US oil supermajor, ExxonMobil, and North African country, Egypt, have signed two oil and gas exploration deals in the Eastern Mediterranean, the Egyptian Ministry of Egypt has revealed.
According to a statement from Egypt’s petroleum ministry, the two exploration deals call for a total investment of at least US$332 million.
Last year, ExxonMobil said that it had acquired more than 1.7 million acres offshore Egypt, adding upstream interests to its downstream business in the country.
The US supermajor bought the 1.2-million-acre North Marakia Offshore block, five miles offshore Egypt’s northern coast and 543,000 acres in the North East El Amriya Offshore block in the Nile Delta.
ExxonMobil, which will be the operator of both blocks with 100-percent interest, plans to start exploration operations this year.
Exxon’s foray into Egypt’s upstream comes at a time of heightened tensions in the Eastern Mediterranean, where Turkey, Greece, and Cyprus are at odds over Turkey’s claim to natural gas resources recently discovered offshore Cyprus.
Source:www.energynewsafrica.com
Power supply in Kasoa and its surrounding communities in the Central Region of the Republic of Ghana, is expected to see significant improvement in some months’ time, energynewsafrica.com can report.
This is due to plans by the Millennium Development Authority (MiDA) to commence the construction of a 435 MVA Gas Insulated Switchgear (GIS) Bulk Supply Point at Kasoa, from January 31, 2020.
The project, which is expected to be completed within 18 months, is being funded by the United States Government through the Millennium Challenge Corporation (MCC).
The Kasoa BSP, when completed, will be the second largest BSP in the country after the Pokuase BSP, which is currently under construction.
The project will, among other things, reduce the transmission and distribution system losses suffered by GRIDCo and ECG respectively and would ultimately improve the operational and financial performance of the utilities.
Martin Eson-Benjamin, CEO of MiDA speaking at a three day pre-handing over meeting with some stakeholders
In a statement issued and copied to energynewsafrica.com, MiDA said ahead of the site handover to the contractor for the start of construction works, it had started a three-day meeting with Siemens, a French company which has been awarded the contract for the project.
The statement said the Electricity Company of Ghana (ECG) and the Ghana Grid Company (GRIDCo), both direct beneficiaries of the sub-station, Project Engineers SMEC PTY, representatives of the MCC led by Ms Elizabeth Feleke, Deputy Resident Country Director, and other consultants on the project participated in the meeting.
Martin Eson-Benjamin, CEO of MiDA, in his remarks at the opening of the meeting, said: “This critical asset is needed to improve services in order to meet the increasing demands of commerce, industry and numerous domestic consumers located in the very fast growing Kasoa Municipality and its environs.”
He added that the BSP would help “boost socio-economic activities and support the government’s development agenda planned for the municipality.”
The Kasoa BSP forms part of the activities under the ECG Financial and Operational Turnaround (EFOT) project.
The project seeks to make investments in ECG’s network in order to reduce technical, commercial and collection losses and improve service quality.
Source:www.energynewsafrica.com
Ghana’s petroleum downstream regulator, NPA has signed a technical cooperation agreement with K-Petro of South Korea as part of its effort to ensure fuel quality and distribution management systems.
The Chief Executive Officer of NPA, Hassan Tampuli and Dr Mohammed Amin Adam, Deputy Minister for Energy in charge of petroleum, signed on behalf of the Authority while Son Joo-Suk, CEO of K-Petro, did same for his organisation.
Ghana’s Deputy Head of Mission, Dr Joseph Agoe witnessed the signing ceremony.
Other members of the NPA’s team included Mr Simeon Tawiah, Member of the NPA Governing Board, Hawa Ajei, Director of Legal and Mr Theophilus Mohenu, Director of Quality Assurance.
It would be recalled that NPA and K-Petroleum, in April last year, signed an MoU to work together to promote quality petroleum products while contributing to efforts to curb carbon emissions.During that signing of the MoU, K-Petro agreed to assist the NPA with the needed support to improve mechanisms for promoting petroleum quality and distribution in the country.“We are committed to contributing to climate change and this signing is another demonstration of our commitment,” Son Joo-Suk, CEO of K-Petroleum said.
Source:www.energynewsafrica.com
Ghana’s power distribution and retail company, ECG, has recovered GH¢9,439,996.01 from customers engaged in illegal connection of power in the Accra East Region.
The amount represents penalties and surcharges leveled against customers who were caught using electricity without lawful authorization in 2019, and the money represents a 53 percent increase over the 2018 figure of GH¢6,168,151.45.
Those who were caught in the illegal act by the Revenue Protection Unit of ECG included; hotel operators, restaurants, manufacturing companies, cold stores, pubs, and other notable individuals.
The illegal act was detected in Makola, Legon, Roman Ridge, Teshie, Kwabenya, Dodowa, and Mampong.
The Manager of the Revenue Protection Unit of the Accra East Region, Jonathan Asante, told pulse.com.gh, that the region detected and mainstreamed 4.11 gigawatts (GWh) of energy which the company would have lost in 2019, and that the energy recovered in gigawatts represents a significant leap in the revenue fortunes of the company.
He said, “The units retrieved in 2019 represent payments made to the company by defaulters which amounted to the sum of GH¢9,439,996.01 million and reflected a percentage increase of 53 from the 2018 figure of GH¢6,168,151.45 million.”
The founding President and CEO of policy think-tank, IMANI Africa, Franklin Cudjoe has urged the Akufo-Addo-led administration to support Ghana’s strategic stock oil company, BOST, financially to be able to achieve its strategic plan.
In his view, the government should be more interested in supporting BOST financially to turn the company’s fortunes around instead of supporting the country’s Electoral Commission (EC) to waste US$140 million on compiling what he described as needless electoral roll.
Mr Cudjoe, in a piece shared on social media and a subsequent interview with energynewsafrica.com, argued that he had seen the strategic documents of BOST which suggest that they could turn the company around if they received US$75 million financial support.
“I have seen their strategic documents that suggest that if they got that money, they could easily turn things around,” he said.
BOST has a legacy debt of about $60 million and this has affected its ability to attract investors.
At a recent media conference in Accra, capital of Ghana, Managing Director of BOST, Edwin A. Provencal called on the government to support the company to clear the debt to pave way for the company to attract investors.
Mr Cudjoe noted that the interventions being put in place by BOST to cut wastage in a bid to ensure efficiency in the past six months have made him to believe that if there are no interferences from the energy sector and the state powers, BOST could be making significant gains.
“One thing that can be done in the interim is to avoid wasteful enterprises such as $150 million on a needless purchase of electoral infrastructure for compilation of the voter register, and give BOST $75M. If BOST fails to out compete the private bulk oil distributors in year 3, I will campaign for it to die,” he stated.
Below Is Franklin Cudjoe’s Full Post
BOST is one state institution whose existence is at the mercy of the more competitive private bulk oil distributors. I have had little faith in state-run entities like BOST.
However, I have seen the BOST strategy to pay its humongous politically accrued legacy debts and return to profitable ways within five years.
Some executive decisions have been taken in the past six months to root out self-serving projects created by old and crooked agents and assigns, discarded previous plans to raise wages astronomically and now needs $70m to have a semblance of an institution that may break even.
I wouldn’t give them my money, assuming I had that much unless I see a signed undertaken by the appointing authority of the BOST leadership that it would not interfere unnecessarily in the affairs of BOST.
One thing that can be done in the interim is to avoid wasteful enterprises such as $150m on a needless purchase of electoral infrastructure for compilation of the voter register, and give BOST $75M. If BOST fails to out compete the private bulk oil distributors in year 3, I will campaign for it to die.
Source: www.energynewsafrica.com
Nigeria has lifted first crude oil from the Otakikpo oil field in the West African nation’s offshore, energynewsafrica.com can report.
The Otakikpo oil field is operated by Green Energy International Limited (GEIL) with Lekoil as its technical partner.
Lekoil said on Monday that the first crude oil lifting of this year from the Otakikpo Marginal Field in OML 11 was completed on Friday, January 25.
The nominated offtaker was Shell Western Supply and Trading Limited, a member of the Royal Dutch Shell group of companies.
The company said that the cash proceeds from this crude oil lifting amounted to US$7 million.
According to the company, the next lifting of a similar quantity is expected to occur within the next four to six weeks.
It is worth stating that production from Otakikpo averaged 5,305 bopd gross for the full-year 2019.
For the first twenty days of this year, production at Otakikpo averaged 5,860 bopd gross.
Lekoil added that the planned phased development plan for the Otakikpo project, which consists of drilling between five and seven new wells, would be financed by a project finance debt facility.
To remind the Otakikpo, JV executed a Memorandum of Understanding with Schlumberger and a subsidiary of a major international oil company for the expansion project which has the potential to increase production on the field up to 20,000 bopd.
“Otakikpo continues to provide steady production and cashflow for Lekoil. We are delighted with the collaborative progress being made by all parties towards the development and transformation project planned for Otakikpo that is aimed at increasing production from the field. We remain fully-focused to generate value on this asset for all shareholders,” Lekan Akinyanmi, Lekoil CEO, said.
Source: www.energynewsafrica.com
The Nigerian National Petroleum Corporation (NNPC) and the Petroleum Technology Association of Nigeria (PETAN) have pledged to partner on ways to bolster production activities in the West African nation’s oil and gas sector.
According to Economicconfidential.com, the resolution was reached when the Chairman of PETAN, Mr. Bank Anthony Okoroafor, led members of the Association’s executive to meet with the Group Managing Director of NNPC, Mallam Mele Kyari, at the NNPC Towers, Abuja.
Speaking at the meeting, Mallam Mele Kyari reportedly said it was not possible for the industry to thrive without local service providers, stressing that there was therefore the need to ensure the development of local capacity.
He continued that NNPC was working in concert with the Ministry of Petroleum Resources and the National Assembly to facilitate the passage of the Petroleum Industry Bill before the end of the second quarter of 2020 in order to provide clarity and certainty to investors with a view to stemming the trend of dwindling Exploration and Production activities in the sector.
“While work on the PIB is going on, we are engaging with the IOCs to resolve some of the commercial processes to make sure that these businesses continue. That was how we were able to deliver the Train 7 FID. We are working on the Bonga South project and a number of projects that you listed. I know that our partners are ready to do business with us. That way, exploration work will spring back, I am very optimistic about that”, the GMD said.
He charged member companies of PETAN to be ethical in their transactions and pledged to support the Association in its objective of growing local capacity in the oil and gas sector.
On his part, PETAN Chairman, Mr. Bank Anthony Okoroafor, pledged the Association’s support to help NNPC meet the target production growth of 3million barrels per day and 40billion barrels reserves by 2023. He also commended the GMD for his efficient leadership of the Oil and Gas Industry which has yielded great results such as the signing of the NLNG Train 7 FID and the resolution of the Shell-Belema Oil dispute.
High point of the occasion was the decoration of the GMD with the PETAN brooch to mark his induction as an honourary member of the association.
Source:www.energynewsafrica.com
Siemens has signed a deal to acquire C&S Electric, one of India’s leading providers of electric equipment for power generation, T&D and infrastructure.
New Delhi-based C&S Electric will be bought for around $294 million in an agreement that comprises its low-voltage switchgear components and panels, low and medium-voltage power busbars, plus its protection and metering businesses.
Siemens says the acquisition will strengthen its position in India as a supplier of low-voltage power distribution and electrical installation technology.
Sunil Mathur, chief executive of Siemens (India), said the addition of C&S Electric will bolster the company’s portfolio in India as well as export to competitive international markets in line with its growth strategy.
The scope of the acquisition comprises the Indian operations of C&S Electric’s low-voltage switchgear components and panels, low and medium voltage power busbars as well as protection and metering devices businesses.
Other businesses of the company such as medium voltage switchgear and package sub-station, lighting, diesel generating sets, EPC (Engineering, Procurement and Construction) and the Eta-com busbars business will be retained by the owners.
Crude oil price continued to slide on Monday, with Brent dropping well below $60 per barrel, as panic around the deadly coronavirus continues to mushroom.
The number of casualties in China continues to climb, as do cases of the virus elsewhere in the world.
The Chinese government has tried to quarantine Wuhan and other cities, affecting tens of millions of people. Multinational businesses in China are also implementing lockdown procedures.
Brent has cratered by around $7 per barrel in a week, a steep drop that is “100% down to the coronavirus,” Edward Marshall, a commodities trader at Global Risk Management, told the Wall Street Journal.
“I think we’re close to peak hysteria, so yes the move is justified. We’re in full panic mode.”
The Economist Intelligence Unit said that the coronavirus could reduce China’s GDP growth rate this year by 0.5 to 1 percentage point. China’s GDP was already expected to slow to a three-decade low below 6 percent this year. S&P Global Ratings said that the effect of the virus could balloon to a 1.2 percentage point reduction in GDP.
“A supply glut of fuel in China would filter through to the rest of the world through exports and on that basis the market is reacting in this defensive manner,” Ole Hansen, head of commodity strategy at Saxo Bank A/S, said in a statement.
“The Saudis can try to stem the sell-off but while its being driven by the need to mitigate losses that will be difficult to control.”
Saudi Arabia’s energy minister tried to tamp down the panic, noting that there is “very little impact” on global oil demand.
He added that there was also “extreme pessimism” during the SARS outbreak in the early 2000s but that ultimately the impact on oil consumption was not significant. In an official statement, the energy ministry said that the Saudi government is “closely monitoring the developments in the global oil market” related to the outbreak.
Other analysts agreed with the notion that the effect would be temporary. Raymond James pointed out in a report out on Monday that the impact to Chinese oil demand in 2002-2003 lasted for only about one quarter.
However, the investment bank suggested that the demand impact could still be rather substantial.
“Hypothetically applying the same 1.9% impact for one quarter would equate to global demand growth of 0.5% on a full-year basis, all else being equal,” Raymond James wrote, referring to demand growth forecasts for 2020. “If the situation were to last two quarters, global demand growth could approach zero, something that has not happened since the global financial crisis.” The bank reiterated that it is just a “guesstimate,” not an official forecast.
OPEC+ upped the rhetoric just a bit compared to last week. “They are prepared to do anything if there is a need,” one senior OPEC source told reporters on Monday, according to the FT.
“They are watching the market closely.” One of the rumors is the possibility of the extending the latest production cuts – which expire at the end of March – until the end of the year. Another option is to actually cut deeper from current levels.
But the predicament facing OPEC+ is rather surprising given the supply outage in Libya.
The North African OPEC member has lost around 800,000 bpd earlier this month because of the blockade of ports and infrastructure by the Libyan National Army (LNA). The OPEC+ rumor mill swirls about deeper cuts, but Libya itself just provided such a cut and the oil market barely noticed.
As compared with the previous production level, the oil market is thus short of nearly 900,000 barrels per day, which equates almost to the implied oversupply in the first quarter,” Commerzbank wrote in a note. But “in the current environment, oil market-specific news is falling on deaf ears. A few weeks ago, such news would have pushed prices up noticeably.”
Source:oilprice.com/www.energynewsafrica.com
US oil supermajor, ExxonMobil, has increased its estimated recoverable resource base in Guyana to more than 8 billion oil equivalent barrels(boeb) and made a further oil discovery northeast of the producing Liza field at the Uaru exploration well, the 16th discovery on the Stabroek Block offshore Guyana.
The new recoverable resource estimate includes 15 discoveries offshore Guyana through year-end 2019 and the Uaru discovery is the first of 2020 and will be added to the resource estimate at a later date, ExxonMobil said on Monday.
“With recent high-quality finds at Tripletail and Mako contributing to our recoverable resources, our investments will continue to provide benefits for the people of Guyana,” Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil said.
“The Uaru discovery is another positive step as we begin a new decade with the Co-operative Republic of Guyana and our co-venturers.”
According to Exxon, the Uaru encountered approximately 94 feet (29 meters) of high-quality oil-bearing sandstone reservoir. The well, drilled in 6,342 feet (1,933 meters) of water, is located approximately 10 miles (16 kilometers) northeast of the Liza field, which began producing oil in December 2019.
Production from the Lisa Phase 1 development, which started last December, is currently ramping up and will produce up to 120,000 barrels of oil per day in the coming months, utilizing the Liza Destiny floating production storage and offloading vessel (FPSO).
The Liza Unity FPSO, which will be employed for the second phase of Liza development and will have a production capacity of 220,000 barrels of oil per day, is under construction and expected to start production by mid-2022.
The FPSO hull has recently arrived from China to Singapore after a journey of 2,300 nautical miles.
Pending government approvals and project sanctioning of a third development, production from the Payara field north of the Liza discoveries could start as early as 2023, reaching an estimated 220,000 barrels of oil per day.
The oil major also said that four drillships in Guyana continue to explore and appraise new resources as well as develop the resources within approved projects. A fifth drillship is expected to be deployed later this year.
The Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Limited, holds 30 percent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 percent interest.
In a separate statement on Monday, Hess CEO, John Hess, said: “We are pleased to have another significant oil discovery on the Stabroek Block at Uaru. Previous discoveries on the block including recent high quality finds at Tripletail and Mako underpin a significant increase in estimated gross discovered recoverable resources for current and future developments. We also continue to see multi billion barrels of additional exploration potential remaining.”
Source: www.energynewsafrica.com
The International Renewable Energy Agency (IRENA) has signed a memorandum of understanding (MoU) with the United Arab Emirates (UAE) Ministry of Energy and Industry, to cooperate in the field of renewable energy and drive an accelerated shift to low-carbon energy sources.
The MoU was signed by IRENA Director-General Francesco La Camera and Undersecretary of the UAE Ministry of Energy His Excellency Dr. Matar Hamed Al Neyadi in the presence of UAE Energy Minister His Excellency Suhail Al Mazrouei, during the just ended Abu Dhabi Sustainability Week a statement issued by IRENA said.
H.E. Suhail bin Mohammed Al Mazrouei, Minister of Energy and Industry, said that signing of the MoU with IRENA comes in line with UAE’s vision and the direction of the UAE’s wise leadership aimed at promoting sustainable development in the UAE, enhancing the use of renewable energy, as well as supporting and developing relevant policies and organisational frameworks.
H.E. Minister Mazrouei added that the MoU is aimed at promoting the exchange of open data and allowing the UAE to learn new ideas and benefit from best practices in the field of renewable energy. He said these efforts are aimed at achieving the UAE Vision 2021 objective of creating a sustainable environment in the UAE.
IRENA Director-General Francesco La Camera said: “The case for renewable energy in the UAE and across the Gulf is unquestionable. Today, solar and wind are the country’s most cost-effective sources of new power generation – contributing to growth, economic diversification and sustainable development in the Emirates.”
“This agreement marks a further strengthening of the Agency’s close relationship with the UAE government as it charts a new course of energy leadership into the 21st century,” Mr. La Camera continued.
“Together with the Ministry of Energy, IRENA will work to explore the full potential of the UAE’s vast and diversified energy resources.”
For his part, H.E. Dr. Matar Hamed Al-Neyadi, Undersecretary of the Ministry, said that the aim of this MoU is to organize and maximize cooperation between the Ministry and IRENA’s general secretariat in order to deliver benefits to both parties.
The agreement aims to strengthen and enhance cooperation and the existing business relationship between the UAE Ministry of Energy and Industry and IRENA to develop knowledge products, conduct analysis, exchange information and organize workshops on renewable energy.
Cooperation between the two parties includes the following:
The development of a UAE renewable energy road map, taking into account UAE’s characteristic demand for air-conditioning and associated technology
Support with renewable energy dissemination policies, both current and planned, intended to support deployment of renewables
Electrical interconnection and energy exchange plans and procedures intended to enhance integration of variable and renewable energy, as well as the impact of renewable energy on the stability of transmission networks together with possible technical and operational solutions in this regard.
Under the MoU the two partners will exchange quantitative information on data, statistics, costs, benefits and analytical information related to renewable energy technologies and policies. Best practice in financial instruments and regulatory measures including energy efficiency, market design, system flexibility and long-term planning for a high shares of renewable energy will also feature.
Source:www.energynewsafrica.com
The International Renewable Energy Agency (IRENA) has signed an agreement with Cassa Depositi e Prestiti (CDP) aimed at fostering joint initiatives to promote the transition to renewable energy in developing countries.
The partnership will also seek to improve global access to clean energy and accelerate decarbonisation.
Within the framework of the agreement, the two parties will jointly support the implementation of replicable, scalable and transformative renewable energy projects, aimed at realising the United Nations 2030 Agenda for Sustainable Development.
The partnership seeks to promote renewable energy technologies in 180 countries supporting each country to pursue its full renewable energy potential whilst positioning renewables as the key to a sustainable future. CDP is a financial institution that supports international cooperation and invests in developing countries to crowd-in private capital.
“We have entered a decade in which we must pursue sustainable development goals and climate objectives with increased urgency,” IRENA Director-General Francesco La Camera said.
“Key to success will be our ability to mobilise the capital necessary to transition the energy system from traditional to renewable sources. Agreements such as this represent a positive step towards these goals and reinforce the investment community’s commitment accelerating the transition,” La Camera added.
“It is necessary to have a collective commitment for the achievement of the 2030 United Nations Agenda objectives and, in particular, to foster renewable energy, in view of the global scale of the energy transition,” Antonella Baldino, Chief CDP International Development Finance Officer stated. This is the decisive challenge for our generation and the agreement we have signed is an important step towards a sustainable, long-lasting and inclusive growth”.
Source: www.energynewsafrica.com
President of the African Development Bank (AfDB), Dr Akinwumi A. Adesina says there is huge investment opportunities in Africa’s renewable energy sector that needs to be explored to improve on the socio-economic needs of the continent.
He said this in UK where he delivered the keynote address at the just ended UK-Africa Investment Summit, themed: ‘Sustainable Infrastructure Forum’.
The programme was organised by the Department for International Development (DFID) and Her Majesty’s Trade Commissioner for Africa.
“Take the case of Unmet; demand is for some 600 million people for electricity. Huge opportunities exist for investments in renewable energy, especially for hydropower, wind, solar thermal and geothermal,” Dr Akinwumi observed.
Dr. Akinwumi, who is also Nigeria’s former Agriculture and Rural Development Minister, stressed, however that many of these opportunities cannot be realised unless Africa invests a lot more in project preparation to make projects bankable.
“The African Development Bank, through its NEPAD infrastructural project preparation facility, has helped to mobilise financing for $8.5billion of infrastructural projects that leverage ratio of 1:525,” he said.
According to Dr Akinwumi, the AfDB helped to establish Africa 50, an institution to support infrastructure project preparations and financing.
He added that that has raised over $860 million and now be establishing a $1billion third-party private fund to finance infrastructure investments by private sector on a commercial basis.
“The Sustainable Energy Fund for Africa (SEFA) based at the bank, had supported investment in excess of $800 million in renewable energy. And i was delighted yesterday to announce the partnership of DFID with the African Development Bank for € 80 million to further support project preparation for infrastructure. There definitely need for more resources for project preparation facilities in Africa”, Dr Akinwumi noted.
He said the African Development Bank used a partial risk guarantee to support the Lake Turkana Project in Kenya, the Turkana Wind Power Generation Project in Africa, which will produce 300MW of electricity.
“The African Development Bank’s twenty million Partial Risk Guarantee essentially backstopped the government of Kenyan’s obligations to developers against delay of transmission lines,”Dr Akinwumi said.
Source:www.energynewsafrica.com
Marathon Oil Corp, one of the biggest energy investors in Equatorial Guinea, has committed to increase its investment in the required infrastructure to support the government’s vision for the Gas Mega Hub and the Year of Investment initiative.
Marathon Oil has also declared support for the ministry’s efforts to construct a modular refinery in Punta Europa by undertaking a conceptual study on the ministry’s behalf.
This follows a meeting between Chairman, President and CEO of Marathon Oil, Lee Tilman, Executive Vice President Mitch Little and H.E. President Teodoro Obiang Nguema Mbasogo of Equatorial Guinea to discuss Marathon Oil’s short and long-term future plans in the Central African country.
The meeting also saw H.E. Gabriel Mbaga Obiang Lima, Minister for Mines and Hydrocarbons in attendance.
“Marathon’s disciplined and consistent performance is going to ensure that Equatorial Guinea can continue to count on a partner that is tried, true and tested when it comes to running world-class gas projects. I have no doubt that under Chairman, President and CEO Lee Tillman, Marathon will continue to be a strong, resilient and well-positioned partner for the future of Equatorial Guinea,” H.E. Gabriel Mbaga Obiang Lima, Minister for Mines and Hydrocarbons stated in a press release copied to energynewsafrica.com by APO Group.
He added that “President Obiang expects and demands of my Ministry and Marathon, today and for the foreseeable future, to work on creating an integrated set of solutions that are required—ranging from producing hydrocarbons in Equatorial Guinea efficiently to developing policies that encourage long-term investments that create jobs and opportunities for our citizens.”
Marathon Oil continues to prioritise the ongoing Alen backfill project currently under implementation with Noble Energy, Glencore, Atlas and Gunvor.
Efforts are underway to accelerate gas for delivery by year end 2020, while currently scheduled for first quarter 2021.
The project is an important step towards replacing declining output from the Alba field.
Furthermore, both parties agreed to immediately commence feasibility studies related to methanol to gasoline and other methanol derivatives, in coordination with the Ministry of Mines and Hydrocarbons.
Many foreign investors are planning to increase their investment in Equatorial Guinea this year, or enter the market to tap into several opportunities across the hydrocarbons and mining value chains under the Year of Investment initiative.
Source: www.energynewsafrica.com
During that signing of the MoU, K-Petro agreed to assist the NPA with the needed support to improve mechanisms for promoting petroleum quality and distribution in the country.
“We are committed to contributing to climate change and this signing is another demonstration of our commitment,” Son Joo-Suk, CEO of K-Petroleum said.
Source:www.energynewsafrica.com 
Mr Cudjoe noted that the interventions being put in place by BOST to cut wastage in a bid to ensure efficiency in the past six months have made him to believe that if there are no interferences from the energy sector and the state powers, BOST could be making significant gains.
“One thing that can be done in the interim is to avoid wasteful enterprises such as $150 million on a needless purchase of electoral infrastructure for compilation of the voter register, and give BOST $75M. If BOST fails to out compete the private bulk oil distributors in year 3, I will campaign for it to die,” he stated.
Below Is Franklin Cudjoe’s Full Post
BOST is one state institution whose existence is at the mercy of the more competitive private bulk oil distributors. I have had little faith in state-run entities like BOST.
However, I have seen the BOST strategy to pay its humongous politically accrued legacy debts and return to profitable ways within five years.
Some executive decisions have been taken in the past six months to root out self-serving projects created by old and crooked agents and assigns, discarded previous plans to raise wages astronomically and now needs $70m to have a semblance of an institution that may break even.
I wouldn’t give them my money, assuming I had that much unless I see a signed undertaken by the appointing authority of the BOST leadership that it would not interfere unnecessarily in the affairs of BOST.
One thing that can be done in the interim is to avoid wasteful enterprises such as $150m on a needless purchase of electoral infrastructure for compilation of the voter register, and give BOST $75M. If BOST fails to out compete the private bulk oil distributors in year 3, I will campaign for it to die.
Source: www.energynewsafrica.com
He added that “President Obiang expects and demands of my Ministry and Marathon, today and for the foreseeable future, to work on creating an integrated set of solutions that are required—ranging from producing hydrocarbons in Equatorial Guinea efficiently to developing policies that encourage long-term investments that create jobs and opportunities for our citizens.”
Marathon Oil continues to prioritise the ongoing Alen backfill project currently under implementation with Noble Energy, Glencore, Atlas and Gunvor.
Efforts are underway to accelerate gas for delivery by year end 2020, while currently scheduled for first quarter 2021.
The project is an important step towards replacing declining output from the Alba field.
Furthermore, both parties agreed to immediately commence feasibility studies related to methanol to gasoline and other methanol derivatives, in coordination with the Ministry of Mines and Hydrocarbons.
Many foreign investors are planning to increase their investment in Equatorial Guinea this year, or enter the market to tap into several opportunities across the hydrocarbons and mining value chains under the Year of Investment initiative.
Source: www.energynewsafrica.com