team that investigated the optimum development strategy for the Browse LNG Field; South America-drilling in the Lake Maracaibo; to West Africa. Cany is currently the Director of Exploration and Production at the Gambia National Petroleum Corporation where she advises on oil and gas exploration projects; and structures, negotiates and oversees the implementation of high value exploration activities of NOC/IOC joint ventures and partnerships. She holds a M.Eng. degree in Oil and Gas from the University of West Australia, an MSc. in International Project Management specialising in Energy, Construction, Oil & Gas from Glasgow Caledonian University and a B.Sc. in Materials and Minerals Resources Engineering from National Taipei University of Technology during which she won Foreign Student Excellence Awards. She has executed consultancy assignments from regional organisations such as ECOWAS around national strategies for LPG popularisation, energy efficiency and clean cooking initiatives. She is also skilled in policy formulation, governance, and administration having previously served as Head of Administration & Procurement; and Board Secretary for the national oil company. A member of the Society of Petroleum Engineers and the Association of Project Managers; Cany is an alumnus of Commonwealth Awards; Mining for Development Awards; and Australia Development Awards. She volunteers for a number of Not-for-Profit Organisations and is a national and international conference speaker passionate about women in STEM, quality education and energy access. More recently she was recognised in the 2021 Power List of 50 Inspiring Pan African Female Leaders in Energy by Lean In Energy and was named as one of 100 Outstanding Female Executives in the African Oil and Gas Industry by African Shapers. In 2022, she got awarded by SAIPEC a Winning With Women award in recognition of her role as a Pioneer Energy Leader. Cany is happily married and raising two boys to be the next generational gender champions. She is a bon vivant who loves wave watching, playing dress up, travelling, reading about everything under the sun, taking countless photos, hiking, dancing and cooking the occasional meal. Source: https://energynewsafrica.com

Nigeria: ExxonMobil Sells Shallow-Water Assets To Seplat For US$1.283 Billion

Michael Creg Afful
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US oil and gas supermajor, ExxonMobil Corporation, has reached an agreement to sell its equity interest in Mobil Producing Nigeria Unlimited to Seplat Energy, a Nigerian independent oil and gas company, through its wholly-owned subsidiary, Seplat Energy Offshore Limited. The supermajor, however, said that it would retain its deepwater assets, adding that the sale of MPNU supported the company’s investment strategy and Nigeria’s efforts to enhance industry participation. In a statement, ExxonMobil said the transaction would close later this year pending regulatory approvals. Commenting on the deal, ExxonMobil Upstream Oil and Gas President, Liam Mallon, said, “This sale will allow us to prioritise competitively advantaged investments in our strategic assets, and it supports the Nigerian government’s efforts to grow its oil and gas operations. “We value the relationships we have spent decades building with the government and people of Nigeria, which will continue as we maximise the value from our deepwater operations.” ExxonMobil said when finalised, the sale would include the Mobil Development Nigeria and Mobil Exploration Nigeria equity ownership of Mobil Producing Nigeria Unlimited, which hold a 40 per cent stake in four oil mining licences. According to the statement, the licences include more than 90 shallow-water and onshore platforms and 300 producing wells. It added, “ExxonMobil will maintain a significant deepwater presence in Nigeria, including interests in the Erha, Usan and Bonga developments via Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Deepwater) Limited. “The sale will not result in any loss of employment and is expected to close later this year subject to regulatory and other approvals.” Seplat Energy said in a statement that its subsidiary, Seplat Energy Offshore Limited, had entered into a Sale and Purchase Agreement to acquire the entire share capital of MPNU for a purchase price of $1.283 billion-plus up to $300 million contingent consideration, subject to the lockbox, working capital and other adjustments at closing relative to the effective date.   Source: https://energynewsafrica.com

Ukraine: Russian Soldiers Blow Gas Pipeline Into Flames

Michael Creg Afful
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Russian forces have blown up a gas pipeline in Kharkiv, the second-largest city in Ukraine, as the Russian invasion into the European nation continues into the fourth day. A video of the fire from where the pipeline is located was shared by eyewitnesses to the incident. Ukrainian State Service of Special Communication and Information Protection confirmed that the bombing of its pipeline warned that the explosion could cause an “environmental catastrophe” and advised residents to cover their windows with damp cloth or gauze and to drink plenty of fluids. Ukraine’s top prosecutor, Iryna Venediktova said the Russian forces have been unable to take Kharkiv where a fierce battle is underway. However, at the same time, the Telegram channel of the State Service of Special Communications and Information Protection warned against misinformation, saying this was not a nuclear strike, although the explosion was visually similar to that. Heavy shelling was reported in Kharkiv in eastern Ukraine in the early hours of Sunday. Russian missiles even hit the Ukrainian town of Vasylkiv southwest of Kyiv, setting an oil terminal ablaze. Photographs and videos posted online showed large flames rising in the night sky. Soon after, a radioactive waste disposal site near Kyiv was also hit by an airstrike, but the storage facilities were not damaged, Ukraine’s nuclear agency said. However, there was no evidence of a leak. The incident happened at about 1:20 am (local time) on Sunday when a radioactive waste disposal site of the State Specialized Enterprise “Radon” was hit by missiles. NRIU said the automated radiation monitoring system at the site had failed, but measurements taken with portable devices in Kyiv found that radiation levels were normal.     Source: https://energynewsafrica.com

Ghana: Fire Outbreak At Kaysens Gas Station In Tema Leaves One Attendant Injured

Michael Creg Afful
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A fire outbreak at the Kaysens Gas Refilling station at Community 2, opposite the Tema Harbour, has left one attendant injured. The incident reportedly occurred last Friday, February 25, 2022. The inferno could have caused the disaster at the station and spread to adjoining houses to the facility but the swiftness of other attendants saved the situation. Speaking to the Deputy Commander of the Tema Regional Fire Service, DO1 Timothy Osafo Affum, he said the fire service personnel rushed to the scene immediately after they received the information. However, by the time they would arrive at the scene, the attendant had been able to calm the situation. According to him, one of the attendants was injured when the fire occurred. Explaining the circumstances which resulted in the fire outbreak, he told energynewsafrica.com that a customer went to the facility with an oxygen cylinder (oxygen cylinder is used at the hospitals) to fill it with LPG for domestic use. He said an attendant’s blunder in fixing the wrong adaptor to discharge the gas into the oxygen cylinder to refill it sparked the fire. He continued that staff of the facility, who saw the fire, quickly switch off the flow meter thereby cutting the flow of the gas. The immediate action of the staff prevented the fire from spreading. DO1 Timothy Affum, who blamed the attendant for the fire outbreak, however, commended them for their swift action in saving the situation. “In the first place, we blame them for fixing the adaptor which is not meant for the oxygen cylinder. In the second instance, we commend them for their swift response,” he said. He advised LPG users to desist from using oxygen cylinders as LPG cylinders for domestic use and warned attendants at LPG refilling stations to desist from discharging LPG into oxygen cylinders.       Source: https://energynewsafrica.com  

Putin’s War In Ukraine Could Break The OPEC+ Alliance

Michael Creg Afful
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The OPEC+ cooperation is facing a possible breakdown following Russia’s military invasion of Ukraine. Russia’s aggressive military moves towards Ukraine will have a negative impact on the oil market cooperation between OPEC and Russian-led non-OPEC members. The success formula of Riyadh-Moscow-Abu Dhabi is in serious trouble as Western powers will be putting Saudi Arabia, Abu Dhabi, and others, under severe pressure to break up their strategic cooperation with Moscow.  The growing economic, financial and strategic military cooperation that has been built up the last couple of years between mainstream Arab power players, especially Riyadh, Abu Dhabi, and non-OPEC member Egypt, with Moscow is now in jeopardy. Officially, Arab countries are not being asked to protest against Putin’s Ukraine invasion, but behind closed doors, the topic will be put on the table for sure. Washington, Brussels, London, and Paris will not be willing to have a major block of energy producers continue to work with Putin. The next couple of days could be crucial for OPEC+’s future, especially if Putin is continuing his war with Ukraine.  At present, statements coming from the Arab world are very diplomatic, calling for a major de-escalation or diplomatic moves. Looking at the still struggling Western response to Putin’s invasion of Ukraine, Arab countries still have some room to maneuver. However, if Washington, Brussels, and London are getting their act together, politically and militarily, choices will have to be made. Western governments will be willing to take a long-term strategy towards the MENA region, based on their vast links in energy, investments, and geopolitical assets, but there will be less room to allow Moscow to find support in key-Western allies in the MENA.  For the two main OPEC leaders, Riyadh and Abu Dhabi, it will be a very tight rope to walk. Part of their strategic control of oil and gas markets during the last few years was based on cooperation with Russia. Moscow’s influence in other FSU countries to stick to the production pact has been playing a pivotal role. While the Ukraine crisis is partly a major financial boon for Arab oil and gas producers due to rising crude prices, OPEC strategists now need to assess the ups and downs of continuing this partnership. Already, OPEC+ needs to tackle a number of problems. One major issue is the lack of spare production capacity in general, as some OPEC producers are already unable to keep up with their own quotas. While OPEC+ has stuck to their known monthly production hikes, real output levels are lagging behind, reflecting a 600,000 bpd quota shortfall. In the next few months, this number is expected to increase further. A lack of investment, declining field production, and lagging oil infrastructure are the main causes. Russia, as one of the main OPEC+ powers, is also facing some production issues. Some analysts already have indicated that Russia’s spare capacity is now below 300,000 bpd. Moscow is currently producing around 10.8 million bpd, but should be producing close to 12 million bpd according to the OPEC+ agreements. If it fails to reach these numbers, Moscow’s influence is under pressure in the alliance.  Taking the production quota into account, while global crude prices are high, a potential breakup is not going to be very hard, especially if Saudi Arabia and Abu Dhabi will be the only ones with extra spare production capacity.  Geopolitically, the integrity of OPEC+ is very important. In contrast to the 20th Century or the first part of the 21st Century, there is more at stake lately. Riyadh, Abu Dhabi and also Egypt, have become weary of the lack of commitment of Washington as a military and economic partner. Moscow and Beijing have been filling up the gaps. Arab sovereign wealth funds are increasingly investing in Russia, China and Asia, while Russian investments in ports and industrial zones, such as along the Suez Canal, have a political impact too. At present, no Arab country is willing to make a clear choice between the West and the East. Choosing to back the West in the Ukraine crisis, or supporting economic and military sanctions on Russia and its cohorts, is however a bridge too far. Other Arab and non-Arab members of OPEC+ are also not yet willing to sanction Moscow. Putin’s strategic moves during the last decade have severely eroded Western influence in the region, and Moscow is now reaping the benefits.  At the same time, Arab powers are also still keeping an eye on the Iran JCPOA discussions, and the position that China is taking towards Moscow. For most Arab oil producers, the Dragon-Bear developments are more important, at least on the surface. A breakup of OPEC+ is currently an option without a real risk for the Arabs. A potential energy sanctions regime on Russia isn’t completely out of the question.  Riyadh and Abu Dhabi will for sure be coordinating any moves with Washington, London or Brussels, but will have a direct line to Beijing too. China’s stealth moves at present will not influence geopolitical decisions during the coming months, but could also have an impact on the future of OPEC+. Some could argue a weaker OPEC+ is to the advantage of Beijing, as Moscow will be more willing to increase flows to China.  Analysts should be not looking the next couple of days at crude oil prices or official statements made by OPEC+ officials. The main focus should be on the body language shown on March 2, when OPEC will be meeting again. The same scenario as at the Third Summit of OPEC Heads of State and Government in Riyadh 2007 could play out. A breakup of the OPEC+ bromance is an underestimated possibility.     Source: Oilprice.com 

Niger Set To Monetize Massive Gas Reserves Through Trans-Saharan Natural Gas Pipeline

Michael Creg Afful
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Enabling Europe to tap into West Africa’s abundant natural gas supplies, the Trans-Saharan Gas Pipeline is expected to boost exploration in The Republic of the Niger and expand its energy industry. With a length of 4,128km and an annual capacity of 30 billion cubic meters of natural gas, the Trans-Saharan Natural Gas Pipeline will link the Warri Region in southern Nigeria, passing through the Republic of the Niger, to the town of Hassi R’Mel in northern Algeria, from where it will connect to existing Trans-Mediterranean, Maghreb-Europe, Medgaz, and Galsi Pipelines, enabling Europe to tap into West Africa’s abundant natural gas reserves, and thus diversifying its supply and expanding critical revenue for West Africa’s oil and gas industry. The development of the multi-billion-dollar pipeline began this year, following the signing of the Declaration of Niamey by the Republic of Niger’s Minister of Petroleum, Energy and Renewable Energy, H.E. Mahamane Sani Mahamadou; Algeria’s Minister of Energy and Mines, H.E. Mohamed Arkab; and Nigeria’s Minister of State for Petroleum Resources, H.E. Timipre Sylva during the third edition of the Economic Communities of West African States Mining and Petroleum Forum in the Republic of Niger’s capital city of Niamey on 16 February. The Trans-Saharan Natural Gas Pipeline is being developed through a partnership between Nigeria’s national oil company (NOC), the Nigerian National Petroleum Corporation (NNPC), and Algeria’s NOC, Sonatrach – holding a combined share value of 90% – and the Government of the Republic of the Niger – which will hold the remaining 10%. With much of the estimated $13 billion investment being spent in The Republic of Niger, and through which 841km will be constructed, the pipeline is expected to boost the energy sector of the landlocked, West African country, enabling it to monetize its vast natural gas resources and drive economic development. With an estimated 24 billion cubic meters of recoverable natural gas reserves in the country, the pipeline will allow the Republic of the Niger to boost its domestic gas supply and expand its petrochemical sector, serving to drive its agriculture industry, a major employer in the country. As the voice of the African energy industry, the African Energy Chamber supports the development of energy-related projects on the continent. Positioning the Republic of the Niger and the West African Region to benefit from its abundant natural resources, the Trans-Saharan Natural Gas Pipeline will serve as a major opportunity for public and private stakeholders across Africa, further facilitating the continent’s potential to operate its energy industry independently across the entire value chain. “With developments such as these, Africa is truly positioning itself to benefit from its own resources, without becoming over reliant on other countries to develop its energy sector,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber, adding, “Through investment into its own oil and gas industry, local companies will be able to boost project developments and position the continent as a net exporter of hydrocarbons, creating critical opportunities to further develop the industry and spur African growth.” With aims to become a regional hub for hydrocarbons, petrochemicals, and associated products, the Government of the Republic of the Niger has indicated its commitment towards taking advantage of the pipeline to boost the country’s natural gas sector, with a stated objective being for the hydrocarbon industry to account for approximately 35% of its GDP, 45% of tax revenue, and 68% of exports by 2025. The Government will also use the pipeline to facilitate the development of a skilled working class, whereby a minimum of 50% of all technical roles in the energy industry will be filled by Nigeriens over the next decade. Home to approximately 8% of the world’s natural gas reserves and with relatively little internal gas consumption, the African continent is seen as having considerable exporting potential and has been eyed by Europe as a way to diversify the supply of its natural gas imports. Algeria’s strategic position along the Mediterranean coast, and through connections with existing pipelines – or those already under construction – in Spain and Italy, the Trans-Saharan Natural Gas Pipeline is expected to serve as a long-term additional supply option for the European Union (EU). The EU’s primary gas suppliers are Norway, Great Britain, the Netherlands, and Russia, with the largest share of its gas supply being delivered from Russia, which currently accounts for approximately 38% of total natural gas imports to the continent. It has been estimated that Russia could supply the EU with up to 70% of its natural gas imports by 2050, with the Russian multinational natural gas company, Gazprom, having negotiated with Nigeria regarding its possible participation in the Trans-Saharan Natural Gas Pipeline. Following the EU’s announcement to label natural gas projects as ‘green’ investments, the Trans-Saharan Natural Gas Pipeline is being viewed as an opportunity for the EU to, not only diversify its energy mix, but serve to address the continent’s ongoing energy crisis, with surging natural gas prices increasing demand and compromising its supply. As one of the African continent’s most promising frontiers for hydrocarbon exploration and development, and with one of the most stable democracies in the region, the Republic of the Niger is poised to become a regional hydrocarbon, petrochemical, and gas hub, with the Trans-Saharan Natural Gas Pipeline serving to facilitate this development, enhancing the country’s energy industry, and promoting socio economic development.       Source: https://energynewsafrica.com  

Ghana: CEO Of Ghana Gas Is Worth Celebrating-Says Annoh-Dompreh

Michael Creg Afful
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 Clean Energy advocate and Member of Parliament for Nsawam-Adoagyir Constituency in the Eastern Region, Frank Annoh Dompreh believes Ghanaians should celebrate the CEO of Ghana Gas Company for his remarkable effort towards transforming the company. In a tweet, the Ghanaian lawmaker said the company has witnessed several initiatives under Dr Benjamin K.D Asante’s leadership which are “worth celebrating.” Dr Benjamin Asante, a renowned gas infrastructure expert, was appointed by President Akufo-Addo to replace Dr George Sipa Yankey as CEO in 2017 when the New Patriotic Party won power and formed the government in 2017. Since 2017, Dr Asante has undertaken several initiatives including expanding the company’s gas infrastructure and increasing gas flow from 90mmscfd to 300mmscfd. Recently, Dr Asante announced that the company intends to construct a second gas processing plant to ensure that Ghana increases the usage of gas for electricity generation and domestic consumption. Enumerating some of the initiatives undertaken by Ghana Gas under the leadership of Dr Benjamin Asante, Mr Annoh-Dompreh mentioned the indigenization which has saved the taxpayer a monthly bill of $3million ($36million annually) for engaging the services of expatriates. He said the decision to indigenize operations of Ghana National Gas Company’s installation is one of the best initiatives taken by its management. According to him, this has opened up opportunities for young engineering graduates and employment for Ghanaian workers, while deepening local participation in the oil & gas sector. As part of its CSR, the company has completed about 150 projects across the nation covering areas such as education, health, boreholes, roads, security, social development and sports–the construction of Astro turfs. Under the leadership of Dr Asante, GNGC “increased its local workforce by about 300 per cent from 2017 to 2021. Ghana Gas has also introduced the Gas Challenge in which students from tertiary institutions offering Science Technology Engineering and Mathematics (STEM) gather to compete and demonstrate their understanding of the gas industry.   Source: https://energynewsafrica.com

Chernobyl Power Plant Captured By Russian Forces -Ukrainian Official

Michael Creg Afful
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The Chernobyl nuclear power plant has been captured by Russian forces, an adviser to the Ukrainian presidential office, Mykhailo Podolyak, said on Thursday.

“It is impossible to say the Chernobyl nuclear power plant is safe after a totally pointless attack by the Russians,” he said.

“This is one of the most serious threats in Europe today,” Podolyak said.

Russian troops took over the power plant while Ukrainian forces battled them on three sides on Thursday after Moscow mounted an assault by land, sea and air in the biggest attack on a European state since World War Two.

Some Russian military massed in the Chernobyl “exclusion zone” before crossing into Ukraine early on Thursday, a Russian security source said.

Russia wants to control the Chernobyl nuclear reactor to signal NATO not to interfere militarily, the same source said.

The Chernobyl disaster in then-Soviet Ukraine sent clouds of nuclear material across much of Europe in 1986 after a botched safety test in the fourth reactor of the atomic plant.

Decades later, it became a tourist attraction. About a week before the Russian invasion the Chernobyl zone was shut down for tourists.

“Our defenders are giving their lives so that the tragedy of 1986 will not be repeated,” Ukrainian President Volodymyr Zelenskiy tweeted shortly before the power plant was captured.

“This is a declaration of war against the whole of Europe.”

 

 

Source: Reuters

Ghana: Petrol, Diesel Likely To Sell More Than GHS 8.50 Per Litre As Crude Oil Hits $103

Michael Creg Afful
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Fuel prices in the Republic of Ghana are expected to go up higher by between 60 and 70 pesewas in the first pricing window in March 2022, following a jump in the price of international benchmark crude Brent to US$103.3 per barrel on Thursday, February 24, 2022. The West Texas Intermediate WTI traded around US$93.50 per barrel on Wednesday while Brent was trading around US$97.51 per barrel. Surprisingly, the price of both WTI and Brent jumped on Thursday morning following the Russian troop invasion into Ukraine which is limiting fuel supply to the market. Currently, both petrol and diesel are sold between GHS7.88 and GHS 7.99 on the local market. During the second pricing window which began on February 16, 2022, some Oil Marketing Companies (OMCs) increased fuel prices by between 50 pesewas and 58 pesewas at the time Brent crude sold around $95 per barrel. Analysing the effects of Russia’s attack on Ukraine which has already driven crude oil prices above $100 and Ghana’s weak currency, the cedi, a litre of petrol and diesel will likely be sold more than GH¢8.50 during the first pricing window in March. Speaking to ebergynewsafrica.com about the soaring crude oil prices, Executive Director of Institute for Energy Security IES, Nana Amoasi (VII) said: “The rise in international prices and a decline in the value of the local currency will impact negatively on the prices of domestic fuel, as a result of the price and forex exposures. “In Ghana, any additional increase in the price of, let’s say, gasoline and diesel will compound the inflationary pressures we are currently seeing.” Nana Amoasi (VII) urged the government to act quickly to arrest any increases at the pump, come to the next pricing window. Suggesting what could be done to cushion consumers, he said in the immediate term, the government can resort to either taking off or suspending some of the tax/levy/margin components on the petroleum price build-up. This may be a loss of revenue to the government but it can easily be compensated for by the windfall of revenue from the sale of Ghana’s share of indigenous crude sales. He added, “And in the mid-to-long term, the BOST and TOR system must work to manage not only the risk associated with price increases on the world market, but also manage any form of supply risk.”     Source: https://energynewsafrica.com    

Oil Tops $105 After Russia Attacks Ukraine

Michael Creg Afful
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Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply. Russia launched an all-out invasion of Ukraine by land, air and sea in the biggest attack by one state against another in Europe since World War Two.  The United States and Europe have promised the toughest sanctions on Russia in response. “If sanctions affect payment transactions, Russian banks and possibly also the insurance that covers Russian oil and gas deliveries, supply outages cannot be excluded,” said Commerzbank analyst Carsten Fritsch. At least three major buyers of Russian oil were unable to open letters of credit from Western banks to cover purchases on Thursday, sources told Reuters.  Brent crude was up $8.15, or 8.4%, at $104.99 a barrel as of 1221 GMT, having touched a high of $105.79. U.S. West Texas Intermediate (WTI) crude jumped $7.33, or 8%, to $99.43. Brent and WTI hit their highest since August and July 2014 respectively. “Russia is the third-largest oil producer and second-largest oil exporter. Given low inventories and dwindling spare capacity, the oil market cannot afford large supply disruptions,” said UBS analyst Giovanni Staunovo. “Supply concerns may also spur oil stockpiling activity, which supports prices.” Russia is also the largest provider of natural gas to Europe, providing about 35% of its supply. UK Prime Minister Boris Johnson vowed Britain and its allies would unleash a massive package of economic sanctions on Russia and said the West must end its reliance on Russian oil and gas.  China warned on the impact of tensions on the stability of the energy market. “All countries that are truly responsible should take responsible actions to jointly maintain global energy security,” a Chinese foreign ministry spokesperson said. Global oil supplies remain tight as demand recovers from pandemic lows. Underscoring the tight market, premiums on crude contracts for loading in one month over contracts for loadings in six months , a metric closely watched by traders, hit a record high at $11.55 a barrel. “This growing uncertainty during a time when the oil market is already tight does leave it vulnerable, and so prices are likely to remain volatile and elevated,” said Warren Patterson, head of ING’s commodity research. Analysts believe that Brent is likely to remain above $100 a barrel until significant alternative supplies become available from OPEC, U.S. shale or Iran, for example. The United States and Iran have been engaged in indirect nuclear talks in Vienna that could lead to the removal of sanctions on Iranian oil sales. Iran’s top security official Ali Shamkhani said on Twitter on Thursday that it is possible to achieve a good nuclear agreement with Western powers after significant progress in negotiations. Analysts are warning of inflationary pressure on the global economy from $100 oil, especially for Asia, which imports most of its energy needs. “Asia’s Achilles heel remains its vast import needs for energy, with surging oil prices bound to take a hefty bite out of income and growth over the coming year,” said HSBC economist Frederic Neumann.       Source: Reuters          

South Africa: NIASA To Host Nuclear Technology Conference 2022 From March 16-17

Michael Creg Afful
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The Nuclear Industry Association of South Africa (NIASA) in collaboration with South African Young Nuclear Professionals Society (SAYNPS), Women in Nuclear South Africa (WINSA) and Southern African Radiation Protection Society (SARPA) will be hosting a Nuclear Technology Imbizo (Conference) on the 16th – 17th March, 2022 at the Cape Town International Conference Centre. This year’s Imbizo will be devoted to “Promoting Global Strategic Partnership to Support the South African Nuclear Build Expansion Programme” and centered on sharing of lessons learnt and technology’s role in shaping the future of the South African nuclear industry. The nuclear industry has faced many challenges in recent years including a difficult economic marketplace and overcoming the obstacles to train and educate a highly knowledgeable and skilled workforce amid a global pandemic. The event will bring together participants all over the world, senior Executives from the key industry stakeholders and governmental representatives to energy providers to bring ideas, innovations and best practices that have made a difference in the past decade and going forward. South Africa has experience massive load shedding from Eskom in the last couple of years including recently in 2022, the power utility coal fleet is experiencing most breakdowns and as per the IRP2019 11500MW of this plant should be decommissioned from 2030. The much anticipated Request for Proposal (RFP) 2500MW for Nuclear New Build by end of financial is also an exciting news to the industry as NIASA believe the construction and commission of this generation capacity will provide much relieve to Eskom in terms despatchable electricity, South Africa needs to move with speed from high carbon emissions to low carbon emissions and will never be achieved without the inclusion of Nuclear Technology. NIASA is also appreciative of the news announced two weeks ago by Necsa with regard to the issuance of Request for Information (RFI) for the Multipurpose Research Reactor (MPR). “The Conference will provide delegates including both International and Local Companies to engage on meaningful discussions on how best to implement such projects in South Africa. There will be an opportunity for face to face meeting for any companies interested in such, therefore this is an important calendar event for Nuclear Industry in South Africa”, Mr. Gaopalelwe Santswere, Deputy President at NIASA said. Participating organizations will have an excellent opportunity to interact with a high target audience in the nuclear industry, enabling to not only lobby for their interests, but also network and tap into resources available from Africa.         Source: https://energynewsafrica.com    

AfDB Group Approves US$164Million To Promote Decentralized Renewable Energy In Ghana, Nigeria & Four Other Countries

Michael Creg Afful
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The Board of Directors of the African Development Bank Group has approved the Leveraging Energy Access Finance Framework (LEAF), under which the Bank will commit up to $164 million to promote decentralized renewable energy in six African countries. The $800 million program will help spur commercial and local currency investments to scale up the activities of decentralized renewable energy companies in Ghana, Guinea, Ethiopia, Kenya, Nigeria, and Tunisia. Under LEAF, some 18 decentralized renewable energy projects are expected to be financed, providing access to six million people and businesses, resulting in 28.8 million tonnes CO2 eq. in greenhouse gas emission reductions over the lifetime of the systems. Many African countries still face challenges in achieving universal access to sustainable, clean, affordable and reliable electricity. According to the latest Sustainable Development Goal (SDG) 7 tracking report, close to 600 million Africans lack access to electricity. As a result of the Covid-19 crisis, the number of people without access to electricity increased again for the first time in recent years. Scaling up decentralized renewable energy (solar home systems, green mini-grids, and solar solutions for commercial and industrial use) is crucial to achieving the SDG7 objectives and requires significant private sector and local currency financing. The African Development Bank developed the LEAF program, in collaboration with the Green Climate Fund, which approved $170.9 million in concessional financing for it in July 2021. The framework forms part of the Bank’s broader off-grid strategy under the New Deal on Energy for Africa and complements existing initiatives, such as the Sustainable Energy Fund for Africa. The Bank’s Vice President in charge of Power, Energy, Climate Change and Green Growth, Dr. Kevin Kariuki, remarked: “The African Development Bank is delighted to partner with the Green Climate Fund on the Leveraging Energy Access Finance Framework, which will not only accelerate access to electricity based on decentralized renewable energy solutions, hence reducing the respective countries’ carbon footprints, but will do so with the active participation of a private sector facilitated by local currency financing and commercial capital availed under the program.” Over six years, LEAF will deploy concessional finance, credit enhancement instruments and technical assistance to crowd-in private sector investors, including local banks, to finance and accelerate efforts to power the continent. The Bank’s Acting Director in charge of Renewable Energy and Energy Efficiency Department, Dr. Daniel Schroth, added: “The approval of this program is very timely as it increases the Bank’s toolbox to support the fast-moving decentralized energy access market which complements conventional grid-connected solutions.”       Source: https://energynewsafrica.com

Refinery Explosion Threatens To Send Gasoline Prices Soaring

Michael Creg Afful
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Gasoline prices have risen for eight straight weeks, according to new data published by Gas Buddy on Monday. And a major refinery explosion in New Orleans could threaten to send gasoline prices even higher. U.S. national gasoline prices were on the rise early on Monday, climbing 3.2 cents from a week ago to reach $3.52 per gallon as tensions between Ukraine and Russia flared. “With tensions still very high that Russia may invade Ukraine, gasoline prices kept moving higher, tugged by the rising price of oil as the market concentrates on possible outcomes from the situation that could affect global oil production amidst recovering demand,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “However, with nuclear talks between Iran and global powers ongoing in Vienna, the possibility exists that a new deal could bring Iran’s crude oil supply back to legitimate markets, helping to ease a slight portion of supply concerns.” De Haan added that the United States is a few weeks away from the traditional start of the spring surge in gasoline prices, brought on by the change to summer gasoline, seasonal maintenance at refineries and rising demand, and warned that the weeks ahead could get ugly with rising prices. Indeed, a refinery explosion in New Orleans on Monday morning is threatening to hasten that rise in gasoline prices, as gasoline supplies could find themselves even more constrained. The explosion shook homes and could be heard for miles. Marathon Petroleum Corp’s oil refinery in Garyville, Louisiana, is one of the nation’s largest refineries and a major supplier of gasoline and diesel. It has a capacity of 578,000 barrels per day. 10% of that region’s refining capacity is already idle for repairs, according to Bloomberg. Source:Oilprice.com

Nigeria: Security Agencies Grill Persons Involved In Contaminated Fuel Importation

Michael Creg Afful
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Nigerian security agencies have begun investigations into the importation of contaminated fuel into Africa’s most populous nation. Reports have suggested that corporations and individuals involved in the importation of the contaminated fuel are being interrogated. Besides those who imported the contaminated fuel, energynewsafrica.com understands government officials who certified the products as fit for use are also being grilled to determine whether their action was influenced by pecuniary interest, neglect of duty or connivance for economic sabotage. According to a report filed by Vanguard, an unnamed top security officer who is part of the investigation team noted that the inquiry into the contaminated fuel is going to be comprehensive in line with a directive by President Muhammadu Buhari. “I can tell you that based on the order by Mr President that those behind the contaminated fuel be identified, we have invited and interrogated critical players in the oil industry who might have had one or more roles to play in the bad fuel saga. “It is apparent that heads will roll in this matter. So far, all those invited for interrogation by security agents have been cooperating with us and have spoken of their specific roles in the matter but the probe, which is very detailed and thorough, will continue until we get to the root of the matter. “It is obvious that anyone-whether an individual or corporate entity-who might have played a role in the importation of the polluted petrol would be severely punished to serve as a deterrent to others who might want to sabotage the interest of the country. “The importation of the tainted petrol into Nigeria amounts to economic sabotage with grave national security implications as many vehicles have been damaged and the economy grounded owing to the sudden fuel scarcity triggered by the withdrawal of the impure petrol from circulation nationwide,” the unnamed security officer said as carried by Vanguard. Nigerians woke up to the news of the spread of adulterated petrol being circulated across the country early this month. However, the Nigerian National Petroleum Corporation (NNPC) Group Managing Director (GMD), Mr Mele Kyari, was quick to alert the nation of the presence of toxic petrol when he addressed the media on February 9, 2022, and revealed how and who brought it into the country. Mr Kyari revealed that the adulterated fuel was imported into the country by four importers from Antwerp in Belgium with quality inspectors failing to detect the high level of methanol it contained, first at the point of import in Belgium and later at the point of arrival in Nigeria. He said that the NNPC’s investigation revealed the presence of methanol in the four PMS cargoes imported by MRS, Emadeb/Hyde/AY Maikifi/Brittania-U Consortium, Oando and Duke Oil. However, the four companies promptly denied any wrongdoing, insisting that their products were duly cleared as meeting the standard requirements before they were brought into the country.      Source: https://energynewsafrica.com         Source: https://energynewsafrica.com          
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