Ghana: It’s Good News–Says IES Boss As He Praises BOST
The Executive Director for Institute for Energy Security (IES), an energy think tank in the Republic of Ghana, Nana Amoasi (VII), has applauded the Edwin Nii Obodai-led management of Bulk Oil Storage and Transportation Company Limited (BOST) for the steps it has taken so far to revive the company’s abandoned assets.
Edwin Nii Obodai Provencal was appointed the Managing Director of the state company in August 2019, to replace George Mensah Okley who resigned from his post.
At the time he assumed office, BOST’s assets, such as pipeline infrastructure, storage tanks, barges, tagboats and other vital installations, had been abandoned for years without repairs.
Besides, BOST was saddled with huge legacy debts which date back under the National Democratic Congress’ administration.
However, barely a year and half when the current MD had been in the helm of affairs, the sordid state of BOST has seen an improvement.
Speaking to energynewsafrica.com in an interview after a presentation by the Managing Director of BOST, Edwin Provencal, to some selected Civil Society Organisations (CSOs), Nana Amoasi VII said, “Looking at the presentation from BOST management today, they give an account of the revenue that has come in from an increment in their BOST Margin, and how they have expended this money as it has been shown has gone into repair of tanks. Some of the tanks were in a bad shape. We have seen the money go into the revival of pipelines infrastructure or network that were not working, for example Buipe to Bolga pipeline are being down since early 2017 and now is up because of the support CSOs gave to BOST to be given an increment in their Margin. We have also seen Tema-Akosombo Pipeline Project also 100 percent completed, according to the management and we’re yet to go to the field to confirm and if it’s true, then, we will say BOST has done well.
BOST had successfully repaired six out of the 15 storage tanks at APD, Buipe and Bolga, which were abandoned have now been repaired and are currently being in use.
“The Buipe-Bolgatanga Petroleum Product Pipeline (B2P3) had also been repaired and currently in use while repair works on the 6’’ Tema-Akosombo pipeline has just been completed.
“There is also repairing and spraying of barges and tagboats and extension of 8″ pipeline to the oil jetty, supply and installation of mass flow meters, fixing of pumps and loading arms, remedial works on 18″ CBM pipeline and commencement of Front End Engineering Design (FEED) for Accra -Kumasi pipeline.”
The IES boss said “this is good news we’re getting from BOST, but Civil Society will go to the field and confirm same and if it’s true that we’re having these on the ground, then, its good news for Ghanaians.”
On the revenue performance of the various departments of company, the Terminal Department recorded GHS48 million revenue in 2020 as compared to GHS45 million in 2019, representing seven percent.
The volume of products sold in sold in 2020 was 685,000 metric tonnes as compared to 652,000 metric tonnes representing five percent jump.
The Transmission Department also raked in GHS7 million in 2020 as compared to GHS2.9 million representing 141 percent with the volume of product skyrocketing to 23,224 metric tonnes in 2020 while 2,200 metric tonnes was sold in 2019, representing 1,057 percent.
Interestingly, the Fuel Trade Department made GHS 600,000 losses in 2019. However, in 2020 it made GHS26 million in profit, representing 4,348 percent after trading 150,000 metric tonnes of fuel compared to 77,000 metric tonnes in 2019.
Commenting on the trade profit of GHS 26 million for last year, Nana Amoasi VII described it as a very high performance saying, “It’s good to see bad performance in 2019 changed to a good revenue flow in 2020.”
According to him, CSOs are yet to see how BOST would ensure efficiency in their depots in order to attract business from third parties so that their assets become utilised.
“They should ensure that they have a good system where product coming into their system is fluid moving out from the primary depot being Accra Plains Depot (APD) is also fluid and efficient that is where BDC’s and other companies would want to do more business with them,” he advised.
Source: www.energynewsafrica.com
Ethiopia: Siemens Gamesa Seals Its First Wind Farm Project To Expand Its Leadership In Africa
Siemens Gamesa has signed its first wind power project in Ethiopia with state-owned electricity company, Ethiopian Electric Power (EEP), strengthening its leadership in Africa as the country begins to expand its green energy capacity to meet ambitious renewable targets.
The 100 MW Assela wind farm will be located between the towns of Adama and Assela, approximately 150 km south of the capital, Addis Ababa, and will contribute to clean and affordable power for the country’s electricity grid.
The country has set an ambitious target to supply 100% of its domestic energy demand through renewable energy by 2030.
According to the African Development Bank, Ethiopia has abundant resources, particularly wind with a potential 10 GW of installation capacity and having installed 324 MW at present.
“Siemens Gamesa is intent on expanding its leadership across Africa, and in turn help a growing transition to green energy across the continent. So, we are extremely pleased to begin work in Ethiopia and look forward to collaborating with both EEP and the country to continue to promote their drive to install more renewables and meet transformational energy targets,” said Roberto Sabalza, CEO for Onshore Southern Europe and Africa at Siemens Gamesa.
According to a Wood Mackenzie forecast, around 2 GW of wind power would be installed in Ethiopia by 2029.
The wind farm will be made up of 29 SG 3.4-132 wind turbines and is expected to be commissioned by the start of 2023. The project will generate about 300,000 MWh per year. Siemens Gamesa will provide full engineering, procurement, and turnkey construction.
Ghana Will Achieve 10% Renewable Energy Target By 2030-President Akufo-AddoThe Assela wind project will be financed by the Danish Ministry of Foreign Affairs via Danida Business Finance (DBF) adding to a loan agreement signed between the Ethiopian Ministry of Finance and Economic Cooperation (MoFEC) and Danske Bank A/S. Ethiopia has many renewable resources covering wind, solar, geothermal, and biomass, and the country aspires to be a power hub and the battery for the Horn of Africa. The country’s National Electrification Program, launched in 2017, outlines a plan to reach universal access by 2025 with the help of off-grid solutions for 35% of the population. Siemens Gamesa is among the global leaders in the wind power industry, with a strong presence in all facets of the renewable energy business: offshore, onshore, and services. With more than 107 GW installed worldwide; Siemens Gamesa is an ideal partner for Ethiopia at this critical juncture in the East African nation’s accelerating energy journey.
Nigeria: Electricity Tariff Increment Pure Wickedness-PowerUp Initiative Boss
The Executive Director for PowerUp Initiative For Electricity Rights in the Republic of Nigeria, Adetayo Adegbemle, has lashed out at Buhari-administration for increasing cost of electricity despite intermittent power supply in the West African nation.
NERC, in an order (NERC/225/2020) signed by its Chairman, Sanusi Garba, and Commissioner Legal, Licensing and Compliance, Dafe Akpeneye, on December 31, 2020, said the new tariff order took effect January 1, 2021, and will exist until a new order is made.
Per the order, tariff for customers in Band A (minimum supply of 20hrs daily) will increase by N6.85 to N69.18/kwh, a 10.98 percent rise.
Also from July 1, tariff for customers in Band B (minimum supply of 16hrs daily) will increase by 13.1 percent (N7.65) to N66.04/kwh from the present N58.9/kwh.
For customers in Band C (minimum supply of 12hrs daily), the increase is 29.13 percent (N14.19) to N62.92/kwh).
The highest tariff increase will be for consumers in Band D (minimum supply of 8hrs daily) with 121.5 percent (N32.79) hike to N55.76/kwh from N26.97/kwh.
NERC explained that the review was necessary following changes in inflation rate, foreign exchange rate, available generation, gas price, collection losses from ministries, departments and agencies of government, and Capex adjustments.
However, reacting to this, Mr Adetayo Adegbemle minced no words describing it as pure wickedness. “We are not doing any Press Statement on this Tariff Increment. We have been making it all the time Nigerians now need to own their own fight…but this tariff increase is wickedness,’’ he said on twitter as sighted by energynewsafrica.com. Source: www.energynewsafrica.comWe are not doing any Press Statement on this Tariff Increment
— Adetayo Adegbemle (@gbemle) January 5, 2021
We have been making it all the time
Nigerians now need to own their own fight…
But this tariff Increase is wickedness
India: Gov’t Not In A Hurry To Seek U.S Nod For Oil Supplies From Iran, Venezuela
India may not push for resumption of oil supplies from sanction-hit Iran and Venezuela once the Joe Biden administration take charge in the US but would rather wait for it to clear its stand on the issue before making a case for exemptions.
Sources privy to the development said that with oil market globally turning into a buyer’s market amid oversupplies and Covid-19 related demand destruction, India sees no point in immediately seeking exemption from sanctions but would rather wait for an opportune time to make its case.
As a big importer of oil, India wants to have a diversified market for crude and in this if traditional market like Iran and Venezuela is revived, it would only be for good. But the Covid-19 related disruptions have affected oil demand globally and producers are saddled with inventories that they are willing to liquidate at attractive pricing. This has converted oil from sellers’ to a buyers’ markets giving ample ammunition to oil importers to get requisite quantities on time at very attractive pricing.
Iran was India’s second largest oil supplier till sanctions by the West over Islamic country’s alleged nuclear programme cut oil supplies.
India stopped crude oil supplies from Iran altogether from May 2019 following re-imposition of US sanctions.
Venezuela, on the other hand, was the fourth largest crude supplier to India before US sanctions in January 2019 on the state-run companies there reduced their oil exports.
For India, a wider crude oil import basket works to its advantage at its protection against supply disruptions in one of the countries. It also helps on getting better supply deals.
India imports 85 per cent of its oil needs and its dependence on oil expected to remain firm for at least next couple of decades. Energy consumption here is expected to grow by 3 per cent annually till 2040, much higher than any other energy guzzling country.
Somalia: Opposition Party Suspects Government Will Sign Secret Oil Deals
Members of the opposition in Somalia warned this week that the country’s federal government is about to sign a secret petroleum exploration and drilling agreement with two foreign companies a month before its term in office expires, which would “pose a great danger” to the future of Somalia and its natural resources.
The opposition has received information that Somalia’s Ministry of Petroleum and Mineral Resources would sign the secret deal in the coming days, Abdirahman Abdishakur Warsame, the leader of the opposition Wadajir Party, said in a letter to the top officials in Somalia posted on Twitter.
“On 5 June 2018, the Federal Government of Somalia and Federal Member states signed an agreement on sharing of natural resources in Baidoa, which states that any agreement on the drilling, exploration or search for oil in the country must be transparent, thoroughly debated, evaluated and agreed upon, and finally approved by the House of the People of the Federal Republic of Somalia, before it is signed,” the letter reads.
The Council of Presidential Candidates (CPC) in Somalia strongly opposes the secret deal between Coastline Exploration Inc and Liberty Petroleum Corporation on oil block deals, Warsame said on Twitter.
“Any agreement on the drilling for oil must be transparent, thoroughly debated, evaluated, agreed upon & approved by the Parliament, before it is signed,” he added. The secret agreement would be signed just a month before the current government’s term in office ends, the opposition says in the letter, noting that this timing of an oil deal “creates strong suspicions.”The CPC strongly oppose the secret deal btw FGS & Coastline Exploration Inc & Liberty Petroleum Corporation on oil block deals. Any agreement on the drilling for oil must be transparent, thoroughly debated, evaluated, agreed upon & approved by the Parliament, before it is signed. pic.twitter.com/lij9hMeEnU
— Abdirahman Abdishakur (@AAbdishakur) January 4, 2021
Ghana: ECG Releases Guidelines For Three Months’ Free Electricity
Ghana’s southern power distribution company, ECG, has outlined a time table to extend the free electricity to lifeline consumers from January to March this year.
This is part of the Covid-19 relief package announced by President Akufo-Addo last Sunday, January 3, 2021, to cushion lifeline consumers in the West African nation for the next three months.
Lifeline consumers are those who consumes between 0-50kWh of electricity.
Touching on how they want to implement the relief, ECG said lifeline users on both prepaid and post- paid meter systems would continue to benefit from the GoG’s relief as stated.
The company explained that lifeline smart prepaid consumers would be automatically credited with their lifeline units for January, February and March.
Ghana: PURC Launches Investigation Into Prepaid Meter Irregularities Faced By ECG Customers“Consumers on non- smart prepaid meters will have swipe or insert their free line lifeline units for January, February and March,” the company stated. ECG further noted that consumers on non-prepaid meters will have to swipe or insert their cards in in their meters before they visit their vending points to recharge, in order to receive their free units for each month. With reference to lifeline postpaid consumers, the implementation guideline observed that their January, February and March 2021 would indicate the GoG absorption of their lifeline consumption. “Management wishes to assure lifeline consumers and stakeholders that it is resolved to implement this directive to the letter. Consumers are advised to contact ECG District offices with any challenge for a resolution,” the Southern Power Distribution company assured Ghanaians.
Ghana: Supreme Court Quashes High Court Orders Restraining Swearing-In Of Energy Minister As MP-elect For Hohoe
Ghana’s Supreme Court has, in a unanimous decision, quashed the orders made by a High Court in Ho in the Volta Region, placing an interim injunction on the gazetting and swearing-in of Member of Parliament-elect for the Hohoe constituency and Minister for Energy, John Peter Amewu.
The High Court, presided over by Justice George Boadi, on December 23, 2020, granted an injunction after some residents of Santrokofi, Akpafu, Likpe and Lolobi (SALL) argued that their inability to vote in the just ended parliamentary election amounted to a breach of their rights.
The five-member panel of Ghana’s Apex Court, presided over by Justice Yaw Appau, in granting the application, said the interested parties did not say anything for the justification of the orders of the injunction that was granted.
The court said the Energy Minister had nothing to do with the denial of the Electoral Commission (EC) not to allow the people of Santrofi, Akpafu, Likpe and Lolobi (SALL) to vote.
The court said Mr Peter Amewu is not an official of the Electoral Commission but only presented himself up for a contest and won.
The court further said the interim injunction granted was for 10 days and had long elapsed on January 2, 2021, before the decision of the court.
Nigeria: Court Rejects EFCC’s Exhibit In Trial Of Ex-NNPC GMD, Andrew YakubuThe interim injunction was, therefore, quashed. But the panel unanimously declined the AG’s request seeking an order to prohibit the High Court of Justice George Boadi from further hearing or conducting proceedings in the said suit. Background The Ho High Court on December 23, 2020, presided over by Justice George Buadi granted an interim injunction restraining the Electoral Commission from gazetting Mr Amewu as the MP for Hohoe. This followed an ex-parte application filed by residents of the Guan District, who were not given the opportunity to vote in the December 7 parliamentary election. They said the creation of the Oti Region, coupled with a recent Supreme Court decision and failure of the EC to create a constituency for them, meant they did not vote for a parliamentary candidate in the just ended election. But the state, through a Deputy Attorney General, Godfred Dame filed a motion at the Supreme Court to fight the injunction placed on Mr Amewu by the Ho High Court. The Deputy Attorney General argued that the High Court, in exercising its human rights oversight, had no jurisdiction to grant the injunction as the SALL residents did not go through the proper procedure. It is the case of the state that John Peter Amewu’s victory in the Hohoe parliamentary election was gazetted a day before the residents of SALL went to the High Court to place an injunction on the process.
Nigeria: NERC Approves New Tariff Increase For IBEDC In Minor Review
The Nigerian Electricity Regulatory Commission (NERC) has approved a minor review of electricity tariff for Ibadan Electricity Distribution Company (IBEDC), increasing electricity cost for consumers under the franchise area.
IBEDC franchise area includes Oyo, Ogun, Osun, Kwara and parts of Niger, Ekiti and Kogi states.
According to the Vanguard, NERC in an order (NERC/225/2020) signed by its Chairman, Sanusi Garba and Commissioner Legal, Licensing and Compliance, Dafe Akpeneye on December 31, 2020, said the new tariff order took effect January 1, 2021 and will exist until a new order is made.
Per the order, tariff for customers in Band A (minimum supply of 20hrs daily) will increase by N6.85 to N69.18/kwh, a 10.98 percent rise.
Also from July 1, tariff for customers in Band B (minimum supply of 16hrs daily) will increase by 13.1 percent (N7.65) to N66.04/kwh from the present N58.9/kwh.
For customers in Band C (minimum supply of 12hrs daily), the increase is 29.13 percent (N14.19) to N62.92/kwh). The highest tariff increase will be for consumers in Band D (minimum supply of 8hrs daily) with 121.5 percent (N32.79) hike to N55.76/kwh from N26.97/kwh.
NERC explained that the review was necessary following changes in inflation rate, foreign exchange rate, available generation, gas price, collection losses from ministries, departments and agencies of government, and Capex adjustments.
On service improvement by the utility, NERC ordered that “IBEDC shall be liable for service improvements in accordance with commitments under its universal service obligations for providing electricity supply to customers.
“Subsequent retroactive review of IBEDC’s tariffs during Minor Tariff Reviews shall be based on the IBEDC’s MYTO load allocation of the grid total energy delivered to all DisCos in line with the vesting contract executed by IBEDC and NBET”.
The commission added that “where there is a failure to deliver on committed service level by IBEDC as measured over a period of 60 days, rates payable by all customers in the affected load cluster shall be retroactively adjusted in line with the quality of service delivered over the same period, upon verification by the Commission”.
Future Energy Systems Need Clear AI Boundaries (Opinion)
Today, almost 60% of people worldwide have access to the Internet via an ever-increasing number of electronic devices. And as Internet usage grows, so does data generation.
Data keeps growing at unprecedented rates, increasingly exceeding the abilities of any human being to analyse it and discover its underlying structures.
Yet data is knowledge. This is where artificial intelligence (AI) comes in. Today’s high-speed computing systems can “learn” from experience and, thus, effectively replicate human decision-making.
Besides holding its own among global chess champions, AI aids in converting unstructured data into actionable knowledge. At the same time, it enables the creation of even more insightful AI – a win-win for all. However, this doesn’t happen without challenges along the way.
Commercial uses of AI have expanded steadily in recent years across finance, healthcare, education and other sectors. Now, with COVID-19 lockdowns and travel restrictions, many countries have turned to innovative technologies to halt the spread of the virus.
The pandemic, therefore, has further accelerated the global AI expansion trend.
Energy systems need AI, too.
Rapidly evolving smart technology is helping to make power generation and distribution more efficient and sustainable. AI and the Big Data that drives it have become an absolute necessity. Beyond just facilitating and optimising, these are now the basic tools for fast, smart decision making.
With the accelerating shift to renewable power sources, AI can help to reduce operating costs and boost efficiency. Crucially, AI-driven “smart grids” can manage variable supply, helping to maximise the use of solar and wind power.
Risks Must Be Managed To Maximise The Benefits.
AI usage in the energy sector faces expertise-related and financial constraints.
Decision makers, lacking specialised knowledge, struggle to appreciate the wide-ranging benefits of smart system management. In this respect, energy leaders have proven more conservative than those in other sectors, such as healthcare.
Meanwhile, installing powerful AI tools without prior experience brings considerable risks. Data loss, poor customisation, system failures, unauthorised access – all these errors can bring enormous costs.
Yet like it or not, interconnected devices are on the rise.
What Does This All Mean For The Average Consumer?
Smart phones, smart meters and smart plugs, connected thermostats, boilers and smart charging stations have become familiar, everyday items. Together, such devices can form the modern “smart home”, ideally powered by rooftop solar panels.
AI can help all of us, the world’s energy consumers, become prosumers, producing and storing our own energy and interacting actively with the wider market. Our data-driven devices, in turn, will spawn more data, which helps to scale up renewables and maximise system efficiency.
But home data collection raises privacy concerns. Consumers must be clearly informed about how their data is used, and by whom. Data security must be guaranteed. Consumer privacy regulations must be defined and followed, with cybersecurity protocols in place to prevent data theft.
Is The Future Of AI Applications In Energy Bright?
Indeed, the outlook is glowing, but only if policy makers and societies strike the right balance between innovation and risk to ensure a healthy, smart and sustainable future.
Much about AI remains to be learned. As its use inevitably expands in the energy sector, it cannot be allowed to work for the benefit of only a few. Clear strategies need to be put in place to manage the AI use for the good of all.
Souce: Daria Bierla Gazzola, Digital Communications Officer
IRENA
Russia’s Annual Oil Production Drops For The First Time Since 2008
Due to the OPEC+ production cut deal and the decreased demand in the pandemic, Russia’s crude oil and condensate production fell in 2020 for the first time since the 2008 financial crisis as well as the slump in oil prices, according to government statistics.
Russia’s annualized oil production declined by 8.6 percent to 10.27 million barrels per day (bpd) in 2020, down from a record-high in 2019, data from the energy ministry cited by Russian news agency Interfax showed.
According to Reuters estimates, the 2020 oil production dropped for the first time year over year since the 2008 recession and was at its lowest level since 2011.
The decline in Russia’s oil production was not unexpected, considering the demand crash and the new pact that the OPEC+ alliance forged in April for steep proportionate production cuts.
Russia and Saudi Arabia, the leaders of the OPEC+ pact, had to cut the most under the new agreement after failing in early March 2020 to initially find common ground on how to react to the oil price and oil demand collapse.
The drop in Russia’s oil production in 2020 comes after two consecutive years of production records in Russia’s post-Soviet history.
In 2019, crude oil and condensate production in Russia hit a record high for the post-Soviet era, despite Moscow’s key role in supporting the production cuts of the OPEC+ coalition.
According to figures from Russia’s energy ministry, Russia pumped 11.25 million bpd of crude oil and condensate in 2019—up from 11.16 million bpd in 2018, which was the previous production record in Russia’s post-Soviet era.
Covid-19 Pandemic: Economic Recovery Not Assured In 2021-Energy ExpertAs of January 2021, Russia should be boosting its production by 125,000 bpd after the OPEC+ group decided in December to ease the collective cut by 500,000 bpd. The ministers of the group are meeting at the time of writing early on Monday to discuss the production policy in February, with Russia reportedly favouring another 500,000bpd increase in the alliance’s production from next month. Source: Oilprice.com
Ghana: President Akufo-Addo Announces Free Electricity For Consumers From January To March 2021
President of the Republic of Ghana H.E Nana Akufo-Addo, has announced free electricity for lifeline consumers for a period of three months beginning from January to March 2021.
President of the West African nation disclosed this during the Covid -19 Update No. 21 on Sunday, January 3, 2021.
According to the President, the decision was due to the “continuing difficulties occasioned by the coronavirus pandemic.”
“Government will, thus, continue to pay the electricity bills for our nation’s one million active lifeline customers for the next three months, i.e. January, February and March,” Nana Akufo-Addo announced.
He added: “Additionally, all 1.5 million customers of the Ghana Water Company, whose consumption is not more than five cubic metres a month, will not pay any bills for the next three months, i.e. for the months of January, February and March.”
The President served notice that “this relief will be reviewed at the end of March.”
Ghanaians have been enjoying free electricity since April last year following the outbreak of coronavirus pandemic.
The President first announced free electricity from April to June and was extended for six months.
Source: www.energynewsafrica.com
Ghana: Gov’t Needs To Invest In Transmission & Distribution System To Prevent Power Outages In 2021-INSTEPR
The Institute for Energy Policies Research (INSTEPR), an energy think tank in the Republic of Ghana, believes Ghana could return to the era of power outages if the problem of bad transmission and distribution system are not fixed.
The energy think tank made this prediction in its 2021 Outlook and Expectation in Ghana’s Energy sector recently.
“Old transformers and substations will make the electricity network unreliable, causing low voltages, overloading and power outages,” INSTEPR stated.
“There is a need for huge capital investment into the electricity distribution and transmission infrastructure in the country to help reduce these losses,” INSTEPR observed.
Ghana was thrown into five years of power crisis between 2012 and 2016, resulting in the collapse of several businesses.
The situation compelled the then Mahama-administration to procure emergency power barges and signing of numerous power purchase agreement in a bid to address the issue.
In a statement, INSTEPR, which does not expect the country to return to those dark days again, tasked the government to swiftly revisit the aborted Private Sector Participation (PSP) programme in 2021, which ECG was to invest over USD$500 million in new infrastructure to reduce these technical and commercial losses.
The Institute also called for strategic measures in the energy sector to meet Ghana’s power needs as the West African nation continues to grow.
Per the projection of INSTEPR, the Independent Power Producers (IPPs) has an unpaid invoice of up to USD$1.44 billion as September 2020 according to CIPDiB.
They proposed that if Ghana wants to prevent recurrence of power outages, then, financial investment needs to be made into the power sector.
“The Independent Power Producers (IPPs) has an unpaid invoice of up to USD $1.44 billion as of September 2020, according to CIPiB.This debt keeps growing through Cash Waterfall Mechanisms has been implemented since April 2020. The total revenue collected by ECG from consumers is not enough to meet the invoices from various stakeholders in the value chain. This is mostly to do with the technical and commercial losses experienced in Transmission and Distribution,” INSTEPR warned.
They explained that in 2020, transmission loss was 4.7 percent, which is 1.8 percent higher than the projected losses of 2.7 percent and distribution losses have also increased to 26.63 percent as against the regulatory Benchmark of 23.2 percent.
Source :www.energynewsafrica.com
Covid-19 Pandemic: Economic Recovery Not Assured In 2021-Energy Expert
An expert in the downstream petroleum industry in the Republic of Ghana, West Africa, Senyo Hosi believes it will take some time for the businesses and the nation to recover from the adverse impact of the coronavirus pandemic.
In a New Year message to Ghanaians, Mr. Hosi, who is also the Chief Executive Officer of Chamber of Bulk Oil Distributors (CBOD), said: “We have survived 2020 with all its challenges and surprises.”
In his view, though there is no assurance that businesses impacted by covid-19 would recover in 2021, he believed there was the need for businesses and the country to forge on in order to win and make impact in 2021.
OPEC+ Considers Delaying Oil Production Hike Until April“This year, 2021, is not assured recovery. It may be a hard recovery but let’s never give up,” he encouraged Ghanaians. According to the results from a new COVID-19 Business Tracker Survey conducted by the Ghana Statistical Service (GSS), in collaboration with the United Nations Development Programme (UNDP), and the World Bank, about 770,000 workers (25.7 percent of the total workforce) had their wages reduced and about 42,000 employees were laid off during the country’s COVID-19 partial lockdown. The pandemic also led to reduction in working hours for close to 700,000 workers. The survey was carried out between May 26 and June 17, 2020, across the country to assess how the novel coronavirus has impacted on private businesses. Some 4,311 firms were interviewed. The data also showed that during the lockdown, about 244,000 firms started adjusting their business moduls by relying more on digital solutions, such as mobile money and internet, for sales. Firms within the agricultural sector and other industries used relatively more digital solutions (56 percent), with establishments in the accommodation and food sector being the least that adopted digital solutions (28 percent). In the oil and gas sector, over 500 workers lost their jobs with some having their salaries slashed. The CBOD boss also explained that the future of many Ghanaians may depend on the victory of the businesses, and urged them to press on. “The future of many may just depend on our victory. Prepare for the worst and hope for the best,” he tasked players in the industry. Source:www.energynewsafrica.com
Egypt: Eni Discovers Oil In Western Desert
Italian oil and gas giant, Eni has announced a new oil discovery in the Meleiha Concession in the Western Desert of Egypt.
The new oil discovery is located a mile south of the main Arcadia field already in production.
The well was said to have encountered an 85 foot oil column in the Cretaceous sandstones of the Alam El Bueib 3G formation.
Arcadia 9 has registered a stabilized rate of 5,500 barrels of oil per day, Eni revealed.
Following the discovery, two development wells, Arcadia 10 and Arcadia 11, were drilled back to back.
The first one encountered a 25 foot oil column and the second one an 80 foot oil column within the Alam El Bueib 3G formation. The three wells share the same oil-water contact in the discovered reservoir, Eni highlighted. Arcadia 11 was also said to have encountered 20 feet of oil pay in the overlying Alam El Bueib 3D formation.
“Eni’s successful implementation of its infrastructure-led exploration strategy in the Western Desert through AGIBA, a joint venture between Eni and Egyptian General Petroleum Corporation (EGPC), allows a quick valorization of these new resources,” Eni said in a company statement.
Through its subsidiary IEOC, Eni holds a 38 percent interest in the Meleiha concession. Lukoil holds a 12 percent stake and EGPC holds the remaining 50 percent interest. Eni has been present in Egypt since 1954 and is the country’s main producer. The company’s current equity hydrocarbon production is said to be around 320,000 barrels of oil equivalent per day.
Back in September, Eni and BP announced a new gas discovery in the ‘Great Nooros Area’, which is located in the Abu Madi West Development Lease in the conventional waters of the Nile Delta, offshore Egypt. In July, Eni announced a new oil discovery and new production in the South West Meleiha Concession in the Western Desert of Egypt.