Shell Plans To Cut Up To 9,000 Jobs
Oil major Shell has confirmed plans to cut between 7,000 and 9,000 jobs in a push to save up to $2.5 billion by 2022.
The company on Wednesday said the move is expected to deliver sustainable annual cost savings of between $2 to $2.5 billion by 2022.
This will partially contribute to the announced underlying operating cost reduction of $3 to $4 billion by the first quarter of 2021.
According to Shell, job reductions of 7,000 to 9,000 are expected, including around 1,500 people who have agreed to take voluntary redundancy this year, by the end of 2022.
Upstream
In the upstream sector, Shell said it expects production to be between 2,150 and 2,250 thousand barrels of oil equivalent per day, which includes a production impact of 60 to 70 thousand barrels of oil equivalent per day from hurricanes in the US Gulf of Mexico.
Realised liquids prices in the first two months of this quarter reflected a 15 to 20 per cent discount to Brent, similar to the discount in the second quarter of 2020.
Realised gas prices are trending in line with Henry Hub.
Depreciation is expected to be at a similar level as in the second quarter of 2020.
Integrated gas
In the area of gas, Shell said it expects production is expected to be between 820 and 860 thousand barrels of oil equivalent per day and LNG liquefaction volumes are expected to be between 7.9 and 8.3 million tonnes.
Trading and optimisation results are expected to be below average.
A one-off tax charge is expected to have a negative impact on Adjusted Earnings in the range of $100 to $200 million; no cash impact is expected in the third quarter.
Approximately 80 per cent of Shell’s term sales of LNG in 2020 have been oil price linked with a price-lag of up to 6 months. Consequently, lower realised prices due to this price-lag are expected to have a significant impact on LNG margins in the third quarter.
Shell said that CFFO can be impacted by margining resulting from movements in the forward commodity curves up until the last day of the quarter.
Source: www.energynewsafrica.com
Mozambique President Named Africa Oil & Power’s “Person Of The Year” For 2020
The President of Mozambique, H.E. Filipe Nyusi, has been selected as Africa Oil & Power’s “Person of the Year” for 2020.
This prestigious award is presented to exceptional individuals who display true leadership and innovative thinking in steering their countries or organizations to the forefront of the global energy sector.
President Nyusi has been at the helm of Mozambique’s energy sector during its many recent successes, including several multibillion gas projects which are now in development in this Southern African country.
These natural gas projects, once fully actualized, represent more than three times the country’s current GDP, with the Exxon-led Rovuma LNG project valued at $23.9 billion; the country’s Total-led gas project valued at $23 billion; and the $4.7 billion Coral FLNG project, which is expected to reach first gas in 2022.
“H.E. Filipe Nyusi has led the charge in creating an enabling environment in the energy industry and the broader economy that paved the way for extraordinary energy deals which Mozambique currently enjoys,” said Jude Kearney, former Deputy Assistant Secretary for Service Industries and Finance at the US Department of Commerce during the Clinton Administration and currently President of Kearney Africa Advisors.
“I can think of no better individual in Africa’s energy space on whom to bestow this award. Mozambique has a bright future ahead as international gas projects drive new growth, job creation, economic development and prosperity,” added Kearney.
Not only has President Nyusi been instrumental in the deals coming through, he has also helped drive a focus on national capacity building and has made sure the projects set aside natural gas for domestic use, setting the country on a path towards economic diversification and energy security.
“H.E. President Filipe Nyusi has worked hard to create an environment that ensures that a strong gas industry will create jobs, boost entrepreneurship, protect our environment, diversify our economy for the benefit of all the citizens and generate much-needed revenue for the government. The President has made the energy sector a crucial component of the economic well-being of Mozambique,” said Florival Mucave, CEO of the Mozambican Oil & Gas Chamber.
“H.E. President Filipe Nyusi has taken Mozambique from a place of relative obscurity in the energy markets, to a place of leadership in the global natural gas industry,” said Renée Montez-Avinir, Managing Director of AOP.
“His leadership has been instrumental in bringing these mega natural gas projects to fruition, providing vital investment security to close several multi-billion dollar deals. There is no doubt, the natural gas projects will transform Mozambique, bringing progress and prosperity to the entire country and placing Mozambique at the forefront of a global natural gas revolution,” added Montez-Avinir.
In office since 2015, Nyusi has aggressively pursued an anti-corruption campaign; continued to lead the country in peace; and has successfully navigated the country through incredible challenges, including Tropical Cyclone Idai that struck Mozambique in 2019 and the economic fallout presented by COVID-19 this year.
H.E. Filipe Nyusi has steered Mozambique through incredible challenges, and is leading the country to demonstrable economic success.
Africa Oil & Power will present H.E. Filipe Nyusi, President of Mozambique, with highest honors at the Mozambique Gas & Power 2021 event.
Source: www.energynewsafrica.com
Ghana: Solar Industry Will Boom Under My Leadership–NDC’s Flag-bearer
Flag-bearer of Ghana’s largest opposition political party, NDC, John Dramani Mahama has promised to make the solar energy sector buoyant as part of his efforts to grow the energy sector if he wins this year’s elections to be president again.
The former Ghana’s leader said he is committed to delivering a Golden Age of renewables in Ghana
“We’re committed to delivering a Golden Age of renewables,” he said in a tweet on September 25, 2020.
He added: “This, we’ll do by providing incentives for investment in the manufacture of solar panels and accessories in Ghana. We’ll also encourage the use of roof-top solar by artisans and small businesses.” He also noted that the youth of Ghana deserve decent and sustainable jobs. To that end, he said he is determined to create over one million jobs, both in the public and private sectors of the local economy. He has asked Ghanaians to believe and have faith in him that he will deliver this promise should he win this year’s elections. Mr Mahama said: “You’re all that matter to me! “You deserve decent job opportunities! This is why the next NDC government will provide opportunities for the creation of a minimum one million new and sustainable jobs in the public & private sectors. I guarantee you this will be done!” Ghanaians will go to the polls on December 7, 2020, to elect a new President and Members of Parliament to steer the affairs of the country from 2021-2024. Source:www.energynewsafrica.comJobs & Prosperity for all.
— John Dramani Mahama (@JDMahama) September 25, 2020
We’re committed to delivering a Golden Age of renewables. This we’ll do by providing incentives for investment in the manufacture of solar panels and accessories in Ghana. We’ll also encourage the use of Roof-Top solar by artisans and small businesses. pic.twitter.com/JcMT0phsvX
Ghana Energy Awards Nominations Close Today
Nominations into the prestigious Ghana Energy Awards (GEA) 2020 officially close today September 30, following a three-month-long window since July this year.
The 4th Edition of the annual energy awards scheme, under the theme: “Excelling in Crisis: the Energy Sector in a COVID-19 Era,” will recognise excellence and innovation as well as celebrate the players making tremendous impact in the country’s energy sector.
The 2020 event is particularly exceptional as it is dedicated to acknowledging the interventions of organisations and individuals in the sector toward complementing government’s efforts in alleviating the burden of the impact of the pandemic on Ghanaians.
GEA’20 features fourteen (14) competitive categories for the power, petroleum and renewable subsectors; including the most coveted award of the night, Energy Personality of the Year-both male and female, Chief Executive of the Year-Power and Petroleum, Innovation Project of the Year, Energy Company of the Year, Energy Institution of the Year, Brand of the Year, as well as Reporter of the Year among others.
The event also boasts Non-Competitive categories such as the Lifetime Achievement Award, the Exemplary Leadership Award, Women in Energy Excellence Award and the Osagyefo Young Leadership Award.
Under the auspices of the Ministry of Energy and the World Energy Council Ghana, this industry-owned initiative is organised by the Energy Media Group in partnership with CH-Business Consulting Ghana.
Industry partners are the Bui Power Authority, Ghana National Gas Company, Volta River Authority, Energy Commission, Petroleum Commission, Chamber of Bulk Oil Distributors, Association of Oil Marketing Companies, Chamber of Petroleum Consumers Ghana and Meinergy Technologies.
The event is slated for Friday October 30, 2020 at the Movenpick Ambassador Hotel, Accra with strict adherence to all COVID-19 safety protocols.
Organisations in the sector are encouraged to send in their nominations to the awards website www.ghanaenergyawards.com or email: [email protected].
More Than 80% Of UK Oil Workers Consider Leaving The Industry-Report
More than 80% of UK oil and gas workers are considering leaving the industry, energyvoice.com, has reported citing a new report from climate action groups.
The Platform, Friends of the Earth Scotland and Greenpeace surveyed 1,383 offshore workers ( 4.5% of the overall workforce) and found four in five (81%) would consider switching to another sector.
The findings echo a similar Scottish Renewables report from August, which surveyed just 100 workers.
Oil and Gas UK has responded, calling some of the claims around worker engagement and problems with movement into renewables “misleading“.
Job security, low morale and fears their community becoming a “wasteland region” were among the main concerns cited, along with “barriers” to entry into renewables.
Of those surveyed in this new report, 43% said they had been made redundant or furloughed since March.
It comes as talks are advancing on a North Sea Transition Deal from the UK Government to support the sector, which the Oil and Gas Authority has said is hoped to be delivered by the year’s end.
However, the climate groups said this deal has “no vehicle for consulting oil and gas workers”.
Based on the findings, Platform, Greenpeace and Friends of the Earth Scotland recommended workers should be “at the heart of shaping policies”, that the industry work to improve job security and morale, and creation of better opportunities for entry into the renewables industry.
A major concern for the UK wind sector, for example, is that components are generally manufactured overseas, meaning Scottish yards like those of the firm BiFab, have consistently missed out.
One respondent suggested that a condition of receiving a Scottish wind licence should be that fabrication work goes to a Scottish yard.
Gabrielle Jeliazkov, just transition lead campaigner for Platform, said: “If the UK government is serious about levelling up and transitioning to renewable energy, workers’ voices must be at the centre of that transition process.
“The government must ensure oil and gas workers are supported into secure and sustainable jobs.”
The study highlighted that 91% of respondents had not heard the term “Just Transition”, referring to areas like renewables and decommissioning providing sustainable jobs as the sector gradually moves away from fossil fuels.
One respondent said: “I just think it’s a better work environment out of the oil and gas industry. It’s always boom and bust to some degree but the last five years have not been a pleasant environment to work in – that’s five years of mental toil.”
Offshore union RMT, who said 300 of its members were surveyed, welcomed the report.
General secretary Mick Cash said: “The skills and expertise of offshore oil and gas workers are key to a Just Transition.
Source:www.energynewsafrica.com
Total Joins BP In Projecting An Oil Demand Peak Around 2030
Total SE has joined the ranks of oil companies anticipating a peak for the industry in the coming decade, saying demand growth will end around 2030.
While the French energy giant’s analysis is more conservative than that of BP, which earlier this month said the era of oil-market growth was already over, it adds to the chorus of executives and investors predicting rapid change for the industry.
Energy demand increased in all the scenarios considered in Total’s Energy Outlook report published on Tuesday, but most of the gains were seen being satisfied by low-carbon power. Electricity will comprise 30% to 40% of final energy demand in 2050, up from 20% today, it said.
The outlook was better for the company’s other main product, natural gas, which is expected to play a key role in energy markets for decades to come as a less carbon-intensive bridge fuel.
Total and its European peers are channeling investment into clean energy such as solar and wind, battery technology and car-charging networks. While investors in BP and Royal Dutch Shell Plc appear skeptical of the transition, particularly after suffering big dividend cuts earlier this year, Total has so far avoided any big stumbles.
Source:www.energynewsafrica.com
Ghana: GRIDCo Completes Work On Tafo-Akwatia Transmission Line
Ghana’s power transmission company, GRIDCo, has announced the completion of maintenance works on the Tafo to Akwatia Transmission line (F2Q) in the Eastern Region of the West African nation.
In a Twitter post sighted by energynewsafrica.com, the company said the line has also been restored to full service.
Energynewsafrica.com reported last week that work was ongoing on the Tafo to Akwatia transmission line.
The CEO of GRIDCo, Ing. Jonathan Amoako-Baah, was at the site last week with a section of the Management team, to inspect the maintenance works. Source: www.energynewsafrica.comOngoing works by the Ghana Grid Company to resolve a permanent fault on the Tafo to Akwatia Transmission line (F2Q), has been completed.
— Ghana Grid Company (@GhGridCo) September 28, 2020
Read more:https://t.co/IvvxTI7gFD pic.twitter.com/sROrRq9K1Y
Libya: Former Libyan Foreign Bank CEO Arrested For Misappropriating Oil Wealth
The former CEO of Libyan Foreign Bank, which was bank responsible for handling Libya’s oil wealth, has reportedly been arrested for fraud.
According to Bloomberg, Mohamed bin Youssef has been charged with “squandering funds and mismanaging the bank’s assets.”
Libya’s oil revenues have been a sticking point in Libya’s recovery, with warring factions controlling either the oilfields or the money—not both.
The bank’s leadership has been another source of contention, which resulted in bin Youssef being ousted back in 2018 for allegedly falsifying profits and making risky investments that LFB’s chairman says cost the bank $1.6 billion.
But things might not be that clear. In fact, who currently sits in the bank’s top spot is almost as clear as who is in charge of the county’s oil. Bin Youssef claims that he is still officially listed as the bank’s CEO.
Libya’s oil revenues have been hit hard by the blockade that has been in effect since January, with Libya’s National Oil Company (NOC) claiming that it has lost billions in oil revenue to date.
While some ports and oilfields have reopened in the past week, Libya’s oil production is just a shell of what it used to be when it was producing more than a million barrels per day.
Oil prices were stressed on Monday as reports of the blockade liftings showed that Libya’s oil production had risen from 100,000 bpd to 250,000 bpd.
However, these central bank uncertainties may trigger even more chaos in the oil sector as warring parties try to make sure “their man” is installed in the top bank position.
Source:www.energynewsafrica.com
Schlumberger And Milaha Ink Cooperation Deal In Qatar
Milaha, a maritime and logistics organizations in the Middle East, has entered into a formal agreement to cooperate with a giant American oilfield services firm, Schlumberger.
The Offshore & Marine pillar of Milaha signed a Memorandum of Understanding (MoU) that will support value building projects while jointly driving Tawteen initiatives for Qatar, Milaha said in a statement.
Led by Qatar Petroleum, the “Tawteen” program aims to localize the energy sector’s supply chain and create new investment opportunities to retain ‘economic value’ in Qatar.
Signed as a five-year joint development project, it will include a Qatar-owned, -flagged, and -operated Oil Well Stimulation Vessel.
The first of these vessels will be designed and outfitted in the country, creating the inaugural FLEXSTIM platform, which will be modified, owned and operated locally.
Pre-engineering for this significant scheme has already begun and will evolve during the final quarter of 2020.
The resulting Qatar-owned value chain will be a joint service that enhances the expertise of a global multinational service firm like Schlumberger as well as the Qatar-based multi-disciplined local service company like Milaha.
With over 70 years of presence in Qatar, Schlumberger supplies the petroleum industry with several key services such as seismic acquisition and processing, well testing and directional drilling, artificial lifts, well completions and groundwater extraction.
Source: www.energynewsafrica.com
Nigeria: Labour Unions Suspend Planned Strike As FG Puts Electricity Tariff Hike On Hold
The Nigeria Labour Congress and the Trade Union Congress have suspended their industrial action which was scheduled to commence today (Monday).
This followed an agreement reached with the Federal Government at a meeting which started at 8.30pm on Sunday and ended at 2:50am this morning.
After exhaustive deliberations on the issues raised by the labour unions, the meeting agreed to suspend the application of the cost-reflective electricity tariff adjustments for two weeks.
The Minister of Labour and Employment, Chris Ngige, read the five-page communique signed by the representatives of the government and labour.
The NLC President, Ayuba Wabba; and his Trade Union Congress counterpart, Quadri Olaleye, amongst others signed on behalf of Organised Labour while the Minister of Labour, Chris Ngige; Minister of State Petroleum, Timipre Silva; Minister of State Labour and Employment, Festus Keyamo (SAN); Minister of Information, Lai Mohammed; and the Secretary to Government of the Federation, Boss Mustapha and others, signed on behalf of the government.
Speaking to the media, Quadri Olaleye confirmed the development, said: “We signed a document to suspend the action for two weeks for the government to implement those things that we agreed in the agreement. So, we are suspending for two weeks.
“We don’t need a notice again to re-convene if there is a need to do that.”
The parties agreed to set up a technical committee comprising Ministries, Departments, Agencies, NLC and TUC.
It would work for a duration of two weeks effective September 28, to examine the justifications for the new policy “in view of the need for the validation of the basis for the new cost-reflective tariff as a result of the conflicting information from the fields which appeared different from the data presented to justify the new policy by NERC; metering deployment, challenges, timeline for massive rollout.”
South Africa: We’re Tackling Power Situation To Boost Economy-President RamophosaThe members of the committee include the Minister of State Labour and Employment, Festus Keyamo (SAN) as Chairman; Minister of State Power, Godwin Jedy-Agba; Chairman, National Electricity Regulatory Commission, James Momoh; Special Assistant to the President on Infrastructure, Ahmad Zakari as the Secretary. Other members are Onoho’Omhen Ebhohimhen, Joe Ajaero (NLC), Chris Okonkwo (TUC) and a representative of electricity distribution companies. The committee’s terms of reference are to examine the justification for the new policy on cost-reflective electricity tariff adjustments; to look at the different DISCOs and their different electricity tariff vis-à-vis NERC order and mandate; examine and advise government on the issues that have hindered the deployment of the 6 million meters, among others. “During the two weeks, the DISCOs shall suspend the application of the cost-reflective electricity tariff adjustments,” the communique noted. Source:www.energynewsafrica.com
South Africa: We’re Tackling Power Situation To Boost Economy-President Ramophosa
As South Africa still faced with serious energy problems including electricity blackouts, President Cyril Ramaphosa on Monday said measures were in place to ensure energy reforms that would address the crisis.
“Our energy security is precarious and load-shedding imposes very high costs on our economy,” Ramaphosa said, adding that dealing with energy crisis would boost economic reforms post COVID-19.
“The progress we are making in the area of energy policy reform isn’t just critical to fixing the current power supply crisis,” he said.
“It will begin to reduce the impact of electricity interruptions on businesses.”
“Reliable, secure and affordable energy supply is the lifeblood of any economy,” he noted.
“This signals government’s clear intention to move ahead of the key reforms that is needed to unlock the growth of our economy and attract much needed investment.
Nigeria: Labour Unions Suspend Planned Strike As FG Puts Electricity Tariff Hike On Hold“This new energy will be procured from diverse sources, including solar, wind, gas coal and storage. While meeting our energy needs well into the future, this new capacity will also help us meet international obligations to reduce carbon emissions,” he explained. Ramaphosa said improving energy security could create “investment possibilities” and “industrialization opportunities.” To deal with power utility Eskom’s problems, the state would procure more energy from independent producers and ensure the development of “11,800 megawatts (MW) of additional power generation,” Ramaphosa said. “This will attract greater investment in energy and create much needed jobs, and spur business.” Currently, over 30,000 MW of electricity is available on the national grid each day. Eskom is a South African electricity public utility which generates approximately 95 percent of electricity used in the country. The government announced in 2019 that Eskom was to be split up into three distinct nationally owned entities due to huge debts and poor reliability of supply. Source:www.energynewsafrica.com
Kenya Power Relocates Power Lines To Pave Way For The Nairobi Expressway
Kenya Power has commenced the relocation of power lines between Mlolongo, Mombasa and James Gichuru roads to pave way for construction of the 27.1-kilometer-long Nairobi Expressway.
The exercise is being carried out at a cost of Sh1.08 billion (9,957,812.76) which will be met by the Kenya National Highways Authority (KENHA).
The Company recognises the importance of the Expressway to the national infrastructure framework and is keen on completing this exercise with minimal interruptions to power supply.
“When executing projects of this magnitude, some of the customers within the estates along the Expressway corridor will experience interruptions in power supply.
However, the Company is planning to minimize power interruptions by leveraging the Live Line Maintenance technology which relocate most of the lines without switching off supply,” Kenya Power’s Managing Director & CEO, Bernard Ngugi said in a press statement.
The scope of work will involve the relocation of a combined 106 kilometres of high voltage (66kV), medium voltage (11kV), and low voltage cables as well as 28 transformers serving the area.
Kenya Power has covered 17 kilometres of the Expressway. Once completed, 40.6 kilometres of the network will pass underground.
“We aim to keep the lights on even as we carry out this critical exercise. We will ensure that we relocate as much network as possible using our Live Line Maintenance team to minimise interruption. Where it will be inevitable to switch off supply, we are scheduling interruptions and communicating the plan to customers,” Mr. Ngugi said.
The exercise begun in September and will be completed at the end of November this year. It is being carried out by a team of 60 employees from Kenya Power and 4 external underground cabling contractors.
Source:www.energynewsafrica.com
Nigeria: GE And Niger Delta Power Holding Company (NDPHC) Successfully Restore Up To 360MW Amidst COVID-19 Pandemic
General Electric (GE) has announced the successful rehabilitation of three 9E.03 gas turbines, at three Niger Delta Power Holding Company’s (NDPHC) Power Plants in Calabar and Sapele, in the Republic of Nigeria.
According to GE, these operations reduced the risk of unplanned downtime of its power generation equipment, enabling the plants to reliably secure and restore the supply of up to 360 megawatts (MW) of electricity to the national grid, the equivalent electricity needed to power approximately two million Nigerian homes.
Despite the challenges posed by the COVID-19 pandemic, GE and NDPHC worked together to swiftly implement safety procedures to ensure a safe and on-time execution.
“Being Nigeria’s largest electricity generating company, with a total installed capacity of 4.0 gigawatts (GW), representing about 35% of Nigeria’s generating capacity, we are committed to strengthening Nigeria’s power sector, despite the unexpected logistical challenges of the COVID-19 outbreak,” said Chiedu Ugbo, Managing Director, NDPHC said in a statement.
“GE’s efficiency to mobilize local teams on-site with the required technical skills and expertise, as well as GE’s global supply chain scale was crucial to ensure the timely and safe completion of the outages at the sites and help us achieve our goal.”
The outages involved stage three bucket change outs on three 9E gas turbines as well as additional combustion inspections. Engineers from GE and FieldCore, the field services execution company owned by GE, worked together and in close collaboration with NDPHC to implement additional safety measures and reduce the risk of exposure to COVID-19, including frequent disinfections at the site, physical distancing, standard passive and active temperature screenings for personnel, and the use of personal protective equipment such as masks and gloves.
“We are committed to supporting power plant operators like NDPHC to be able to provide reliable power with exceptional support and services from GE throughout these uncertain times, while ensuring and maintaining the health and safety of our employees and suppliers,” said Elisee Sezan, CEO for GE’s Gas Power business in Sub-Saharan Africa.
“The successful rehabilitation of the power generations assets at Calabar and Sapele plants will help increase the 9E gas turbines’ efficiency, while lowering emissions and providing essential power for industrialization, healthcare facilities, homes, schools and businesses.”
This year, GE’s 9E gas turbine fleet celebrates 40 years of operations globally. The 9E is a robust, proven platform that delivers high availability, reliability, and durability while lowering the overall cost-per-kilowatt. It has a large installed base of over 650 units in the world located primarily in Asia, China, Europe, Africa and the Middle East.
GE has been collaborating with energy stakeholders to deploy innovative technologies tailored to respond to the needs in the region since the 1950s with reliable base load and flexible emergency power. In 2018, the company celebrated its 100th power plant in Sub-Saharan Africa and today, up to 17 GW of gas power generation on the grid runs on GE gas turbines. GE delivers across the entire energy ecosystem from generation to transmission and distribution and throughout Nigeria, GE-built technologies are supported by local service and maintenance teams from the company to ensure access to reliable and sustainable energy.
Source: www.energynewsafrica.com
Nigeria: NNPC, SEEPCO Sign Gas Development Deal
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 PandemicThe 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