U.S oil and gas supermajor, ExxonMobil has hinted of cutting about 1,600 jobs in Europe as part of efforts to rein in costs.
“It is anticipated that up to 1,600 positions would be impacted by the end of 2021 across the company’s affiliates in Europe. Country-specific impacts will depend on the company’s local business footprint and market conditions,” the company said in a statement posted on its website.
According to ExxonMobil, the proposed changes are subject to local information and consultation processes as applicable in each country and result from insight gained through reorganizations and work-process changes made over the past several years to improve efficiency and reduce costs.
“The impact of COVID-19 on the demand for ExxonMobil’s products has increased the urgency of the ongoing efficiency work,” the statement added.
Europe remains an important market for ExxonMobil, as evidenced by recent major investments.
“However, significant actions are needed at this time to improve cost competitiveness and ensure the company manages through these unprecedented market conditions,” the statement concluded.
Source: www.energynewsafrica.com
Ghana’s Minister for Energy, John Peter Amewu has cut sod for the construction of three mini-grids solar power project to connect three island communities in East Ada District in the Greater Accra Region in the Republic of Ghana.
The three mini-grids, with each having a capacity of 50kVA, when completed would deliver green and sustainable electricity to about 300 households or about 2,100 people and 30 micro, small and medium enterprises (MSMEs) in Alopkem, Azizakpe and Aflive communities.
The project which is being funded with a US$2 million grant from the Swiss Government would be executed by Messrs Techno Trama Ambienta of Spain.
Speaking at the sod cutting ceremony, Mr. John-Peter Amewu said when the project is completed, it would be handed over to the Volta River Authority whose mandate covers the operations and activities on the Volta River, own, manage and operate all the mini-grid facilities on islands in the Volta River.
Mr. John-Peter Amewu performing sod cutting ceremony while other dignitaries look on.
According to him, the project forms part of the last mile electrification strategy of the government to provide access of electricity to islands and lakeside communities where grid extension is a major challenge.
He explained that government is implementing the rural electrification scheme to make electricity available and affordable to stimulate economic activities in all rural communities in the country.
However, for island and lake-side communities where grid electricity cannot be extended in the immediate future, the strategy is to deploy decentralized mini-grid systems similar to what is at Pediatorkope.
The Minister hinted that feasibility studies are almost completed for 54 additional mini-grids to be installed in Afram Plain South, Sene , Krachi West, Krachi East, Krachi-Ichumuru, Kpandai, Yeji, Nkwanta South and Nkwanta North Districts.
“The beneficiary communities have already been selected and sites for installation works identified. Procurement process is underway for the award of contract to install and connect approximately 4000 households in these Districts,” he said.
Mr. Amewu who commended the Swiss Government for providing funding for the project charged the contractor to execute the project as quickly as possible and in strict adherence to all the quality standard measures in the contract as well as Covid-19 protocols.
Deputy Minister for Energy in charge of Power, William Owuraku, who said feasibility studies for the construction of mini grids electricity in the area was done about four years ago, was excited that the three inland communities are going to be connected to electricity just as it had been done for those in Pediatorkope.
He pledged his commitment to ensure that the project is executed on schedule.
The District Chief Executive for East Ada, Sarah Dugbakie Pobee, who commended the Ministry of Energy and the Swiss Government for the funding, urged the beneficiary communities to lend their support for the contractors to ensure that the project is completed on time.
Some dignitaries who witnessed the sod cutting ceremony were Director for Renewable and Alternative Energies at the Ministry of Energy, Wisdom Ahiataku-Togobo, Ing Seth Mahu, Swiss Ambassador to Ghana; H. E. Philipp Stalder , Executive Secretary of Energy Commission, Ing Rev. Oscar Amonoo-Neizer, and James Dimitrus.
Swiss Ambassador to Ghana; H. E. Philipp StalderSarah Dugbakie Pobee, District Chief Executive for East Ada in the Greater Accra RegionExecutive Secretary of Energy Commission Ing. Rev Oscar Amonoo-Neizer (Right)William Owuraku Aidoo, Deputy Minister for Energy in-charge of Power, Republic of GhanaSource: www.energynewsafrica.com
Executive Secretary of the African Refiners & Distributors Association (ARA), Engr. Anibor Kragha has called for urgent upgrading of oil refineries and their associated storage and distribution infrastructure to prevent the number of premature deaths caused by air pollution in the developing countries.
According to the World Health Organisation (WHO), each year, air pollution causes seven million premature deaths with 600,000 being children.
“Not only do we need cleaner fuels but also cleaner vehicles to achieve the cleaner air that will prevent the premature deaths that developing economies around the world have experienced.
“To achieve that, we need to urgently attract the requisite financing needed to upgrade our refineries and complementary pipelines, depots and terminals, with rigorous analysis of the socio-economic and supply security benefits of each of these investments, which may often compete with each other,” Mr Anibor Kragha said in a press statement ahead of the ARA WEEK 2020 Conference that was postponed due to constraints imposed by the Covid-19 pandemic.
The ARA Week is held annually in Cape Town, South Africa, in March. However, this year’s event is being held as an online virtual conference from October 5-7, 2020.
With reference to the contention by environmental lobbyists that Africa must leapfrog technology improvements to embrace alternative, less carbon-intensive solutions rather than invest in hydrocarbon fuels, ARA argues that such an approach fails to understand the complexities of African fuel and energy supply chains and could actually make the problem worse by delaying necessary investments to supply cleaner fuels across the continent.
Anibor Kragha
Mr Kragha said: “Whether through product imports or refinery investment, Africa needs both project and trade financing for improved port and storage logistics to meet petroleum products shortfalls. But what is often forgotten is that, Africa needs to embrace the improvements to our vehicle maintenance and controls required to assure that the clean fuels supplied deliver the desired objective of cleaner air; with all the well-documented consequent benefits to public health and economic development.”
ARA has prioritised a two-step path to the future: first, clean fuels and second, climate change mitigation policies.
Mr. Kragha applauded the policies of his predecessor, Joël Dervain, in laying out the policies needed by the downstream (supply, refining, storage, distribution and marketing) sector of the oil industry.
Ultimately, an economic, efficient, safe, secure and sustainable supply chain for clean fuels is essential to address public health concerns, avoid energy poverty and drive industrial expansion and trade across Africa.
“The key is to define ‘sustainable’. Only then can we secure the financing for the projects required to upgrade our refineries and infrastructure and deliver efficient supply chains for clean fuels to let Africa catch up with the rest of the world on the climate change agenda,” he concluded.
Source: www.energynewsafrica.com
Tullow Ghana Limited (TGL), operator of Ghana’s Jubilee and Tweneboa, Enyenra and Ntomme (TEN) fields,in the Western part of the West African nation has announced a significant milestone of 300 million barrels of oil production from the Jubilee Field.
A statement issued by Tullow Ghana and its partners GNPC, Kosmos, Anadarko and Petro SA, said they “are proud to be part of Ghana’s remarkable Jubilee story.
“With the support of the government of Ghana, the Jubilee Field went from discovery to first oil in just 40 months.
“Tullow and its partners have invested US$10.8 billion from 2007 to 2019 in the Jubilee Field and continue to invest in Ghana’s hydrocarbon resources,” the statement said.
It noted that: “In the first half of 2020, Jubilee production averaged 84,700 bopd, and TEN production averaged 50,900 bopd with facility uptime on both FPSOs in excess of 95 percent.”
The Chief Executive Officer of Tullow Oil Plc, Mr Rahul Dhir said: “Reaching 300 million barrels of oil produced from the Jubilee Field is a significant moment for Ghana and for Tullow Oil.
Rahur Dhir, Chief Executive Officer of Tullow Oil Plc
“This could not have been achieved without the hard work and dedication of our employees and contractors and support from and close co-operation with the Government of Ghana and our partners,” he noted.
Tullow Ghana commended all its stakeholders including the government of Ghana, its joint venture partners, contractors and suppliers, its host communities, staff and the people of Ghana for their collaboration and support in reaching this important milestone.
Tullow is a leading independent oil and gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW).
The Group has interests in over 70 exploration and production licences across 15 countries.
In Ghana, Tullow Ghana Limited (TGL) holds licences in the Deepwater Tano and West Cape Three Points blocks.
It operates both the Jubilee Field, Ghana’s first producing oil field, and the TEN fields, which first produced oil in 2010 and 2016 respectively.
GHANAS JUBILEE FIELD REACHES 300 MILLION BARRELS OF OIL PRODUCEDSource: www.energynewsafrica.com
As the world is drifting towards the use of renewable energy to power their economies, sub-Saharan Africa has no choice than to focus on exploring the use of oil and gas to support their economies, and this is according to Dr. Babajide Agunbiade, Director for Houston -based National Oilwell Varco.
Speaking in an interview with U.K – based Channel TV Business Desk, on the global rising oil demand, monitored by energynewsafrica.com, Dr. Agunbiade said despite the adverse effect of Covid-19 resulting in lower oil production, demand for oil and gas has peaked as a result of the use of an alternative source of energy that does not require fossil fuel.
He stated, however, that the wind of change is not taking place as much as it should in sub-Saharan Africa.
Dr. Babajide, who has over 20 years’ experience in the oil industry and one of the world’s leading offshore production experts, was of the view that sub-Saharan Africa, China, and India are places where oil demand is rising, unlike the UK, North America, among a host of advanced countries, where a lot of new technologies are coming into play.
“However, in Africa, it is still the only commodity that can satisfy the demands of an increasing population, an expanding middle class, and in some cases, the main source of governments’ earnings. We still have a lot of oil,” he asserted.
Dr. Babajide explained that as a result of the enormous deposits of oil and gas, operators and service companies are doing what they can to optimize production cost and continue producing the commodity.
“As stated, a lot of these African countries do depend substantially on oil revenue for survival. Oil still plays a large role in these sub- Saharan countries’ economies, accounting for up to 40 percent of GDP and 80 percent to 90 percent of governments’ earnings,” he stated.
The Director of National Oilwell Varco, the largest Oilfield equipment manufacturing company in the world, said 90 percent of the earnings of the Government of Nigeria come from oil and the same as Angola, Gabon and the rest of oil-producing countries in sub- Saharan Africa.
With these figures, he was convinced that the shift to renewable energy at the expense of oil and gas in sub-Saharan Africa has not been the focus for now, and this must change.
“There is no push for anything different. They are still aggressively trying to source foreign exchange, which for the most part, they can only do that through oil,” he opined.
According to him, wind energy, electric cars and a lot of other renewable energy options and integrated gasification in the combined cycle, IGCC from coal have to come into play.
Source: www.energynewsafrica.com
Stakeholders of Noble Energy have approved a deal to sell the oil and gas producer to Chevron Corp.
This makes Chevron the No. 2 U.S. shale oil producer and giving it international natural gas reserves close to growing markets.
The all-stock deal values Noble Energy at around $4.1 billion, excluding $8 billion in debt, and the vote cements the first big energy deal since the coronavirus crushed global fuel demand.
The addition of Noble will boost Chevron’s U.S. shale oil holdings, making it the No. 2 producer behind EOG Resources, according to data from Rystad Energy.
It also adds nearly 1 billion cubic feet of natural gas reserves.
Noble’s Leviathan in Israeli waters, one of the world’s biggest offshore gas discoveries of the last decade, began pumping gas from the field late last year.
While 89% of Noble shareholders voted in favor of the deal, just 60% voted for merger-related executive payouts, according to regulatory filings.
Proxy adviser Glass Lewis had recommended voting for the deal but against “excessive” executive payments, which would be triggered by the sale of the company.
The deal has become even cheaper for Chevron since it was announced in July with a value of $5 billion, as shares of both companies have traded down alongside oil. The deal is worth about $4.1 billion based on Friday’s closing price for Chevron of $71.19. Noble investors will receive 0.1191 shares of Chevron for each Noble share.
Activist investor Elliott Management Corp, which took an undisclosed stake in Noble but never came out publicly against the deal, declined on Friday to say how it voted its shares or whether it has sold or kept its stake.
The deal is expected close early this quarter.
It comes during a tumultuous year for the oil and gas industry and “the hurdles remain high for corporate deals,” said Jennifer Rowland, analyst with Edward Jones. “Any deal that requires significant cost savings or a higher oil price to justify the price paid will not be well-received.”
Chevron last year walked away from a deal for Anadarko Petroleum and took a $1 billion break fee, a decision that looked even better as oil prices cratered.
Source: www.energynewsafrica.com
The Nigerian Electricity Regulatory Commission (NERC) has called for the abolition of electricity tariff subsidy
It advised that money meant for the subsidy be channeled to other sectors of the economy such as health and education.
According to reports sighted by energynewsafrica.com, the Commission in a statement signed by its Vice Chairman, Sanusi Garba, said in 2019 the Federal Government spent N540bn subsidising electricity.
The Commission also advocated for service reflective tariffs so that people will pay for the electricity they consume.
He said the tariff review has been shifted two times and such is not in the best of the country
“The time of the review has actually been shifted twice, in consideration of the exigencies that obstructed everybody, particularly the COVID-19 pandemic and other situations.
“But you cannot continue to defer the review indefinitely because you should look at electricity supply as a value chain. Generation companies are spending money to produce electricity and TCN (Transmission Company of Nigeria) is transmitting that electricity to the distribution companies.” NERC said
NERC added that electricity is a commodity somebody has to pay for and rates review cannot be postponed indefinitely.
“If you continue to defer the rates review, unless government has the resources to fill in the gap, the implication is that you will see service plummeting significantly.
“This is because at the end of the day, the generators will not be paid. And if the generation companies are not paid, it means that they will not be able to pay for gas. And so the 3,000 megawatts, 4,000MW and occasionally 5,000MW that we are getting now will significantly come down,” NERC said
Source: www.energynewsafrica.com
Last week marked an important step in the energy cooperation between Equatorial Guinea and Russia, as the first team of Russia’s state-owned joint stock company Rosgeo arrived in Equatorial Guinea to kick off a historic geological mapping project.
The initiative has been in the making for some time, and follows the signing of Memorandum of Understanding (MoU) during the Russia-Africa Summit in Sochi in 2019 between Rosgeo and the Ministry of Mines and Hydrocarbons (MMH).
It was followed by the signing of two firm services contracts in May 2020 with JSC Zarubezhgeologia and JSC Yuzhmorgeologia, internationally operating subsidiaries of Rosgeo, for the initial phase of seismic acquisition in transit zone and state geological mapping in the Rio Muni area in mainland Equatorial Guinea.
As a result, JSC Zarubezhgeologia will be performing scouting works for state geological mapping, and JSC Yuzhmorgeologia will be performing scouting works for complex seismic acquisition in the transit zone of Rio Muni.
The activities are notably aimed at analyzing landscape conditions for geological surveying and prospecting, determining the scope of mapping drilling, researching the possibility of mineralogical sampling of channel deposits, analyzing technical conditions for the arrangement of geological camp in Rio Muni, and other scouting necessary to prepare for next phases of exploration works.
Equally important, the program marks the re-entry of Rosgeo into Equatorial Guinea following successful operations of its subsidiary JSC Zarubezhgeologia back in the 1970s when its activities formed the basis for Equatorial Guinea’s geological exploration industry.
“This is a historic moment for Equatorial Guinea as we welcome once again long-standing partners of our country to explore onshore Río Muni. We expect this region of Equatorial Guinea to become a new natural resources hub both for onshore oil & gas operations but also for mining and minerals. Upcoming exploration activities will provide the foundation for this next phase of growth in our industry, and having Rosgeo on the ground gives us confidence and faith for a successful exploration campaign,” declared H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.
The Rio Muni area is believed to be one of the most promising exploration frontiers in Equatorial Guinea, which could turn the country once again into a hotspot for natural resources exploration. Increased exploration is expected not only to help in sustaining and increasing domestic output of oil and gas, but also in proving additional reserves in key minerals to help Equatorial Guinea further diversify its economy.
Source: www.energynewsafrica.com
Libya’s oil output has risen to 295,000 barrels following a truce in the OPEC nation’s civil war and the lifting of a blockade on energy facilities.
According Worldoil.com sources, fields that feed the newly restarted eastern ports of Hariga, Brega and Zueitina are ramping up production.
Output was 250,000 barrels a day a week ago and will rise further as ships dock and load crude from storage tanks, allowing fields to pump more, the person said.
Libya’s restart is weighing on oil prices just as traders become more bearish about the outlook for energy demand with many nations introducing stricter restrictions to curb the Coronavirus pandemic.
Brega is set to export 1.8 million barrels in October via three cargoes, according to a loading program. Zueitina is set to load five cargoes.
Hariga has loaded two tankers of one million barrels each in the past two weeks.
The loading programs are preliminary and Libya may export more than the schedule suggests.
The country, home of Africa’s largest oil reserves, pumped around 1.2 million barrels a day at the start of the year, before the blockade shut down most ports and fields.
State energy firm National Oil Corp. is evaluating security at Libya’s four other onshore oil ports — including Zawiya, which handles crude from Sharara, the nation’s biggest field — before restarting them. Mercenaries involved in the civil war still occupy or are located near some of them.
Source:www.energynewsafrica.com
The Chamber of Bulk Oil Distributors (CBOD) has donated some projectors to the Faculty of Arts Department of the University of Cape Coast in the Central Region of the Republic of Ghana.
This follows a request from the Faculty to the Chamber for assistance to procure projectors in order to help improve teaching and learning.
Presenting the items on behalf of the board and management, CEO of CBOD, Senyo Hosi said in the age of digitalisation, it has become necessary for teaching institutions to use modern technologies.
“We need to have our students and lecturers build on their presentation skills effectively with modern technology,” he said.
Dean of the Faculty Professor Prof. Kwame Osei Kwarteng, who led a delegation from the UCC’s Faculty of Arts to receive the items in Accra, the capital of Ghana, expressed gratitude to the CBOD.
“We are in the fourth industrial revolution, so now is the time that there is the need for us to use this equipment [projectors, computers, laptops, ipads, etc.] so that it can enhance teaching, learning and research. We don’t have them in our departments. Since I became the Dean, I made it one of my visions to ensure we get it. “Financially, we were constrained and fortunately, we invited you to attend our roundtable discussion and I put this before you and you have graciously responded. It was Covid that delayed but better late than never. We are going to put it to proper use.”
Senyo Hosi encouraged corporate Ghana to lend their support to academia to help in developing the skills of Ghana’s youth with the right resources.
He also commended the UCC for its strides in education.
In 2019, Senyo Hosi participated in a roundtable discussion organised by UCC on the topic: ‘Preparing Graduates for the World of Work: The role of Universities’.
Oil extended losses on Friday as it got caught up in a broad downward move in financial markets after President Donald Trump said he had tested positive for the Covid-19 virus.
Futures in New York fell toward $37 a barrel, while global benchmark Brent dropped as much as 3.7%.
The U.S. president announced that he and First Lady Melania Trump had tested positive for Covid-19, shortly after one of his closest aides, Hope Hicks, had fallen ill with the coronavirus. Asian stocks retreated, as did European and U.S. equity futures, while the dollar swung wildly.
Trump’s positive result will likely sharpen already intense attention on his handling of the pandemic as he campaigns for re-election against Democrat Joe Biden, who leads in national polls. Oil was already lower before the news as the chance of any more U.S. fiscal stimulus before the November election appeared to be fading after talks yielded no immediate breakthrough.
“Trump and the coronavirus news, along with the setback to the talks on the U.S. stimulus package, are just triggers and they’re serving as a reminder that the global economy is in trouble at least for the next six months,” said Vandana Hari, founder of Vanda Insights in Singapore. “What’s coming on top of that is the realization that there’s more supply coming into the market just as demand growth is weakening.”
The coronavirus is resurgent in Europe and hasn’t been brought under control in big economies such as India, leading to a chorus of forecasters scaling back their estimates for when oil demand will get back to pre-virus levels. Still, the Organization of Petroleum Exporting Countries’ crude production was almost unchanged last month from August, according to a Bloomberg survey.
Oil prices are heading for their fourth weekly loss in five amid signs demand has stabilized well below pre-virus levels as the pandemic proves stubbornly persistent. Chinese buying has flagged in recent months after a spree earlier in the year and there’s still a big overhang of inventories worldwide, while refiners are struggling with growing gluts of diesel and jet fuel.
The United Arab Emirates cut its oil output to the lowest in two years, offsetting increased Saudi Arabian exports as well as added output from Venezuela, Libya and Iran. Iraq also said it remains committed to the OPEC+ cuts, including extra curbs to compensate for previous overproduction.
OPEC production averaged 24.43 million barrels a day in September, according to the Bloomberg survey, compared with 24.39 million in August. Output was as high as 30.44 million in April as producers opened the taps amid the price war.
The prompt spreads for both WTI and Brent have fallen a bit further into contango –where near-dated prices are cheaper than later-dated ones — this week, suggesting concern about over-supply is increasing slightly.
“Having already had to deal with growing concerns over the demand outlook, the oil market has been unable to escape the broader market sell-off following President Trump’s positive Covid-19 test result,” said Warren Patterson, head of commodities strategy at ING Bank NV in Singapore
Source: Worldoil.com
Chiefs and people of the Western part of the Republic of Ghana have been asked to support the Government of Ghana’s Petroleum hub project by ensuring that there is peaceful environment for the smooth execution of the US$50 billion project.
The project is one of the government’s strategic anchor initiatives that would serve as a new pillar of growth in the Ghanaian economy.
It would accelerate the growth of Ghana’s petroleum downstream sub-sector and make it a major player in the economy and, consequently, ensure development of sustainable value, wealth creation and the progress of the industry.
The petroleum hub, which will occupy a land space of about 20,000 acres, would have four refineries each with a capacity of 150,000bpd, two oil jetties, storage tanks for crude and two petrochemical plants.
The project, which is a private sector led initiative, is expected to be completed by 2030.
Addressing stakeholders in the Western Region at a three-day Inception Launch and Data Validation Workshop for the development of ‘Master Spatial Plans’ for the project at the Bonyere Traditional Area, the Western Regional Minister, Kwabena Okyere Darko Mensah noted that investments in the petroleum hub project are expected to transform the economy through export tax of about $1.56 billion by 2030, increase GDP by about 70 percent and create jobs in excess of 780,000.
According to the Minister, indigenes from the Western Region need to hone their skills and capacities, reposition themselves to enable them participate meaningfully in this wealth creation, along the value chain of petroleum downstream sector and create synergies as indigenous/local businesses.
Okyere Darko Mensah tasked the participants to contribute their quota to help inform the government in shaping policies which will trigger growth and put Ghana in a very strategic economic position in the West African sub-region and on the global stage.
“I entreat you to participate effectively in the workshop and make your inputs known. I will also entreat the chiefs and people of this area to ensure that the peaceful environment of the project is maintained. We, at the Regional Coordinating Council, will continue to play our coordinating, monitoring and evaluation role to ensure that this project is delivered in record time for the benefit of Ghana as a whole,” the Minister assured.
Source: www.energynewsafrica.com
Ghanaian Businessman and President of Ghana’s National House of Chiefs, Togbe Afede XIV, who was recently crowned Entrepreneur of the Decade, has taken his passion for the development of Ghana and Africa to the territories of the Republic of Cameroon.
Togbe Afede XIV, who is the Founder of SAS Finance Group and Africa World Airlines, and Co-founder of Sunon Asogli Power Ghana Ltd, led a team from Sunon Asogli Power Ghana Ltd, one of the Independent Power Producers in Ghana, to explore opportunities in the power sector of Cameroon.
The team also explored the prospects for Accra-Yaounde-Accra flights, via Douala, by African World Airlines.
During the visit, the team met with the Minister for Water Resources and Energy, the Director of Electricity at the Ministry, and top executives of Electricity Sector Regulatory Agency.
The team was also privileged to meet with His Excellency the Prime Minister of the Republic of Cameroon, Dr Joseph Dion Ngute.
The Prime Minister, on behalf of the President and the people of Cameroon, welcomed his guests and expressed the hope that Sunon Asogli Power and Africa World Airlines would invest in Cameroon.
The Prime Minister, who is also a traditional leader, expressed excitement about Togbe Afede’s plans to promote collaboration among African traditional leaders.
He stressed the importance of Africa to Africa collaboration in moving the continent forward.
Source:www.energynewsafrica.com
Nigeria’s President H. E. Muhammadu Buhari has said it will make no sense for Nigeria to sell petroleum products at prices lower than those sold in neighbouring countries.
The punchng.com quoted Nigerian leader as saying while delivering a speech on the occasion of Nigeria’s 60th Independence Anniversary at Aso Villa, Abuja on Thursday.
Buhari said, “Fellow Nigerians, in addition to public health challenges of working to contain the spread of the Coronavirus, we have suffered a significant drop in our foreign exchange earnings and internal revenues due to 40 per cent drop in oil prices and steep drop in economic activities, leading to a 60 per cent drop in government revenue.
“Our government is grappling with the dual challenge of saving lives and livelihoods in face of drastically reduced resources.
“In this regard, sustaining the level of petroleum prices is no longer possible. The government, since coming into office has recognized the economic argument for adjusting the price of petroleum. But the social argument about the knock-on effect of any adjustment weighed heavily with the government.”
Continuing, the President added, “Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre. A comparison with our neighbours will illustrate the point.
“Chad, which is an oil-producing country, charges N362 per litre. Niger, also an oil-producing country, sells oil at N346 per litre. Ghana, another oil-producing country, petroleum pump price is N326 per litre. Egypt charges N211 per litre. Saudi Arabia charges N168 per litre.
“It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia.”
Source:www.energynewsafrica.com
The Minister hinted that feasibility studies are almost completed for 54 additional mini-grids to be installed in Afram Plain South, Sene , Krachi West, Krachi East, Krachi-Ichumuru, Kpandai, Yeji, Nkwanta South and Nkwanta North Districts.
“The beneficiary communities have already been selected and sites for installation works identified. Procurement process is underway for the award of contract to install and connect approximately 4000 households in these Districts,” he said.
Mr. Amewu who commended the Swiss Government for providing funding for the project charged the contractor to execute the project as quickly as possible and in strict adherence to all the quality standard measures in the contract as well as Covid-19 protocols.
Deputy Minister for Energy in charge of Power, William Owuraku, who said feasibility studies for the construction of mini grids electricity in the area was done about four years ago, was excited that the three inland communities are going to be connected to electricity just as it had been done for those in Pediatorkope.
He pledged his commitment to ensure that the project is executed on schedule.
The District Chief Executive for East Ada, Sarah Dugbakie Pobee, who commended the Ministry of Energy and the Swiss Government for the funding, urged the beneficiary communities to lend their support for the contractors to ensure that the project is completed on time.
Some dignitaries who witnessed the sod cutting ceremony were Director for Renewable and Alternative Energies at the Ministry of Energy, Wisdom Ahiataku-Togobo, Ing Seth Mahu, Swiss Ambassador to Ghana; H. E. Philipp Stalder , Executive Secretary of Energy Commission, Ing Rev. Oscar Amonoo-Neizer, and James Dimitrus.
Source: www.energynewsafrica.com
