São Tomé And Príncipe, Equatorial Guinea Lead Energy Cooperation In Gulf Of Guinea
São Tomé and Príncipe and Equatorial Guinea have agreed on the establishment of a Special Zone for Joint Exploration to explore and develop cross-border oil & gas reserves believed to be in the blocks bordering each country’s maritime zone.
The decision was taken during a meeting this week in Malabo between H.E. Osvaldo Abreu, Minister of Public Works, Infrastructures, Natural Resources and Environment of São Tomé and Príncipe and H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea.
It notably follows several cooperation agreements signed last year during the official visit of President Evaristo Carvalho to Equatorial Guinea, which notably included joint oil exploration in the countries’ maritime zone.
Both ministers discussed plans to expedite joint exploration efforts in the blocks within their maritime zone, and expect operations to start as early as October 2020. São Tomé and Príncipe is also set to benefit from Equatorial Guinea’s experience in the hydrocarbons sector, especially when it comes to offshore oil & gas exploration, production and monetization.
In this regard, Equatorial Guinea has agreed to select students from São Tomé and Príncipe to study oil-related courses in the country.
São Tomé and Príncipe is believed to be an upcoming frontier when it comes to oil & gas.
It has already attracted several international players in its blocks, including Galp Energia, operator of block 6 and Kosmos Energy, operator of block 11. International major Shell also participates in both blocks with a 20% and 30% stakes respectively. At the beginning of the year, Galp announced that it would be drilling its first well in block 6 by the end of this year following seismic surveys conducted since 2017.
In its ambition to open up a new petroleum frontier in African waters, São Tomé and Príncipe hopes to rely on the expertise of its African neighbours. The country shares another joint area with Nigeria, Africa’s biggest oil producer, which resulted in the signing of a treaty in February 2001.
As we have seen in other parts of Africa, energy cooperation between neighbours on the continent can unlock tremendous value for African nations. Senegal and Mauritania for instance have signed an agreement of intergovernmental cooperation in 2018, paving the way for BP to take final investment decision on developing the cross-border Greater Tortue Ahmeyim gas field, located on the maritime border between both countries.
The Gulf of Guinea holds similar potential for joint exploration and development between São Tomé and Príncipe and Equatorial Guinea, but also Cameroon and Nigeria. Hopes are high that the ongoing cooperation and dialogue between São Tomé and Príncipe and Equatorial Guinea will pave the way for additional joint development efforts in the region.
Source: www.energynewsafrica.com
Ghana: GOIL Activates COVID-19 Protocols At Service Stations
Ghana’s indigenous and leading oil marketing company, GOIL Company Limited has directed all its dealers across the West African nation to put in place measures to protect pump attendants and other staff against the COVID-19.
The company urged its dealers to ensure that a minimum of two protective nose masks are provided for pump attendants for wearing on daily basis.
In a communiqué issued and signed by Group CEO/MD, Mr Kwame Osei-Prempeh also directed dealers to ensure frequent cleaning of dispensing pump keypads, door knobs, table and counter surfaces, nozzle handles, POS devices and mobile phones as well as money counting machines and calculators are cleaned with rubbing alcohol, strips of gauze, tissue and cotton wool.
Source:www.energynewsafrica.com
Source:www.energynewsafrica.com Ghana: VRA Suspends Visits To Akosombo Dam Site, Others
Ghana’s power generation company, Volta River Authority (VRA), has suspended visits to its power generating and recreational facilities across the country.
“Management of the Volta River Authority wishes to inform the general public that, as part of precautionary measures to prevent the spread of the COVID-19, visits to any of the under listed Authority’s Power Generating facilities across the country are suspended with immediate effect until further notice,” the VRA noted in a press statement.
Power generating facilities to which visits have been suspended include the Akosombo and Kpong power generating stations.
Source:www.energynewsafrica.com
Source:www.energynewsafrica.com Angola Secures Key Energy Endorsements For Angola Oil & Gas (AOG) 2020
The Angola Oil & Gas (AOG) Conference & Exhibition 2020 – organized by Africa Oil & Power (AOP) and endorsed by the Ministry of Mineral Resources and Petroleum has secured the endorsement of major international companies including Total, Baker Hughes, Equinor and Huawei.
In line with the government’s plans to reignite activity in the country’s oil and gas industry, Total plans to increase its production in Angola by 2023, in order to add more than 100,000 barrels of oil to its daily production from block 17 – ensuring that it keeps its level of production above 400,000 barrels per day.
Baker Hughes is also actively contributing to the country’s economy through its multimodal facility for oil and gas, which will deliver a suite of products and services across the oil and gas value chain and serve as a hub to support customers and projects in Angola and the Southern Africa region.
Meanwhile, Ehas pledged to strengthen cooperation with Sonangol, especially regarding joint exploratory activities in the Lower Congo Basin.
China’s Huawei has invested $60 million in Angola’s telecommunications sector over the past 20 years and has established the Huawei Technological Research Center in Luanda, which caters for the rapid growth in new wireless technologies in sub-Saharan Africa.
“Endorsement from these high-level sponsors – who have been key in facilitating investment across the Angolan economy – solidifies AOG 2020 as a serious financial and investment hub. We expect to attract even more high-level sponsorships for the second edition of the conference,” AOP acting CEO, James Chester.
Other confirmed sponsors include Certex; Bureau Veritas; Pluspetrol; Vista Waste Management; International SOS; Angola Cables and Poliedro Oil Corporation.
AOG 2020 aims to expand in size, scale and prestige and will enhance Angola’s global drive to present opportunities to a targeted audience of relevant investors. Companies and initiatives active in Angola’s investment, health, energy and telecommunication sectors including Prezioso Angola; Brimont; FMCH Group; Vista Waste Management; Welltec; NCR Angola; Huawei; International SOS; Equatorial Guinea Year of Investment; Total; Angola Cables; BIC Seguros and Teleservice have already secured exhibition space and the event organizers expect even more diversified companies to come on board.
Last year’s conference attracted more than 1,700 delegates, 67 speakers and nearly 50 exhibitors. Officially endorsed by the Ministry of Mineral Resources and Petroleum, AOG 2019 gathered key government officials and energy experts from across the energy value chain for a week of keynote presentations, moderated panel discussions, exhibitions, networking gatherings and investment facilitation.
This year’s event aims to attract even more delegates and further exceed last year’s success.
Endorsed by the Ministry of Mineral Resources, the AOG 2020 Conference & Exhibition – taking place on June 16-17, 2020 in Talatona – will return for the second year as the focal point of an international investment drive aimed at bringing new deals to the table and signing up new entrants to Angola’s oil and gas sector.
Under the theme ‘New Era of Growth and Prosperity in Angola,’ the Ministry of Mineral Resources and Petroleum aims to promote and attract foreign direct investment in what is one of Africa’s biggest economies.
Source:www.energynewsafrica.com
Ghana: Bui Power Authority Denies Recording COVID-19 Case
Ghana’s second largest power generation company, Bui Power Authority (BPA) has dismissed media report suggesting that its generation station has recorded a coronavirus case.
In a statement signed by Mr Fred Oware, CEO of the Authority, it said the report is not only false but mischievous.
According to him, there was absolutely nothing like that at BGS or any of their installations across the nation.
“Early on Friday, March 13, 2020, some schools and international agencies closed their offices down due to internal policies on communicable diseases. In view of that, the BPA issued an internal memo signed by me, urging staff whose wards attend those schools and staff who had come in close contact with staff of expatriate organisations to self-quarantine for two weeks,” he explained.
Mr Oware said sadly, this internal memo was found to have leaked on social media platforms.
Subsequently, he explained that this action led to the rendering of apologies to one of the schools which had no confirmed case of coronavirus, though their memo did not portray that.
He further explained that an amicable solution was found to that misunderstanding to close the matter.
“We are, therefore, surprised that Vanguard Newspaper relied on this internal memo to conclude that there was coronavirus at ‘Bui Dam’ (Bui Generating Station). It is absolutely untrue and we ask the newspaper to render an apology and retract the story,” the statement demanded.
The CEO of Bui Dam took the opportunity to assure the general public that his outfit was religiously following the necessary protocols to ensure safety of the dam, health of their staff and those they come in contact with, adding “these protocols, as directed by the President, His Excellency Nana Addo Dankwa Akufo-Addo, and the World Health Organisation, are being followed at the dam site at Bui, Head Office in Accra and all other locations.”
Source: www.energynewsafrica.com
Oil Price Volatility Won’t Impact Renewable Strategies IRENA Director-General
The Director-General for International Renewable Energy Agency(IRENA), Francesco La Camera says the oil market volatility is unlikely to have a significant impact on renewable energy plans and investments.
“Oil plays a negligible role in power generation and therefore does not compete with renewables in this respect. Renewables have become the dominant source of new power generation capacity over the last six years because they are competitive at the bottom end of the conventional fossil fuel power generation cost range – primarily with coal,” La Camera said.
He added: “Oil plays a much more important role in the transport sector, which accounts for half of total demand, and where without low-emission transport policies in place, an extended period of low oil prices, may impact the speed of electric vehicle adoption.
“Conversely, oil price volatility may undermine the viability of unconventional oil and gas resources as well as long-term contracts, providing a window of opportunity to reduce or redirect fossil fuel subsidies towards clean energy, while minimising the potential of social disruption.
“Data from the previous oil price crash in 2014 shows no evidence of a link between the two. On the contrary, renewables investment reached new heights in both 2014 and 2015. The severity and duration of the impacts this time remains to be seen.”
Commenting on the current COVID-19 situation, La Camera said: “The outbreak of COVID-19 threatens global supply chains in many sectors and is therefore likely to have an impact on renewable energy. The severity and duration of both situations remain [to be] seen.
“What is critical to understand, is that the long-term planning horizons involved, and the momentum that currently exists in the energy transformation, means neither low oil prices nor COVID-19 will interrupt or change our path towards decarbonisation of our societies and towards the achievement of the sustainable development goals.”
Source: www.energynewsafrica.com
Kosmos To Slash Capex, Suspend Dividend, Announces Lay Off
U.S.-based oil and gas company Kosmos Energy has decided to reduce its capital and operational expenditures as well as administrative costs, and suspend the dividend in response to the current market price volatility.
In an update on Tuesday, Kosmos said it is taking several actions to maintain balance sheet strength and preserve flexibility thereby joining a number other oil and gas operators who have decided to reduce their spending in 2020 as a result of sharp decline in oil price and the outbreak of the coronavirus.
At the 4Q19 results, Kosmos guided to a 2020 capital budget for its base production business of $325-$375 million.
The company has identified over $100 million of discretionary expenditure largely related to exploration activities in the Gulf of Mexico and its basin-opening exploration portfolio.
“We are now targeting to reduce our 2020 capital budget for the base business by around 30% to under $250 million whilst keeping 2020 production flat, in line with previous guidance and with minimal expected impact on 2021 production,” the company said.
The company also has significant flexibility in its 2021 capital program should current market conditions persist.
In Mauritania & Senegal, Kosmos said it is working with the operator to defer 2020 Tortue Phase 1 capital spending with the goal of extending the carry of our capital obligations through the end of this year.
“In addition, our priority remains to sell down our interests to support a self-funded growing gas business,” the company added.
Tortue Phases 2 and 3 are expected to take final investment decision (FID) in mid-2022 and mid-2023 respectively with minimal capital required ahead of FID with the objective to project finance both thereafter.
Kosmos said it plans to implement cost reductions with over $60 million of savings expected in Opex and G&A in 2020.
“Whilst a significant portion of our Opex is fixed, we are targeting a reduction of $1/boe without impacting asset integrity or near-term production.
“Through a reduction in company headcount, no planned cash bonuses for employees in 2020 and other cost reductions we plan to significantly reduce cash G&A in 2020,” Kosmos said.
According to Kosmos, its priority is to ensure the strength of the balance sheet in the current market price volatility. The board has therefore decided to suspend the dividend after the announced 4Q19 payment until market conditions improve. This will provide savings of approximately $75 million annually.
As a result of these actions and taking into account the company’s hedging position, Kosmos believes it can be free cash flow neutral beginning in 2Q and fund all of its obligations at a $35/bbl Brent price.
Source:www.energynewsafrica.com
ExxonMobil To Slash Spending Over Coronavirus Pandemic And Falling Oil Prices
US oil and gas giant, ExxonMobil, is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases, energynewsafrica.com can report.
The coronavirus pandemic has slowed demand for oil, plunging the price of the commodity below US$30 per barrel.
In a statement signed by Darren Woods, Chairman and Chief Executive Officer of ExxonMobil Corporation, it said: “Based on this unprecedented environment, we are evaluating all appropriate steps to significantly reduce capital and operating expenses in the near term.
“We will outline plans when they are finalised,” he added.
Woods said that ExxonMobil has faced numerous market downturns throughout its long history and has experienced operating in a sustained low-price environment.
“We remain focused on being a safe, low-cost operator and creating long-term value for shareholders,” said Woods.
The company is closely monitoring the COVID-19 pandemic and has adjusted work arrangements to ensure a healthy work environment and support communities where it operates.
Woods stressed the company would maintain its ongoing commitment to safety and environmental performance.
“We are confident that we will manage through these challenging times by taking deliberate action to keep our people safe, our environment protected and our company strong,” said Woods.
Sources:www.energynewsafrica.com
Ghana: Current Power Situation Doesn’t Demand Load Shedding Timetable -GRIDCo CEO
The Chief Executive Officer of Ghana’s power transmission company, GRIDCo, has dismissed assertions for a load shedding time table following recent widespread power cuts.
According to Ing. Jonathan Amoako-Baah, the current situation doesn’t require load shedding as some have suggested.
Some parts of the West African especially Accra, capital of Ghana has witnessed a number of blackout .
Despite, an earlier statement from GRIDCo blaming last Monday’s power outage on scheduled test performance by WAGPCo at its regulating and metering station in Tema some still doubt it.
Speaking on an Accra -based Citi FM on Wednesday, the Chief Executive Officer of GRIDCo, Jonathan Amoako Baah, noted that that the recent power challenge was different from the power crisis of 2015 which necessitated a load-shedding timetable for the nation.
“Unlike what we call the dumsor era, while projecting into the future, you will know that consistently you have a shortfall of between 150 and 200 megawatts, going on into the future then you can issue a schedule and say this is the challenge so you will go off and customer B will go on,” he explained on the Citi Breakfast Show.
The current “shortfall is not persistent or consistent,” Mr Amoako Baah added.
The lack of fuel for plants in the western and eastern enclaves had been identified as the cause of the shortfalls, according to GRIDCo.
For example, there has been no gas from Nigeria to supply the eastern enclave’s gas-powered power plants.
For the power cuts last Saturday, GRIDCo attributed the blackout to a system disturbance on its 330KV line.
Most recently, GRIDCO said the power outages were due to a performance test on a new regulating and metering gas station in Tema.
Mr Amoako Baah indicated that “what is essential is getting fuel to ensure power is then generated for everyone to use.”
He said the situation over the weekend was a “coincidence of events where any plant that you want to fall on was just not available.”
But Mr Amoako Baah stressed that there needed to be consistency in the sector to curb the erratic power supply.
“You resolve dumsor not just by buying fuel today. If you buy fuel today and tomorrow you don’t buy fuel, the light will go off. So there has to be that effort to consistently ensure that fuel is available for the generating plants.”
He added that power will be stable “if there is an effort to ensure the fuel is always available.”
Source:www.energynewsafrica.com
U.S. Senators Urge Saudi Arabia To End Oil War
U.S. Republican Senators are urging the world’s top oil exporter Saudi Arabia to review plans to significantly boost oil supply to the market and lower oil prices while the world is grappling with the coronavirus pandemic.
In a letter to Saudi Arabia’s Crown Prince Mohammad bin Salman, the 13 Republican Senators led by Dan Sullivan of Alaska and Kevin Cramer of North Dakota said that the extremely volatile and unsettled global oil market with plunging oil prices is “an unwelcome development.”
“The United States has been a strong and reliable partner to the Kingdom for decades. In light of this close strategic relationship, it was greatly concerning to see guidance from the Kingdom’s energy ministry to lower crude prices and boost output capacity. This has contributed to a disruption in global oil prices on top of already hard-hit financial markets,” said the Senators, mostly representing oil producing U.S. states such as Alaska, Texas, Oklahoma, North Dakota, and Louisiana.
The Saudi –Russian oil price war in the wake of the OPEC+ deal collapse is largely viewed as a war for market share and an effort to push U.S. shale producers out of the picture as very few of them make any money at $30 oil.
“Senior Saudi government leaders have repeatedly told American officials, including us, that the Kingdom of Saudi Arabia is a force for stability in global markets. Recent Saudi actions have called this role into question. We urge the Kingdom to assert constructive leadership in stabilizing the world economy by calming economic anxiety in the oil and gas sector at a time when countries around the world are addressing the pandemic,” the U.S. Senators wrote in their letter to the Saudi Crown Prince.
Earlier this month, U.S. shale tycoon Harold Hamm was said to be preparing to file an official complaint against Saudi Arabia with the U.S. Department of Commerce, after the Kingdom promised to unleash a flurry of crude oil into the markets, sending oil prices into a tailspin.
Source:www.energynewsafrica.com
Ghana: Dr. Joyce Aryee Inspires Vivo Energy Women
A Board Member of Ghana’s power generation company, Volta River Authority (VRA), Rev. Dr. Joyce Aryee has urged women to work collectively to change misperceptions.
Dr. Aryee, a Management Consultant and Executive Director of the Salt and Light Ministries, said women can be perceived to be comfortable in lower ranks of the corporate world.
This, she said, limits women’s progression to leadership roles, hiding their rich creativity and innovative abilities ‒ especially when many women have accepted this perception themselves.
She was speaking at Vivo Energy Ghana’s International Women’s Day event to celebrate and empower its female workforce to aspire to greater heights.
Speaking on the theme for the year, #EachforEqual, Dr. Aryee urged women to embrace collective individualism – developing themselves for the benefit of the whole.
“Women are intelligent, focused, resilient and compassionate, qualities they can leverage to make a significant difference. In consciously empowering women, men must also be empowered in order to align with the current trends in recognition of equal rights and opportunities for all”, she said.
The Managing Director of Vivo Energy Ghana, Mr. Ben Hassan Ouattara who spoke on ‘Women in Leadership’, recognised that there is no gender bias in leadership. Leadership effectiveness is based on the individual and not on sex. However, women may instinctively care more about their team’s well-being and have a stronger desire to connect with them on a personal level, thereby making women more transformational leaders than transactional leaders. He therefore urged them to take advantage of their natural abilities to aim at top leadership roles.
A senior family physician of the Korle-Bu Polyclinic, Dr. Priscilla Vandyck-Sey, advised women to be more conscious of the pressures associated with the corporate world and undertake regular medical check-ups to ensure they are fit to deliver on their collective individualism agenda.
International Women’s Day is celebrated annually on 8th March to showcase commitment to women’s equality, launch new initiatives and action, celebrate women’s achievements, raise awareness, highlight gender parity gains and more.
The day is celebrated and supported globally by industry, governments, educational institutions, community groups, professional associations, women’s networks, charities, non-profit bodies and the media.
Source:www.energynewsafrica.com
She was speaking at Vivo Energy Ghana’s International Women’s Day event to celebrate and empower its female workforce to aspire to greater heights.
Speaking on the theme for the year, #EachforEqual, Dr. Aryee urged women to embrace collective individualism – developing themselves for the benefit of the whole.
“Women are intelligent, focused, resilient and compassionate, qualities they can leverage to make a significant difference. In consciously empowering women, men must also be empowered in order to align with the current trends in recognition of equal rights and opportunities for all”, she said.
The Managing Director of Vivo Energy Ghana, Mr. Ben Hassan Ouattara who spoke on ‘Women in Leadership’, recognised that there is no gender bias in leadership. Leadership effectiveness is based on the individual and not on sex. However, women may instinctively care more about their team’s well-being and have a stronger desire to connect with them on a personal level, thereby making women more transformational leaders than transactional leaders. He therefore urged them to take advantage of their natural abilities to aim at top leadership roles.
A senior family physician of the Korle-Bu Polyclinic, Dr. Priscilla Vandyck-Sey, advised women to be more conscious of the pressures associated with the corporate world and undertake regular medical check-ups to ensure they are fit to deliver on their collective individualism agenda.
International Women’s Day is celebrated annually on 8th March to showcase commitment to women’s equality, launch new initiatives and action, celebrate women’s achievements, raise awareness, highlight gender parity gains and more.
The day is celebrated and supported globally by industry, governments, educational institutions, community groups, professional associations, women’s networks, charities, non-profit bodies and the media.
Source:www.energynewsafrica.com Ghana: Mines & Energy Committee Member Slams Gov’t Over Recent Power Outages
A Ranking Member on Mines and Energy Committee of Parliament in the Republic of Ghana, Adam Mutawakilu, has bemoaned what he described as the surge in power outages in recent times.
According to him, the development reveal the deep-seated challenges in the energy sector that ought to be tackled.
Addressing the journalists, Adams Mutawakilu who is the Damango MP called for the release of a load shedding timetable.
“No gatherings mean that those who mostly go out for prayers at churches and mosques will now stay home. We expected that you as a concerned President will ensure that we will not experience dumsor but dumsor is at its peak for no apparent reason. Because we have enough installed capacity. He [the President] complains of excess capacity. This is the time we need excess capacity to come to play. Excess capacity is for situations like this where people stay more at home. If demand is increasing, you should be able to meet it. But the dumsor that we are facing is more of a disaster.”
He further accused the National Petroleum Authority of colluding with the Oil Marketing Companies (OMCs) to deprive Ghanaians of a proper reduction in fuel prices at the pumps.
“In the first window of the international market price in January, it was US$606 per metric tonne and by the second window in March, it dropped to US$337 per metric tonne. Relating to the local market, it only reduced by 4.7%. This is a clear cheat and we will not sit down for NPA to collude with the OMCs to cheat Ghanaians. And they must come clear and ensure that they reduce it to a minimum of 20% for Ghanaians to benefit from it. We deserve it,” he said.
Source:www.energynewsafrica.com
Ghana: Power Outages: PURC Hints Of Sanctioning Power Utilities If…
The Public Utilities Regulatory Commission (PURC) has noted with grave concern the recent power outages and voltage fluctuations being experienced by consumers of electricity in various parts of the Republic of Ghana.
The utilities regulator said it is monitoring and investigating the situation to identify the cause and ensure quality service provision.
Several parts of the country have been experiencing power cuts since last Saturday.
In a statement the power transmission company, GRIDCo, attributed the development to a scheduled test performance by the West African Gas Pipeline Company (WAGPCO) on its regulating and metering station which limited the flow of gas to power plants in Tema enclave.
However, in a statement signed by the Executive Secretary of the PURC, Mami Dufie Ofori (Mrs.), the Commission assured consumers that the appropriate regulatory action will be taken against any utility in the power value chain found noncompliant with regulatory standards and benchmarks.
The Commission urged affected consumers to submit their complaints including complaints of damaged electrical appliances to the utility service provider in the first instance and if not resolved forward them to any of the PURC offices in their respective areas for investigation and redress.
Source: www.energynewsafrica.com
Ghana: Limited Flow Of Gas Caused Monday’s Power Outage-GRIDCo
Ghana’s power transmission company, GRIDCo, has attributed Monday’s power outage in parts of Accra to a scheduled performance test which was carried out by West Africa Gas Pipeline (WAGPCo) undertook at its new regulating and metering gas station in Tema.
According to GRIDCo, the exercise led to limited gas supply to power plants in the Tema enclave.
“Additionally, some plants in the Aboadze enclave also experienced gas flow challenges; making them unable to generate power,” a statement issued by the company said.
Subsequently, the gas challenges were resolved, and power was restored to all affected bulk supply points on Tuesday, March 17, 2020.
Several parts of Accra, capital of Ghana, experienced power outage with a section of Ghanaians taken to social media to vent their anger on the government.
Some claimed the country had returned to the era of load shedding and wondered why government was not being truthful and honest to them.
GRIDCo said it acknowledges its coordinating role in the power delivery value chain and will continue to project transparency and dedication at all times.
“We continue to work closely with our stakeholders in the sector including the Volta River Authority (VRA), the IPPs, Electricity Company of Ghana and Northern Distribution Company (NEDCo) to ensure we reflect an atmosphere of coordination and collaboration in order to project a good image for the sector in the eyes of customers and the general public,” it said.
Source: www.energynewsafrica.com