Sub-Saharan Africa, especially its largest oil producers Nigeria and Angola, will struggle to raise oil output through the middle of this decade, as international majors are shifting their investment priorities, data and analytics company GlobalData said on Friday.
Lack of sufficient investments and few new projects could derail Sub-Saharan Africa’s ambition to increase its crude oil production through 2025 after a difficult pandemic-hit 2020, GlobalData said in its report.
As international oil majors are reassessing their investment priorities and projects compete for less capital amid an ongoing capex discipline, Nigeria and Angola—the leading African producers in OPEC—are seeing few new projects being approved.
According to GlobalData, the two countries will see falling crude oil and condensate production from this year onwards.
At the same time, they also have a relatively small number of oil projects that would come on stream within 2025.
Sub-Saharan Africa has a lot of potential and could easily top Europe in terms of oil and gas output, Conor Ward, Oil and Gas Analyst at GlobalData, said, commenting on the findings.
“However, companies have been more cautious than ever over their investments. Some of the huge discoveries made over the past decade have seen significant delays with no final investment decision (FID) in sight: as is the case with Shell’s Bonga Southwest/Aparo, which was discovered over 20 years ago,” Ward said.
“Sub-Saharan Africa is seeing a shift of investment away from the more developed countries in the region, most notably Nigeria, and more towards frontier countries such as Mauritania, Senegal, Mozambique, and Uganda as the fiscal terms offered by the host countries are far more appealing and have a large untapped resource base,” Ward added.
Nigeria has to address the above-ground risks for companies if it wants to attract investment, the analyst noted.
Nigeria approved last month a new petroleum industry bill in Africa’s top oil producer and exporter, putting an end to 20 years of debates and delays.
International oil majors have not been flocking to Nigerian oil assets now that fossil fuels are even more fiercely competing for Big Oil’s capital plans as majors start shifting more funding to low-carbon energy sources.
Source:Oilprice.com
Norway is the country with the highest share of renewable energy in the world, according to new data.
A study by energy tariff comparison platform Utility Bidder reveals the top 20 countries in the clean energy field, as well as those which rely most on fossil fuels.
The fossil fuels measured were coal, oil and natural gas, while renewable sources were biofuels and waste, wind, solar and hydro. The figures were sourced from the International Energy Agency (IEA).
56 per cent of Norway’s total energy usage comes from renewable sources, while the UK ranks 20th with clean energy only accounting for a dismal 13 per cent.
What do Norway, Brazil and New Zealand have in common?
These three countries are all world leaders when it comes to renewable energy. They came first, second and third respectively in the rankings.
Norway utilises hydropower more than any other country around the globe – it accounts for 45 per cent of its supply alone. The Nordic country is known for its many steep valleys and rivers, as well as increased rainfall due to climate change, meaning hydroelectricity is bountiful.
With the second highest supply of renewable energy, Brazil is the leader in biofuel and waste energy. These sources account for 32 per cent of its total energy supply.
It is the second-largest producer of ethanol fuel and is an industry leader, with sugarcane-based ethanol being touted as the most successful alternative fuel to date.
The countries that use the highest share of renewable energy in the worldUtility bidder
Renewable energy sources account for 42 per cent of New Zealand’s energy supply. It is a world leader in wind and solar energy which make up 25 per cent of its energy supply.
Situated in the path of the ‘Roaring Forties’, a set of strong and constant westerly winds, the nation is perfectly positioned for wind power. It enjoys plenty of sunshine for solar energy too, as well as having an increasing market for solar hot water heating systems.
Which five countries are most reliant on fossil fuels?
With 98 per cent reliance on fossil fuels, Singapore comes out as the worst in the world.
The country uses the highest proportion of oil in the world relative to total energy supply, with fossil fuels making up 73 per cent of its energy supply.
It is home to major oil companies such as Exxon Mobil, due to its ideal trading location and perceived safe environment.
Singapore is closely followed by Australia, with 93 per cent reliance, and then South Africa with 91 per cent.
Luxembourg and the Netherlands take fourth and fifth spot with a joint 90 per cent fossil fuel dependence.
The countries that use the highest share of fossil fuels–Utility Bidder
The Netherlands has the highest supply of natural gas of any other country on the list. Fifty per cent of this comes from the Groningen gas field, the largest in Europe.
However, the Dutch government has committed to stop regular production from the Groningen field by 2022.
Source: euronews.com
Egbert Faibille Jnr., CEO of the Petroleum Commission of Ghana, has confirmed his attendance and participation at African Energy Week (AEW) 2021, taking place in Cape Town, South Africa, on the 9th-12th of November.
He is expected to deliver a keynote address at the event.
Mr. Faibille will attend AEW 2021 with a delegation of industry leaders and executives from Ghana, including Hon. Minister Dr. Matthew Opoku Prempeh and representatives from the Ghana National Petroleum Corporation (GNPC).
Representing one of Africa’s most promising natural gas sectors, and the agency responsible for Ghana’s upstream oil and gas sector, Faibille will drive a discussion on Africa’s gas miracle, pushing a strong narrative on the role of effective regulation and upstream oil and gas activities in driving continent wide energy sector and economic growth.
As CEO of the Petroleum Commission, the Ghanaian state agency responsible for the regulation, management and coordination of all upstream oil and gas activities, Faibille plays a fundamental role in expanding the country’s oil and gas industry.
Despite having only been established in 2011, in response to the discovery of significant commercial hydrocarbon deposits, the Petroleum Commission has accelerated energy sector growth, and positioned the country as an attractive investment destination through productive, industry focused regulation.
Under the auspices of the Minister of Energy, and built against a backdrop of reformed market-driven policies, the Commission has positioned Ghana as a highly competitive destination for upstream investment, leading to the rapid increase in oil and gas exploration and development.
Notably, one of the Commissions primary achievements has been the creation and implementation of one of the most transparent, modern, and industry-focused regulatory frameworks in Africa, leading to an influx of private sector participation and international investment.
Having restructured its energy sector from the ground up, enforcing legislature that prioritizes women inclusivity, local content, and the increasing ease of doing business for all stakeholders, Ghana has positioned itself as the go-to market for investment. What’s more, the Commission has created an impressive benchmark for other African nations seeking investment and the increase in domestic exploration and production. Ghana is a prime example of how regulation can drive energy sector success and AEW 2021 aims to emphasize this.
Accordingly, both the Ministry and the Commission have kick-started Ghana’s energy sector, driving new exploration and associated oil and natural gas developments. Some of the most noteworthy oil and gas achievements in the country include the billion-dollar discovery made by local company Springfield E&P Ltd. in the West Cape Three Points Block 2 area; the 150,000 barrels per day Jubilee oil field; the 3.4 million-ton Tema Liquified Natural Gas terminal; the 1,000MW Sankofa gas-to-power project; and the West African Gas Pipeline project. By ensuring an investor friendly business climate, Ghana now boasts the participation of some of the world’s most significant oil majors.
Notable actors include Aker Energy, Camal Energy, Sahara Group, and Swiss African Petroleum with major oil and gas operators including Tullow, Kosmos Energy, Eni, Anadarko Petroleum Corporation, Springfield E&P, and GNPC. By focusing on creating an enabling environment for investors, the Commission has driven progress in the sector.
“Ghana represents one of Africa’s most successful new markets with world-class projects establishing the country as a regional oil, gas, and power hub. The Commission has done an exceptional job in establishing an enabling environment, pushing through market-driven policies and progressive legislature that has accelerated growth and interest in the oil and gas sector. By participating at AEW 2021 in Cape Town, Ghana will showcase the value and role of regulation, driving a strong narrative that emphasizes reform and transformation. We look forward to hearing Faibille’s insights and aim to further promote Ghana’s energy sector at AEW 2021,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.
Source: African Energy Chamber
President Akufo-Addo has reappointed Mr. Edwin Alfred Provencal as the Managing Director of Bulk Oil Storage and Transportation Company Limited (BOST).
Edwin Provencal was the third Managing Director during the first term of the Akufo-Addo-led administration.
He was appointed after the dismissal of his predecessor, the late George Mensah Okley.
Since assumption of office, the MD and his management team have worked tirelessly in a bid to turn around the fortunes of the company.
Under his leadership, the company has been able to fully repair four river barges that were grounded and the Buipe-Bolgatanga pipeline with the repair works on Tema-Akosombo pipeline expected to be completed and operationalised by the end of the third quarter.
Swearing in the newly constituted Board of Directors of BOST, Energy Minister Dr. Matthew Opoku Prempeh charged the board to work together as a team.
Sounding a caution to them, Dr. Matthew Opoku Prempeh said he would not entertain any form of undermining by the MD against a board member or a board member against the MD.
Dr. Opoku Prempeh, who said he is solidly behind the board, reminded them of what he described as bad nuts in the downstream petroleum sector who are always setting traps for others to fall into.
He charged them to be efficient and transparent in their operations.
Mr. Ekow Hackman, who was the Board Chairman of BOST during the first term of President Akufo-Addo, was reappointed as chairman for the new board.
Other members of the board are Bright Okyere Adjekum Esq., Prof Kofi Osei Akuoku and Francisca Aba Addison
The rest are Dr. Nana Ayew Afriyie, Mr.s Joyce Agyeman Attafuah, Nana Owusu Afriyie IV and Emmanuel Tando.
Source: https://energynewsafrica.com
President Akufo-Addo has reappointed Mr Freddie Blay, National Chairman of the ruling party (NPP) as Board Chairman of Ghana’s national oil company GNPC.
Freddie Blay served in the same role during the first term administration of President Akufo-Addo, between 2017 and 2021.
Frederick Armah Blay, popularly called Freddie Blay, is a Ghanaian lawyer and a politician.
He was a Member of Parliament for the Ellembele constituency in the Western Region for years, and served as the First Deputy Speaker in the Fourth Parliament of Ghana.
He lost his seat in the general elections held on 7 December 2008 to Emmanuel Armah Kofi Buah of the NDC.
He was a member of the Convention People’s Party (CPP), but resigned to join the New Patriotic Party after being criticized by some CPP stalwarts for not campaigning for the CPP flagbearer, Dr. Paa Kwesi Nduom, instead endorsing the NPP’s presidential candidate then, Nana Akufo-Addo.
Between 2017 and January 2021, he served as the board chair of GNPC even though issues were raised over a party chairman chairing the national oil company.
Ace Ghanaian Broadcast Journalist, Kwame Sefa Kayi has been appointed Board Member of the National Petroleum Authority (NPA).
Sefa Kayi currently works with a local radio radio station Peace FM as host of its flagship morning show dubbed “Kokrokoo”.
He has several years of experience in radio broadcasting and communication.
The board which is chaired by Joe Addo -Yobo has Manuel Sawyyerr Esq., Clement Osei Amoako, Bernard Owusu, and Dr Nana Agyei Baffour Awuah as members.
The rest are Dr Mustapha Abdul-Hamid, CEO of NPA, and Madam Diana Mogre.
Source: https://energynewsafrica.com
Ghana’s national oil company, GNPC, is looking to purchase stakes in South Deep Water Tano and Deep Water Tano/ Cape Three Points oil blocks offshore Republic of Ghana.
GNPC wants to purchase about 70 percent stake in SWDT block operated by AGM Petroleum Ghana Limited and 37 percent stake in DWT/CTP operated by Aker Energy Ghana Limited.
To this end, GNPC has submitted a memorandum to Ghana’s Parliament to seek approval for a loan of $1.65 billion to enable it purchase stakes in the two oil blocks.
According to report filed by citinewsroom.com, the country’s Energy Minister, Dr Matthew Opoku Prempeh presented the document on behalf of GNPC to parliament for consideration and approval.
“Provision of a loan not exceeding US$1.65 billion to finance the acquisition at a price to be negotiated which might not exceed US$1.3 billion and GC Explorco share of capital expenditure (CAPEX) to Pecan Phase 1 First Oil of US$350 million.”
The report said GNPC argued that entering such a partnership with the two entities is critical because prevailing situations such as the exiting of oil majors from the country required that it builds its capacity and takes up a large part of the exploration activities before Ghana’s oil reserves hit a level of terminal decline.
“With the shift away from investments in oil and gas into renewable, Ghana faces the risk of stranded assets and dwindling proven reserves if GNPC is unable to undertake exploration, development and production alone. A declining industry undermines growth, diminishes revenue expectations for Ghana and makes redundant the stock of skilled labour in the industry which Ghana has rapidly built up over the decade.”
It said the move is “all the more needed and urgent” hence the need for parliamentary ratification.
Within four to five years, GNPC believes that the partnership will help the country produce an extra 200,000 barrels of crude oil.
“Cabinet has already granted approval for the deal,” the report noted.
Source: https://energynewsafrica.com
The newly appointed Chief Executive Officer (CEO) of the National Petroleum Authority (NPA), Dr. Mustapha Abdul-Hamid, has urged operators of fuel stations and managers of petroleum depots to ensure safety compliance to avoid accidents.
He underscored the need for players in the sector to work together to achieve ‘zero accidents’.
Dr. Mustapha Abdul-Hamid made the call when management and staff of Chase Logistics climaxed ‘1000 Days of Lost Time Injuries’ at Tema Tank Farm last Friday.
He noted that many Ghanaians are worried about recent increases in petroleum related accidents involving various fuel facilities and tankers.
According to him, these incidents, which are mostly avoidable, do not only result in physical loss of lives and properties but psychological consequences as well.
“We need to operate safely as an industry to regain the confidence of the general public in our operations.
“We are all aware that, most residents are apprehensive about the siting of fuel related facilities within their communities because of the fear of accidents. Compliance to safety standards will result in no accidents, thereby, boosting the confidence of the general public in the operations of these facilities,” he advised.
Speaking on the theme: ‘Advancing a culture of excellent health and safety standards in the petroleum industry: A key to sustainable development of Ghanaian economy’, Dr. Mustapha Abdul-Hamid noted that the petroleum industry is the engine of growth of the Ghanaian economy.
He, therefore, stressed that “we strive to carry out our operations in an efficient and safe manner to achieve sustainable development of the Ghanaian economy.”
Dr Mustapha Abdul-Hamid said NPA is committed to developing and improving safety standards in line with international best practices and ensure all operators strictly adhere to such.
To this end, he said NPA, as part of measures to ensure safety and reduce accidents involving Bulk Road Vehicles(BRVs), has teamed up with the Driver and Vehicle Licensing Authority (DVLA) and Road Safety Limited (RSL) to train BRV drivers on general defensive driving, Safe Loading & Unloading Procedures, Basic Fire-Fighting and Emergency Response, among others.
“I also entreat all depots to ensure that the pre-loading checks on these BRVs are thoroughly carried out to confirm their safety status, before they are loaded with petroleum products,” he advised.
He commended management of Tema Tank Farm for being safety compliance and urged them to keep up the high standard and not compromise on safety at anytime.
Source: https://energynewsafrica.com
A former Ghana’s Ambassador to the People’s Republic of China, H.E Edward Boateng, has been appointed as the new Managing Director of Tema Oil Refinery (TOR) by President Nana Akufo-Addo.
This is according to report filed by Asaase Radio, a local radio station owned by the cousin of President Nana Akufo-Addo.
Energynewsafrica.com’s checks at the Ministry of Energy also confirmed Edward Boateng’s appointment.
Edward Boateng, who is an international strategist, Communication expert and has held key management positions, would be the fourth person to be appointed as the Managing Director of TOR under the Akufo-Addo administration.
Mr Edward Boateng holds a Master’s in Business Administration from Clark-Atlanta University in the United States, a postgraduate diploma from Yale University and a Bachelor’s degree in economics and law from the Kwame Nkrumah University of Science and Technology in Ghana.
Commenting on his appointment as the new MD of TOR, H.E. Edward Boateng stated that he is poised to TOR and ensure that the refinery goes through the needed reforms to return the refinery to full capacity operation.
“We are capable of boosting the refinery’s capacity to position its operations to meet local demand and export its products in the West African sub region and beyond,” he stated.
The 45,000 barrel per stream daily refinery(bpsd) had been run by three managing directors namely; Mr. Isaac Osei, Asante Berko and Francis Boateng within the first four years of the current administration.
The West African nation’s premier refinery had been badly managed by successive governments, leaving the refinery with huge debts.
Recently, Ghana Water Company cut water supply to the refinery because of huge water bills it had not been able to settle.
Apart from the unsettled water bills, TOR also owed ECG millions of unpaid electricity bills.
Source: https://energynewsafrica.com
The Rockefeller Foundation and the International Finance Corporation (IFC) have signed an agreement to promote clean energy in emerging markets.
The Rockefeller Foundation plans to contribute about $150 million to de-risk about $2bn of investment mobilised from the private sector via the IFC.
This fund also includes an initial rapid deployment phase of $30m.
Both organisations have signed a ten-year partnership set to be implemented across seven sub-Saharan countries: Senegal, Rwanda, Nigeria, Sierra Leone, Ethiopia, Malawi and Uganda.
These countries possess the conducive enabling environment vital for developing access to energy, according to both organisations.
“The countries that have expressed interest have put in place policies that may not be perfect, but that are moving in the right direction,” Joseph Nganga, executive director of energy and climate for Africa at the Rockefeller Foundation, noted.
This partnership with the IFC forms part of a larger project to establish a $1bn platform alongside the IKEA Foundation to fund climate action and increase energy access.
The initiative, which is set to be launched at COP26 (in November in Glasgow), aims to prevent 1bn tonnes of greenhouse gas emissions and provide clean energy access to 1 billion people globally.
Residents of Ibadan in South-Western Nigeria will this morning Monday, August 2, 2021, hit the streets and later occupy the premises of Ibadan Electricity Distribution Company in protest against poor services being rendered by the company.
This is a follow up of Sunday’s street protest which saw hundreds of residents in attendance.
Ibadan has a total population of 3.6 million out of the over 211 million population of entire Nigeria.
The residents accused IBEDC of exploitation.
The protesters also sensitised the residents on what they described as injustice done by the electricity distribution company in some parts of the Oyo State capital.
Nigeria’s power sector has been struggling leading to widespread power cuts.
Last Wednesday, the country’s transmission system collapsed, resulting in nationwide black out.
In a post sighted by energynewsafrica.com on Instagram, the organisers of the protest, which bear the name revoltnow_ng, said the protest will last for two days.
The organisers are demanding that IBEDC bring back light, reduce electricity tariff among others.
The Bulk Oil Storage and Transportation Company (BOST) has refuted claims by the Ghana National Tanker Drivers’ Union that the strategic oil stock company does not have fuel in stock for almost about a year, thus rendering scores of drivers jobless.
According to a report carried by the Ghana News Agency, the tanker drivers, in a petition signed by its National Chairman, George Nyaunu and copied to President Akufo-Addo and Energy Minister, noted that they had tried to meet management of BOST and other stakeholders to resolve the problems but all efforts have proven futile.
“The painful truth is that majority of our members have been rendered jobless for almost between seven months to one year now due to the downward trends of BOST’s operations at its depots.
“As stakeholders, they were aware that BOST had not been able to stock fuel at its prime depot due to the inability of management to make economically viable, reasonable and sustainable financial arrangements to procure products for our continuous operations,” he explained.
The company, however, in a statement rejected the assertions, saying they are unfounded.
BOST said it is not experiencing fuel shortage as being purported, but rather a maximisation of the company’s resources which has led to lower reliance on tanker drivers to transport fuel on behalf of the company.
According to BOST, tanker drivers were heavily relied upon for the transmission of fuel when two pipelines responsible for transporting fuel from Tema to Akosombo and Buipe to Bolgatanga were in disrepair and non-functional.
The statement said BOST had also grounded all four of its river barges responsible for fuel transportation on the Volta Lake.
“Efficient resource utilisation and focused management have resulted in a full repair of all four river barges that were grounded and the two pipelines which had been out of use for close to five years.
“As a result, the barges are in full use, and the Buipe-Bolgatanga petroleum product pipeline is fully used. In addition, the Tema- Akosombo product pipeline is expected to be in use by close of the third quarter,” BOST explained in the statement.
It added that “one river barge voyage from Akosombo to Buipe takes a total of about 5,300,000 litres of product. With a maximum capacity of 54,000 litres per truck (tanker or BRV as indicated earlier), one barge trip is the equivalent of (5,300,000/54,000) = 98 trucks, with the barges making close to 10 turns in a month, (98*10) = 980 truckloads are saved.”
Thus, more fuel volumes are transported through the barges to the Northern depot in Buipe and further pushed through the repaired pipeline to Bolgatanga to landlocked countries and the surrounding Northern regions.
“For a faster and quicker movement of volumes to meet the increasing export demand, the barge/pipeline formula is more efficient and will, therefore, affect the volume that gets transferred through the use of the Road Trucks (BRVs or Tankers),” BOST explained.
BOST, thus, called on the general public to disregard the allegations and treat them with the contempt it deserves and trust BOST to live up to the bidding for Ghana,” it added.
It further assured the public that the company is being run by capable hands “and things are really getting better: our asset utilisation has improved from a paltry 15 percent to 85 percent (including the pipelines and barges) within two years and we are seeking to bring every single asset which has been lying idle over the last couple of years into operation to maximise value for the 30 million Ghanaians.
“BOST is in a good state and is poised to deliver on its mandate to benefit the government and people of Ghana,” it concluded.
In a related development, Chairman of the Bulk Tanker Drivers’ Union, Clement K. Ampadu has described claims by the Ghana National Tanker Drivers Union as false.
According to him, his union members have been loading fuel from the BOST depot at the Accra Plains, popularly known as APD, everyday and wondered why their counterpart are making those false claims.
“For me, I haven’t seen that there isn’t fuel. There is fuel and our drivers have been loading. Even last Thursday and Friday, they loaded so if someone is saying that there isn’t fuel…then how come the drivers loaded?” he wondered.
“I know there is fuel …maybe they have problem with the way the allocation is done. But if they say there is no fuel, I disagree with them,” Mr Ampadu stated.
Source: https://energynewsafrica.com
Nigeria’s power transmission company, TCN, has confirmed the restoration of the national grid which collapsed on Wednesday.
The company said that the collapse, which occurred at about 12:20 p.m., was restored the same day at 4:59 p.m.
TCN’s General Manager, Public Affairs Manager, Mrs Ndidi Mbah said this in a statement in Abuja on Thursday.
Mrs Mbah said that the collapse was triggered by a sudden drop in system frequency to 47.21Hz.
The development resulted in nationwide blackout.
According to Ndidi Mba, reports TCN received from Supervisory Control and Data Acquisition (SCADA) and other power generating stations showed that at about 12:20 p.m, two generating units tripped in one generating station.
“While four equally tripped in another generating station, causing a loss of 261MW and 350MW respectively, bringing the total loss of electricity on the grid to 611MW.
“It is suspected that the sudden loss of 611MW from the grid caused system instability and its eventual collapse.
“After the collapse, TCN’s system operators immediately commenced the restoration of the grid and by 12:46 p.m, power supply in Abuja was fully restored from Shiroro Generating Station at 1:05p.m.
“TCN equally commenced grid restoration from the Delta Power Station, and at 4:59p.m, a full restoration of the entire grid was achieved,” she said.
Mrs Mbah appreciated the government, electricity customers nationwide and international customers for their patience.
She said that TCN would continue to work hard to expand and maintain the stability of the national grid.
Source: https://energynewsafrica.com
U.S. oil majors ExxonMobil and Chevron both returned to profit in the second quarter of the year driven by higher oil and gas prices.
ExxonMobil on Friday announced estimated second-quarter 2021 earnings of $4.7 billion compared with a loss of $1.1 billion in the second quarter of 2020, driven by oil and natural gas demand and best-ever quarterly chemical and lubricants contributions.
The oil major also more than doubled its revenues from $32.6 billion in 2Q 2020 to $67.7 billion in 2Q 2021.
The company’s second-quarter capital and exploration expenditures were $3.8 billion, bringing the first half of 2021 to $6.9 billion, which is consistent with planned lower activity in the first half of the year.
The company anticipates higher second-half planned spending on key projects, including Guyana, Brazil, Permian, and in Chemical sector, with full-year spending towards the lower end of the guidance range of $16 billion to $19 billion.
Oil-equivalent production in the second quarter was 3.6 million barrels per day, down 2 per cent from the second quarter of 2020, driven by increased maintenance activity.
Average realizations for crude oil increased 13 per cent from the first quarter while the natural gas realizations increased 1 per cent from the prior quarter.
“Positive momentum continued during the second quarter across all of our businesses as the global economic recovery increased demand for our products”, said Darren Woods, Chairman and Chief Executive Officer.
In addition to reducing structural costs by $3 billion in 2020, the company captured over $1 billion in further structural savings in the first half of 2021. ExxonMobil noted it remains on pace to achieve through 2023 total structural cost reductions of $6 billion relative to 2019.
Chevron Earns $3.1 Billion
Chevron has also seen a significant improvement in its quarterly performance as the company on Friday reported earnings of $3.1 billion for 2Q 2021, compared with a loss of $8.3 billion in 2Q 2020.
Sales and other operating revenues in the second quarter of 2021 were $36 billion, compared to $16 billion in the year-ago period.
“Second-quarter earnings were strong, reflecting improved market conditions, combined with transformation benefits and merger synergies”, said Mike Wirth, Chevron’s Chairman and Chief Executive Officer.
“Our free cash flow was the highest in two years due to solid operational and financial performance and lower capital spending,” Wirth added.
“We will resume share repurchases in the third quarter at an expected rate of $2-3 billion per year”.
Chevron continued to exercise capital discipline with year-to-date capital spending down 32 per cent from a year ago. The company recently sanctioned the Jansz-lo Compression project in Australia, which is expected to maintain an important source of clean-burning natural gas.
The company’s worldwide net oil-equivalent production was 3.13 million barrels per day in the second quarter of 2021, an increase of 5 per cent from a year ago.
U.S. upstream operations earned $1.4 billion in 2Q 2021, compared with a loss of $2.1 billion a year earlier.
The improvement was primarily due to higher crude oil realizations and the absence of second-quarter 2020 charges for special items including impairments, write-offs and severance accruals. Higher crude oil production also contributed to the improvement between periods.
The company’s average sales price per barrel of crude oil and natural gas liquids was $54 in the second quarter of 2021, up from $19 a year earlier. The average sales price of natural gas was $2.16 per thousand cubic feet in the second quarter of 2021, up from $0.81 in last year’s second quarter.
Capital and exploratory expenditures in the first six months of 2021 were $5.3 billion, compared with $7.7 billion in 2020.
Source:Offshoreenergytoday.com
Dr. Opoku Prempeh, who said he is solidly behind the board, reminded them of what he described as bad nuts in the downstream petroleum sector who are always setting traps for others to fall into.
He charged them to be efficient and transparent in their operations.
Mr. Ekow Hackman, who was the Board Chairman of BOST during the first term of President Akufo-Addo, was reappointed as chairman for the new board.
Other members of the board are Bright Okyere Adjekum Esq., Prof Kofi Osei Akuoku and Francisca Aba Addison
The rest are Dr. Nana Ayew Afriyie, Mr.s Joyce Agyeman Attafuah, Nana Owusu Afriyie IV and Emmanuel Tando.
Source: https://energynewsafrica.com
Dr Mustapha Abdul-Hamid said NPA is committed to developing and improving safety standards in line with international best practices and ensure all operators strictly adhere to such.
To this end, he said NPA, as part of measures to ensure safety and reduce accidents involving Bulk Road Vehicles(BRVs), has teamed up with the Driver and Vehicle Licensing Authority (DVLA) and Road Safety Limited (RSL) to train BRV drivers on general defensive driving, Safe Loading & Unloading Procedures, Basic Fire-Fighting and Emergency Response, among others.
“I also entreat all depots to ensure that the pre-loading checks on these BRVs are thoroughly carried out to confirm their safety status, before they are loaded with petroleum products,” he advised.
He commended management of Tema Tank Farm for being safety compliance and urged them to keep up the high standard and not compromise on safety at anytime.
Source: https://energynewsafrica.com
