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Venezuela Just Lost One of Its Largest Fuel Suppliers
Repsol and Venezuela began the product swaps since late 2018, and have continued the arrangement until now, despite the sanctions that have been in place for months. Those sanctions ban the use of US financial institutions to conduct oil business with PDVSA.
It is unclear whether this suspension will eventually become permanent, according to Reuters sources, pending the outcome of talks between Repsol and Washington.
The complicated relationship between Repsol and PDVSA is contributing to the growing stockpile of tankers lingering off the Port of Jose—Venezuela’s largest port. At least two tankers chartered by Repsol—laden with PDVSA crude oil—have been sitting off the Venezuelan coast for more than a week. They join an already mounting problem next to tankers chartered by Chevron, Citgo, and Valero who are also having problems figuring out whether doing business with PDVSA is still in their best interest, and if so, how to go about doing that business, specifically how to pay for the crude.
Venezuela is struggling to get its crude oil out of the country, not just because of US sanctions, but because of repeated blackouts that shut the port of Jose. Oil exports fell sharply in February under the weight of the sanctions, and then fell just slightly in March to below 1 million bpd.
Exports are likely to fall even further with Repsol suspending its take along with a new round of sanctions set to stop Venezuela’s crude oil from getting to its neighbor, Cuba.
Ghana Gas saves $5,000 monthly after local engineers took over from expatriates – Energy Committee
According to them, the monies saved every month was as a result of the work of local engineers who took over from the expatriate staff.
The Members of the Parliamentary Select Committee of Mines and Energy made this known during a day’s working visit to the Atuabo Gas Processing Plant Atuabo in the Ellembelle District of the Western Region to abreast themselves with the operations and assess the activities the company. The Parliamentary Select Committee of Mines and Energy, as part of their oversight responsibility has paid a working visit to the Ghana National Gas Company at Atuabu to abreast themselves with the operations of the gas processing plant. The visit led by the Vice Chairman of the Committee, George Mireku Duker, who is also the Member of Parliament for Tarkwa-Nsuaem was to also assess the activities of the company and the way forward. Ghana Gas which started commercial operations in 2014 is currently undertaking an expansion exercise to enable it process more gas by 2024 for both power generation plants and private businesses to easily off-take reliable supply of gas. Apart from the existing pipelines, the company is also expanding its massive infrastructure activities to the corridors of Prestea enclave which will be hopefully completed by June this year to enable private industries to easily access reliable gas from the company. Currently, the Atuabo Gas Processing Plant is being managed by local engineers which according to management and government is saving the country over 5,000 dollars monthly. The Vice Chairman of the Parliamentary Select Committee of Mines and Energy who is also the Member of Parliament for Tarkwa-Nsuaem, George Mireku Duker applauded the company for the successful indigenisation of the company. The Member of Parliament for Bongo and a member of the Parliamentary Select Committee of Mines and Energy, Hon. Edward Bawa also expressed satisfaction over the indigenisation of the company and implored the power generation and distribution companies and other industries owing Ghana Gas to pay their debts to enable the company supply efficient and reliable gas to them. The Head of Communications for Ghana National Gas Company Limited, Ernest Kofi Owusu Bempah in an interview stressed on the various packages the company is given to the local indigenous engineers who have taken over from the expatriates to motivate them to do more and how the company is also collaborating with the indegenes in the catchments areas to deepen their relationship with them.Hundreds Dead, Injured As Fighting Escalates In Oil-Rich Libya
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“We have laid a very good foundation for any industry that is interested in doing business with Ghana Gas to easily offtake reliable supply of Gas at any time. As we are speaking currently, we have a gas pipeline from Abaodze to a free-zone enclave at Ashiem in the Shama District called Wanka Ceramics which is taking lean gas from us. We also have Twyford that is also taking gas. At the Prestea corridor, we are undertaking a massive infrastructural expansion activity over there and hopefully by June this year we should have another private company that will be ready take gas for power generation.”
Engineer Lartey told the committee that Ghana Gas is doing all that in preparation to receive and process more gas from the Aker project by 2024.“We are looking forward to expansion activity work on the Gas processing plant at Atuabo from the existing capacity of 150 to 220 million standard cubic feet of gas per day,” he added.
The Deputy Chairman of the Mines and Energy Committee, George Mireku Duker and a Ranking Member of the Committee, Adams Mutawakilu while expressing satisfaction with Ghana gas work progress and expansion plan, assured of its support.
Hon. Mireku DukerOn operational Health and Safety, Ghana Gas says it has achieved 16 million man-hours operational time without any fatality or accident and set to continue in this direction to guarantee regular supply of gas to power private businesses and generation of electricity.
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Fuel prices in Ghana to go up “marginally” – IES
“This is irrespective of the 2.5% appreciation of the Cedi against the dollar,” the IES said in its second pricing window forecast for April.
However, it said “while some OMCs could keep prices unchanged in order to maintain market share as part of the deregulation policy, most OMCs are likely to take advantage of the window to make up for previous ‘depressed’ margins.”
“On that note, IES wishes to conscientize Ghanaians to observe the displayed fuel price boards of the various OMCs before making purchases in order to benefit from the deregulation policy’s competitive pricing,” it added.
Below is the full forecast statement:
REVIEW OF FIRST PRICING-WINDOW OF APRIL
Local Fuel Market Performance
In the window under review, some select Oil Marketing Companies (OMCs) reviewed their prices downwards to maintain market shares, while largely prices stayed unchanged. Gasoil and Gasoline continue to be sold on average terms at GHc5.12 and GHc5.15 respectively. IES Market-Scan shows Star Oil, Pacific Oil, and Benab Oil sell the least-priced fuel on the market relative to other OMCs. Fuel from these outlets are 3% lower than the national average fuel price.
World Oil Market
An observation of the international oil market reveals Brent crude traded at an average price of $69.55 per barrel within the period under review representing an increment of 3.98% from a previous average trading price of $66.9 per barrel. Within the window, crude oil price peaked at $71.83 per barrel having hovered around $65 for several weeks. This is attributable to some developments around the world, including but not limited to the renewed clashes in Libya and OPEC production falls. OPEC production in March fell by 534,000 bpd, led by a massive 324,000-bpd reduction from Saudi Arabia, putting overall output at just below 9.8 million barrels per day (mb/d), below the 10-mb/d ceiling as part of the OPEC+ deal. In Standard and Poor’s Global Platts analysis, Gasoline prices went up 12.97% to close trading at $684.63 metric tonne, from a previous trading price of $606.02 per metric tonne; while Gasoil also increased by 1.42%. Selling at a previous price of $606.12 per metric tonne, it rose to close trading at $614.77 per metric tonne within the Pricing-window under review.
Local Forex
The Forex performance of the local currency Cedi against the U.S. Dollar for the window saw an improvement as the Cedi continues to appreciate following its recent recovery. Data gathered by IES Economic desk shows the cedi is currently trading at GH¢5.28; a clear 2.5% movement from the GH¢5.42 that heralded the last window.
PROJECTIONS FOR APRIL SECOND PRICING-WINDOW
Considering the fact that average Brent crude price has gone up by 3.98% with a corresponding 12.97% increment in the price Gasoline and 1.42% for Gasoil on the International market, the Institute for Energy Security (IES) foresees a slight increment in the price of fuel on the market. This is irrespective of the 2.5% appreciation of the Cedi against the dollar. While some OMCs could keep prices unchanged in order to maintain market share as part of the deregulation policy, most OMCs are likely to take advantage of the window to make up for previous ‘depressed’ margins. On that note, IES wishes to conscientize Ghanaians to observe the displayed fuel price boards of the various OMCs before making purchases in order to benefit from the deregulation policy’s competitive pricing.
Signed:
MIKDAD MOHAMMED
Research Analyst
GH¢36m saved due to prudent management of pre-mix fuel-Afoley
Additionally, the 286 Landing Beach Committees had accumulated over seven million Ghana cedis in their Community Development Fund accounts from the sale of pre-mix fuel allocated to the community.
Consequently, the National Pre-mix Fuel Secretariat had installed tracking devices at the Secretariat to monitor the movement of the trucks that cart the commodity from the Tema Oil Refinery (TOR) to the intended destination to check diversion and other corrupt practices.
Madam Elizabeth Afoley Quaye, the Minister of Fisheries and Aquaculture Development, announced this at the Meet-the-Press Series in Accra on Tuesday, to update the public on the Ministry’s activities and achievements and solicit ideas to enhance its policies.
She said the accumulated amount in the Community Development Fund of the LBCs were being used to fund various developmental projects including market centres, drainage systems, toilet facilities, community-based health planning systems (CHIPS) compounds and hostels, which were at the various stages of completion.
Madam Afoley Quaye said hitherto, the 53 percent of the proceeds from the sale of pre-mix fuel meant for community development ended up in individual pockets, for funding the construction of political party offices and party activities at the expense of the people.
Explaining how those successes were chalked, the Minister said upon assumption of office by the ruling NPP Government, it constituted an Inter-Ministerial Committee comprising the Energy, the Finance, Fisheries and Aquaculture Development, National Petroleum Authority and the National Premix Fuel Secretariat and outlined strategic measures to halt the corruption in the pre-mix fuel sale and management.
The measures implemented by the Inter-Ministerial Committee resulted in the reduction of the number of Landing Beach Committees from 475 to 286, while daily and monthly returns book were introduced for proper record keeping and accountability of the sale of the commodity.
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No fatality at Ghana Gas since 2011
The General Manager in-charge of Operations at Ghana Gas, Mr Robert Kofi Lartey revealed this when the Parliamentary Select Committee on Mines and Energy visited the gas processing plant at Atuabo on Monday. The visit was to help members of the committee get abreast with the operations of the gas processing plant. He indicated that the company takes safety issues seriously and so had set up community liaison officers who were trained periodically on safety related matters as far as the operations of the company were concerned. “This is part of the requirements of the Environmental Protection Agency (EPA) so that the officers would educate the residents in the communities in which the company operate on our safety issues”, he told the members of the select committee,” he said. He indicated that since the company’s pipelines were located offshore, Ghana Gas was collaborating with the Marine Police to educate fishermen on the need to stay away from the installation of the gas processing in the sea. He told the members that Ghana Gas Company was undertaking an expansion exercise to enable it process more gas by 2024 for both power generation plants and private businesses. “We have laid a very good foundation for any industry that is interested in doing business with Ghana Gas to easily off-take reliable supply of Gas at any time. “Currently, we have a gas pipeline from Aboadze to a free-zone enclave at Ashiem in the Shama District called Wanka Ceramics which is taking lean gas from us. We also have Twyford ceremanics that is also taking gas. “At the Prestea corridor, we are undertaking a massive infrastructural expansion activity over there and hopefully by June this year we should have another private company that will be ready take gas for power generation”, he revealed. Vice Chairman of the Select Committee, George Mireku Duker, commended Ghana Gas Company for undertaking an expansion exercise to enable it process more gas by 2024 for both power generation plants and private businesses. A Ranking Member of the Committee, Adams Mutawakilu said he was impressed with the manner in which Ghanaians were able to manage the infrastructure. “This is a clear manifestation that when we are given our own assets, we can manage them. Now Ghanaians are managing Ghana Gas with world class safety records and environment”, he indicated.
Seplat and Nigerian Gas Prepare to Boost Output
ANOH Gas Processing Co., which is owned by Seplat and Nigerian Gas Co., will develop, build and operate the plant located in Imo state.
Seplat and Nigerian Gas will provide 60% of the funds as equity, while ANOH will source the balance as debt, Seplat CEO Austin Avuru said in a Bloomberg interview. “Both parties already have each contributed $100 million in equity,” Avuru said. “There will be another equity injection and at the back end of it will be debt.’’
The plant, which will process wet gas from the unitized upstream fields at OML 53 and OML 21, has an initial capacity of 300 Mmcf/d. It’s scheduled to begin production by the last quarter of 2020 and the first supply is targeted in 2021, Avuru said.
ANOH will target local customers and has the capacity to double production “depending on domestic demand and the availability of feeds including third-party gas,” Avuru said. Source: petroleumafrica.com