Nigeria: NNPC, SEEPCO Sign Gas Development Deal

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The Nigerian National Petroleum Corporation (NNPC) and Sterling Exploration and Energy Production Company (SEEPCO) have signed an agreement for the development and commercialization of gas from the Oil Mining Lease (OML) 143 that could help reduce gas flaring in the country. Speaking at the agreement signing ceremony which was held at the NNPC Towers, the Group Managing Director of NNPC, Mallam Mele Kyari, described the execution of the deal as a great milestone as well as a testament to NNPC’s commitment to facilitating the nation’s transformation into a gas-powered economy. He said the deal would not only help reduce gas flaring and its environmental hazards, but would also promote gas production and utilization in the domestic market.
Nigeria: GE And Niger Delta Power Holding Company (NDPHC) Successfully Restore Up To 360MW Amidst COVID-19 Pandemic
The GMD also commended SEEPCO for its unwavering commitment to gas development and commercialization in the country which has led to the establishment of a Special Purpose Vehicle that will help expand gas utilization in the country as a cleaner, cheaper and more reliable alternative form of energy. On his part, the Chairman of SEEPCO, Mr. Tony Chukwueke, described the deal as an essential partnership that would help the company fulfill the pledge it made to support the efforts of the Nigerian government to eliminate gas flaring by monetizing it. He commended NNPC and the GMD for ensuring the execution of the agreement which he described central to the achievement of the company’s cardinal objective of boosting the production of Liquefied Petroleum Gas (LPG), condensate and dry gas for the Nigerian market, adding that the company has invested about $600 million for that purpose. Source: www.energynewsafrica.com

Ghana: Gov’t Makes US$200 Million Savings In Renegotiated CENIT Energy Power Deal

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The Government of Ghana has made a total savings of US$200 million following a successful renegotiation and amendment of the terms of the CENIT Energy Limited power deal. This was revealed in a statement issued by the country’s Finance Ministry. CENIT Energy Limited is a Ghanaian independent power producer (IPP) that began commercial operations in 2012. According to the Ministry of Finance (MoF), the power company has “agreed to convert their power plant into a tolling structure and transfer all resulting cost savings to ECG.” In addition, CEL has “agreed to a further reduction in the capital recovery tariff of 38.9%, resulting in total savings to government and all Ghanaians in excess of US$200 million over the remaining life of the PPA,” the Ministry said. The Ministry described the commitment made by CEL as crucial in reinforcing the government’s efforts towards building a balanced and sustainable energy sector. “The terms agreed to between the government and CEL will produce a more favourable situation for both parties and ultimately reduce the cost of electricity for the people of Ghana,” the Ministry added. At present, Ghana pays over US$500 million annually for unused electricity, said MoF. “Most of the PPAs are legacy agreements entered into under the previous administration in an uncoordinated and hasty attempt to end the power crisis (dumsor),” explained the statement, adding: “The tariffs agreed were not competitive and have contributed significantly to the build-up of debt in the sector and oversupply of energy.” The present government, in collaboration with the World Bank, created the Energy Sector Recovery Programme (ESRP), identifying the policies and actions needed for financial recovery in the energy sector over a five-year horizon (2019-2023). The statement said: “As part of the reforms, the government is taking steps to institute competitive bidding for future additional capacity, so as to ensure that future tariffs are fair and in line with expected pricing benchmarks.” The government, the statement mentioned, has “demonstrated its commitment to the ESRP by actively developing whole-of-sector initiatives and reforms, including implementing the Cash Waterfall Mechanism (CWM) in April 2020, which allows Electricity Company of Ghana’s revenues to be distributed in a more transparent manner, and managing payments of arrears despite the challenging fiscal situation which has been exacerbated by the COVID-19 pandemic.” The ESRP Steering Committee established by the Energy Sector Recovery Task Force under the Senior Minister, Yaw Osafo-Maafo, “is working closely with IPPs and gas suppliers under the ESRP Consultation Process to negotiate more favourable agreements for both parties and to achieve a balanced energy sector capable of delivering fair, long-term solutions. Government has undertaken these discussions in good faith and urges all IPPs to continue working closely with the ESRP Steering Committee to conclude negotiations as soon as possible,” the Ministry said. “We welcome CENIT Energy’s commitment to Ghana and its role in regenerating the energy sector. “CENIT is an important partner and a significant energy producer in Ghana,” the Country’s Finance Minister Ken Ofori-Atta, was quoted as saying. “We encourage other IPPs to join CENIT in collaborating to help reduce onerous debts and to provide a stable energy supply for the people of Ghana. “We are committed to building a competitive and dynamic energy sector where private investments can thrive, and the interests of the Ghanaian people and businesses continue to flourish.” https://mofep.gov.gh/sites/default/files/news/PR_20200925_GoG_Amended_Terms_with_CENIT_Energy.pdf Source: www.energynewsafrica.com

Burkina Faso: Solar Panel Production Plant Built In Ouagadougou

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Burkina Faso has set up a solar panel production plant as part of effort to boost renewable energy penetration the country’s energy mix. The plant is expected to manufacture 200 solar panels per day Christened as “Faso Energy”, the facility located in the capital Ouagadougou is capable of producing 30 MW of solar panels per year. The project was initiated by El hadj Moussa Koanda at the cost of about 3 billion CFA francs (nearly 5 million euros). Commissioning the project, Burkinabe Prime Minister Christophe Joseph Marie Dabiré said the facility will promote the acquisition of solar energy equipment by the population, thus reducing the need to increase the rate of access to electricity in Burkina Faso. “We have promoted the admission of “Faso Energy” to the Investment Code. This gave it the right to many facilities, including the non-payment of customs taxes during the establishment of the plant in Burkina Faso, allowing the company to benefit from nearly 1 billion CFA francs (more than 1.5 million euros) in tax exemptions, explains Christophe Joseph Marie Dabiré, the Prime Minister of Burkina Faso. Our goal is to rationalize the importation of solar panels into the country”. According to the World Bank’s 2018 report, 62.3% of the Burkinabe population has access to electricity in the country. In addition, the company’s operations will require a large local workforce. “This means 170 direct jobs and 2,000 indirect jobs,” says El hadj Moussa Koanda, the project promoter. El hadj Moussa Koanda’s initiative should also enable the government of Burkina Faso to move towards its goal of producing 30% of its electricity from solar energy by 2030. Source: www.energynewsafrica.com

Ghana: Gov’t Begs Independent Power Producers Over Threats To Shutdown

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The Government of Ghana is pleading with Independent Power Producers (IPPs) in the country to rescind their threats to shutdown their plants over non-payment of outstanding debts. According to sources, the government has assured the IPPs that it would make some payment by the close of Friday, September 25, 2020. The source added that the government also intends to make additional payment by next week. The umbrella body of the Independent Power Producers, CiPDiB, sent a memo to the country’s Minister for Energy, threatening to shut down their plants by the end of September if the government failed to honour its debt obligation to the tune of US$1.4 billion. This development, our sources indicated, pricked the government to call on the IPPs to implore them to rescind their decision. The IPPs contribute about 45 percent of the over 2,800 peak demand for electricity in the country. It said it urgently needed to pay its August gas bill and failure to do so would lead to the shutdown of fuel supply. This would effectively hamper power generation and supply in the country. Energynewsafrica.com can report that the country’s Minister for Energy, John-Peter Amewu, last Wednesday, met with the CEOs of the power sector agencies to discuss how to ensure that there is continuous and reliable supply of power. When contacted, the Deputy Minister for Finance, Charles Adu Boahen said the government has been paying the power producers. Source: www.energynewsafrica.com

Energy Minister Reps Ghana At Guinea Bissau’s Independence Day Celebration

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Ghana’s Minister for Energy, John-Peter Amewu, on Thursday, joined other African leaders for the celebration of Guinea Bissau’s 47th Independence Day in Bissau, capital of Guinea. The Energy Minister, who is also the governing New Patriotic Party’s parliamentary candidate for the Hohoe Constituency in the Volta Region, represented Ghana’s President, H.E Nana Akufo-Addo, who was recently elected as Chairman for ECOWAS.

ENERGY MINISTER REPRESENTS PRESIDENT NANA ADDO DANKWA AKUFO-ADDO AT GUINEA BISSAU'S INDEPENDENCE DAY CELEBRATION…

Posted by John-Peter Amewu on Friday, September 25, 2020
Other African Presidents who were present at the Independence Day Celebration were Nigerian President, H.E Muhammadu Buhari, Senegalese President, Macky Sall, Cote d’ Ivoire, Rwanda, Mauritania, Togo and Liberia. Guinea Bissau was unilaterally declared independent on 24th September, 1973.

ExxonMobil Shortlists Bidders For Malaysian Assets Valued At Up To $3 Billion

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Exxon Mobil has narrowed the list of bidders for its oil-producing offshore assets in Malaysia that could potentially raise $2 billion to $3 billion in a sale, according to worldoil.com. U.K.-listed EnQuest Plc and Kuala Lumpur-traded Hibiscus Petroleum Bhd. are among those that have been chosen to submit binding bids for the assets, the people said. Other companies have also expressed interest, said the people, who asked not to be identified as the discussions are private. Exxon Mobil started the process to sell its Malaysian assets last year as part of its global divestiture program. It produces oil and gas in the Southeast Asian nation under four production sharing contracts with the state-owned Petroliam Nasional Bhd., according to its website. The U.S. oil major’s assets in Malaysia include a 30% stake in the offshore Tapis Blend operations, which produce a low-sulfur crude that was once a benchmark for Asian oil refiners. The production sharing contracts cover 2.4 million acres offshore and have exploration and production terms ranging up to 38 years, Exxon said in a filing in 2019. Deliberations are ongoing and the bidders might not proceed with an offer, the people said. Source:www.energynewsafrica.com

Nigeria: 80 Percent Of Petrol Tankers Transporting Fuel Lack Safety Features

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About 80 percent of the 10,000 petroleum tankers used for transporting products nationwide in the Republic of Nigeria lack critical safety features needed for the safe transportation of such commodities by road, Adetunji Oyebanji, Chairman of the Major Oil Marketers Association of Nigeria, has claimed. Mr Oyebanji said: “With about 10,000 trucks involved all over the country hauling products, majorly from the South to the North, about 80 percent of these trucks do not have anti-skid. “They don’t have anti-rollover, anti-spill protection, automatic braking systems, onboard cameras and onboard tracking system required for safe transportation of petroleum products by road.” Adetunji Oyebanji disclosed this in Abuja at the ‘Truck Renewal Workshop’ organised by Major Oil Marketing Association of Nigeria (MOMAN) and Nigerian Association of Road Transport Owners (NARTO). According to him, his outfit was in talks with NARTO on the need for fleet renewal, adding this would lead to the replacement of unsafe trucks in the fleet of transporters.
Nigeria: Tanker Explosion Leaves 25 People Dead, Others Injured
The MOMAN chairman said pipelines remained the most effective and efficient means of transporting petroleum products, but stated that the idea of a truck renewal plan was not novel to Nigeria. He said the idea had been carried out in neighbouring countries, whose trucks boast the requirement of safe petroleum transportation. In her remarks, Minister of State for Transportation, Gbemisola Saraki, who was represented by the Assistant Director, Mass Transit Administration, Angela Keyede, said most road accidents were caused by human errors, adding that such accidents could be avoided if drivers were disciplined enough while on roads. Source: www.energynewsafrica.com

Nigeria: Kogi State Mourns Victims Of Tanker Explosion

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Kogi State in the Republic of Nigeria has declared a two-day state-wide mourning in honour of the victims of the Felele tanker accident which claimed about 23 lives last Wednesday. A statement released by State Commissioner for Information and Communication, Kingsley Fanwo urged all residents to be in “deep sober reflection and stand together for one another to pull out of the agonizing loss. “Government wishes to reiterate the call on road users to act responsibly in order to avert unfortunate situations that simple care and caution could have averted. Full investigations will also be carried out to determine the causes of the painful incident.
Nigeria: Tanker Explosion Leaves 25 People Dead, Others Injured
“We also call on relevant Federal Government agencies to provide relief materials to support what the state government shall be providing. Our hearts are with the affected families. May the souls of the departed rest in peace,” he added. It would be recalled that energynewsafrica.com reported last Wednesday that a tanker loaded with 33,000 litres of petrol had a brake failure, eventually crashing, at least, three tricycles and two motorcycles at Lokoja in Central Nigeria, West Africa. A family of five and some pupils were among 23 people killed in the explosion that followed the collision. The Kogi State Polytechnic, on Thursday, declared three days’ lecture free in honour of staff and students of the school who were affected by the explosion. The polytechnic’s Head, Public Relations and Protocol Unit, Uredo Omale told reporters that the decision was reached at an emergency meeting of the institution. “A vital decision at the meeting was the setting up of a committee to do a careful and thorough identity check of members of staff and students affected by the inferno with a view to ascertaining the nature and level of damage done to them. “The committee, chaired by the Dean, School of Art, Design and Printing, Mr Pedro Peter Akande, immediately, swang into action, and has, so far, reported that three members of staff sustained injuries in the incident,” she added. The Edo State Governor, Mr. Godwin Obaseki, in a condolence message issued in Benin, said the explosion was an urgent reminder of the need to prioritise road and rail infrastructure development in the country. Source: www.energynewsafrica.com

Ghana: GRIDCo Cleans Aboadze Power Enclave

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Ghana’s power transmission company, GRIDCo, has undertaken a post insulator and busbar washing at the Aboadze Power Enclave in the Western Region . In a tweet sighted by energynewsafrica.com, the company said: “This is part of a series of maintenance activities the company conducts on all its substations. It is primarily to make our equipment robust and efficient.” Source: www.energynewsafrica.com

India: Power Tariff To Be Hiked By 20 Paise Per Unit In Odisha

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India’s Orissa Electricity Regulatory Commission (OERC) has approved a proposal to hike power tariff by 20 paise per unit of electricity consumed in the state from October 1. However, the enhanced tariff will not be applicable for farmers using electricity for agricultural activities and people below the poverty line, the OERC said in a notification. The commission said it had allowed a “gap” of Rs 660.15 crore ($89,517,990.38) in aggregate revenue requirement to provide relief to customers considering the COVID-19 situation. The OERCs decision came in response to an application by the states lone bulk electricity supplier GRIDCO (Grid Corporation of Odisha) on August 21. The commission passed an order on September 23 to bring the gap down to Rs 341.15 crore ($46,249,807.84). “The consequential rise in retail supply tariff and open access charges for distribution licensees and utilities will be effective in the state from October 2020,” it said. Source:www.energynewsafrica.com

Oil And Gas Operators Set To Discuss Their Near-Term Strategic Outlooks For Africa

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It’s no secret that the COVID-19 pandemic, combined with ambitious emissions targets, are currently forcing oil and gas Operators worldwide to re-evaluate – and in many cases slim down – their portfolios. But what does this mean for Sub-Saharan Africa? This question will be top of the agenda at the “Operators’ Strategic Outlook” session at AOW Virtual (https://bit.ly/3020OKM) (7th October 2020). Participating is Tullow Oil’s most senior representative in Ghana, who will be updating delegates on the company’s progress following a turbulent year. Also joining are senior leaders from Chariot Oil and Gas and Kosmos Energy, which recently inked a farmdown agreement for up to USD200 million with Shell to on a portfolio of its exploration assets in Sao Tome & Principe, Suriname, Namibia and South Africa. Moderating the discussion will be a Dr Valérie Marcel of Chatham House, the Royal Institute of International Affairs. This will ensure rigorous analysis of the regional and country-specific challenges and opportunities at the centre of the discussion. The expert contributors include: • Tracey K. Henderson, Chief Exploration Officer, Kosmos Energy • Duncan Wallace, Technical Director, Chariot Oil and Gas • Wissam Al Monthiry, MD, Tullow Ghana • Adam Pollard, Senior Research Analyst, SSA Upstream Oil and Gas, Wood Mackenzie To accompany the session, Africa Oil Week has released the latest in a series of complimentary reports produced alongside its long-standing partner, Wood Mackenzie. Titled “A Major Transition for Sub-Saharan Africa?”, it covers topics including environmental considerations, new SSA gas projects and potential buyers for those African assets the majors are keen to divest. The report will kickstart conversation at AOW Virtual and is available to download now for free (https://rb.gy/8lvq3q). Brought to you by Africa Oil Week (AOW), AOW Virtual (https://rb.gy/3rdvtk) (7-8 October 2020) is a free to attend online conference aimed at reigniting African oil, gas and energy. True to AOW’s roots, the conference will be packed full of strategic outlooks, debates, and a much-anticipated government bidding round. It will offer AOW’s global oil and gas audience a platform to discuss insights, challenges and opportunities post COVID-19. Hundreds of C-level executives from across the value chain are expected to attend, as well as government representatives from countries including Somalia, The Gambia, South Africa and the USA. Plus, AOW Virtual is CPD certified, so attending sessions will count towards your continuing professional development. Register now for free (rb.gy/3rdvtk) Source: www.energynewsafrica.com

Nigeria: Tanker Explosion Leaves 25 People Dead, Others Injured

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Twenty five people have reportedly been killed in central Nigeria after a fuel tanker exploded following a collision with other vehicles. Media reports suggest a primary school pupil and students are among the dead. The crash occurred on Wednesday morning on a major highway in Lokoja where the driver lost control of the tanker after the brakes failed, local police said. Lokoja police spokesman, Willy Aya said that several victims were charred. Eyewitnesses’ accounts indicate that many of dead were pedestrians, including the students who were crossing the road to go to college. Others who died included a group who was killed inside their car, he said. Footage of the aftermath shared on social media shows a huge plume of black smoke billowing into the sky at the gory scene. In June this year, four people were killed in the country’s biggest city, Lagos, after two petrol tankers collided. The fire spread to another tanker carrying natural gas. Source:www.energynewsafrica.com

Comparative Analysis Of The 2020 Manifestoes Of The NDC And NPP From The Renewable Energy Perspective: IES

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Across the world, we are noticing technological growth globally, which has become the driving principle rendering renewable energy as the preferred energy source. There is overwhelming literature to support that renewable energy comes at a cheaper cost compared to fossil fuel. Data from the International Renewable Energy Agency (IRENA) suggest that more than 50 percent of the renewable capacity added in 2019 achieved lower electricity costs than new coal. According to the body, solar photovoltaics (PV) reveals the sharpest cost decline over 2010-2019 at 82 percent, followed by concentrating solar power (CSP) at 47 percent, onshore wind at 40 percent, and offshore wind at 29 percent. In addition, electricity costs from utility-scale solar PV dropped 13 percent year-on-year, reaching nearly 7 cents (US$0.068) per kilowatt-hour (kWh) in 2019. Onshore and offshore wind both fell about 9 percent year-on-year, reaching US$0.053/kWh and US$0.115/kWh, respectively, for newly commissioned projects. The International Energy Agency (IEA) has identified renewable energy sources as the least expensive modes to achieve universal electricity access in many parts of the world. In addition to increasing grid-connected electricity generation from renewables, declining costs of small-scale solar PV for stand-alone systems and mini-grids is vital in helping deliver affordable electricity access to millions. This according to the body is especially the case in remote rural areas in African countries, home to many of the population still deprived of electricity access. The country’s National Energy Policy (NEP) objective of using renewable energy for 10 percent of total energy production by 2020 has been extended to 2030 because Ghana failed to put in the right policies toward the achievement of the goal. In addition, current electrification rate is about 85 percent, a bit far off the target, with no improvement in sight. To be able to achieve a universal electricity access by the new set year 2025 Ghana may be required to work hard to grow the annual access rate by at least 3 percent. This growth is largely feasible with the support of renewable energy sources because a considerable proportion of the communities awaiting connection to the national electricity grid are currently difficult to access because they are lakeside communities, with others planted on islands that require connection by sub-marine cables. It is therefore evident that the country failed to meet it initial target of universal electricity access by 2020 because it also failed to meet its 10 percent deployment of renewable energy by 2020. Although, Ghana abounds with renewable energy resource potential, particularly biomass, solar and wind, and to a lesser extent small and mini-hydropower (IRENA, 2020), Ghana’s Energy Ministry admits that the bulk of this potential remain largely untapped. After continuously increasing power generation capacity from largely thermal sources, and increasing electricity access through grid expansions, it is now time for Ghana to be religious on its policy goal of 100 percent national electricity access using renewable energy as a catalyst. Manifesto Statements On Renewables It is imperative to say that if Government must meet its National Energy Policy objective of using renewable energy for 10 percent of total energy production by its new set target for 2030, then it ought to do more than what the country is currently experiencing. One of best ways of ascertaining Ghana’s commitment to ensuring renewable energy as an important part of the energy mix is to assess the manifestoes of the political parties. Consequently, these manifestoes can give us a glimpse of the future. The comparative analysis of the manifestoes of the two major political parties in Ghana; the National Democratic Congress (NDC) and the New Patriotic Party (NPP), to ascertain who has superior policies in the area of renewables. The NDC promises to deliver a golden age of renewables surpassing the 10 percent of the energy mix specified in the Renewal Energy Act. The political party then outlines eight (8) ways to surpass the 10 percent target. The NDC posit that it will establish a Renewable Energy Commission, to give focus on campaign for renewables; accelerate the development of grid-connected solar, wind and biomass plants; encouraging the use of Roof-Top Solar by artisans and small businesses. Additionally, the party will require all new government buildings to incorporate solar systems in their designs, cost and implementation; retrofit existing government buildings with solar systems. These they hope to achieve by providing incentives for investment in the manufacture of solar panels and accessories in Ghana, including removal of import duties on solar equipment and accessories; encourage private businesses and public institutions to use solar power and promoting the teaching of courses in renewable energy in Technical and Vocational Education and Training (TVET) institutions. On the other hand, the NPP on renewable energy promises to implement measures to reduce significantly the cost of power and to make it the most competitive in West Africa for industrial use. In particular, the NPP will review and restructure our energy-mix to generate cheaper sources for industries, including gas and renewable energy. Furthermore, the NPP will increase proportion of renewable energy in the national generation mix. Comparative Analysis A comparative analysis of the two manifestoes under review shows that both parties acknowledge the importance of renewable energy in the energy mix. The NDC proposes to establish the Renewable Energy Commission (REC) to focus on advocacy for renewables. This is welcomed especially when one considers the low level of penetration of renewable energy in the energy mix. However, an establishment of the REC should not be limited to advocacy but regulatory purposes having regard to the licensing and regulatory regimes of power in the country. Focusing on REC’s mandate beyond advocacy will aid investors to readily acquire the needed licenses to establish, expand and improve renewable energy plants. The promise to establish the Commission is commendable because it will give renewable energy the needed traction and attention as an emerging reliable and cheapest source of power. It is proposed further that the key ambitions of the REC should be to accelerate significant investment in the development and commercialization of renewable energy. The REC must encourage key stakeholders to deepen their support of renewable energy as part of the future energy mix in a fashion akin to the world Hydrogen Council― the global initiative of leading energy, transport and industry companies with a united vision and long-term ambition for hydrogen to foster the energy transition. Further the two-prong approach of the NDC of retrofitting existing government buildings with solar systems and providing incentives for investment in the manufacture of solar panels and accessories in Ghana, including removal of import duties on solar equipment and accessories will gladly aid in penetration of renewable energy. Despite the great approaches contained in the NDC manifesto on renewable energy, it is silent on the elements of cost and timelines. In contrast to this acknowledgment, the NPP is silent on how they will increase proportions of renewable energy in the national generation mix. On August 06, 2020, the government was reported to “have placed a complete moratorium on the renewable energy” because of cost. The manifesto failed to outline concrete steps to lift the moratorium or suggest concrete measures it will undertake to increase renewable energy in the energy mix. The NPP’s manifesto can best be described as a manifesto that intends to maintain the status quo due to inadequate policy prescriptions in the short term (at least for the next four years). Evidently, the NPP manifesto contains no convincing vision for renewable energy in their next term of office and it is projected that we may miss the 2030 deadline set for achieving the National Energy Policy objective of using renewable energy for 10 percent of total energy production should the NPP retain power. The party’s plans for renewable energy is blared by statements by both government functionaries and top executives at the Energy Ministry. A typical example is the recent statement by no less a person but the Director of Renewable and Nuclear Energy, Wisdom Ahiataku-Togobo, to the effect that “the boom in solar and other renewable energy usage could threaten the viability of the nation’s power distributor”. In effect, renewable energy adoption is seen by the NPP as threat, instead of accepting it as presenting healthy competition to the traditional power systems or sources, offering a cheaper electricity cost for industries, and the best opportunity for the ECG to be operationally efficient. Notwithstanding the fact that the NDC has superior position with respect to the advancement of renewable energy than the NPP, both parties are urged to go beyond the rhetoric and show real political will and commitment towards attaining a target beyond the 10 percent of renewable energy in the future energy mix. Source: Institute for Energy Security (IES)

Brazil: Petrobras Hits Hydrocarbons In Campos Basin Well

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Brazilian oil and gas giant Petrobras has identified the presence of hydrocarbons in the pioneer well of block C-M-657, located in the pre-salt of the Campos Basin. The well 1-BRSA-1376D-RJS (Naru) is located approximately 308 km from the city of Rio de Janeiro, in a water depth of 2,892 meters. Petrobas said on Wednesday that the well verified the presence of hydrocarbon in carbonate reservoirs of the pre-salt section. The well data will be analyzed to better assess the potential and direct the exploratory activities in the area, Petrobras added. Block C-M-657 was acquired in March 2018, in the 15th bidding round of the National Agency of Petroleum, Natural Gas and Biofuels (ANP), under the Concession regime. It is located in the southern portion of the Campos Basin. Petrobras is the operator of the block and holds a 30 per cent stake, in partnership with ExxonMobil (40 per cent) and Equinor (30 per cent). Source: www.energynewsafrica.com