Tullow Oil Gets New CEO
Tullow Oil plc has appointed Rahul Dhir as its new Chief Executive Officer and an Executive Director of the Group.
His appoint takes effect from 1 July 2020, Tullow said in a statement posted on its website.
The appointment of Rahul Dhir follows the resignation of Paul McDade in December last year.
Dorothy Thompson, who is currently the Executive Chair of Tullow, will return to her position as Non-Executive Chair after a limited period of handover.
Rahul brings extensive leadership experience in oil and gas to Tullow.
He is currently CEO of Delonex Energy, an Africa-focused oil and gas company that he founded in 2013.
Under his leadership, Delonex has delivered low-cost drilling and seismic operations along with leading social and environmental performance in sub-Saharan Africa.
In Chad, the company has achieved material exploration success and discovered substantial oil resources.
Delonex has also delivered exploration campaigns in Ethiopia and Kenya where Delonex operates Block 12A with Tullow as a non-operating partner.
Prior to establishing Delonex, Rahul served as Managing Director and CEO of Cairn India from its IPO in 2006 until 2012.
During Rahul’s tenure, Cairn India delivered operated production of over 200,000 barrels of oil per day with operating costs of less than $5 per barrel of oil.
Cairn India also successfully delivered over $5 billion of development projects including the world’s longest heated pipeline at a finding and development cost of less than $5 per barrel of oil.
Rahul started his career as a Petroleum Engineer, before moving into investment banking where he led teams at Morgan Stanley and Merrill Lynch, advising major oil & gas companies on merger and acquisition and capital market related issues.
Rahul is a UK citizen and was educated at the Indian Institute of Technology (BTech), the University of Texas (MSc) and the Wharton School (MBA).
Executive Chair of Tullow Oil Plc, Dorothy Thompson said, “I am delighted to welcome Rahul to Tullow and am very pleased that he has accepted the position of CEO.
“His oil & gas, financial and African experience combined with his record of strong leadership made him the stand-out candidate for the Board. I look forward to Rahul joining Tullow in July and working with him closely in the coming years.”
Chief Executive Officer-designate of Tullow Oil plc Rahul Dhir, said, “I am very excited at the opportunity to lead Tullow and re-establish it as an iconic company in our industry. The company has high-quality assets and great people.
“It also has a unique position in Africa, built on a proven track record of responsible operations, strong relationships and a commitment to sustainability. I am looking forward to working with the team and the Board to re-build an exceptional business.”
Source:www.energynewsafrica.com
Arab Petroleum Investments Corporation General Assembly Approves US$8.5 Billion Callable Capital
The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, has ratified a landmark increase in callable capital to USD8.5 billion at its Annual General Meeting (AGM), as well as a significant increase in authorized and subscribed capital.
The increase, the largest in the Corporation’s history, is based on the recommendation by APICORP’s Board of Directors.
The increase in the capital reinforces long-term commitment towards APICORP’s sustainable growth plans for the benefit of its member countries.
The callable capital increase further bolsters APICORP’s financial sustainability and resiliency and its overall financial position.
The Corporation’s authorized capital was also increased to US$20 billion and subscribed capital to US$10 billion, as well as transfer US$500 million from the Corporation’s general reserves and retained earnings into its issued and fully paid capital.
Commenting on the increase in capital, Dr. Ahmed Ali Attiga, Chief Executive Officer of APICORP, said: “As we enter the next stage of APICORP’s growth story and build upon its longstanding reputation as a trusted financial partner to the Arab energy industry, the capital increase will enable APICORP to fulfil its policy mandate by continuing to deliver sustainable impact-driven development projects and supporting investment activities. I appreciate the shareholders’ strong confidence in APICORP and their willingness to support it in its journey to support the growth trajectory in the regional energy and petroleum industries sector.”
On his part, Dr. Sherif Elsayed Ayoub, Chief Financial Officer of APICORP, said: “The capital increase serves as one of the cornerstones of APICORP’s growth plans as per our board-approved risk appetite and five-year corporate strategy. These include increasing our lending and investment capacity to better meet the ever-growing needs of our public and private-sector partners in the energy sector. This remarkable show of support from our member countries shall also cement APICORP’s profile as a financially strong, well-capitalized, highly-liquid and consistently profitable MDB.”
APICORP recently disclosed its financial results for the year ended 2019, posting strong results including a 17% Y-O-Y increase in net recurring income to USD112 million, up from USD96 million at year end 2018. APICORP’s strong profitability in 2019 was driven by Corporate Banking and Treasury and Capital Markets, whose gross income increased 32% and 24% Y-O-Y to reach USD201 million and USD80 million, respectively.
Source: www.energynewsafrica.com
Halliburton Posts $1Billion Loss In Q1 2020
US -based oilfield services provider, Halliburton has recorded a $1 billion loss in the first quarter of 2020.
The huge loss is due to a combination of low oil demand and resulting oversupply being further exacerbated by the coronavirus pandemic.
A statement issued by Halliburton on Monday noted that adjusted net income for the first quarter of 2020, excluding impairments and other charges and a loss on the early extinguishment of debt, was $270 million.
This compares to adjusted net income for the first quarter of 2019, excluding impairments and other charges, of $201 million.
The company recognized $1.1 billion of pre-tax impairments and other charges to further adjust its cost structure to current market conditions. These charges consisted primarily of noncash asset impairments, mostly associated with pressure pumping equipment, as well as severance and other costs.
In addition, based on the current market environment and its expected impact to Halliburton’s business outlook, the company recognized a non-cash tax expense of approximately $310 million as a result of an adjustment to its deferred tax assets.
Halliburton’s total revenues in the first quarter of 2020 were $5 billion, a 12 per cent decrease from revenues of $5.7 billion in the first quarter of 2019.
Reported operating loss was $571 million in the first quarter of 2020 compared to reported operating income of $365 million in the first quarter of 2019.
Excluding impairments and other charges, adjusted operating income was $502 million in the first quarter of 2020, an 18% increase from adjusted operating income of $426 million in the first quarter of 2019.
Jeff Miller, Halliburton Chairman, President and CEO, said: “Our industry is facing the dual shock of a massive drop in global oil demand coupled with a resulting oversupply. Consequently, we expect activity in North America land to sharply decline during the second quarter and remain depressed through year-end, impacting all basins.
“Internationally, we believe the activity changes will not be uniform across all markets. OPEC+ production decisions and the duration of pandemic-related demand and activity disruptions will ultimately determine the extent of international spending declines this year”.
Miller also said the company is taking action to reduce overhead and other costs by $1 billion and lower capex to $800 million.
“We will take further actions as necessary to adjust to evolving market conditions“, Miller added.
Halliburton’s financial results for 1Q 2020 reflect some of the reduced activity experienced towards the latter part of the quarter in various locations around the world.
For the remainder of 2020, the company expects a further decline in revenue and profitability, particularly in North America.
halliburton-announces-first-quarter-2020-results
US Oil Price Below Zero For First Time In History
US oil prices crashed into negative territory for the first time in history as the evaporation of demand caused by the coronavirus pandemic left the world awash with oil and not enough storage capacity — meaning producers are paying buyers to take it off their hands.
West Texas Intermediate, the US benchmark, traded as low as -$40.32 a barrel in a day of chaos in oil markets.
The settlement price on Monday was -$37.63, compared to $18.27 on Friday. Traders capitulated in the face of limited access to storage capacity across the US, including the country’s main delivery point of Cushing, Oklahoma.
The collapse will be a blow to Donald Trump, who has gone to great lengths to protect the oil sector, including backing moves by OPEC and Russia to cut production and pledging support for the industry.
After the price drop, Mr Trump reiterated plans for the US to open the federally-controlled strategic petroleum reserve to store excess oil that cannot find a home in commercial storage facilities.
Congress refused to fund federal purchases of crude oil when the White House first proposed the idea several weeks ago, but the Department of Energy has also considered the possibility of leasing capacity to producers.
“We’re filling up our national petroleum reserves, the strategic reserves, and we’re looking to put as much as 75m barrels into the reserves themselves that would top it out,” Mr Trump said at his daily news conference.
“We’re going to either ask for permission to buy it, or we’ll store it, one way or the other, it will be full.”
The shale sector has transformed the US into the world’s largest oil producer in the past decade, giving the president a foreign policy tool he has brandished as “US energy dominance”, but which now faces a rapid decline.
Negative prices are the latest indication of the depth of the crisis hitting the oil sector after lockdowns imposed in many of the world’s major economies have sent crude demand tumbling by as much as a third, leaving the industry facing what Jefferies analyst Jason Gammel called “the bleakest oil macro outlook” he had ever seen.
Not all oil contracts are trading in negative territory. Brent, the international benchmark, lost 8.9 per cent on Monday to fall to $25.57 a barrel, but is less immediately afflicted by storage issues.
Brent is a seaborne crude allowing traders to easily ship it to areas of higher demand.
Amrita Sen at Energy Aspects said: “With Brent you can put it on ships and move it around the world immediately. Storage tanks at Cushing, however, will be full in May.”
WTI contracts for delivery in June lost 14.7 per cent but held above $20 a barrel, though traders warned it could face further losses. Both benchmarks traded above $65 a barrel as recently as January.
Stephen Schork, editor of oil-market newsletter The Schork Report, said he expected access to storage capacity in the US to be exhausted within two weeks — and cautioned that the collapse of the country’s oil consumption was accelerating.
“It just gets uglier from here,” Mr Schork said, adding that sharply rising unemployment numbers meant fewer and fewer Americans would be driving, hurting petrol demand even during its peak summer months.
“This summer is dead on arrival. The biggest demand months are not going to happen,” he said. Prices for physical grades in many North American regions have fallen into the low single digits reflecting a dearth of buyers able to take delivery of oil, even as prices for later contracts have held up marginally better due to some investors betting on an eventual rebound.
Source: ft.com/energynewsafrica.com
COVID-19: REDAVIA Offers Free Solar Power To SMEs In Kenya, Ghana
Energy solutions company REDAVIA has created a new concessionary solar power programme, dubbed COVID-19 Resilience Lease, to support Ghanaian and Kenyan businesses to mitigate the impact of the coronavirus pandemic.
COVID-19 has disrupted African businesses significantly. In this challenging time, REDAVIA enables sound businesses to reduce their operating costs with a free solar plant leasing service.
The energy company has introduced the COVID-19 Resilience Lease, which provides solar power plants to business customers for six months, completely for free.
After these six months, customers can choose to roll-over this Lease into a regular solar plant lease or request REDAVIA to re-deploy the plant.
This offer is available to selected long-term sustainable Ghanaian and Kenyan companies on a first-come, first-served basis, while supplies last.
Mankoadze Fisheries in Tema, Ghana, was first to sign a lease. Godfried Kwame Anafi, Director of Mankoadze Fisheries, is eager to see the restart of his company’s cold store and resumption of service to the corporate and independent fishing customers as soon as possible.
The Royal Senchi Hotel & Resort has also joined this unique programme. The hotel has been especially hard hit by the pandemic and saw its occupancy rates drop precipitously.
Big losses in revenue made lowering utility costs a top priority for hotel management. Gerard Schraven, General Manager, said: “REDAVIA’s solar plant will enable us to keep our energy cost as low as possible when the hotel re-opens after this global health crisis.”
Erwin Spolders, CEO & founder of REDAVIA, said: “REDAVIA understands the economic implications of this pandemic, and we pledge to be a true friend to our business partners in this time of need.”
Source: www.energynewsafrica.com
Dubai: DEWA Unveils COVID-19 Plans To Keep Lights On And Employees Safe
Dubai Electricity and Water Authority (DEWA) has revealed its precautionary measures as per the Dubai Government’s COVID-19 measures.
According to a release from the utility, the continued delivery of electricity and water services is assured, and staff have undergone training programmes to use technological tools and channels to work remotely.
The utility says it has a comprehensive plan to ensure the continuity of field work at its power generation and water desalination plants, as well as continued maintenance of operations, lab tests, and other vital work.
The plan also includes precautionary measures such as early detection and diagnosis of employee health using advanced equipment, implementing home quarantine for employees returning from abroad, and social distancing in all facilities.
The utility says it has also introduced a shift rotation system to minimise employee exposure to the virus. Staff working in shifts use different locations from their previous colleagues in the previous shift, and sterilises its facilities regularly.
DEWA has launched several awareness campaigns in different languages to ensure awareness messages reach all its employees.
Source:www.energynewsafrica.com
Renewables To Provide A Fast Response To COVID-19- IRENA
The African Union has partnered with the International Renewable Energy Agency to advance renewable energy in Africa to bolster the region’s response to Covid-19.
IRENA and the African Union will work together to:
- Support the development and adoption of innovative renewable energy technologies.
- Improve access to energy in the region and build more resilient energy systems.
- Mobilise international support including the private sector.
- Develop larger and more robust power markets encouraging cross-border trade of renewable power.
Equatorial Guinea: Oil Industry, Finance And Petroleum Ministers Debate Coronavirus, Oil Industry Relief And Rebound
The African Energy Chamber on Thursday joined H.E. Gabriel Mbaga Obiang Lima, Equatorial Guinea’s Minister of Mines and Hydrocarbons (MMH) and H.E. Cesar A. Mba Abogo, Minister of Finance, Economy and Planning for the Equatorial Guinea Open for Business webinar.
Focused on the topic ‘Analysis on Equatorial Guinea’s Oil and Gas Spectrum and COVID-19 Effects’ the panel discussed subjects including: the future of Equatorial Guinea’s (EG) oil and gas industry, the advancement of the country’s economy, development of its midstream and downstream sectors, local content policies and job creation, economic diversification, fiscal regulations, tax incentives and the creation of information indexes.
H.E. Gabriel Mbaga Obiang Lima shared the MMH’s objectives to increase exploration and advance EG’s refining and processing sector as a means to commercialize the value chain, encourage local participation and boost entrepreneurship.
In tune with this, Minister Mba Abogo noted that because EG is heavily reliant on oil, it has been placed in a compromising position as a result of the price war and the COVID- 19. He explained that, in order to ensure stability and avoid lasting impacts on economic growth, the country needed to diversify its economy and look into industries such as tourism, agriculture and mining – a sentiment that was shared by Leoncio Amada Nze, President for the CEMAC region at the African Energy Chamber who said: “Oil presents an economic advantage and stands to unlock opportunities for economic diversification.”
Advancing Equatorial Guinea’s economy in the next 20 years
In an effort to position itself as a regional and international investment hub, Equatorial Guinea launched the Year of Investment (YoI) 2020 campaign. The YoI initiative is targeting $1 billion in foreign direct investment to be directed towards diversifying the country’s energy sector, boost entrepreneurship, generate profit for investors and create jobs.
Encouraging EG to continue on this aspirational route towards growth and development despite the current economic environment, Executive Chairman of the African Energy Chamber, NJ Ayuk stressed the importance of local participation in achieving long lasting greater growth.
“We need to get back to the basics, we need to invest in education. By developing these skills, we are more likely to not only get investors to enter our markets but also, we are able to get companies to stay,” said Ayuk. Agreeing with this, Minister Mba Abogo said, “Opportunities presented by our aspirations do not make sense if our people are not benefitting from them.”
Price War impacts on Africa
With many African oil producing countries having budgeted for and oil price of no less than $50, the continents oil economies are set to take a hard hit. When asked of the impacts of the low oil price and the COVID-19 pandemic, Minister Obiang Lima said the MMH was actively working to ensure that it continues on with its projects and initiatives, stating that, “the impact [of the low oil price and the COVID-19 pandemic] will be harder on the new producers, especially because many of them had projects in the pipeline.” Referring to EG’s long history in the oil industry as a source of comfort in managing through the crisis.
Continuing business
In attracting further business into the Equatoguinean market, Minister Mba Abogo said ease of doing business is essential. And, in adapting to the current state of the global economy and pushing business operations to continue, he said EG needed to be creative with its approaches to its finances and take lessons from other African countries.
“Oil has been our blessing in Equatorial Guinea’s diversity and we should use it to build a thriving future,” he said.
Providing incentives
In providing tax and regulatory incentives for new and continued business, Minister Obiang Lima said EG would modify its petroleum regulations, release a ministerial decree to enhance the effectiveness of its industry and a new mining operating regulation in a few weeks.
Beyond the regulations, Minister Mba Abogo noted that EG has an issue of a negative perceived narrative which stood in the way of it attracting new business. In addressing this, the minister revealed that the Ministry of Finance, Economy and Planning would be compiling a business index and an ease of doing business report which will track the country’s growth and development.
The African Energy Chamber is pleased to have participated in the webinar and welcomes the plans of the Ministry of Mines and Hydrocarbons and the Ministry of Finance, Economy and Planning as a constructive way forward in ensuring that the country does not experience setbacks, especially at a time where it is poised for lasting growth.
Source: www.energynewsafrica.com
Ghana: Vivo Energy Donates 6,000 PPE To National COVID Case Management Team
Vivo Energy Ghana, the Shell licensee in the Republic of Ghana, has donated over six thousand items of Personal Protective Equipment (PPE) to the West African nation’s National COVID-19 Case Management Team.
The donation forms part of the company’s comprehensive programme on COVID-19 prevention to complement the government’s efforts at containing the virus and providing protection for frontline workers, especially those in the health sector.
The PPE includes 4000 examination and surgical gloves, 1000 N95 respirators, 1000 goggles and 500 coveralls.
Ghana has recorded a total of 1042 cases of Coronavirus with 9 deaths and 99 recoveries.
Presenting the items at the Ga East District Municipal Hospital, the Managing Director for Vivo Energy Ghana, Mr. Ben Hassan Ouattara, commended the hard work and selfless sacrifices of the COVID-19 Management Team and the frontline workers for proactively working to contain the pandemic.
“In line with our vision of becoming Ghana’s most respected energy business, we have also been at the forefront of supporting the government’s efforts in fighting COVID-19 through our community investment initiatives. We funded an e-learning application for students at home and donated hand sanitisers and liquid soaps to some major bus terminals and retail stations”, he said.
Mr. Ouattara added that the company, together with its business partners, has launched a Retailer Sustainability Programme to facilitate the decentralisation of its COVID-19 prevention support in various communities.
He assured the public that in line with the company’s Health, Safety, Security and Environment (HSSE) intervention processes, it has equipped its Shell service stations with hand sanitizers and other cleaning solutions as a precautionary measure. Customer Service Champions have also been encouraged to wash their hands regularly and sanitize them as often as possible when transacting business on the Point of Sale devices. The company has also introduced other electronic payment options like mobile money at some of its service stations to reduce the handling of cash.
The Coordinator for the National COVID Case Management Team, Dr. Ali Samba, who received the items, expressed his appreciation and commendation to the management and staff of Vivo Energy Ghana for the kind gesture.
“On behalf of the National COVID-19 Case Management Team and our frontline workers, we wish to express our profound gratitude to Vivo Energy Ghana for its timely and much needed intervention. As one of the treatment centres for COVID-19 cases, we are excited about the donation, as PPE plays a very important the role in the management of the virus”, he said.
Commenting on the number of cases, Dr. Samba said the Ga East Municipal Hospital has so far provided medical care for over 160 patients, discharged about 115, and hopeful that the support will further ensure an increase in the number of recoveries.
He advised everyone to observe the safety protocols and the President’s directives on the lock down.
Source: www.energynewsafrica.com
“In line with our vision of becoming Ghana’s most respected energy business, we have also been at the forefront of supporting the government’s efforts in fighting COVID-19 through our community investment initiatives. We funded an e-learning application for students at home and donated hand sanitisers and liquid soaps to some major bus terminals and retail stations”, he said.
Mr. Ouattara added that the company, together with its business partners, has launched a Retailer Sustainability Programme to facilitate the decentralisation of its COVID-19 prevention support in various communities.
He assured the public that in line with the company’s Health, Safety, Security and Environment (HSSE) intervention processes, it has equipped its Shell service stations with hand sanitizers and other cleaning solutions as a precautionary measure. Customer Service Champions have also been encouraged to wash their hands regularly and sanitize them as often as possible when transacting business on the Point of Sale devices. The company has also introduced other electronic payment options like mobile money at some of its service stations to reduce the handling of cash.
The Coordinator for the National COVID Case Management Team, Dr. Ali Samba, who received the items, expressed his appreciation and commendation to the management and staff of Vivo Energy Ghana for the kind gesture.
“On behalf of the National COVID-19 Case Management Team and our frontline workers, we wish to express our profound gratitude to Vivo Energy Ghana for its timely and much needed intervention. As one of the treatment centres for COVID-19 cases, we are excited about the donation, as PPE plays a very important the role in the management of the virus”, he said.
Commenting on the number of cases, Dr. Samba said the Ga East Municipal Hospital has so far provided medical care for over 160 patients, discharged about 115, and hopeful that the support will further ensure an increase in the number of recoveries.
He advised everyone to observe the safety protocols and the President’s directives on the lock down.
Source: www.energynewsafrica.com Ghana: We will fully Implement President’s Free Electricity Directive-ECG MD
The Managing Director of the Electricity Company of Ghana, Kwame Agyeman-Budu has assured electricity consumers in the West African nation that his outfit will fully implement the President’s directive.
The power distribution company’s MD gave the assurance in a short video sighted by energynewsafrica.com.
“We will ensure that electricity bills of all lifeline persons who consume zero to 50 kilowatt/hour a month will be fully absorbed by the government.
“Non-lifeline prepaid and post-paid customers (residential and commercial) will enjoy the 50 percent relief on their electricity consumptions in April, May and June using their March 2020 consumption as the benchmark,” Mr Agyeman-Budu said.
He said these reliefs will be fully implemented from May 1, 2020.
His Excellency President Nana Akufo-Addo, President of Ghana, last week, announced that the government would fully absorb the bills of all lifeline consumers and 50 percent rebate for commercial electricity consumers for three months.
The three months’ free electricity is expected to cost the government about GH¢1.04 billion.
The move is part of measures being introduced by the government to mitigate the impact of the Coronavirus on Ghanaians.
Commenting on the interventions by the government to address the spread of the Coronavirus, Mr Agyeman-Budu stressed the need for Ghanaians to observe social distancing and practise hand washing with soap under running water.
He, finally, urged Ghanaians to respect the restrictions order by staying at home.
Source: www.energynewsafrica.com
Africa Energy Forum Relocates To Amsterdam From 20-22 October 2020
Organisers of Africa Energy Forum (aef) have rescheduled this year’s programme to take place in Amsterdam, the Netherlands from 20-22 October 2020.
The forum was scheduled to take place in July, but had to be rescheduled in the interests of all attendees’ safety after monitoring the COVID-19 situation and its impact on global economies.
The Forum, organised by EnergyNet, brings together decision-makers in Africa’s energy sector to form partnerships, identify opportunities and collectively move the industry forward.
Commenting on the move, EnergyNet’s Managing Director Simon Gosling, said: “This decision has not been taken lightly and we hope clients will recognise this opportunity to fast-track their business development after a significant period of disruption.
“We’ve chosen Amsterdam for a number of reasons – most importantly its exceptionally resilient economy and $42bln investment fund being deployed across the continent to support energy transition goals. The Netherlands played host to the very first aef back in 1999, and continues to play an exceptional role in the development finance space with FMO being a significant and highly regarded player.
“Despite challenging times we’ve continued to receive registrations and high level speakers, so are confident this postponement will be timely and continue to focus heavily on project development objectives.”
In line with the SDG7 goal “access to affordable, reliable, sustainable and modern energy for all,” aef will host a stream dedicated to unpacking Africa’s role in achieving SDG7, debating how the continent can meet energy demands in light of global sustainability goals.
Between now and October, EnergyNet will host a series of webinars and other online content focusing on strategic energy programmes such as the REIPPPP resurgence in South Africa. The purpose will be to define the direction energy programmes are taking so clients can prepare strategies to be among the preferred bidders by the Africa Energy Forum dates in October.
Gosling added; “One thing that hasn’t changed and never will is our commitment to the sector. We’re every bit as passionate about delivering the outstanding networking experience our delegates have come to expect, and driving the sector forward – even at such a challenging time.”
Source:www.energynewsafrica.com
Liberia: Petroleum Regulatory Authority Launches 2020 Licensing Round Despite Covid-19 Pandemic
Liberia’s Petroleum Regulatory Authority (LPRA), has officially launched the country’s 2020 Licensing Round and offered 9 oil blocks for exploration
The official launch which was done online on Thursday, April 16, 2020.
In a brief remarks, Archie N. Donmo who is the Director General of the LPRA said: “This is a watershed moment for the country and the Authority (LPRA) is excited to reach an agreement with all parties including TGS and NOCAL in promoting Liberia’s offshore acreage.”
Whilst some countries have been postponing or cancelling planned licensing rounds due to COVID-19 restrictions, LPRA decided to relocate their launch to a webinar, a move supported by President H.E. George Weah, who commented, “Liberia has been, is now, and will continue to remain an attractive investment destination. We want to use this medium to demonstrate that the Government of Liberia provides a stable operating environment, predictable as well as flexible legal and fiscal regimes, and a conducive operating environment for doing business.”
The 2020 round features 9 offshore blocks on offer (LB-25 to LB-33) in the Harper Basin which is regarded as one of the last “unexplored and undrilled” regions offshore West Africa.
The licensing round has been timed to coincide with positive amendments to Liberia’s Petroleum Law, including a provision that a mandatory 5% interest in all petroleum agreements to be awarded to Liberian-owned companies. Once pre-qualified, the list will be submitted to qualified international bidders to review for possible partnership opportunities.
“This move by the LPRA is a demonstration of the Liberian Government’s commitment to ensuring that indigenous Liberian companies are directly involved in the petroleum sector of the country.”
Africa Oil Week sponsor TGS is supporting the licensing round and hold the following multi-client data across the acreage on offer:
- 5,961 kilometres of 2D seismic, gravity and magnetic data
- 6,167 square kilometres of 3D seismic, gravity and magnetic data
Ghana: Joint Effort Crucial In COVID-19 Fight-GRIDCo CEO
The Chief Executive Officer of Ghana’s power transmission company (GRIDCo), Ing. Jonathan Amoako-Baah says a collective global approach to tackling the Coronavirus pandemic is what will help the world win the fight.
COVID-19 cases continue to escalate across the world and Africa whilst the death toll does not appear to be easing anytime soon.
In Ghana, despite the rise in the total number of cases, there is general acceptance that the measures put in place by the government are making a huge difference and will go a long way to contain the spread.
Recently, the government extended a two-week lockdown of key cities in the country by another week, as it looks to flatten the curve of spread.
The West African nation has recorded 641 cases with eight deaths and 83 recoveries.
Contributing to a Utilities Crisis Management Webinar organised by the Utility CEO Forum and Smart Energy International, Ing. Jonathan Amoako-Baah said: “What is before us is a pandemic of ancient Egyptian proportions. Whilst the entire globe is threatened throughout every facet of its life, there’s an opportunity for us to come together to fight this. It is only the collective effort that will put this behind us; otherwise, we stand a chance of facing even greater challenges ahead.”
As a leader of an essential services company in Ghana, Ing. Jonathan’s job is quite cut out for him and he remains poised to steer the ship in the right direction.
“The situation has impacted majority in the power sector including GRIDCo; especially in the area of key projects that are crucial to maintaining an efficient grid system. However, we are looking to leverage opportunities and mitigate the challenges posed by the pandemic in order to strengthen our business model for a much better outlook. I want to also urge everyone to continue following the laid down precautions and measures in place in order for us to fight this head on and win,” he added.
The Webinar explored the readiness of the African power sector in dealing with the pandemic. Participants in the sector shared experiences in handling their operations in the midst of the pandemic and also embraced several best practices from industry experts.
Over 500,000 Clean Energy Jobs Could Be Lost By End Of June
The world is grappling with one of the most – if not the most – devastating crises of a generation. It’s forced people into their homes, cratered the markets and has led to tens of millions of lost jobs. In the clean energy industry alone, over 100,000 jobs were lost in March. And it’s likely to get much worse.
A recent report from Environmental Entrepreneurs (E2) revealed that there were 106,000 unemployment claims filed by clean energy workers in the month of March, with 69,800 claims coming from the energy efficiency industry, 16,500 coming from the renewable energy industry, 12,300 from the clean vehicles industry, and 7,700 from grids, storage, and clean fuels.
The wave of layoffs in March is just the beginning, according to the study. Demand for energy has plummeted, and the nationwide lockdown orders if no action is taken by Congress, as much as 500,000 jobs could be lost within the clean energy sector by the end of June.
E2 executive director Bob Keefe noted “It’s a huge and important part of our economy,” adding, “Anything that Congress does to get our economy back on its feet and to get America working again should absolutely include a focus on an industry of that size.”
In addition to immediate support from lawmakers, advocates are also calling on Congress to use the industry to help rebuild the economy as it did following the economic crisis of 2008 with the American Recovery and Reinvestment Act.
The E2 report proposes a program that includes $30-90 billion in spending to improve grids to prepare for an extensive renewable energy deployment program which will incorporate a nationwide electric vehicle charging network and building electrification program. Additionally, its plan adds increased funding to the Department of Energy research and development programs.
Keefe explained, “Why can’t we get some of the 150,000 or so people who work in grid modernization at utilities and in energy storage out there upgrading our ancient power grid in America?” Adding “You can do some pretty good social distancing when you’re a couple hundred feet up on a power line somewhere.”
Source: oilprice.com/www. energynewafrica.com