The Chairman of Ikeja Electric, Kola Adesina, has revealed that by June this year the government together with power distribution companies (discos) will sign a performance improvement plan for the supply of energy.
The agreement will outline the expectations from both the government and the power sector investors, in terms of accountability, reports THISDAY.
“The government has constituted a body; they are reviewing the document and the hope is that by the middle of this year, we would have a sign off on the performance improvement programme.
“So, we are signing another performance improvement plan agreement with the regulator. This new agreement is flowing from the power sector recovery plan,” Adesina said.
He continued: “So, we now have a roadmap that we are now creating. In that roadmap, the expectation is that the government would play its own part, the critical success factors would be made available by government, then we can be held accountable for our performance or lack of performance in the future.”
Adesina reiterated the need for a cost-reflective tariff in the sector. He called for a change in orientation among electricity consumers, saying, “they need to know that this electron is not a national cake”.
He added: “Once government steps into the pricing of a commodity that is required for the success of that nation, for the prosperity of the nation, from an intervention or subsidy perspective, you have then introduced distortion into the system.
“Now, to cure that distortion is a bit of work, which is the reason why we are all arguing today; why things are not working and why exactly desperate measures are required.
He noted that the UK had exactly the same structure as Nigeria until Margaret Thatcher stepped in.
“If you recall from history, it was a bit of a problem. The same uproar, the same noise was made by the British, but the woman [Thatcher] insisted, that no, I am going to do it and I am going to do it well. Today, electricity supply is different in the UK, nobody is talking about the supply of power any more.
“That was because they went through that transition. It was tedious, it was rough, it was challenging, but they were able to overcome those teething problems and today they are supplying electricity in an uninterrupted manner,” Adesina stated.
He revealed that there is an ongoing collaboration between the Ikeja Disco and Eko Disco, being spearheaded by the Lagos State government, to improve power supply in the state, so as to enhance productivity.
“The Lagos state government has a sense of determination and urgency around electricity,” he said.
Source:www.energynewsafrica.com
EG LNG, the LNG liquefaction and export terminal located on Equatorial Guinea’s Bioko Island, has celebrated the loading of its 700th LNG cargo.
The terminal has been successfully operating for thirteen years, and remains one of sub-Saharan Africa’s landmark energy project.
Operated by Marathon Oil Corporation with shareholders Marubeni, Mitsui & Co and state-owned Sociedad Nacional de Gas (SONAGAS), EG LNG has been a key contributor to the socio-economic development of Equatorial Guinea.
The plant allowed for the monetization of the Alba gas field and delivered its first cargo on May 24th, 2007.
The plant was inaugurated by H.E. President Teodoro Obiang Nguema Mbasogo in October 2007, and has been delivering LNG to global markets ever since, including South America, Europe and Asia.
The plant is a source of pride for Equatorial Guinea and Africa, and is at the centre of the Punta Europa complex, currently undergoing expansion and diversification to further monetize domestic gas.
“We sincerely congratulate all the team of EG LNG on this remarkable achievement and on making the entire nation proud,” declared H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.
“Through projects such as EG LNG, the country has positioned itself as an African energy leader and will continue to provide the right environment for companies to invest in such assets and lead Africa towards greater prosperity.”
Source: www.energynewsafrica.com
Control of the world’s fastest-growing economy and its massive offshore oil fields are up for grabs Monday as Guyana votes in national elections.
The business-friendly administration of David Granger is seeking re-election, facing Irfaan Ali of the People’s Progressive Party, who is pledging to renegotiate some oil contracts.
The winners in what is forecast to be a close election will shepherd the remote, jungle-clad nation through a bonanza that the International Monetary Fund says will propel economic growth of 86% this year, the fastest in the world. The offshore deposit, which Exxon Mobil Corp. first successfully drilled in 2015, is so large relative to the population of 780,000 that by the middle of the decade Guyana may overtake Kuwait and become the world’s largest per capita crude producer.
“The oil is flowing, the money is flowing and whoever wins, the day after they take office, they can start spending it,” said Christian Wagner, America’s analyst at Verisk Maplecroft, a risk consultancy.
The winner will lead the 65-seat national assembly for a five-year term, just as production is starting at the offshore fields, which are estimated to hold the equivalent of 8 billion barrels of crude. Energy companies including Hess Corporation, China’s CNOOC Ltd. and Tullow Oil Plc have invested in the country.
For the oil industry, a win for the opposition People’s Progressive Party would test the country’s commitment to contract law. It’s a touchy subject in a country that has been criticized for giving away its resources too cheaply.
“Granger has hand-held companies during this phase of exploration and production,” said Raul Gallegos, a Bogota-based director at Control Risks, an international consulting firm. “In the oil and gas community, companies are naturally nervous about a change.”
A Global Witness report recently criticized Granger’s government for signing an “exceptionally bad” contract with Exxon that deprives the country of $55 billion over the life of the deal. Exxon and Granger disputed the findings.
Some other contracts “are even more lopsided than that of the Exxon contract,” Ali said in a statement in January.
Rather than re-write contracts, in practice an Ali government would probably try to get companies to commit to more social spending and job creation, while also setting stricter terms in future contracts, Wagner said.
Maplecroft estimates that the Ali-led opposition has a 75% chance of winning the presidency.
Heavy Spending.
Government revenues are forecast to rise 37-fold to $10 billion a year in a decade, according to Oslo-based research company Rystad Energy.
Given the stakes, whoever loses is likely to contest the result in the courts, Rystad said. Such a challenge would test the institutional strength of a country that’s only had two democratic changes of government in its history.
Both sides have floated plans to create thousands of jobs, spend heavily on education and build out roads and other infrastructure. The country is braced for a rapid transitioning from a relatively poor exporter of sugar, gold and bauxite, into one of South America’s richest countries.
End to Poverty
“Guyanese will never be poor again,” Granger told a crowd early this year launching the campaign for the political alliance, known as the Partnership for National Unity. “That oil wealth belongs to you, and this government will make sure you benefit from this oil wealth.”
Results from the vote, which will determine the make-up of the national assembly as well as who controls the presidency, are not likely to be announced for several days as electoral authorities gather ballot boxes from remote settlements. Polls are open from 6 a.m. to 6 p.m. and there’s no run-off.
Independent polls are rare in the country, but observers expect a close election, said David Hinds, a Guyanese political scientist who teaches Caribbean and African diaspora studies at Arizona State University.
The world’s best-performing economy borders Venezuela, which is undergoing the world’s deepest slump. Guyana has a long-standing territorial dispute with its neighbor.
Source: worldoil.com
The first batch of Ghanaian employees of UK oil and gas firm, Tullow Ghana Ltd, who are part of those being laid off in a redundant exercise, have exited with hefty packages, energynewsafrica.com can report.
Sources within Tullow Oil told energynewsafrica.com that the firm was generous with the Ghanaian workers.
Our sources said the firm paid the ex-employees three months’ salaries for each year and multiplied them by the number of years they have worked with the firm. This is in addition to their Provident Fund.
“They are being paid three months’ salaries each year. So if someone has worked for ten years, you will multiply ten by three and that is a lot. Don’t forget that they have Provident Fund so it’s not terrible as it seems,” enerynewsafrica.com sources said.
The second batch of employees who are affected by the redundancy exercise, energynewsafrica.com understands would be exiting the firm in June and December respectively.
Tullow Oil Plc has resorted to redundancy exercise as part of efforts to stay competitive following challenges it faced with its operations in Ghana and other parts of Afria.
The firm is cutting back 35 percent of its global workforce with Ghanaian labour force expected to see 25 percent cut back.
In December last year, Tullow’s shares fell by 60 percent following announcement by Tullow’s CEO, Paul McDade and Angus McCoss, Exploration Director that they had quit the firm.
More than £1.05bn was wiped off Tullow’s market value, leaving the company reeling, valued at £801.7m.
The company is yet to announce a new CEO after the resignation of Paul McDade.
Source: www.energynewsafrica.com
Over 20 municipalities in the Western Cape Province in South Africa are ready to go ahead with the procurement of energy directly from Independent Power Producers (IPPs).
This is line with Finance Minister Tito Mboweni’s declaration in his February Budget Speech, that the “government will do whatever it takes to ensure a stable electricity supply.
“It is our number one task. Determinations to implement the Integrated Resource Plan of 2019 are finalised and await the concurrence of the National Energy Regulator of South Africa (NERSA).
“It will shortly be possible for municipalities in financially good standing to purchase electricity from IPPs.”
Speaking to the Cape Argus, Economic Opportunities MEC David Maynier said: “This is the perfect opportunity for municipalities who wish to procure electricity from IPPs in the Western Cape.
“The sooner this happens the sooner we can start pursuing a new energy future in the Western Cape.
“I will be announcing new spending plans to support this energy transition when I table my Provincial Budget on March 10.”
According to the Chairperson of the standing committee on finance, economic opportunities and tourism, Deidré Baartman, “nineteen municipalities in the province already have regulator-approved feed-in tariffs.
“The minister should have gone a few steps further and introduced a solar rebate as an incentive for households to install solar power,” Baartman stated.
Norwegian oil and gas firm, Equinor has made an oil discovery near the Gudrun field following the conclusion of the drilling of wildcat wells 15/3-12 S and 15/3-12 A in the central part of the North Sea.
Equinor received drilling permits for the two North Sea wells in November 2019. The wells are located in production license 025 where Equinor is the operator.
The wells were drilled about 11 kilometers southeast of Gudrun, 4 kilometers southeast of the 15/3-4 (Sigrun) oil and gas discovery and 220 kilometers west of Stavanger. The wells were drilled as sole risk wells by Equinor and Neptune Energy Norge.
The primary and secondary exploration targets for wildcat well 15/3-12 S were to prove petroleum in Middle and Upper Jurassic reservoir rocks (the Hugin and Draupne Formations), respectively.
The well encountered three separate oil-filled reservoir zones of 9, 4 and 9 meters in the Hugin Formation, which are about 100 meters thick.
The reservoir zones mainly have moderate reservoir quality. The oil/water contacts were not encountered.
The exploration target for wildcat well 15/3-12 A was to prove petroleum in Upper and Middle Jurassic reservoir rocks (the Draupne and Hugin Formations), respectively. The well encountered the Draupne and Hugin Formations with respective thicknesses of about 85 and 120 meters. Both formations are water-bearing. There are indications of oil in a thin, three-meter sandstone layer in the Sleipner Formation in the Middle Jurassic.
Preliminary estimates place the size of the oil discovery between 1.0 and 2.7 million standard cubic meters (Sm3) of recoverable oil. The development of the discovery as a tie-in to the Gudrun field will be considered.
No formation tests were performed, but extensive volumes of data have been collected and samples have been taken.
These are the 10th and 11th exploration wells in production license 025, which was awarded in licensing round 2-A in 1969.
The wells 15/3-12 S and 15/3-12 A were drilled to respective vertical depths of 3652 and 3796 meters below sea level, and respective measured depths of 3771 and 3999 meters below sea level. Both wells were terminated in the Sleipner Formation in the Middle Jurassic. The water depth at the site is 109 meters. The wells have been permanently plugged and abandoned.
The wells were drilled by the West Phoenix drilling rig, which will now drill wildcat well 6507/8-10 S in production license 889 in the Norwegian Sea, where Neptune Energy Norge is the operator.
Source:www.energynewsafrica.com
Ghana’s technical electricity regulator, Energy Commission has organised a two-day training programme for some selected journalists in the West African nation who report on energy issues.
The training programme, which took place in the Ga East Municipality in Accra, was aimed at helping the journalists to get deeper understanding of the role of the Energy Commission in the country’s energy sector as well as build on their stock of knowledge regarding terminology in the sector.
Topics discussed included institutional framework of the Energy Sector, Introduction to Energy: What is Energy; Forms of Energy and Energy Terminologies and Unit, the Concept of Renewable Energy, Energy Access Issues, Gender Issues in the Energy Sector, and Local Content and Local Participation in the Energy Supply Industry.
Opening the training programme, the Chairman of the Energy Commission, Professor George Panyin Hagan noted that the media play important role in the society and have a lot of influence.
Ing. Rev. Oscar Amonoo-Neizer, Executive Secretary of the Energy Commission
He said it was, consequently, important for the Commission to build the capacity of the media in order for them to understand the functions of the Commission to be able to communicate their message well for their audience
He was hopeful that with the starting of such engagements, the journalists would become active group people who would be leading discussions on energy issues.
Prof Hagan hinted that the Commission would, in the future, introduce a course in energy to allow those who want to pursue energy reporting as a profession to enroll.
He emphasised that Ghana’s access to energy is about 85 percent and challenged the journalists to see energy as human rights and champion it.Source: www.energynewsafrica.com
A former Chief Executive Officer of the national oil company of the Republic of Ghana, GNPC, Alex Kofi Mould has lashed out at the Government of Ghana, describing it as a government which lacks knowledge of the management of the petroleum industry.
His description of the government follows a statement by the country’s Ministry of Energy in response to his earlier comment on the amendment of the Aker Energy /AGM petroleum agreement, in which he accused the government of bestowing massive historical damage to the oil and gas sector.
Alex Mould who is also a financial analyst questioned the motive of the government in rushing the Aker Energy petroleum amendments for approval when due processes had not been followed.
“Sadly, these amendments also provide sweeping tax exemption for Aker and AGM, its subcontractors and sub sub-contractors. No withholding taxes in the case of AGM itself, and a reduced withholding tax rate of 5 percent instead of the 15 percent withholding tax for any work or services or supply or use of goods, both to domestic and international transactions.
“It is reckless to exempt withholding tax for international transactions; this is akin to surrendering taxing rights to a foreign state because the foreign state will apply tax on its worldwide income and will result in permanent revenue loss for Ghana. Additionally, exempting withholding tax on domestic transactions may lead to tax evasion as the trail is lost; eventually resulting in large scale tax loss due to avoidance,” he said.
However, the Energy Ministry, in a press statement, accused the former GNPC CEO of misinforming the public and especially industry players with his bogus analysis of the issue.
According to the Ministry, the amendments to the Petroleum Agreements of Aker Energy and AGM were to provide regulatory certainty and incentives to support the realisation of Aker’s Pecan Project and increase investment in the AGM block respectively.
“These incentives have already yielded positive results for the country as AGM recently announced crude oil discoveries following an accelerated drilling campaign,” the Ministry explained.
“It is important to state that in the amendments of the AGM Petroleum Agreement, we negotiated a higher net gain for Ghana. We reduced our commercial paid interest and the subsequent exposure of GNPC but raised the free carried interest of the state. This resulted in a Benefit-Cost ratio of 19 in favour of Ghana against 11 in the original Agreement.
“The Ministry wishes to advise Mr Mould and others who conduct themselves in similar ways to contact the appropriate institutions where they lack information on any issue in the oil and gas sector. As former CEO of GNPC, he cannot rely on uninformed commentators for information on critical subjects like petroleum for the purpose of conducting analysis for public consumption. Our doors are always open,” the Ministry advised.
This response from the Ministry has not sit well with Alex Mould, thereby prompting yet another response to the issue.
In a statement during the weekend Mr Mould said: “it is truly sad to think that the Energy Ministry and for that matter President Akufo-Addo’s government genuinely has so little understanding of this industry.
“It does so by amending the regulations that have industry-wide application. This was pure favouritism. However, it will lead to a stampede of International Oil Companies looking for similar treatment (and perhaps that is what MoE wants).
“The rules were clear-the problem was simply that Aker sought special extra-legal treatment and MoE was willing to bend over backwards to please Aker. When it talks about incentives to support the realisation of Aker’s Pecan Project Government is either unforgivably naïve or disgracefully dishonest (or both),” he emphasised.
“If Aker did walk away, it would simply lose its rights and would not be entitled to compensation. Any moderately seasoned negotiator would have called Aker’s bluff immediately.
“If the intention was to increase investment, then, the SDWT Amendment agreement would capture Aker’s enhanced work and expenditure commitments. No such commitments are given in the Amendment Agreements.
“MoE is claiming (with no shame) that amendments to a Petroleum Agreement ratified on December 22, 2019, led to an oil discovery six months earlier in June 2019?! Even if MoE is referring to the Amendments it presented to Parliament in April last year, the claim makes no sense. At the time that Aker started drilling in June, Parliament had not ratified any amendments.
“I should also point out that the two wells Aker drilled in June were not in any way ‘accelerated’. They were wells due in the Initial Exploration Period under the original PA. And since MoE is promising an accelerated drilling campaign, it should tell the public when the next well is expected. Can MoE deny that Aker’s current programme does not include any new drilling before the third quarter of 2021? Is this the ‘acceleration’?” he quizzed.
Click on the link below for the full statementPress Statement By Alex MouldSource:www.energynewsafrica.com
Gas will be critical for creating industry, manufacturing and attracting investment capital, energy experts at a forum have asserted.
With recent major gas discoveries in Tanzania, Mozambique, Senegal, Mauritania and South Africa, Africa is poised to use gas technologies that are faster, more reliable, more cost-effective and more environmentally-friendly than coal or oil. To deliberate on the changing trends and future direction of gas in the energy industry, GE (GE.com) recently hosted the Gas Power Summit for Sub-Saharan Africa in Cape Town, South Africa.
The forum brought together senior leaders from governments, financiers as well as key stakeholders and thought leaders from utilities and the private sector across the region to explore industry opportunities and challenges on the future of gas power in sub-Saharan Africa.
During his keynote discussion, Scott Strazik, CEO of GE Gas Power, emphasized the need for countries in sub-Saharan African to work together with the private sector to meet the growing energy demands. “Bridging the energy gap in Sub-Saharan Africa will require continuous, sequential power improvements and the full involvement of governments, fuel suppliers, private capital and technology providers. Gas is a natural choice to help fill the gaps – providing dispatchable, flexible, affordable, and fast power for people and industries – and with more than 120 years of experience in the region, GE is proud to continue to help lead these efforts,” Strazik said.
The participants at the forum discussed key trends shaping the energy sector including the use of technology to drive better efficiencies for utilities and the use of natural gas to meet the increasing energy demand.
“Energy demand globally is driven primarily by socio-economic development and Sub-Saharan Africa will need to be creative in how we manage the energy deficit,”Hendrik Malan, CEO of Frost & Sullivan Africa said.
“Adoption of natural gas is an excellent opportunity for the region to reduce carbon emissions and balance the energy mix,” he said.
The modern power grid needs resources that can ramp up and down, swiftly, efficiently and repeatedly. Operational flexibility is critical for gas turbines that compliment renewable energy as it balances electric system loads and helps maintain grid reliability. “GE continues to help countries throughout sub-Saharan Africa meet their growing energy demands. Case in point, our Aero-derivative gas turbines provide fast, reliable power for energy emergencies and power crisis while our total plant management solutions demonstrates our strength as a single service provider that understands the full plant-as-a-system impact for installation, maintenance, repair and upgrade activities,” said Elisee Sezan, CEO for GE’s Gas Power business in Sub-Saharan Africa.
“GE’s TM2500 mobile aero-derivative gas turbine, for example, can be installed quickly – in as little as a few weeks – to help alleviate frequent outages, making them especially well-suited for countries throughout Africa.”
In Angola, GE Gas Power provided emergency power within 30 days just before Christmas, providing emergency power for approximately 100,000 Angolan homes.
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 baseload and flexible emergency power.
In 2018, the company celebrated its 100th power plant in Sub-Saharan Africa and today, up to 17GW of gas power generation on the grid runs on GE gas turbines.
GE Gas Power’s portfolio consists of advanced technologies and solutions that help build and manage power plant assets and operations more efficiently.
Source: www.energynewsafrica.com
Kenya Power has dismissed about 110 employees who were found guilty of aiding fraud, illegal connections and other crimes.
The layoff happened within the past one year.
The Managing Director and CEO of Kenya Power, Bernard Ngugi has warned of more action as the company scales up the fight on crimes that undermine the quality of power supply.
Speaking at Tassia estate, Ngugi said he led the company’s operation to crack-down on illegal power connections.
The operation was carried out jointly by Kenya Power’s security personnel and officers drawn from the National Police Service.
The initiative was supported by the Cabinet Secretary for Energy Hon. Charles Keter and the director of the Directorate of Criminal Investigations George Kinoti.
“The company will continue to work with security agencies to eliminate illegal power connections and address other crimes that are denying Kenyans quality electricity supply. Illegal connections do not just threaten the company’s revenue but also the lives of beneficiaries and the public at large. We are focused on eliminating these crimes and ensuring all those found culpable face the full force of the law,” Ngugi said.
Today’s operation follows a month after a similar operation was carried out in Mukuru Kwa Njenga Estate where 16 transformers and assorted cables aiding illegal power supply were recovered.
Kenya Power has recently increased surveillance on the grid network as a measure to address the rampant cases of illegal connections, vandalism, bypassing of meters and fraud involving transactions for payment of bills, electricity connection and purchase of electricity token.
In October last year, the power utility established a special response team called the Field Enforcement Unit (FEU) that works closely with security agencies to promptly address cases of illegal connections.
Since the beginning of the current financial year, a total of 630 people have been arrested across the country and prosecuted for various crimes relating to the theft of electricity and fraud. Out of these, 115 people have already been convicted.
Source: www.energynewsafrica.com
The Chairman of the National Premix Committee under the Ministry of Fisheries and Aquaculture Development, Nii Lantey Bannerman has inspected some ongoing projects being executed by the Landing Beach Committees at Tema Manhean and Nyanyano near Kasoa in the Central Region of the Republic of Ghana.
At Tema Manhean, the premix committee chairman, who was accompanied by the Administrator of the Pre-mix Fuel Secretariat, Nana Abrokwa A. Asare, Mayor of Tema, Felix Mensah Nii Annang-La and Greater Accra Regional NADMO Coordinator, Archibald Cobbinah inspected an ongoing 900-bed capacity dormitory at the Manhean SHS.
The two-storey dormitory project, which is estimated at GHC6 million, was started in 2012.
The project is currently at the ground floor level with the first and second floors expected to be completed soon.When completed, the dormitory would bring a huge relief to the students of Manhean SHS.
At Nyanyano, the landing beach committee has also constructed a market shed which is yet to be commissioned.
The project was funded from the Community Development Fund, and GHc31,490 support by the Member of Parliament for the area, Kojo Asemanyi and GHc16,790 from Richmond K. Otoo, a philanthropist of the area.
Speaking to energynewsafrica.com, Nii Lantey Bannerman commended the landing beach committees for utilising 53 percent of the Community Development Fund to execute projects which go to improve the living conditions of the beneficiaries.
Touching on the Tema Manhean SHS dormitory project, Nii Lantey Bannerman said before this current administration assumed office, the project was about 10 percent complete.
He said the efforts of the current administration is what have pushed the project to its current level.
He gave the landing beach committee up to the end of June to complete the project.
Mr Bannerman said his outfit wants to make sure that all ongoing projects across the fishing communities are completed before the end of the year.
On his part, Mr Eben Anuwa–Armah, who is the project committee chairman, said they would be able to meet the June timeline because funds are available to complete the project.
The administrator of the Pre-mix Fuel Secretariat, Nana Abrokwa A. Asare said they are excited that the landing beach committees are using proceeds of the 53 percent Community Development Fund judiciously.Source: www.energynewsafrica.com
The International Finance Corporation (IFC) has signed an agreement with Burkina Faso’s Ministry of Energy to assess how private investment in energy storage can contribute to higher levels of solar power production while enhancing grid stability and dispatch issues.
This assessment will lead to the definition of a storage investment roadmap based on PPP models in Burkina Faso.
It will be jointly supervised by IFC, the Ministry of Energy and the grid utility Société Nationale d’Electricité du Burkina (SONABEL).
Under this agreement, IFC will assess the economic benefits of storage to integrate solar capacities to the grid and decrease the overall generation costs, review the country’s legal and regulatory frameworks and compare private and public storage project development and financing models.
IFC will also provide recommendations regarding various aspects of Public Private Partnerships in energy storage, based on a review of international best practices.
“This assessment is an important step to help successfully integrate a larger amount of solar power into the country’s energy mix, as planned by the government,” Ronke-Amoni Ogunsulire, IFC’s Country Manager for Burkina Faso, Benin, Ghana, Niger and Togo said.
Burkina Faso’s power sector is characterised by a high reliance on expensive thermal capacities and imports. While the target is to achieve universal access to electricity by 2025, the country’s present electrification rate is approximately 20%.
The Burkinabe government has launched an ambitious renewable energy strategy to valorize large available solar resources and decrease both electricity generation costs and exposure to oil price fluctuations.
Source: www.energynewsafrica.com
Ghana’s Ministry of Energy is in the process of finalising approval of the sale of Anadarko Petroleum Corporation’s assets in the West African country to the French oil and giant, Total SA.
Sources within the country’s Ministry of Energy told energynewsafrica.com that there has been series of meetings between the Ministry and officials of Anadarko including a meeting during the Africa Oil Week in Cape Town, South Africa, last year.
Anadarko has been operating in the country since 2006, and until the sale of its operations last year, it owned 24.077 percent of the Jubilee Field, which is Ghana’s first oil field, and 17 percent of the Tweneboah-Enyera-Ntomme (TEN) project, an integrated oil and gas project.
So far, Anadarko has sold its operations in four African countries — Algeria, South Africa, Mozambique and Ghana.
Speaking to the Daily Graphic, Ghana’s Deputy Minister for Energy in-charge of Petroleum, Dr Mohammed Amin Adam, who confirmed the sale processes, said: “We cannot stop anybody from selling. Except that if you want to sell, you have to meet all the requirements that we have lined up. Once they comply with that, why not?”
Dr Adam said Anadarko was supposed to furnish the ministry with 12 separate documents.
He said the company had, so far, complied with virtually everything, except a tax clearance certificate, adding that the ministry was aware that Anadarko was currently engaging with the GRA to acquire the tax certificate.
“If they are done with the negotiation, then, they will send a package of all the documents and the Minister for Energy will look at all that and approve it,” he said.
Mr Adam said although Anadarko was yet to satisfy all the requirements necessary for the transaction to be consummated, the ministry was excited about the entry of Total SA into the oil sector in Ghana, given its size, clout and experience in the industry.
“We want Total; we want all the ‘big boys’ in the industry in Ghana. We have a lot of potential and, therefore, when you have big companies, they first of all help de-risk your investment environment and, secondly, there is a potential for them to invest,” he said.
“It may also want to compete for another block and then bring new investments into that block. So these are advantages that will come to the country,” he added.
Source: www.energynewsafrica.com
China’s top oil supplier and the world’s largest oil exporter, Saudi Arabia, will be cutting its crude exports to the world’s top oil importer by at least 500,000 bpd in March.
According to Reuters, Saudi Arabia, has decided to cut down supply because of a slump in refinery demand amid the coronavirus outbreak.
China’s typical intake of Saudi crude oil is between 1.8 million bpd and 2 million bpd, according to Reuters’ sources.
Last year, Saudi Arabia significantly raised its crude sales to the China, boosting its exports by 47 percent and beating Russia for the top Chinese supplier spot for the first time in four years.
However, the coronavirus outbreak has significantly slowed fuel demand in China as the authorities imposed travel restrictions in an effort to quickly contain the outbreak.
City lockdowns, domestic travel restrictions, and thousands of canceled flights to and from China have weighed on Chinese gasoline, diesel, and jet fuel demand over the past month.
Due to weak fuel demand and depressed industrial activity, Chinese refiners—from the biggest refiner in Asia, Sinopec, to the independent refiners in Shandong—have cut refinery runs, while commodity trading houses and oil majors have scrambled to find spot buyers for crude oil outside China.
Chinese oil refiners have cut their daily run rates further, to around 10 million bpd last week—the lowest level since 2014, according to industry insiders who spoke to Bloomberg.
While refiners have cut run rates, China’s fuel exports are booming amid battered domestic demand, analysts and trade sources tell Reuters as higher Chinese exports flood the Asian market, which sees depressed demand from the outbreak itself.
The slowdown in China’s industrial activity is causing the worst shock to oil demand in over a decade, Jeff Currie, global head of commodities research at Goldman Sachs, said in an interview on Bloomberg earlier this month.
Source: www.energynewsafrica.com
Source: www.energynewsafrica.com
Source: www.energynewsafrica.com 
When completed, the dormitory would bring a huge relief to the students of Manhean SHS.
At Nyanyano, the landing beach committee has also constructed a market shed which is yet to be commissioned.
The project was funded from the Community Development Fund, and GHc31,490 support by the Member of Parliament for the area, Kojo Asemanyi and GHc16,790 from Richmond K. Otoo, a philanthropist of the area.
Speaking to energynewsafrica.com, Nii Lantey Bannerman commended the landing beach committees for utilising 53 percent of the Community Development Fund to execute projects which go to improve the living conditions of the beneficiaries.
Touching on the Tema Manhean SHS dormitory project, Nii Lantey Bannerman said before this current administration assumed office, the project was about 10 percent complete.
He said the efforts of the current administration is what have pushed the project to its current level.
He gave the landing beach committee up to the end of June to complete the project.
Mr Bannerman said his outfit wants to make sure that all ongoing projects across the fishing communities are completed before the end of the year.
On his part, Mr Eben Anuwa–Armah, who is the project committee chairman, said they would be able to meet the June timeline because funds are available to complete the project.
The administrator of the Pre-mix Fuel Secretariat, Nana Abrokwa A. Asare said they are excited that the landing beach committees are using proceeds of the 53 percent Community Development Fund judiciously.
Source: www.energynewsafrica.com 
