Nigeria has scrapped the Department of Petroleum Resources, the Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund under the country’s Ministry of Petroleum Resources, energynewsafrica.com can report.
Consequently, their chief executives have been relieved of their various appointments.
However, it has created two new agencies namely the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Regulatory Commission to assume the role of the scrapped agencies.
Nigeria’s Minister of State for Petroleum Resources, Chief Timipre Sylva disclosed this in Abuja during the inauguration of the boards of the newly created Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Regulatory Commission.
Chief Timipre Sylva explained that with the passage of the Petroleum Industry Act, the NPRA and NURC had taken over the functions of the DPR, PPPRA and PEF.
“The law states that all the assets and even the staff of the DPR are to be invested on the commission and also in the authority. So that means the DPR doesn’t exist anymore.
“And, of course, the law specifically repeals the DPR Act, the Petroleum Inspectorate Act, the Petroleum Equalisation Fund Act and the PPPRA Act. The law specifically repeals them. It is very clear that those agencies do not exist anymore,” he said in response to a question posed by journalists who covered the event.
Source: https://energynewsafrica.com
Ghana’s President Nana Akufo-Addo is expected to officially commission the new 580MVA Pokuase Bulk Supply Point Substation (BSP) on Wednesday, October 20, 2021.
The Pokuase BSP, constructed at a total cost of US$64.72 million, is Ghana’s largest power substation and the fifth bulk supply point to be constructed in Accra, the capital of Ghana.
Construction work on the project began in 2019 and was completed in May 2021.
Funding for the project was provided by the United States Government through its agency, the Millennium Challenge Corporation (MCC), as part of the Ghana Power Compact II Programme.
It was executed by elector SA of Spain.
The substation would improve and raise the operational and financial efficiencies of ECG and GRIDCo and increase the quality and reliability of electricity supplied to homes, offices, small, medium and large business enterprises in parts of Greater Accra.
Over 350,000 current customers of the Electricity Company of Ghana (ECG) living in Pokuase, Nsawam, Achimota, Kwabenya, Haatso, Agbogba, Adenta, Anyaa Sowutuom and their environs are already noticing improvements in the quality of electricity supplied to them since it was energised by GRIDCo.
President Akufo-Addo will be joined by the US Ambassador to Ghana, Her Excellency Sullivan, Nii Oto Kwame V, the chief of Pokuase and Klorkai Densua IV, Queen-mother of Pokuase, as well as officials of MiDA, ECG, GRIDCo and Ministry off Energy to cut the ribbon and unveil a plaque to formally commission the BSP.
African leaders most often than not play a blame game with other parties with regards to the mismanagement of the continent’s resources due to extensive corruption, political instabilities, regulatory uncertainties, and civil wars which have created financial poverty, energy poverty and plagued the standard of living across the continent.
Multinational companies have often been the main extractor of these resources with little or no benefit to the indigenous population. It is imperative for African countries to come together and consolidate their experiences and develop a common legal template for negotiating better deals with mining, oil, and other natural resource corporations (Fabricius , 2017).
The decline in oil prices negatively imparted the continent by creating a disturbing blow to African oil-producing nations. With many African economies slowly recovering and gross domestic product (GDP) expected to accelerate by the end of 2020, there is every reason to be optimistic. One key constant that remains unaltered throughout this period is the potential of the African oil and gas sector. The continent has 7.5 per cent and 7.1 per cent of global oil and gas reserves respectively. The continent is again attracting investors with the recent increase in oil prices. Below is a table showing the main oil and gas producers in Sub-Saharan Africa.
From historical data, oil and gas has been the main driver of economic growth in African energy-exporting countries. More than 90 per cent of revenues and bulk of fiscal revenues can be attributed to oil exports. In spite of all these, African countries have still been unable to harness these dividends for sustainable economic growth (Deloitte, 2019).
African leaders need to be more analytical and outside-the-box thinkers in eradicating energy poverty across the continent. A multi-sustainable and dynamic approach which involves the use of both renewable energy sources and fossil fuels has been recommended by the African Energy Chamber. This robust strategy is designed to include Africa’s abundant, readily available natural gas in the continent’s energy mix (Ayuk, 2020). Gas especially most of Africa’s low carbon LNG, is the cleanest of all fossil fuels, and it can create a pathway to minimizing energy poverty through gas-to-power programs. It can also open the door to economic growth and diversification by serving as a feedstock for petrochemical production and fuel for industrial facilities. Imagine Nigeria giving up on Gas after passing its historic Petroleum Industry Bill. Same with Mozambique which is scheduled to be the third largest producers of LNG in the world. Senegal, Algeria, Congo-Brazzaville, Cameroon, Equatorial Guinea, Angola, South Africa, Tanzania, Mauritania, Egypt are all ramping up.
Expanding the production and use of gas within Africa would also give African countries something very important. Which is more time to make sure that the African people and businesses develop the capability to enjoy the full benefits of renewable energy jobs and business opportunities. Africa logically needs that extra period within the cycle. This option is certainly more reasonable as compared to taking oil and gas production abruptly off the table just to accommodate world leaders, businesses, and organizations that will never have to live with the consequences of such actions. Africa will always feel the consequences and pain if realistic decisions are not made at the high level.
Africa at this stage does not require the international community to present solutions that disregard the indigenous priories and opinions to resolve the continent’s energy poverty. The African leaders need to avoid making decisions that suit the priorities and desires of the western world while ignoring the African ambitions and priorities. This is one reason why fossil fuels are so vitally important for Africa. Natural gas and crude oil don’t just provide Africans with reliable electricity. They also provide Africans with a wide range of employment and business opportunities across the continent in the realms of upstream exploration and development, transportation, refining, marketing, and petrochemical production.
It is these prospects that have led African governments to spend years developing and modifying local content policies to make sure that Africans reap the rewards of oil and gas activities in their countries. At this stage we cannot confidently say the same approach will be employed for renewable energy. Even before African leaders fully consider alternative sources of energy, the question of whether or not local content policies have been considered within the European Green New Deal being imposed on Africa needs to be addressed. Whether these new deals will empower young African entrepreneurs, companies. The main driver for local content and technology transfer across Africa has been the upstream oil and gas industry. Other industries even older than oil and gas learnt a lot from the industries’ local content strategies.
The question of whether there are capacity-building initiatives that will prepare Africans to assume renewable energy jobs at all levels, from labor to leadership roles and how long that will take also still remains (Ayuk, 2020).
If we take a look at solar energy for example, 10 per cent of the world’s off-grid companies are African – and many of them are relatively small. This implies that if they switch to renewables especially with the deal from the European Commission and the International Energy Agency is rushed, there is the likelihood that only a few (or almost none) of the companies involved in filling this space will be based in Africa. There is also the chance that if multinational firms lead the way, they will, in all likelihood, hire people from their own countries to take the jobs they create from the start before they hire Africans. This will just be another déjà vu of our past repeating itself. The hard truth is that Africans do not need ‘help. Africans need the jobs, contracts, and empowerment
If energy poverty is really a problem in Africa, then it is indeed an irony to see calls for terminating overseas funding for coal projects that would give the continent’s power production a boost. Regardless of whether the subject is coal, gas, or crude oil activities in Africa, international organizations have no business interfering with African investment opportunities or compelling energy companies not to do business in Africa.
That’s why the African Energy Chamber has announced that it will encourage African countries to boycott companies that boycott African oil and gas (African Energy Chamber, 2020). Statistics show that African nations collectively emitted seven times less CO2 than China last year, and four times less than the US, according to the Global Carbon Atlas (Ayuk, 2020).
To conclude, African leaders will have to come together as one and make collective decisions regarding the continent’s energy situation. In the midst of the European Commission and the International Energy Agency calling on African leaders to help get rid of oil and natural gas, the response from the African leaders must not be affirmative. No matter how much empathy the global community shows about Africa’s strengths, opportunities, and challenges, no one will be more discerning, or more enthusiastic to find the best solutions than the people who call Africa home. This initiative begins with effective decision making amongst the African leaders.
Energy Think Tank, Institute for Energy Policies and Research, is calling on Ghana’s Minister for Finance, Ken Ofori Atta, to as a matter of urgency, account to Ghanaians on the GHS 1.26 billion accrued from the Price Stabilization and Recovery Levy (PSRL) since 2015.
Referring to a recent press statement by the Africa Centre for Energy Policy (ACEP), INSTEPR said ACEP estimated the total PSRL paid by Ghanaians to be GHS2.53 billion.
“We have all been paying this levy since 2015 till date and from ACEP’s calculation, there should be about GHS1,263,928,479.69 in that account for price stabilization. If there is ever a time Ghanaians wanted help from our government, I think now will be a good time.
“We are just about recovering from the COVID-19 pandemic yet prices of goods are very high because of high shipping cost. Wages have not increased much, and international petroleum prices are going up every day. Ghanaians are not asking the Finance Minister to borrow to help us..all we want is our ‘Susu money’ to help us in these difficult times,’’ Executive Director of Institute for Energy Policies Research, Kwadwo Poku said in a press statement copied to energynewsafrica.com.
RE: WHERE IS OUR GHS 1.26 BILLION? FINANCE MINISTER SHOULD ACCOUNT TO GHANAIANS
The Institute for Energy Policies and Research is calling on the Minister of Finance, as a matter of urgency to give accounts to Ghanaians on the GHS 1.26 billion accrued from the Price Stabilization and Recovery Levy (PSRL) since 2015.
In a press release by Africa Centre for Energy Policy (ACEP), they estimated the total amount paid by Ghanaians as a result of PSRL to be GHS 2.53 billion. As per the Act 899, part of this levy is to subsidize premix and residual fuel oil and the balance to be used to stabilize petroleum prices for consumers.
Last week, the President gave executive approval for the PSRL which is currently GHp16 for Gasoline and GHp14 for Diesel, to be reduced to zero. This reduction, we are told by government is to help Ghanaians in these times of high petroleum prices. We welcomed the announcement as good news because the average Ghanaian driver will save GHp64 per gallon of gasoline. The next logical question is, where is the PSRL money?
In 2015, the government introduced the Price Stabilization and Recovery Levy under the Energy Sector Levies Act 899. The fundamental idea behind this levy is simple:
‘‘When international Petroleum prices are low, Ghanaians through this levy will pay an amount into an account and when prices are high this money put aside for a rainy day, will be used to stabilize prices.’’
Very laudable policy, right? We have all been paying this levy since 2015 till date and from ACEP’s calculation, there should be about GHS 1,263,928,479.69 in that account for price stabilization. If there is ever a time Ghanaians wanted help from our government, I think now will be a good time. We are just about recovering from COVID-19 pandemic, prices of goods are very high because of high shipping cost, wages have not increased much, and the international petroleum prices is going up every day. Ghanaians are not asking the Finance Minister to borrow to help us, all we want is our ‘susu money’ to help us in these difficult times.
Our members of Parliament who passed the Act, are supposed to ask for accountability but we are yet to see them fulfill their duties. When Parliament resumes from recess, they will have to approve the reduction of the levy. We hope the Mines and Energy committee demand the whereabouts of this money and how Government intend to use it. The National Petroleum Authority (NPA) are only happy to implement margins and Taxes but not for once be on the side of the suffering Ghanaians. NPA as sector regulator should present a plan to the Energy Minister and Finance Minister on how the GHS1.26 billion will be used to stabilize prices.
We should all in one voice demand accountability and proper utilization of the PSRL. This cannot be another TOR Debt Recovery Levy, which we have been paying for over 10 years but TOR still owes water bill. Just reducing the PSRL is not good enough and we are prepared to explore legal options if government does not put forward a plan to help us with our own money.
Kwadwo N. Poku
Executive Director
Ghana’s largest opposition party, the National Democratic Congress (NDC) has accused President Akufo-Addo-led administration of being insensitive to the masses who are suffering because of the rising cost of petroleum products in the West African nation.
According to the party, the increases in fuel prices almost every two weeks has brought untold hardship in the country and, therefore, demands that the government does something to alleviate the suffering of Ghanaians.
Ghanaians currently buy a litre of both petrol and diesel at GHS6.88 from the previous GHS6.52 per litre.
A kilo of LPG now sells at GHS7.86.
Addressing a section of journalists in Accra, capital of Ghana, Monday, October 18, 2021, the National Communications Officer of the NDC, Sammy Gyamfi demanded an immediate reduction in fuel prices in the country.
He said the government can do this by scrapping some of the taxes slapped on petroleum products.
He explained that though the Special Petroleum Tax (SPT) of 46 pesewas on a litre of diesel and petrol was introduced by the erstwhile NDC/Mahama administration sometime in 2016 to shore up the government’s revenue for development purposes, this government has introduced new taxes on fuel products such as the Energy Sector Levies of 20 pesewas on a litre of diesel and petrol and the new sanitation levy of 10 pesewas on a litre of diesel and petrol.
He further demanded that the 18 pesewas on a kilogram of LPG must be scrapped.
“We wish to call on the the government to consider the review of other existing taxes on fuel products in line with proposals submitted to the Ministries of Finance and Energy by the Chamber Of Petroleum Consumers (COPEC) and other stakeholders in the downstream petroleum sector.
“We wish to remind President Akufo-Addo and Dr Bawumia to respect and uphold the sanctity of their political pact with the Ghanaian electorate.
“The Ghanaian people did not bargain for this level of the tax burden on the prices of petroleum products in the 2020 December 7 polls.
“This government has become too removed from the stark realities of the Ghanaian people and it is about time they got back on track,” he concluded.
Source: https://energynewsafrica.com
Africa’s largest economy, Nigeria, has rejected a single pathway concept to global energy transition and net-zero carbon.
According to the country’s Minister of State Petroleum Resources, Chief Timipre Sylva, energy transition is a process; not an instant destination.
“Nigeria will continue to explore and invest in the development of hydrocarbon resources while pushing for the use of gas as a transition fuel,’’ Chief Timipre Sylva said as carried by online portal, vanguardngr.com.
He noted that for most African countries with a huge energy deficit, moving away from the deployment of hydrocarbon was a huge concern, stressing that developing countries were striving to attain a certain baseline of industrialisation.
He said while Nigeria acknowledges its commitments to net-zero as a nation, there is no gainsaying the fact that the country requires fossil fuel as its baseload energy source.
“This is undoubtedly a major concern for climate activists in developed nations, but the clamour to emphasise only renewable energy as the sole pathway to energy transition is a source of concern for African countries that are still working to achieve baseload industrialisation, address energy poverty and ensure reliable power supply.
“This is why in Nigeria, we reject the concept of a single pathway to the energy transition. Indeed, we prefer the concept of ‘just’ energy transition which takes into cognisance the specific circumstances of each nation in developing the energy transition pathway that best achieves the environmental, social, political and economic objectives of the transition in that specific nation.
“Multiple pathways to the energy transition should and must exist to ensure that no country is left behind in the process of achieving net-zero by 2050,” he added.
He explained that gas would be central to Nigeria’s plan for energy transition, adding: “First is the focus on gas. For us, this is at the heart of the energy transition and represents the first step in the journey to renewables, away from oil. Already, we have declared that gas is our transition fuel, and also represents a destination fuel as we envisage that it will be part of our energy mix by 2050, given the vast resources that can be commercialised and utilised.”
Source: https://energynewsafrica.com
The Kenyan government is cushioning fuel consumers as a result of the rising crude oil prices on the world market which is causing regular hike in fuel prices at the pump resulting in more sufferings for the masses.
The government, through the National Treasury, has released Sh24 billion (216,313,653.60 dollars) from the Petroleum Development Fund to bring down fuel prices in the latest review.
“The government will utilise the Petroleum Development Levy to cushion consumers from the otherwise high prices,” EPRA Director-General, Kiptoo Bargoria said in a statement.
Majority of low income households who heavily rely on kerosene as a source of energy were the main beneficiaries after the Energy and Regulatory Authority (EPRA) cut the price per litre by Sh7.28.
The regulator also slashed Sh5 off a litre of petrol and diesel despite increases in global prices.
According to EPRA, the landed cost for petrol increased by 1.71 per cent from $548.36 per cubic metre in August to $557.74 in September.
Diesel increased by 3.10 per cent from $489.51 per cubic metre to $508.68.
The cost of importing kerosene, however, dropped by 4.1 per cent to $477.75 from $498.19 per cubic metre.
The new prices that took effect, Thursday midnight, will see petrol users in Nairobi pay Sh129.72 per litre, Sh110.60 for diesel and Sh103.54 for kerosene.
Those in Mombasa will pay Sh127.46 for a litre of super petrol, Sh108.36 for the same quantity of diesel and Sh101.29 for kerosene.
This is a reprieve to consumers who have in the past 30 days paid up to Sh135 for a litre of petrol, generally pushing up the cost of living.
Source: https://energynewsafrica.com
The Chief Executive Officer of the Volta River Authority (VRA), Ing. Emmanuel Antwi-Darkwa says several bottlenecks need to be cleared if the country is to attain a 10 per cent renewable energy target in the power generation mix by 2030.
According to him, the current state of the Renewable Energy (RE) sector could be seen as challenged, ranging from financial, technical and market fronts.
In a speech read for him at the opening of the 7th Renewable Energy Fair in Accra on Tuesday, Ing Antwi- Darkwa explained that the specific challenges that the key industry players face include constrained off-take in the regulated market due to the moratorium on signing the new Power Purchase Agreement (PPA), difficulty in raising long-term PPA to support long-term debt financing of utility-scale projects, and difficulty in the deployment of large utility-scale facilities at a single location to improve economies of scales due to grid constraints.
The rest, as he elaborated, were the delay in rolling out projects due to the need to develop frameworks to operationalize the amended RE-Act to implement policies like net metering and competitive sourcing of REpower generation by public distribution companies, and difficulty in sourcing long-term competitive financing in Ghana to drive down the cost of renewable energy.
“Renewable energy is key to the development of Ghana’s power sector and significant investments and commitments are required to address these challenges to enable the country to achieve its ambition of at least 10 per cent of our power generation sourced from renewables by the year 2030, thereby, contributing towards the attainment of the Sustainable Development Goals (SDGs) 7 (affordable and clean energy) and 13 (climate change),” Ing. Darkwa stated.
In maintaining the leadership role in the power sector as the foremost power generating company, the VRA has successfully undergone a Financial Recovery programme and has transitioned into a sustainability plan which has renewable energy and conversion of simple cycle thermal plants to combined-cycle as key elements for driving down cost and carbon footprints.
“Having developed the first large-scale grid-connected Solar PV plant, 2.5MW at Navrongo at the time when the full-range of regulation was not in place, VRA helped shape RE regulation and seeks to continue this path by setting the pace in the development and implementation of Wind Power in Ghana,” he said.
He disclosed that VRA has commissioned a 6.5MW Solar PV plant at Lawra and is currently commissioning a 13MW plant in Kaleo with an additional 13.8MW to commence in Kaleo by the end of 2021.
However, beyond this, VRA, in the next five years, is expected to roll out RE projects which would include 60MW Hydro and 50MW Solar PV Pwalugu Multipurpose Dam Project, 60MW Solar PV at Bongo, 50MW Floating Solar PV on the Kpong Head pond and 75MW Wind Power Project Phase-1 among others.
He assured Ghana that VRA is poised to ensure leadership in the climate change agenda.
He urged participants of this year’s conference to see their participation as an opportunity to help or contribute to fashioning out clear strategies that need to be pursued to find solutions to some of the bottlenecks that hinder the development of Ghana’s renewable energy agenda.
Exxon Mobil Corp on Sunday told workers at its Beaumont, Texas, refinery their six-month lockout will end if they ratify the company’s contract offer or remove the United Steelworkers union (USW) as their representative.
“As we have told the Union, the conditions which would end the lockout remain the same: the company will end the lockout when we have a signed, ratified agreement,” Exxon said in a message posted on-line.
“This has not changed, and anything said to the contrary is untrue. Additionally, if employees were to decertify, the company would return employees to work.”
Decertification is the process to remove a union from representing employees at a given location.
The U.S. National Labor Relations Board (NLRB) is reviewing a petition signed by at least 30% of the locked-out workers that could lead to a vote to decertify USW Local 13-243 in Beaumont as their representative. No date for a vote has been set.
Workers at the 369,024 barrel-per-day (bpd) Beaumont refinery and adjoining lubricant oil plant, which makes Mobil 1 motor oil, are scheduled to vote on Tuesday on the company’s contract offer.
Bryan Gross, USW international representative, said the company chose to begin the lockout on May 1.
“The company asked, ‘What has the union done?’ The union has helped with groceries, assisted with bills, and is now providing health insurance for all of the ‘world-class employees’ at a multi-billion dollar oil company put on the street instead of bargaining in good faith for a fair contract,” Gross said on Sunday.
The USW has urged workers at the refinery to reject the contract offer in Tuesday’s vote.
The union filled a complaint with the NLRB in June alleging the purpose of the lockout was to remove the union.
Exxon said it began the lockout to prevent the disruption of a possible strike.
Source: Reuters
Gyaama Pensah Secondary Technical School, a senior high school at Aboaso in the Ashanti Region in the Republic of Ghana has been crowned the national champions of the ‘2021 High School Renewable Energy Challenge’ organised by the Energy Commission.
The school, which was represented by Miss Janet Ohemaa Nkansah and Miss Nolgo Christolove Arthur in the finals beat five competing schools to emerge winners at the event that took place at the Accra International Conference Centre, last Thursday, October 14, 2021.
Mfantsiman Girls SHS in Saltpond in the Central Region, represented by Miss Bridgette Elikplim Boafo and Miss Abigail Esinam Hededzi came second while Navrongo SHS in the Upper East Region, represented by Miss Mohammed Falilatu and Miss Pwasam Shulamite came third.
Mamfe Methodist Girls’ SHS in the Eastern Region came forth with Accra Technical Training Center securing the fifth position while Acherensua SHS in the South Asutifi District of the Ahafo Region secured the sixth position.
The schools presented different prototypes of energy generation projects made from renewable sources.
Each participating school received a cash prize.
The competition, initiated by the Energy Commission, in collaboration with the Bui Power Authority and the Ghana Education Service (GES), sought to create education and awareness in renewable energy and its efficiency among schools across the country.
It is also to help develop research skills, promote technical innovation in renewable energy efficiencies in the students for them to develop the passion for solving renewable energy challenges, climate change issues and encourage hard work through public recognition and rewards.
Mfantsiman Girls representatives receiving their prizeNavrongo SHS students in a group photograph with tutors after receiving their prizeStudents of Accra Technical Centre receiving their prizeExecutive Secretary of Energy Commission Ing. Oscar Amonoo-NeizerAkua Sakyi, Corporate Affairs Manager of Bui Power Authority receiving an award on behalf of BPA for sponsoring the 7th Ghana Renewable Energy Conference & Exhibition
Source: https://energynewsafrica.com
South Sudan’s President, Salva Kiir, has dismissed the Chief Executive Officer of the country’s national oil company, Nile Petroleum Corporation (Nilepet), Bol Ring Mourwel.
According to BBC, no reasons were given for the sacking announced in a presidential decree on the state broadcaster on Thursday night.
A new boss for the Nile Petroleum Corporation (Nilepet) is yet to be appointed.
It is unclear if the sacking was related to the recent allegations that Mr Bol ordered the accounts office to transfer $250 million (£182m) to his private bank accounts in Dubai and Khartoum.
He has denied the allegations.
Mr Bol was appointed last year, replacing Chol Deng Thon.
He was appointed to lead what the Nilepet called “ambitious growth plans and development of oil and gas sector” in the country.
Fuel consumers in the Republic of Ghana will be paying between GHS6.88 (1.13 dollars) and GHS7.11(1.17 dollars) for a litre of both petrol and diesel from Saturday, October 16, 2021, energynewsafrica.com can report.
This is per computation by the Association of Oil Marketing Companies (OMCs).
A litre of both petrol and diesel currently sells at GHS6.52.
Last Monday, the National Petroleum Authority (NPA), the downstream petroleum regulator, announced the government’s decision to suspend the Price Stabilization and Recovery Levy (PSRL) one of the tax components making the petroleum price build-up.
This has, however, not been implemented because Ghana’s parliamentarians are currently on recess.
In a statement issued by Mr Kwaku Agyemang- Duah, CEO of Association of Oil Marketing Companies in his response to claims that the removal of the PSRL will drive down the cost of fuel, said the PSRL can only be implemented if the NPA issued a written communication to the OMCs.
As it stands now, that has not been done, meaning that Ghanaians would have to pay for the PSRL until a formal communication from NPA has been done.
Mr Agyemang-Duah noted that the current pricing window ends today, Friday, 15th October 2021.
He continued that the second window of the month starts on Saturday, 16th October 2021.
He said per the AOMC Market Research Index, fuel prices including the current PSRL for petrol will range from GHc6.88 and GHc7.11 and diesel will sell at between GHS6.82 and GHS7.05.
But should the PSRL be suspended as the NPA had said, a litre of petrol would sell at between GHS6.72 and GHS6.95 while diesel would sell at between GHS6.68 Ghs and GHS6.91.
“The public should be reminded that prices of petroleum products are computed by each OMC independently and submitted to the Regulator, as a compliance to the Price Build-Up formula,” he educated.
“We would like to assure our cherished consumers that we will not do anything to compromise the quality and quantity of products dispensed at the pumps or short-change them to supposedly make abnormal profits which invariably do not exist. We have to fully recover our cost,” he concluded.
Source: https://energynewsafrica.com
The largest coal miner in the world, Coal India, has temporarily suspended supply to several industrial consumers in India as it prioritizes shipments to the coal power plants which provide most of the electricity in the country, the company told Bloomberg in a text message on Thursday.
India, like other countries in Asia, faces a severe coal supply shortage, threatening power outages and industry slowdown, amid rallying global prices of coal and natural gas.
“This is only a temporary prioritization,” according to Coal India’s text message to Bloomberg.
“Once the situation stabilizes, expected within a short time, and stocks at coal-fired plants attain a comfort level, other sectors will be brought back to their regular supply norm,” the world’s top coal miner said.
The current coal shortage in India, which has an average of just three days worth of coal in stockpiles, could last for up to six months, Power Minister R.K. Singh said last week.
“I can’t say I am secure… If you have 40,000-50,000 MW (of thermal capacity) with less than three days of stock, you can’t be secure,” Singh told The Indian Express in an interview last week.
India’s massive coal fleet is running out of coal, threatening a power crunch in the country that relies on the dirtiest fossil fuel for most of its electricity generation. Coal is the major power generating fuel in India, accounting for 70 percent of electricity generation.
Coal inventories at many of the 135 coal-fired power plants are at critically low levels, while India scrambles to get more coal supply amid a global crunch of energy supply and skyrocketing prices of coal and natural gas.
As of this week, India’s thermal power plants have an average of four days of coal stockpiles compared to a recommended level of between 15 and 30 days, The Indian Express reported on Thursday, citing a situation review of the coal and power ministries. Several states in India, including Delhi, Punjab, and Rajasthan, have warned of potential blackouts due to the coal supply shortage.
Source:Oilprice.com
Ghana’s national oil company, GNPC, has acquired seven per cent Commercial Interest in both the Jubilee and TEN blocks from American oil and gas company Occidental Petroleum for a purchase price of USD199 million effective 1st April 2021.
Consideration due to OXY at completion was approximately USD165 million after taking into account closing adjustments.
Occidental had, before this transaction, acquired the Ghana assets of Anadarko.
This acquisition adds to GNPC’s existing Carried and Participating Interest (CAPI) of 13.64 per cent in the Jubilee Field, and 15 per cent in the TEN Field.
The interests acquired will be transferred to GNPC’s subsidiary, the GNPC Exploration and Production Company (GNPC Explore).
With this acquisition, GNPC Explorco will become part of the contractor group for the two blocks, together with Tullow, Petro SA and Kosmos, which also bought an additional interest in the two blocks.
This is in line with GNPC and the government’s strategy of increasing its participating stakes in viable oil blocks going forward.
Commenting on the acquisition, the Chief Executive of GNPC, Dr Kofi Koduah Sarpong said, “This acquisition is of immense benefit to GNPC as it allows GNPC Explorco to start generating cash flow for its activities. There is also a debt write-off of over USD30 million from KOSMOS Energy.
Kosmos Energy has also agreed to train GNPC technical staff in support of GNPC’s quest to build operator capacity.”
Source: https://energynewsafrica.com
From historical data, oil and gas has been the main driver of economic growth in African energy-exporting countries. More than 90 per cent of revenues and bulk of fiscal revenues can be attributed to oil exports. In spite of all these, African countries have still been unable to harness these dividends for sustainable economic growth (Deloitte, 2019).
African leaders need to be more analytical and outside-the-box thinkers in eradicating energy poverty across the continent. A multi-sustainable and dynamic approach which involves the use of both renewable energy sources and fossil fuels has been recommended by the African Energy Chamber. This robust strategy is designed to include Africa’s abundant, readily available natural gas in the continent’s energy mix (Ayuk, 2020). Gas especially most of Africa’s low carbon LNG, is the cleanest of all fossil fuels, and it can create a pathway to minimizing energy poverty through gas-to-power programs. It can also open the door to economic growth and diversification by serving as a feedstock for petrochemical production and fuel for industrial facilities. Imagine Nigeria giving up on Gas after passing its historic Petroleum Industry Bill. Same with Mozambique which is scheduled to be the third largest producers of LNG in the world. Senegal, Algeria, Congo-Brazzaville, Cameroon, Equatorial Guinea, Angola, South Africa, Tanzania, Mauritania, Egypt are all ramping up.
Expanding the production and use of gas within Africa would also give African countries something very important. Which is more time to make sure that the African people and businesses develop the capability to enjoy the full benefits of renewable energy jobs and business opportunities. Africa logically needs that extra period within the cycle. This option is certainly more reasonable as compared to taking oil and gas production abruptly off the table just to accommodate world leaders, businesses, and organizations that will never have to live with the consequences of such actions. Africa will always feel the consequences and pain if realistic decisions are not made at the high level.
Africa at this stage does not require the international community to present solutions that disregard the indigenous priories and opinions to resolve the continent’s energy poverty. The African leaders need to avoid making decisions that suit the priorities and desires of the western world while ignoring the African ambitions and priorities. This is one reason why fossil fuels are so vitally important for Africa. Natural gas and crude oil don’t just provide Africans with reliable electricity. They also provide Africans with a wide range of employment and business opportunities across the continent in the realms of upstream exploration and development, transportation, refining, marketing, and petrochemical production.
It is these prospects that have led African governments to spend years developing and modifying local content policies to make sure that Africans reap the rewards of oil and gas activities in their countries. At this stage we cannot confidently say the same approach will be employed for renewable energy. Even before African leaders fully consider alternative sources of energy, the question of whether or not local content policies have been considered within the European Green New Deal being imposed on Africa needs to be addressed. Whether these new deals will empower young African entrepreneurs, companies. The main driver for local content and technology transfer across Africa has been the upstream oil and gas industry. Other industries even older than oil and gas learnt a lot from the industries’ local content strategies.
The question of whether there are capacity-building initiatives that will prepare Africans to assume renewable energy jobs at all levels, from labor to leadership roles and how long that will take also still remains (Ayuk, 2020).
If we take a look at solar energy for example, 10 per cent of the world’s off-grid companies are African – and many of them are relatively small. This implies that if they switch to renewables especially with the deal from the European Commission and the International Energy Agency is rushed, there is the likelihood that only a few (or almost none) of the companies involved in filling this space will be based in Africa. There is also the chance that if multinational firms lead the way, they will, in all likelihood, hire people from their own countries to take the jobs they create from the start before they hire Africans. This will just be another déjà vu of our past repeating itself. The hard truth is that Africans do not need ‘help. Africans need the jobs, contracts, and empowerment
If energy poverty is really a problem in Africa, then it is indeed an irony to see calls for terminating overseas funding for coal projects that would give the continent’s power production a boost. Regardless of whether the subject is coal, gas, or crude oil activities in Africa, international organizations have no business interfering with African investment opportunities or compelling energy companies not to do business in Africa.
That’s why the African Energy Chamber has announced that it will encourage African countries to boycott companies that boycott African oil and gas (African Energy Chamber, 2020). Statistics show that African nations collectively emitted seven times less CO2 than China last year, and four times less than the US, according to the Global Carbon Atlas (Ayuk, 2020).
To conclude, African leaders will have to come together as one and make collective decisions regarding the continent’s energy situation. In the midst of the European Commission and the International Energy Agency calling on African leaders to help get rid of oil and natural gas, the response from the African leaders must not be affirmative. No matter how much empathy the global community shows about Africa’s strengths, opportunities, and challenges, no one will be more discerning, or more enthusiastic to find the best solutions than the people who call Africa home. This initiative begins with effective decision making amongst the African leaders.
Each participating school received a cash prize.
The competition, initiated by the Energy Commission, in collaboration with the Bui Power Authority and the Ghana Education Service (GES), sought to create education and awareness in renewable energy and its efficiency among schools across the country.
It is also to help develop research skills, promote technical innovation in renewable energy efficiencies in the students for them to develop the passion for solving renewable energy challenges, climate change issues and encourage hard work through public recognition and rewards.
Source: https://energynewsafrica.com 
