Norwegian oil and gas major Equinor has revealed its ambition to become a net-zero company by 2050 as its new boss is taking over his position. The new CEO is meant to speed up the company’s push towards energy transition.
Anders Opedal is taking over the role of Equinor CEO from Eldar Sætre, who is retiring after six years as CEO and more than 40 years in the company.
Opedal is meant to accelerate Equinor’s development as a broad energy company and increase value creation for the company’s shareholders through the energy transition.
In an update on Monday, Equinor firmed up its ambition and commitment to become a net-zero energy company by 2050.
According to Equinor, the ambition includes emissions from production and final consumption of energy.
It sets a clear strategic direction and demonstrates Equinor’s continued commitment to long-term value creation in support of the Paris Agreement.
Anders Opedal, who officially took over the position as Chief Executive Officer (CEO) and President of Equinor on Monday, said: “Equinor is committed to being a leader in the energy transition. It is a sound business strategy to ensure long-term competitiveness during a period of profound changes in the energy systems as society moves towards net zero. Over the coming months, we will update our strategy to continue to create value for our shareholders and to realise this ambition”.
“Equinor has for years demonstrated an ability to deliver on climate ambitions and has a strong track record on lowering emissions from oil and gas. Now, we are ready to further strengthen our climate ambitions, aiming to reach net zero by 2050”, Opedal said.
Equinor also said it expects to deliver an average annual oil and gas production growth of around 3 per cent from 2019 to 2026.
The Norwegian major noted it will continue to develop competitive and resilient projects whilst maintaining industry-leading recovery rates, unit costs and carbon efficiency by optimizing its portfolio through financial discipline and prioritization.
The net-zero ambition will strengthen future competitiveness and value creation at the Norwegian continental shelf (NCS). Equinor’s plans for production, development and exploration at the NCS remain firm.
Equinor is preparing for an expected gradual decline in global demand for oil and gas from around 2030 onwards. Value creation, not volume replacement, is and will be guiding Equinor’s decisions.
In the longer term, Equinor expects to produce less oil and gas than today.
To develop Equinor as a broad energy company, renewables will be a significant growth area.
Equinor has previously set ambitions for profitable growth within renewables and expects a production capacity of 4-6 Gigawatts (GW) by 2026 and 12-16 GW by 2035.
Equinor now plans to expand its acquisition of wind acreage, with the aim of accelerating profitable growth and will continue to leverage its leading position in offshore wind.
The African Centre for Energy Policy, an energy Think Tank in the Republic of Ghana, was on Friday, adjudged the Energy Consultancy Service Organisation of the Year 2020 at the 4th Edition of the Ghana Energy Awards.
ACEP beat Institute for Energy Security(IES), Institute for Sustainable Energy and Environmental Solutions (ISEES) and Arthur Energy Advisors to emerge the winner in that category.
In a twitter post sighted by energynewsafrica.com, it said: “While this may be a recognition of how far we’ve come, we deem it a duty placed on us by you, stakeholders to do even more.”
Abu Dhabi National Oil Company (ADNOC), UAE’s biggest energy producer, is seeking Indian companies for partnership in its ambitious $45 billion downstream petrochemical expansion plans.
During a virtual conference session Prime Minister Narendra Modi had with global energy chief executives recently, ADNOC CEO Sultan Ahmed Al Jaber, sought opportunities to strengthen the UAE-India energy relationships, a company statement said.
Speaking at the roundtable, Al Jaber said India has always been and will always remain one of the UAE’s closest friends and one of its most important trading partners.
Strategic ties between the two nations, he said, have strengthened in recent years, particularly in the field of energy.
Indian companies are present in UAE oilfield concession, he said referring to ONGC Videsh Ltd and its partners in 2018 acquiring a 10 per cent in a large offshore oilfield for $600 million.
This was the first time any Indian company set foot in the oil-rich Emirate.
“As we continue to work together, I see significant new opportunities for enhanced partnerships, particularly across our downstream portfolio. As you know, we have launched an ambitious plan to expand our chemicals, petrochemicals, derivatives and industrial base in Abu Dhabi and I look forward to exploring partnerships with even more Indian companies across our hydrocarbon value chain,” Al Jaber said.
ADNOC in 2018 unveiled plans to invest $45 billion with partners to develop its local downstream activities, including the expansion of its Ruwais refinery and petrochemical capacity in the industrial hub.
The company has courted international investors to expand its oil and gas production and monetise its assets.
“India’s remarkable growth as an economic power has cemented its place as one of the world’s largest energy consumers.
“In fact, it represents the second biggest market for ADNOC. This is a position we hope to build on, in line with the huge expansion of India’s ambitions for growth,” Al Jaber said.
ADNOC, he said, is ready to meet India’s growing demand across the full portfolio of products.
He added ADNOC is proud to be a key supplier to India’s Strategic Petroleum Reserves and is keen to expand the commercial scale and scope of this strategic reserves partnership.
ADNOC was the first foreign company to hire space at the underground crude oil storage India has built as an insurance against supply and price disruptions.
“In the past two years, ADNOC has enhanced its strategic energy links with India – a key growth market for crude, refined and petrochemical products. In addition to its partnership in the strategic reserves program, ADNOC is also a stakeholder in one of India’s largest refinery and petrochemical projects, to be constructed on India’s west coast,” he said.
ADNOC along with Saudi Aramco have together taken a 50 per cent interest in the massive 60 million tonnes a year refinery-cum-petrochemical complex planned on Maharashtra coast at a cost of $44 billion.
Concluding his remarks, Al Jaber said he believes both countries have only scratched the surface of the opportunities that could benefit both India and the UAE in the energy sector, the statement said.
“I believe that by seizing these opportunities, we can in fact enhance the speed of post-Covid economic recovery. I very much look forward to expanding our relationship across multiple areas and I am absolutely certain that we can remove any barriers that may stand in our way,” he said.
The objective of the roundtable is to deliver a global platform to understand best practices, discuss reforms, and inform strategies for accelerating investments into the Indian oil and gas value chain.
Indian companies have steadily increased their participation in the UAE’s energy sector. In March 2019, a consortium of two Indian oil companies were awarded the exploration rights for an onshore block in Abu Dhabi. This followed the award in February 2018 of a 10 per cent participating interest in Abu Dhabi’s offshore Lower Zakum Concession to OVL and its partners Bharat PetroResources Ltd (BPRL) and Indian Oil Corp (IOC).
The Institute of Energy Securities (IES), an Energy Think Tank in the Republic of Ghana has said fuel prices at various pumps on the local market is expected to remain stable in the first pricing window of November 2020.
Prices of petroleum products within the second Pricing-window of October 2020 saw majority of Oil Marketing Companies (OMCs) maintaining prices of Gasoline and Gasoil.
Presently, the average price of fuel at various pumps across the country stands at GH¢4.53.
Brent crude price averaged about $42.38 per barrel mark for the Pricing-window under assessment.
The crude price increment has been a result of the announcement by OPEC+ to ease production cuts by 2 million barrels per day (bpd) as of January 2021.
Following this, Brent crude price appreciated by 1.15% from an earlier average price of $41.90 per barrel recorded at the end of the first Pricing-window of October to close at $42.38 per barrel on average terms at end of the second Pricing-window of October.
At about 13:40 GMT on Monday WTI was trading at $35.65 while Brent crude was sold at $37.86
“Owing to the 1.15% increment in price of International Benchmark- Brent crude oil on the international market, the 1.82% increment in prices of Gasoil, the 5.08% decrease in Gasoline prices and the 0.35% depreciation of the local currency; the Institute for Energy Security (IES) foresees prices of fuel on the domestic market maintaining their stability as we enter the first half of November 2020,” IES said.
Local Fuel Market Performance
Prices of fuel on the local market remained stable within the window under review. Prices of petroleum products within the second Pricing-window of October 2020 saw majority of Oil Marketing Companies (OMCs) maintaining prices of Gasoline and Gasoil. The current national average price of fuel per litre at the pump is pegged at GHC 4.53
For this Pricing-window, Zen Petroleum, Benab Oil, SO Energy and Alinco Oil sold the least-priced Gasoline and Gasoil on the local market according to IES Market-Scan.
World Oil Market
Brent crude price averaged about $42.38 per barrel mark for the Pricing-window under assessment. The crude price increment has been a result of the announcement by OPEC+ to ease production cuts by 2 million barrels per day (bpd) as of January 2021. Following this, Brent crude price appreciated by 1.15% from an earlier average price of $41.90 per barrel recorded at the end of the first Pricing-window of October to close at $42.38 per barrel on average terms at end of the second Pricing-window of October.
Gasoline and Gasoil prices as monitored on Standard and Poor’s global Platts platform shows an increase in prices of Gasoil and a decrease in prices of Gasoline. Gasoline saw a decrease in prices by 5.08% to close the window at $381.07 per metric tonne from an earlier $401.48 per metric tonne. Gasoil prices saw an increase by 1.82% to close trading at $334.02 per metric tonne from $328.05 at the end of the second pricing window.
Local Forex
Data collated by IES Economic Desk from the Foreign Exchange (Forex) market shows the Cedi depreciated marginally against the U.S. Dollar, trading at an average price of Gh¢5.77 to the U.S. Dollar over the period compared to Gh¢5.75 in the previous window representing a 0.35% depreciation.
PROJECTIONS FOR NOVEMBER 2020 FIRST PRICING-WINDOW
Owing to the 1.15% increment in price of International Benchmark- Brent crude oil on the international market, the 1.82% increment in prices of Gasoil, the 5.08% decrease in Gasoline prices and the 0.35% depreciation of the local currency; the Institute for Energy Security (IES) foresees prices of fuel on the domestic market maintaining their stability as we enter the first half of November 2020.
The Managing Director of Bulk Oil Storage and Transportation Company (BOST), Edwin Provençal, has responded to what he described as ‘untruths’ being peddled by former President and Presidential Candidate of the opposition NDC Mr. John Dramani Mahama about the state of BOST and TOR before his administration exited power.
He expressed shock as to how the former Ghanaian leader, whom he says he respects so much, could spew untruths to Ghanaians.
The presidential candidate of the National Democratic Congress (NDC), John Dramani Mahama, has given the assurance that his next governement would revive the Tema Oil Refinery.
The NDC’s presidential candidate for the upcoming December 7 General Elections was interacting with members of the Tanker Drivers’ Association and liaison officers of the oil marketing companies in Tema on Thursday.
He said, “When the NDC assumed office, BOST was highly indebted but through proper management, the government was able to transform it to become one of the best performing state enterprises.”
Mr Mahama accused the Akufo-Addo-led administration of mismanaging BOST and TOR, assuring that should NDC return to power, it would work to revive the ailing state agencies.
However, responding to the claims by the former Ghanaian leader, Managing Director of BOST, Edwin Provencal gave a detailed account of the sordid state of BOST when the current administration took over the company.
He further gave details of what the current administration has been able to do within the three years and ten months.
Below is the full response of MD of BOST to Mr John Mahama’s claimADDRESSING FORMER PRESIDENT MAMAMA’S UNTRUTHS
As the current CHIEF SERVANT of BOST, I cannot stand aloof when the former 1st gentleman & commander-in-chief of the land, who I respect so much, decides to spew UNTRUTHS to the general public.
These are the unalienable facts:
BOST AS AT JANUARY 2017
1) As at January 2017, BOST had a backlog of unaudited accounts covering the period from 2014 to 2016. How can u declare profits during this period?
2) The Press encounter in 2015 which declared that BOST made profit on its operations by the then Managing Director was FALSE but a calculated attempt to throw dust into the eyes of stakeholders as revealed per the audited accounts which showed a loss of GHS36.342 million.
3) The 2016 audited accounts reflected a total loss of GHS459million from BOST operations. This was the HIGHEST LOSS EVER in the history of BOST.
4) In January 2017 BOST owed $624 million to suppliers, BDCs and related parties in respect of crude oil imports for processing at TOR and refined products which got lost from BOST tanks (documents available).
Can you imagine how many hospitals, schools & roads this $624million could have built?
5) Products not accounted for by BOST from BDCs between 2010 and 2014 amounting to $35.913 million hanged on the neck of the company from eight (8) BDCs.
6) As at January 2017, 15 out of 51 tanks owned by BOST across the country were non-operational, thus, decommissioned.
7) As at January 2017, The Tema-Akosombo-Product-Pipeline (TAPP) had been non-operational since 2013.
8) As at January 2017, the 77Km 12” pipes that BOST had previously acquired in 2008 for construction of a pipeline between Accra Plains and Akosombo Depots were still stuck in Houston and incurring huge additional costs AFTER 9 years.
9) In January 2017, 100% of our marine assets (all four BOST river barges, tug boat and floating dock) were broken down and non-operational, which limited transportation of petroleum products across the country. Our BOLGA-BUIPE pipeline & BOLGA DEPOT were not operational.
10) The CBM which was built on a Build-Operate-Transfer basis for BOST was transferred to TOR and subsequently leased to a South African Company under the single management for BOST and TOR. As we speak, BOST receives no revenue from this operation and TOR is only limited to dividends declared and paid by the South African Company.
11) The Tema Oil Refinery, TOR owed BOST to the tune of $13.3 million as at January 2017.
Fellow Ghanaians, PLEASE HOW CAN THIS BE EVIDENCE OF GOOD MANAGEMENT OF THESE NATIONAL ASSETS?
BOST FROM JANUARY 2017 to TODAY, 31st OCTOBER, 2020 UNDER THE LEADERSHIP OF HIS EXCELLENCY NANA ADDO-DANKWA AKUFO-ADDO.
1) The audited accounts for 2014 to 2018 has been completed with 2019 audited accounts expected to be completed by Q1-2021.
2) Whereas the 2018 account showed a 70% reduction in losses from the previous year, the 2019 management account further indicated a 41% reduction in the loss level from the year 2018. This steady decline in the loss level of the company, from 2017 to 2019, shows that during the year 2020, the company WILL LIKELY MAKE A PROFIT OR AT-WORST, BREAK EVEN.
3) With respect to the $36 million claim by eight (8) BDCs, an in-house committee vetted the figures and reviewed the volume of claims downwards to $15 million after diligent reconciliation with the claimant BDCs. This represents a potential savings of $21 million.
4) Of the $624 million owed to suppliers and related parties by BOST, 97% has been settled as at October 2020. This is huge progress at getting the company to work again. It must be noted that, some of these debts accrued out of losses on BOST/TOR crude import and refinery.
5) Of the US$566 Million, BOST paid US$408 Million from its own resources amounting to an average of US$136 Million per year. The amount paid from the companies internally generated resources amounts to 72.08% of the total amount settled out of the outstanding debts to suppliers and related parties as at 1/1/2017. Who will refer to this as a total mismanagement of a strategic state enterprise?
6) Government gave a support of US$138 Million through the Ghana National Petroleum Corporation, GNPC to help reduce the exposure of the company to the suppliers. This amounts to 24.4% of the amount paid.
7) Among other things, BOST has made a payment of $534,000 towards the rehabilitation of the Tema-Akosombo-Petroleum-Product-Pipeline. The work is expected to be completed in Q2-2021. The amount was raised from BOST’s in-house operations-storage and transmission of petroleum products.
8 ) In October 2019, two (2) of the four river barges which have been out of operations since 2013 were brought back on stream and are currently operational. These two barges generate GHS 400,000 per voyage between Akosombo and Buipe depots; an additional source of revenue to the company.
9) For the safety of the BOST depot in Buipe and the lives of people in the area, an amount of money was donated for the repair of the fire tender at the Buipe Station in January 2020. The repair works are over and the equipment is on standby to provide fire safety for the depot and the people in the area.
10) Repair works on the Bolga-Buipe petroleum Product Pipeline is complete and export of products is to commence in November 2020.
We are on the PATH TO TRUE TRANSFORMATION!
FELLOW GHANAIANS, the evidence is clear and Ghana IS working again under the leadership of HIS EXCELLENCY NANA ADDO-DANKWA AKUFO-ADDO.
#4MoreToDoMore4U
Striking petroleum tanker drivers in the Republic of Ghana have resumed work effective today, energynewsafrica.com can report.
Their resumption to duty on November 1, 2020, follows an emergency meeting at the instance of the Ministry of Employment and Labour Relations.
Members of the Ghana National Petroleum Drivers’ Union have been lamenting on some unresolved grievances which they explained have been a source of worry.
Key among the grievances were the harassment by police officers at Nchaaban in the Western Region and those on the Cape Coast-Mankessim road, as well as the ban on some 86 LPG stations.
The strike action by the transporters resulted in shortages of fuel products in parts of Accra, Tema, Ashaiman and their environs.
However, a statement issued and signed by the Deputy Minister for Employment and Labour Relations and the leaders of Gas Tanker Drivers’ Union, General Transport Petroleum and Chemical Workers’ Union and Ghana National Petroleum Tanker Drivers’ Union said a consensus had been reached for the drivers to resume duty.
The statement assured that government would take all the necessary steps to resolve the matter with all the urgency it deserved.
Ghana’s largest indigenous oil marketing company, GOIL COMPANY Limited has grabbed two prestigious awards at the 2020 Ghana Energy Awards and the Ghana Business Awards 2020.
The highlight was the conferment of the ‘CEO OF THE YEAR- PETROLEUM’ category to the Group Chief Executive Officer and Managing director of GOIL, Mr. Kwame Osei –Prempeh at the Ghana Energy Awards.
The Award recognized the effort of Mr. Osei Prempeh among five other nominees for his contribution to the Petroleum sector, and especially pursuing excellence in the midst of the COVID-19 Pandemic.
Responding, Mr. Osei Prempeh dedicated the award to the hardworking staff of GOIL and all consumers for their loyalty to the brand.
He was hopeful the award will spur the company on ‘to rise and soar like an eagle for the benefit of not only staff and shareholders but for mother Ghana’.
In another development, GOIL has been recognized as the ‘OIL & DOWNSTREAM COMPANY OF THE YEAR’ at the third edition of the GHANA BUSINESS AWARDS.
The awards noted the excellent contribution of GOIL as not only the number one Oil Marketing Company, but also the biggest indigenous oil entity committed to partnership and innovation.
The award was received by Mr, Martin Olu-Davies, Head of Administration and Human Resource.
Source:www.energynewsafrica.com
The Chief Executive Officer of Ghana’s largest state power generation company, Volta River Authority (VRA), Ing. Emmanuel Antwi Darkwa, was, on Friday, adjudged the CEO of the Year for the power sector category at the 4th Ghana Energy Awards.
Ing. Emmanuel Antwi Darkwa beat MD of ECG Kwame Agyeman-Budu, CEO of GRIDCo Ing. Jonathan Amoako Baah,CEO of SunPowrr Innovations Ernest Amissah, CEO of Bui Power Authority Fred Oware and CEO of Meinergy Technology Kevin Wu to become the power sector CEO of the Year.
The prestigious energy event, which took place at the plus h Movenpick Ambassador Hotel, Accra, capital of Ghana, also saw VRA winning the Corporate Social Responsibility of the Year award.
Meanwhile, VRA which Ing. Emmanuel Antwi Darkwa heads also won the Corporate Social Responsibility(CSR) Company of the Year. The Authority was also awarded for its outstanding role in the fight against Covid-19 pandemic.
Other award winners in the power sector category were Bui Power Authority, Sunon Asogli Ghana and GRIDCo,
Ghana’s second largest power generation company, Bui Power Authority’s (BPA), is set to commission the first phase of its 50MWp solar power park in the Bono Region in the Republic of Ghana.
The 50MWp solar power park, which is situated on 200 acres of land (equivalent of 151 football pitch), is in two phases.
The BPA targeted 10MWp out of the 50MWp for the first phase but the Authority has surpassed it and as at last week, it had installed more than 15MWp.
Briefing the press after the Board of BPA inspected the facility, its Chief Executive Officer, Fred Oware said they are targeting to install between 20MWp and 25MWp, adding that “this will be commissioned in the middle of November.”
He said after the commissioning of the first phase, they would continue to add on until they reach the 50MWp target.
“We’re going to have 100megawatts on this site and will do it in 50s. But even with the 50MW, we will do them in bits, so we planned to do 10MWp but currently we have surpassed that,” he said.
Members of the BPA Board in a group photograph after inspecting the solar plant
Explaining the broad vision of the Bui Power Authority, regarding renewable energy to energynewsafrica.com, Mr Oware said the Authority has planned to construct a solar park with a capacity of 250 megawatts.
He explained that apart from the 50MW solar park, which is currently ongoing, they are also constructing 1MW floating solar park on the reservoir of the Bui Dam.
Mr Oware said the 1MW floating solar park is scheduled to be completed by the end of this year, adding that the Authority intends to scale it up to 5 megawatts.
He said the Authority has also acquired sites in the Northern Regions and is planning to undertake solar projects including wind power by next year.
According to him, per the Authority’s plan, it would be able to develop 2500MW of renewable energy in line with the government’s vision to ensure that 10 percent of the country’s energy mix is from renewable.
Touching on the journey towards the construction of the solar power park, Mr Oware said, initially, some staff of the Authority were not in support, but along the line, they came to appreciate the need for the project.
On how the covid-19 pandemic impacted on the project, he said way back in December, when it became obvious that the covid-19 could be a global problem, the Authority started putting in place measures to avert its impact on the project.
Among the measures the Authority instituted were that no staff was allowed to go outside the project site and also banned entry of outsiders from visiting the project site including family members of the workers.
He said the Authority provided all the logistics including food for the staff to ensure that the project continued despite Covid-19
He commended the engineers and all the staff for rallying behind him to see the project on course.
Board Chairman of BPA, Amb. Afare Apeadu Donkor who said he was satisfied with the state and progress of work, also commended the staff for working to ensure that the project was completed to add on to the country’s energy mix.
Other Board Members who were present at the inspection of the facility are Mrs. Sylvia Maria Asare,Dr Adams Sulemana Achanso, Mr Kwaku Bowiansa Abrefa and Mr Gabriel Osei (MP).
Earlier, this year, the Director of Renewable and Alternative Energies at the Ministry of Energy, Wisdom Ahiataku-Togobo who led a team from the Ministry to tour the facility, said the team was impressed by the level of progress and was hopeful that the first phase would be completed as planned.
He commended the Bui Power Authority for giving Ghana value for money by using quality materials for the project.
Mr. Ahiataku-Togobo noted that the project formed part of the government’s efforts toward increasing the penetration of renewable energy (RE) by 10 percent by 2030 as outlined in the Paris Agreement of Ghana’s Intended National Determine Contribution (INDC).
With the recent commissioning of the VRA’s 6.54MWp solar park at Lawra in the Upper West Region, Ghana’s total utility scale installed solar capacity now stands at 49MW.
In terms of total renewable energy capacity (both hydro and solar) in the country’s energy mix, Ghana now boast of about 1,633MW.This comprise Bui Generation Station 400MW + 4MW turbine, Akosombo Dam 1020MW, 160 Kpong Generating Station 160MW, Navrongo Solar Park 2.5MW, Lawra Solar Park 6.54MWp, BXC’s 20MW at Gomoa Onyaadze,
Meinergy 20MW and Safisana 0.1MW at Ashaiman.
The successful completion of the Bui Power Authority’s project will play a significant role in achieving the government’s target for 2020.”
Source:www.energynewsafrica.com
The Executive Secretary of Ghana’s utilities regulator, Public Utilities Regulatory Commission (PURC), Mrs. Mami Dufie Ofori has been adjudged Female Energy Personality of the Year for 2020 at the 4th Ghana Energy Awards Night.
Among other personalities who were nominated for the Female Energy Personality of the Year but lost to Mrs. Mami Dufie Ofori were Ing. Harriette Amissah -Arthur (Executive partner-Arthur Energy Advisors), Khadijah Amoah Country Director –Aker Energy Ghana), Kate Quartey-Papafio (Chairperson-Reroy Group) and Doreen Dedume (MD-TMG Ghana.
This year’s Ghana Energy Awards which took place at the plush Movenpick Ambassador Hotel in Accra, capital of Ghana was under the theme: “Excelling in Crisis: The Energy Sector In A Covi-19 Era.”
The Chief Executive Officer of Ghana’s second largest state power generation company, Bui Power Authority (BPA), Fred Oware, has been adjudged Energy Personality of the Year for 2020 at the 4th Ghana Energy Awards Night.
The Energy Personality of the Year is the Ultimate Category for the prestigious energy event.
Among other personalities who were nominated for the Energy Personality of the Year but lost to Mr. Oware were Mr. Michael Bozumbil (CEO –Petrosol), Wisdom Ahiataku-Togobo (Director for Renewable and Alternative Energies at the Ministry of Energy), Senyo Hosi (CEO-Chamber of Bulk Oil Distributors), Benjamin Boakye (Executive Director of ACEP), Ernest Amissah (CEO-SunPower Innovations) and Henry Osei (MD-Puma Energy &Blue Ocean Investments).
This year’s Ghana Energy Awards which took place at the plush Movenpick Ambassador Hotel in Accra, capital of Ghana was under the theme: “Excelling in Crisis: The Energy Sector In A Covi-19 Era.”
The 4th Edition of Ghana Energy Awards is underway at the plush Movenpick Ambassador Hotel in Accra, capital of the Republic of Ghana.
It is under the theme “Excelling In Crisis: The Energy Sector In A Covid-19 Era”
A UK-based law firm, Volterra Fietta has won a complete and decisive victory for its client the Federal Republic of Nigeria in recent investment arbitration.
Nigeria was faced with claims from foreign oil companies for billions of dollars in compensation, in arbitration at the International Centre for Settlement of Investment Disputes (ICSID).
Nigeria’s legal team, in which Volterra Fietta co-counselled with Nigerian law firm Afe Babalola & Co and U.S law firm Rameau International Law, defeated the claims and even obtained an order that the Claimants reimburse Nigeria’s arbitration costs.
The Award in Interocean Oil Development Company and Interocean Oil Exploration Company v. Federal Republic of Nigeria (ICSID Case No. ARB/13/20) was issued on 6 October 2020.
In it, the Arbitral Tribunal rejected the entirety of the Claimants’ claims on the merits and awarded Nigeria its arbitration costs.
The case involved a series of ground-breaking legal issues.
These included the jurisdictional and substantive scope of the Nigerian Investment Promotion Commission Act (the “NIPC Act”), the scope of the public international law of attribution, concepts of judicial expropriation and denial of justice, and complex quantum questions.
The Claimants were two oil companies incorporated in Delaware.
In 2013, they brought an ICSID claim against Nigeria under the NIPC Act. The Claimants alleged that Nigeria had conspired with a private individual to deprive them of their investments in the Nigerian oil industry.
They also claimed that Nigeria had engaged in multiple violations of customary international law. The Claimants claimed close to USD3 billion in damages, including interest.
The Tribunal’s key findings on the merits confirmed that none of the relevant actions complained of by the Claimants were attributable to Nigeria.
The Tribunal also confirmed that the Claimants manifestly failed to prove any conspiracy involving Nigeria.
The Tribunal’s findings establish that neither the Nigerian National Petroleum Corporation nor Nigeria breached any of its duties towards the Claimants.
Critically, the Award confirmed that the relevant decisions of Nigeria’s courts did not constitute a judicial expropriation or created any type of liability for Nigeria.
Álvaro Nistal, counsel at Volterra Fietta and leading the firm’s work on the case, said: “It is a pleasure to have contributed to our client’s complete and decisive first-ever victory at ICSID. Great teamwork with our co-counsel Afe Babalola & Co and Rameau International Law enabled Nigeria to confront the Claimants’ constantly shifting legal theories and ensure that evidence won the day over conjecture.”
Source:www.energynewsafrica.com
In a twitter post sighted by energynewsafrica.com, it said: “While this may be a recognition of how far we’ve come, we deem it a duty placed on us by you, stakeholders to do even more.”
The awards noted the excellent contribution of GOIL as not only the number one Oil Marketing Company, but also the biggest indigenous oil entity committed to partnership and innovation.
The award was received by Mr, Martin Olu-Davies, Head of Administration and Human Resource.
Source:www.energynewsafrica.com
Source:www.energynewsafrica.com
