Eni Books $8.6 Billion Loss In First Half 2020
Italian oil and gas giant Eni has recorded a net loss of €4.4 billion ($5.2 billion) in the second quarter of 2020 and €7.34 billion ($8.6 billion) in the first half 2020, compared to a profit of €424 million ($497.1 million) in the same period last year.
Eni has also cut its capex guidance for 2020 by 35 per cent.
This was due to the recognition of pre-tax impairment losses at non-current assets for €3.4 billion (of which €2.8 billion in the second quarter) mainly relating to oil gas assets and refinery plants, due to a revised outlook for oil and natural gas prices and product margins, equaling to a post-tax amount of €3.6 billion that includes the write-off of deferred tax assets (of which €3.5 billion booked in the second quarter).
Net result was also affected by a post-tax loss on stock of €1 billion due to the alignment of the book value of inventories to current market prices.
The Italian company said that its quarterly results were negatively and materially affected by the combined impact of the ongoing economic recession due to the COVID-19 effects on production, international commerce and travel, with a major impact on energy demand, and by oil and gas oversupplies.
Output Down
Hydrocarbon production was 1.71 million boe/d in the second quarter 2020, down by 6.6% compared to the second quarter of 2019 (1.74 million boe/d in the first half, down by 5.1%).
Net of price effects, the decline was due to COVID-19 effects and related OPEC+ production cuts as well as lower gas demand, mainly in Egypt.
The positive performance reported in Nigeria, Kazakhstan and Mexico and the additions due to the purchase of mineral interests in 2019 in Norway, more than offset the lower volumes in Libya driven by an anticipated contractual trigger, geopolitical instability and lower entitlements/spending.
Rebound In 2021
Following positive trends recorded in the oil market in June and July, Eni is assuming a gradual recovery in global consumption of hydrocarbons and power in the second half of the year, particularly in Eni’s reference markets. Eni expects a rebound in energy demand in 2021.
Having considered the prospect of the pandemic having an enduring impact on the global economy and the energy scenario, management revised the company’s outlook for crude oil prices, reducing the long-term price of the marker Brent to 60 $/barrel in 2023 real terms compared to the previous assumption of 70 $/barrel.
For the years 2021-2022, Brent prices are expected at 48 and 55 $/barrel respectively (compared to the previous assumptions of 55 and 70 $/barrel). Spot gas prices at the Italian hub have been reduced by 30% in the long-term, while refining margins are expected to decline in the short term.
Capex Cuts
Eni’s review of the industrial plan and the group strategy in the short-medium term foresees capex cuts of approximately €2.6 billion for 2020, approximately 35% lower than the initial capital budget; the new capex guidance for 2020 is €5.2 billion.
Anticipated reductions of €2.4 billion in 2021, i.e. 30% lower than original plans. Capex revisions almost fully focused in the E&P segment.
Eni also expected production of 1.71–1.76 mboe/d in 2020 including OPEC+ cuts, in line with the earlier guidance, due to capex curtailments in response to the COVID-19 crisis, a lower global gas demand also impacted by the pandemic effects and finally extension of force majeure in Libya for the FY 2020.
Source:www.energynewsafrica.com
Libya: NOC Worried About Presence Of Mercenaries At Oil Installations
Libya’s National Oil Corporation (NOC) has expressed deep concerns about the continuing militarization of its oil facilities and the heavy presence of foreign mercenaries at various oil fields and ports in the eastern and southern parts of the country.
A statement issued by NOC noted that the number of mercenaries at the Ras Lanuf petrochemical complex has recently increased.
Their presence constitutes a threat to the safety of workers and industrial facilities within the complex. There are also a large number of military personnel billeted in worker housing inside the residential area of Ras Lanuf town, in a flagrant violation of the law, privacy and security of worker housing.
In another blatant violation of the law, on July 26 the Petroleum Facilities Guard (PFG) forcibly seized large quantities of jet fuel from fuel storage tanks at 103 Field airstrip belonging to Zueitina Oil Company. The fuel was then taken offsite in two fully laden trucks.
Further, on July 25 a military aircraft landed at Zueitina port with uniformed personnel onboard, who inspected the runway in preparation for military use. Afterwards, foreign mercenaries entered and occupied the worker housing at Zueitina port.
NOC has also received reports of large numbers of mercenaries with military vehicles occupying the residential area of the Zallah oil field. Another group is occupying a Schlumberger Company camp located close to the field.
To protect Libyan oil facilities, NOC continues to monitor the situation closely. Illegal activities taking place in and around NOC facilities are being documented. NOC stated it “will not hesitate to seek prosecution for those who damage Libya’s sole source of revenue.”
NOC reiterated its calls for the withdrawal of mercenaries and the demilitarization of oil facilities so that its workers can carry out their work without putting their lives in danger. “Their safety as well as the security of oil facilities must remain paramount,” NOC said.
Ghana: Dr Kwame Ampofo Speaks On How Ghana Would Have Struggled To Fight COVID-19 If There Were Power Crisis
A former Chairman of Energy Commission, Ghana’s energy sector regulator, Dr Kwame Ampofo has underscored the need for the West African nation to pay attention to the energy sector and manage it efficiently so that there will be power available at all times.
Dr Ampofo, who used to be the Managing Director of state-owned Tema Oil Refinery, said it would have been a disaster if the country’s energy sector were in crisis like it happened between 2012 and 2016 and had to deal with the coronavirus pandemic.
“It would have been a disaster if we were in the ‘dumsor’ (local parlance for load shedding) days. You will see that hospitals can’t work. Ventilators can’t work. You lockdown cities and people are at home and there is no power. There is likely there will be no water because you need power to produce water.
“The lessons we have, as individuals and as government, are that we must take the energy sector very seriously and ensure that there is stability in power and that the power sector is managed in a way that we will never return to the ‘dumsor’ days.”
Ghana’s five years’ power crisis, which started easing in the last quarter of 2016, led to many employees being thrown out of jobs.
According to a research findings by the Institute of Statistical and Economic Research (ISSER) of the University of Ghana, the country lost about GH¢3 billion as result of the power crisis.
It was established that 885 SMEs lost GHc250 million, while 55 folded up with its attendant job losses.
The previous government brought in the Ameri Power and Karpowership and signed contracts with other Independent Power Producers all in an attempt to address the power situation.
Speaking in an exclusive interview with energynewsafrica.com, Dr Ampofo explained why the former President of Ghana, John Dramani Mahama, took the decision to increase the country’s installed capacity at the time.
Click on the video below:
Source:www.energynewsafrica.com
Tullow Set To Book US$1.7 Billion Impairment Over Lower Oil Prices
Africa focused oil and gas company, Tullow, is set to book between US$1.4-1.7 billion in impairments before tax in its half-year results over decline in oil prices.
Tullow, which had a market capitalisation of around US$508 million after markets closed on Tuesday, had US$3 billion in net debt and untapped liquidity and free cash of around US$500 million.
The company plans to spend around US$365 million on investments and decommissioning this year.
Tullow added in a trading statement that its 2020 cash flow was forecast to break even at current prices.
It has hedged 60 percent of its sales this year at a floor price of US$57 a barrel and 44 percent of next year’s at a floor of US$51 a barrel.
“As a result of lower near-term oil price forecasts and a revision in the Group’s long-term oil price assumption from US$65/bbl to US$60/bbl, the Group expects material impairment and exploration write-offs to be recorded at the half-year in the range of US$1.4-1.7 billion (pre-tax),” Tullow said in a statement posted on its website.
The company said the impact of COVID-19 has been managed safely across its business with no impact on its operated production.
Mozambique: Sasol Relinquishes Blocks 16 & 19 License“Group working interest production in the first half of 2020 averaged 77,700 bopd in line with expectations; full year guidance has been narrowed to 71,000-78,000 bopd reflecting continued good performance across the portfolio. “Ghana operational performance has been strong in the first half with uptime on both FPSOs in excess of 95 percent. Completion operations on the Ntomme-9 production well at TEN are ongoing; the well is due onstream in August.” The impact of COVID-19 on the Kenya work programme and fiscal framework has led the Joint Venture to call force majeure on its licences which will delay FID and impact the ongoing farm-down process. Constructive discussions are ongoing with the government regarding next steps. In Suriname, the drilling of the Goliathberg-Voltzberg North prospect (GVN-1) in Block 47 is planned for the first quarter of 2021. A rig is expected to be contracted shortly for this Upper Cretaceous prospect. Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented: “Since becoming CEO on 1st July, I have been impressed by the quality of Tullow’s people and the potential of our assets and I am confident that we can build Tullow into a competitive and successful business once again. Despite the challenging external environment in the first half of the year, Tullow has performed well; delivering production in line with forecast, agreeing the sale of the Ugandan assets and re-shaping the Group’s structure and cost base. In the second half of 2020, our focus will remain on continuing to deliver safe and reliable production from West Africa, reducing debt and building a cost effective and efficient organisation that can compete in a low oil price environment.” Source:www.energynewsafrica.com
Angola, OPEC Are A Strong Pillar Of Market Stability
The OPEC-Angola discussions that took place last week is a major pillar of the strong dialogue and cooperation between OPEC and African producing nations.
In a statement the African Energy Chamber welcomed these discussions and encouraged more collaboration as Angola and others will benefit from market stability.
Such a dialogue is key for compliance with the OPEC global production cuts deal of April, to which all of OPEC’s African member countries have agreed to.
Angola’s support to global market stability and energy cooperation is significant, and gives confidence to operators and future investors seeking to do business in Africa.
Ghana: 4th Ghana Energy Awards Launched; Nominations Opened“In December 2018, OPEC Secretary General Mohammed Sanusi Barkindo made a historic visit to Angola and committed to working with its leadership to improve the industry and strengthen its relationship with OPEC. The OPEC-Africa dialogue has brought this relationship to a new level. African voices are heard and advocated for within the industry’s most influential institution, ensuring that the continent’s interests are represented,” NJ Ayuk, Executive Chairman at the African Energy Chamber stated. “The Government of Angola, and the country’s Ministry of Mineral Resources and Petroleum have always been strong participants in the global energy dialogue between Africa and institutions such as OPEC. Angola has public officials committed to making energy work for Africans, and to fighting energy poverty in Angola. Such move makes our industry better for Africans and for investors,” declared Sergio Pugliese, President of the African Energy Chamber in Angola. Under the leadership of His Excellency President João Lourenço and his Minister of Minister of Mineral Resources and Petroleum H.E. Diamantino Azevedo, Angola has embarked on a set of bold and market-driven reforms for over two years now. The country is becoming increasingly competitive for regional and international investors and has sent strong signals of its openness to investments, commitment to local content development and determination to fight corruption. Source:www.energynewsafrica.com
Senegal, Equatorial Guinea Set To Discuss Post-Covid-Investments In Africa With Germany’s Private Sector
The Germany Africa Business Forum (GABF) is organizing an exclusive webinar on the topic “Business in Africa after Covid-19” on August 6th, 2020, at 16:00 Central European Time.
The high-level panel will be expanded with an opening speech by the Minister of Mines & Hydrocarbons of Equatorial Guinea, H.E. Gabriel M. Obiang Lima.
“We are proud to announce that H.E. Gabriel M. Obiang Lima, a true champion of German-African relations, will be enriching our webinar. We are excited that through his expertise and leadership, His Excellency Obiang Lima will bring fresh perspectives to the discussion”, said Sebastian Wagner, co-founder of the GABF.
Further, the GABF is happy to confirm the participation of Senegal’s Director General for Cooperation & Financing, Mr. Ibrahima Mané, as a keynote panel member.
Ghana: VRA Should Lead In Promoting Solar, Wind Energy Generation-Kalitsi“German businesses have been important cooperation partners of Senegal for a long time. We are thus honored by Mr. Mané’s participation in our discussion”, added Mr. Wagner. Other confirmed panelists are Mrs. Onyeshe Tifase of Siemens, Mr. Tim Gengnagel of the Rwanda Development Board and Mr. Kenneth Reed of the GEA Group. The panel will discuss the business opportunities and possibilities arising post-COVID between Germany and Africa. Germany’s strong capabilities in LNG, petrochemicals, gas to power, biomass, and renewable energy have become central to the African energy agenda, with German expansion through the construction of world class facilities in Senegal, Rwanda, Equatorial Guinea, Kenya, Nigeria, Angola and other African countries. In 2019, the GABF launched a multi-million Euro funding commitment to invest in German energy startups that focus on Africa. The funding commitment, which pledges funds to German startups with exposure to African energy projects, is the first such intra-regional initiative. It goes in line with Germany’s renewed focus on Africa, with the Federal Ministry for Economic Cooperation and Development (BMZ) providing new stimulus to cooperation with the continent through the Marshall Plan with Africa. To attend, please register under: https://bit.ly/3jtrRGP Source:www.energynewsafrica.com
OPEC-Nigeria Talks Discuss Market Recovery After Covid-19
The OPEC-Nigeria Bilateral Meeting that took place last week has sent yet another signal of the strong dialogue and cooperation between OPEC and Africa’s biggest producing country.
Such a dialogue is key for compliance with the OPEC global production cuts deal of April, to which all of OPEC’s African member countries have agreed to.
Nigeria’s support to global market stability and energy cooperation is significant and gives confidence to operators and future investors seeking to do business in West Africa.
“African producers and service companies are the hardest hit when there is volatility in the market. H.E. Mohammed Sanusi Barkindo and Dr. Ayed S. Al-Qahtani leading these discussions sends a strong message that collaboration and sticking to the principles of a stable market is good for Nigeria, its producers and the economy at large,” NJ Ayuk, Executive Chairman at the African Energy Chamber commented in a statement.
“We continue to support the Government of Nigeria, and the country’s Ministry of Petroleum Resources in their effort to improve the environment for investment and getting the industry to rebound post-Covid-19. We believe they are right in making this a priority and we welcome the bold initiatives by Nigeria’s leadership,” he added.
Nigeria’s ongoing Marginal Fields Bidding Round was launched in earlier this year and has already been met with significant success, reportedly attracting hundreds of bidders.
The round is expected to result in a new wave of local content development in Nigeria, a country already widely regarded as the most successful example of local content and capacity building across the continent.
Source:www.energynewsafrica.com
India Reserves 110 Power Plant Equipment, Services For Local Companies
India’s power ministry has issued an order that will bar non-local suppliers from bidding for contracts for supply of about 110 goods and services to power plants.
The non-local suppliers are manufacturers with less than 20% local content.
These tenders, in respect of which there is sufficient local capacity, will be open to only “class–I local suppliers” or those vendors who have more than 50% local content.
The power ministry has issued public procurement order with separate lists of products with adequate manufacturing capacity in India and those being manufactured locally under technology license from foreign countries.
The ministry’s latest order dated July 28 mandates that tenders for these 110 equipment and works can be awarded only to local companies with high localisation.
The equipment includes transformers, switch gears, cables and insulators, which are imported in large numbers in India despite available local capacity.
Ghana: Gov’t Will Pay US$1.4 Billion Owed Independent Power Producers Ending Of 2020- Adu BoahenThe ministry’s order is based on a June 4 order of the Department for Promotion of Industry and Internal Trade (DPIIT) that provides for compulsory purchase preference to local suppliers. The order will apply to procurements made by central and state government companies and on projects funded by Power Finance Corp and REC Ltd. The order has identified another 69 products and services that are being manufactured under license from foreign manufacturers holding intellectual property rights. These can be sourced from class-II local suppliers with localisation content between 20% and 50%. “Only class-I local supplier and class-II local supplier shall be eligible to bid in procurement undertaken by procuring entities, except when Global Tender Enquiry has been issued. In Global Tender Enquiries, non-local suppliers shall also be eligible to bid along with class-I local suppliers and class-II local suppliers,” the order said. The order has advised the state-run entities to revise their tender documents. It has also advised the PSUs to allow participation from only those foreign firms which set up manufacturing base in India. In case of technology partnerships, the PSUs should insist for technology transfer. The power ministry’s July 2 order has put in place an effective ban on imports from prior-reference countries like China and Pakistan, which require permission. All other imports will be tested at government- approved labs. The department of expenditure last Thursday amended its General Financial Rules, 2017, requiring bidders from a country sharing land borders with India to register to be eligible to bid for PSU contracts. In 2018-19, India imported Rs 71,000 crore worth of power equipment, of which Rs 21,000 crore are Chinese. The ministry of power’s July 2 order has mentioned possibilities of cyber attacks on power system through ‘trojans’ embedded in imported equipment, which can have catastrophic effects and the potential to cripple the entire country. Source:www.energynewsafrica.com
Saudi Arabia Likely To Cut Sept Crude Oil Prices To Asia
Top oil exporter Saudi Arabia is likely to cut its September official selling price (OSP) for crude sold in Asia, according to industry sources.
Five sources from Asian refineries on average expect the September OSP for flagship Arab Light crude to fall by 61 cents a barrel, though forecasts range from a cut of $1 to 20-30 cents, a Reuters survey showed.
Slow demand recovery amid the second wave of COVID-19 infections has depressed spot prices for Middle Eastern crude this month, while Asia’s refining margins remained weak, they said.
Although the monthly average of cash Dubai’s premium to swaps dipped by only 6 cents this month, DME Oman and cash Dubai this week turned to discounts to swaps for the first time since May, data compiled by Reuters showed.
Prompt Dubai has flipped from backwardation into contango in late July. The contango structure, where prompt prices are lower than future prices, usually indicates an immediate oil surplus.
Asia’s margins for gasoline, jet fuel and high sulphur fuel oil weakened in July, while cracks for naphtha, gas oil and low sulphur fuel oil showed improvement.
Saudi crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day (bpd) of crude bound for Asia.
State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month based on yields and product prices.
Saudi Aramco officials as a matter of policy do not comment on the kingdom’s monthly OSPs.
South Africa: COVID-19: Sasol, Anglogold Ashanti, Others Join Forces To Distribute Hand Sanitisers To Communities
Integrated oil and chemical company Sasol, Sibanye-Stillwater, AngloGold Ashanti, and Imperial Logistics have formed a strategic partnership which will see Sibanye-Stillwater distributing hand sanitisers produced by Sasol to schools, health facilities and taxi ranks within Sibanye-Stillwater’s and AngloGold Ashanti’s host and labour sending communities in South Africa.
With infections and COVID-19 related deaths escalating and hospitals facing the challenge of rapidly rising admissions, the partnership is a just-in time intervention by the four companies.
Sibanye-Stillwater CEO, Neal Froneman said; “the safety, health and wellbeing of our employees is our primary concern and our focus of providing a safe working environment is unwavering.
We also recognise the need to work with government to support communities that host our operations in managing the scourge of COVID-19. Our contribution will benefit schools, health facilities and taxi ranks and we welcome the collaboration with Sasol, Imperial and AngloGold Ashanti to support local communities.”
Sasol, AngloGold Ashanti and Sibanye-Stillwater will jointly share the costs of producing the hand sanitisers with Imperial –South Africa’s leading outsourced, integrated freight management, contract logistics company -committing to distribute the hand sanitisers to communities where Sibanye-Stillwater and AngloGold Ashanti operates in the Free State, Mpumalanga, North West, Limpopo and Gauteng provinces. The programme will also be extended to some regions in the Eastern Cape.
Sasol has appointed the toll manufacturer and will also oversee the production, packaging and preparation for safe transportation of 94,550 liters of hand sanitiser.
Thabiet Booley, Senior Vice President of Sasol’s Base Chemicals division said: “Sasol recognises its duty and responsibility to support our customers, communities and society at large in these challenging and uncertain times. Through our strategic partnership with Sibanye-Stillwater, AngloGold Ashanti, and Imperial Logistics, we are pleased that our internally produced sanitisers will provide Sibanye-Stillwater’s and AngloGold Ashanti’s host and labour sending communities with hand disinfection hygiene support to reduce the risk of COVID-19.”
“The partnership aims to augment the impact of our relief efforts, and importantly, enhancing general hand hygiene, which remains an effective line of defence,” Dr. Bafedile Chauke, AngloGold Ashanti Vice President: Health, said. “As we tackle the current unprecedented health emergency, it is crucial that we protect the most vulnerable in our country.”
“We are united in the mission to keep communities safe from infection,” adds Imperial Group CEO, Mohammed Akoojee. “We are honoured and humbled to play a part in delivering much-needed goods and some peace of mind in these highly uncertain times.”
Source:www.energynewsafrica.com
GESS Supports Dubai’s Green Economy Agenda
Dubai is leading the way in pursuit of an aggressive green economy agenda in the Gulf Cooperative Countries (GCC).
Interestingly, Green Energy Solutions and Sustainability (GESS), a Dubai-based company in the United Arab Emirates (UAE), is supporting the Sustainable Strategies of the Government of UAE and thinks in the same direction.
They do not want history to be written without them.
Headed by an extraordinarily strong and dynamic energy personality as its Chief Executive Officer, Anita Nouri’s organisation has succeeded over the last few years to make a significant impact.
GESS has pursued an agenda to degassed landfill to generate electricity.
Green Energy Solutions & Sustainability has designed, built and operated the first landfill gas to energy project in the region with the cooperation of Dubai Municipality at the Al Qusais landfill.
“We have installed pipes in the ground that are capable of degassing 6,000Ncbm of gas per hour, which has the capacity to generate 12MW of electricity. With Phase 2 and with the expansion, our goal is to connect that power to the grid and be part of the aggressive targets Dubai has set,” Anita Nouri said.
https://www.thebusinessyear.com/dubai-2020/green-solutions/forum
According to Anita Nouri, landfill gas power generation is a stable source of power and is being used all over the world.
“Landfill gas is a harmful GHG (green house gas) that can provide power and contribute to the renewable energy targets in the region,” she explained.
The GCC is changing from a region that is dependent on fossil fuels to one that is diversifying its energy strategy and including renewable energy as a source of power.
Aggressive targets have been set for development here, too, and GESS can provide some insight and solutions.
Source: www.energynewsafrica.com
Ghana: MiDA To Set Up Sustainable Energy Service Centers In Three Regions
The Millennium Development Authority (MiDA), the entity implementing for Ghana’s Power Compact II, is to institute three new Sustainable Energy Service Centres (SESCs) in three regions in the West African nation.
This will be done in collaboration with the Energy Commission (EC), the energy sector regulator.
The establishment of the SESCs, which would be the first of such centres in Ghana, forms part of activities under the Energy Efficiency and Demand Side Management (EEDSM) Project, one of four projects in the Ghana Power Compact Programme, being funded by the United States Government through the Millennium Challenge Corporation (MCC).
The SESCs would be hosted by three separate consortia of tertiary educational institutions selected through a competitive process.
A statement issued by MiDA mentioned the University of Energy and Natural Resources (UNER), in consortium with the Sunyani Technical University, Kumasi Technical University and the Energy Foundation; Accra Technical University (ATU), in consortium with the Institution of Engineering and Technology and the Center for Renewable Energy, Entrepreneurship and Innovation; Kwame Nkrumah University of Science and Technology (KNUST), Kumasi, as the beneficiaries for the centres.
A study by the consultant to the project, Messrs. Development Environergy Services Limited (DESL), reports that the adoption of energy-efficient systems would result in annual savings estimated at 4000GWh.
This represents over 30 percent of the country’s current energy demand.
It is also estimated that a minimum peak load savings of 500MW can be achieved with the adoption of energy efficiency behaviours, thereby, reducing the need for additional investment in generation capacity.
The statement said through the SESCs, the Energy Commission aims at building capacity in energy auditing.
This would ensure that a core of qualified and certified professionals are available in Ghana to assist public and private institutions, industrial and commercial customers to adopt and implement cost-effective energy savings measures.
Source:www.energynewsafrica.com
Ghana: 4th Ghana Energy Awards Launched; Nominations Opened
The Fourth Edition of the Ghana Energy Awards has been launched with the nomination opening from July 28 to September 30, 2020.
This year’s awards ceremony is under the theme: “Excellence in crisis: The Energy Sector In A Covid-19 Era’.
The Awards is being organised by Energy Media Group, in partnership with CH-Business Consulting Ghana.
The Ghana Energy Awards is an industry-led initiative that aims to recognise the efforts, innovation and excellence of individuals and organisations within the energy sector and also celebrate the tremendous work of the players who compete under various categories of the awards.
Speaking at the launching, Chairman of the Ghana Energy Awards, Dr Kwame Ampofo noted the decision to hold this year’s event has not been an easy one considering the coronavirus pandemic which has ravaged over 655,000 lives across the globe, thereby, forcing organisers of major events to postpone them.
He noted that the energy sector had not been spared of the virus, noting that oil prices have collapsed.
“In Ghana, reports have indicated that the sector has been hit as companies have had to shut down because several workers have tested positive for the virus.
The Petroleum Commission forecasts that there would be several job losses due to the impact of the coronavirus pandemic. Tullow Ghana, Aker Energy, Halliburton and Schlumberger are all reported to have reduced their workforce and more are yet to be sent home,” he observed.
Dr Ampofo argued that the organisers still found it possible to organise this year’s awards despite the impact of virus, which has forced oil companies to suspend their drilling campaigns, thus, freezing US$324 million projects which would have injected life into the country’s economy.
Ing. Henry Teinor, who is the organiser of Ghana Energy Awards, stated that they have put in place more strict measures to ensure adherence to all the prescribed protocols in order to guarantee the safety and well-being of industry players.
He said before the closing of the nomination, the organising team would pay courtesy calls on the various stakeholders in the industry for briefing on the major happenings in the sector during the 2019-2020 review period.
The 2020 Edition of the Ghana Energy Awards was launched by renowned Evangelist Dr Lawrence Tetteh who is also a member of the award panel.
To nominate, applicants should visit the awards website for information on categories and the nomination process at www.ghanaenergyawards.com.
Source:www.energynewsafrica.com
Nigeria: Abigail-Joseph FPSO Vessel Returns After Repair Works In Singapore
The Nigerian National Petroleum Corporation (NNPC) and First Exploration & Petroleum Development Company Limited ( First E&P) have announced the arrival of the Abigail-Joseph Floating Production Storage and Offloading, FPSO, unit to the shores of Nigeria.
A statement issued by First E&P said prior to her sail-away, the FPSO underwent upgrading, refurbishment and life extension works in Keppel Shipyard, Singapore.
The statement said the activity was to meet specified standards and specifications, noting that “the excellent partnership between NNPC, Department of Petroleum Resources, DPR, First E&P, Yinson and Keppel Shipyard, helped ensure these critical pre-deployment activities for the FPSO were completed in record time.”
Ghana: Association Of Oil Marketing Companies Seeks Review Of Tax PolicyAccording to the statement, a team of young Nigerian professionals were part of the successful extension works in the Keppel Shipyard and they will form an integral part of the FPSO operations team in the production phase. It added that the FPSO is a 274 metres long converted Suezmax trading tanker. It is self-propelled with 11 cargo storage tanks, two slop tanks and six dedicated water ballast tanks including fore and aft peak tanks. “The FPSO will be deployed in the Anyala and Madu fields, offshore Nigeria as part of OMLs 83 & 85 field development, Nigeria’s first wholly indigenously-executed integrated oil and gas project in the shallow offshore. The processing system on the FPSO includes facilities for oil separation, stabilisation, produced water treatment, gas treatment and compression. “The processing and storage capacities include oil processing of 50,000 barrels of oil per day, produced water treatment of 20,000 barrels of water per day, gas handling of 39 million standard cubic feet per day and cargo storage capacity of 700,000 barrels. The FPSO will be operated on behalf of First E&P by Yinson. “The ongoing development drilling campaign in the Anyala field is focused on drilling and proving expected oil reserves for development. A total of seven development wells have been planned and approved by DPR,” the statement said. Anyala field will be developed along with the nearby Madu field (OML 85) through a shared production facility. The produced oil will be processed through the Abigail-Joseph FPSO. Associated gas and non-associated gas developments will be fully integrated into a gas-integration hub designed to feed an export line for the local gas market. Source:www.energynewsafrica.com