Tullow Oil Posts $500m In Profits For 2019 First Half
Tullow Oil has announced five hundred million dollars in profits for the first half of this year [2019].
The company’s revenue also recorded 900 million dollars.
Tullow is however hopeful that the figure will inch up when production levels increase to expected levels.
Tullow, in its trading statement, said the increase in production in West Africa from 95,000 to 100,000 barrels of oil per day, should push the returns to the company for the remaining six months of the year.
This is expected to be triggered by further wells which are expected to come on stream in Ghana.
For the first six months of this year, Tullow’s Administrative expenditure reached fifty million dollars while the cash flow which measures how well the company generates cash to pay its debt obligations and fund its operating expenses, also recorded 100 million dollars.
In a remark, the CEO of Tullow Paul McDade described the company’s performance as steady progress overall across the business in the first half of the year.
He added that the management expects another year of solid free cash flow generation.
“Tullow has made steady progress overall across the business in the first half of the year. Our balance sheet remains strong and we expect another year of solid free cash flow generation.”
Meanwhile, Tullow’s average floor price to protect it from global oil price fluctuations is pegged at 56.72 dollars per barrel.
Ghana: Interruption In Gas Supply Caused Thursday’s Power Outage-GRIDCo
Ghana’s power transmission company, Ghana Grid Company Limited (GRIDCo), has attributed the cause of Thursday’s power outage, which was experienced in some parts of the West African country, to an interruption in gas supply from Atuabo Gas Processing Plant to the generating plants in the Western Region.
Some parts of the country on Thursday, 27 June 2019 experienced a power outage in the evening for several hours.
The situation compelled persons living in the affected areas to go on social media platforms to express their frustration. It was unclear what might have caused the interruption in power supply.
However, in a statement copied to energynewsafrica.com, GRIDCo explained that the outage occurred “when all the generators in the Aboadze enclave, i.e. TAPCO, TICO and Ameri, suddenly ceased operation due to the loss of gas supply feeding these generating plants.”
“All generators which tripped had been reconnected to the National Interconnected Transmission System (NITS)” by Friday morning and “all bulk supply points have been restored”, the statement added.
It also said: “We regret any inconvenience caused to customers and the general public” and assured the general public that it will continue to “work with all stakeholders to provide adequate and reliable electricity supply to customers.”
Construction Of First-Ever Bitumen Plant Begins In Ghana
A ground breaking ceremony has been performed for the construction of the first-ever bitumen plant in Tema, in the Greater Accra Region, Ghana.
The country’s Energy Minister John-Peter Amewu performed the ground breaking ceremony with the assistance of officials of GOIL Company Limited and its Ivorian partners, SMB.
In a speech delivered by Mr John-Peter Amewu, on behalf of President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, he assured Ghanaians that the government would deliver major roads that are more robust and could stand the weather conditions of the country.
According to the President, this is in furtherance of government’s massive road construction programme in 2019 and 2020.
The $35 million joint venture between GOIL and Ivoire’s Societe Multinationale de Bitumes (SMB) of La Cote D’Ivoire would be completed in two years and involves the construction of a bitumen plant for storage of raw bitumen. 
The plant woukd be milling raw bitumen and polymers to produce PMB and bitumen emulsions.
President Akufo-Addo noted the increasing demand for bitumen paved roads in Ghana, indicating that the Ministry of Roads and Highways intend to rehabilitate and construct several thousands of kilometres of highways and urban with Polymer Modified Bitumen (PMB), a bold attempt at improving the lifespan of our roads.
“Our promise to provide quality road infrastructure for the people of Ghana is continuous and unrelenting until the people receive good transport infrastructure and service. Due to the success of the PMB, which is proven to give a longer life span to asphalted roads, the Ghana Highways Authority also plans to continue using it for all major highways resurfacing or construction in the country”, he emphasized.
He congratulated GOIL and SMB for the venture, which, he said, was a classic example of the potential cooperation in development worthy of emulation in the ECOWAS sub-region
The Acting Managing Director and Group CEO of GOIL, Mr. Kwame Osei-Prempeh, explained that the partnership with SMB dates as far back as 2003 when GOIL decided to market bitumen.
The objective was to play a major role in the construction of roads through the supply of bitumen which, at the time, was dominated mainly by multinationals.
He acknowledged the yeoman’s role played by his predecessor, Mr. Patrick A.K. Akorli, for the foresight and determination that has brought the dream to fruition.
He equally acknowledged the great work by Nana Yaw Owusu, Otumfuo’s Mpaboahene and representative of SMB, as well as the GOIL team, for the patriotic vision for Ghana.
The Managing Director of SMB, Mr. Mamadou Doumbia of La Cote D’Ivoire, acknowledged that Ghana has been the company’s main and proud customer, supplying the country of about 80% of the bitumen requirement.
He promised that the project would further cement the economic cooperation between Ghana and Cote D’ Ivoire.
Present at the ceremony were the Board Chairman of GOIL, Hon. Kwamena Bartels, Board members and Management of GOIL, Chiefs of the area, officials from Ghana Highways Authority and other business partners of GOIL
The plant woukd be milling raw bitumen and polymers to produce PMB and bitumen emulsions.
President Akufo-Addo noted the increasing demand for bitumen paved roads in Ghana, indicating that the Ministry of Roads and Highways intend to rehabilitate and construct several thousands of kilometres of highways and urban with Polymer Modified Bitumen (PMB), a bold attempt at improving the lifespan of our roads.
“Our promise to provide quality road infrastructure for the people of Ghana is continuous and unrelenting until the people receive good transport infrastructure and service. Due to the success of the PMB, which is proven to give a longer life span to asphalted roads, the Ghana Highways Authority also plans to continue using it for all major highways resurfacing or construction in the country”, he emphasized.
He congratulated GOIL and SMB for the venture, which, he said, was a classic example of the potential cooperation in development worthy of emulation in the ECOWAS sub-region
The Acting Managing Director and Group CEO of GOIL, Mr. Kwame Osei-Prempeh, explained that the partnership with SMB dates as far back as 2003 when GOIL decided to market bitumen.
The objective was to play a major role in the construction of roads through the supply of bitumen which, at the time, was dominated mainly by multinationals.
He acknowledged the yeoman’s role played by his predecessor, Mr. Patrick A.K. Akorli, for the foresight and determination that has brought the dream to fruition.
He equally acknowledged the great work by Nana Yaw Owusu, Otumfuo’s Mpaboahene and representative of SMB, as well as the GOIL team, for the patriotic vision for Ghana.
The Managing Director of SMB, Mr. Mamadou Doumbia of La Cote D’Ivoire, acknowledged that Ghana has been the company’s main and proud customer, supplying the country of about 80% of the bitumen requirement.
He promised that the project would further cement the economic cooperation between Ghana and Cote D’ Ivoire.
Present at the ceremony were the Board Chairman of GOIL, Hon. Kwamena Bartels, Board members and Management of GOIL, Chiefs of the area, officials from Ghana Highways Authority and other business partners of GOIL Ghana: Energy Ministry Develops HSSE Manual For Energy Sector
Ghana’s Ministry of Energy has developed a Health Safety Security and Environment Manual for its energy sector.
The manual, which is expected to guide all the players in the energy sector, in the pursuit of their activities, was developed with support from the Ghana Oil and Gas for Inclusive Growth (GOGIG) Programme.
Speaking at the launch of the manual on Wednesday, 26th June, 2019, Deputy Minister for Energy in charge of Petroleum Dr Mohammed Amin Adam noted that the sustainability of the energy sector resides in a vibrant health, safety security and environmental sector that is continually reviewed to meet changing trends.
“It is, therefore, our collective responsibility to ensure that the change in HSSE culture that we start today remains a part of us always,” he stated.
“I require the regulators to lead the successful implementation of the manual with maximum collaboration of all players in ensuring that the ultimate objectives are achieved,” he said.
He commended the hard work of the Multi-Stakeholder Working Group and all involved in the successful development of the manual.
Dr Amin urged all industry players to prioritise the safety of their staff and promote environmental friendliness along the entire value chain, by complying with international best practices and the country’s standards and regulations.
Copies of the manual were presented to the representatives of both players in the upstream and downstream for their respective companies.
MoU To Deal With Incident
Dr Amin revealed that the Energy Ministry, in collaboration with relevant ministries, had drafted an MoU on Incident Investigation.
The MoU, he explained, would be signed between the ministry and other relevant ministries whose agencies undertake incident investigations in the energy sector.
“The aim of the MoU is to coordinate the incident investigation process and the monitoring of recommendation measures implementation,” he explained.
Dealing With Climate Change
The Ministry, Dr Amin noted, has also developed a Climate Change-Smart Energy Action Plan to ensure compliance of government institutions within the energy sector with International Climate Change protocols.
The implementation of the plan would involve the submission of climate change mitigation activities being undertaken by our sector agencies for publication.
Also in the draft is the Sustainability and Social Inclusion Policy for the Energy Sector.
This policy seeks to ensure that energy sector projects include social systems of communities that are impacted by the projects on a sustainable basis during the project planning, development and implementation phases.
He commended the hard work of the Multi-Stakeholder Working Group and all involved in the successful development of the manual.
Dr Amin urged all industry players to prioritise the safety of their staff and promote environmental friendliness along the entire value chain, by complying with international best practices and the country’s standards and regulations.
Copies of the manual were presented to the representatives of both players in the upstream and downstream for their respective companies.
MoU To Deal With Incident
Dr Amin revealed that the Energy Ministry, in collaboration with relevant ministries, had drafted an MoU on Incident Investigation.
The MoU, he explained, would be signed between the ministry and other relevant ministries whose agencies undertake incident investigations in the energy sector.
“The aim of the MoU is to coordinate the incident investigation process and the monitoring of recommendation measures implementation,” he explained.
Dealing With Climate Change
The Ministry, Dr Amin noted, has also developed a Climate Change-Smart Energy Action Plan to ensure compliance of government institutions within the energy sector with International Climate Change protocols.
The implementation of the plan would involve the submission of climate change mitigation activities being undertaken by our sector agencies for publication.
Also in the draft is the Sustainability and Social Inclusion Policy for the Energy Sector.
This policy seeks to ensure that energy sector projects include social systems of communities that are impacted by the projects on a sustainable basis during the project planning, development and implementation phases. Government of Ghana Misusing Oil Cash – Ato Forson Claims
A former Deputy Minister of Finance in the Republic of Ghana believes the government of the day is veering off the status quo as far as the spending of oil revenue is concerned.
Mr Cassiel Ato Forson, who is the Member of Parliament for Ejumako Enyan Essiam in the Central Region argued that oil revenues are expected to be used for investments that are self-sustaining, however, the Akufo-Addo administration, he said, is investing the money into projects that do not generate income to finance themselves.
Speaking on the floor of Ghana’s parliament on Wednesday, 26 June 2019, Mr Ato Forson, said: “Mr Speaker, it is not for nothing that the oil revenue is heavily regulated. Apart from the extraction industry that we regulate revenues and expenditure that are approved, tax revenue is oftentimes not regulated in terms of its expenditure.
“Because this kind of revenue depletes over a period of time, it is important for us to regulate and that is why all over the world, countries are moving for the regulation of the use of oil revenue.
“Clearly, we are seeing a system where we are using our oil revenue for consumption and for that reason, we have often said that there is the need for us to reverse to the status quo”, the opposition MP stated.
He added: “The status quo has always been that we use a chunk of the oil revenue for the purposes of investment that can pay for itself but unfortunately where we are using it for consumption.”
Meanwhile, a member of the Minority on the Finance Committee of Parliament, Mr Benjamin Kpodo has kicked against the free-for-all free senior high school being funded with oil money.
He said: “Free SHS should be discriminatory so that those of us who can pay should be made to pay. We are not opposed to free senior high school education but we are saying that the rich who can pay should be made to pay.”
He stressed: “We are solidly in favour of it but we want it to be discriminatory so that those of us who can pay should pay. The programme should target the very poor so that there will be equality.”
W&T Offshore Takes ExxonMobil’s Eastern Gulf Of Mexico Assets For $200 Million
Houston-based W&T Offshore has entered into a purchase and sale agreement with ExxonMobil to acquire its interests in and operatorship of oil and gas producing properties in the eastern region of the Gulf of Mexico, offshore Alabama, and related onshore processing facilities for $200 million.
W&T said on Thursday that the deal includes working interests in nine GOM offshore producing fields and an onshore treating facility that are immediately adjacent to existing properties owned and operated by W&T.
The company also said that the agreement allows for significant synergies, consolidations and cost savings as W&T will become the largest operator in the area.
The agreement adds net proved reserves of 74 million barrels of oil equivalent (Boe) of which 99% are proved developed producing and 22% are liquids as of the effective date.
According to the company, the deal offers potential to add incremental reserves with little or no capital by consolidating operations and extending field life.
ExxonMobil produced approximately 19,800 net Boe per day from the acquired properties in the first quarter of 2019, of which 25% was liquids.
W&T also said that the transaction provides additional upside opportunities from potential future drilling locations and facility modifications.
Tracy W. Krohn, Chairman and Chief Executive Officer, stated, “We are pleased with this purchase of producing properties which meets all the criteria we have outlined in the past as necessary to drive increased shareholder value from acquisitions. These low decline assets are highly accretive, free cash flow positive, and adjacent to our current operations thereby providing us the opportunity to recognize increased scale, rationalize operations and capture cost efficiencies to further grow cash flow.
“In addition, we also have the opportunity for further growth in reserves from potential field life extensions and drilling and facility upgrade opportunities. We believe this acquisition, with its long-life reserves, production and infrastructure, complements our ongoing strategy to recognize value for our shareholders through drill bit success, effective risk and cost management, and joint venture partnership.”
The acquisition consists of working interests in nine shallow water producing fields and related operatorship in the Mobile Bay area and will expand W&T’s presence to become the largest operator in the area.
The purchase also includes ExxonMobil’s onshore treating facility which, along with the company’s existing treating facility, will allow for flexibility in processing the produced gas and allow for future consolidation of operations. The total purchase price is $200 million subject to customary post-effective date adjustments. The effective date is January 1, 2019, and the transaction is expected to close on or about August 30, 2019. The acquisition will be funded from W&T’s available cash on hand and revolving credit facility.
Total net proved reserves to be acquired are 74 million barrels of oil equivalent, of which 22% are liquids. The vast majority of the reserves are classified as proved developed producing.
Source: offshoreenergytoday.com
Tracy W. Krohn, Chairman and Chief Executive Officer, stated, “We are pleased with this purchase of producing properties which meets all the criteria we have outlined in the past as necessary to drive increased shareholder value from acquisitions. These low decline assets are highly accretive, free cash flow positive, and adjacent to our current operations thereby providing us the opportunity to recognize increased scale, rationalize operations and capture cost efficiencies to further grow cash flow.
“In addition, we also have the opportunity for further growth in reserves from potential field life extensions and drilling and facility upgrade opportunities. We believe this acquisition, with its long-life reserves, production and infrastructure, complements our ongoing strategy to recognize value for our shareholders through drill bit success, effective risk and cost management, and joint venture partnership.”
The acquisition consists of working interests in nine shallow water producing fields and related operatorship in the Mobile Bay area and will expand W&T’s presence to become the largest operator in the area.
The purchase also includes ExxonMobil’s onshore treating facility which, along with the company’s existing treating facility, will allow for flexibility in processing the produced gas and allow for future consolidation of operations. The total purchase price is $200 million subject to customary post-effective date adjustments. The effective date is January 1, 2019, and the transaction is expected to close on or about August 30, 2019. The acquisition will be funded from W&T’s available cash on hand and revolving credit facility.
Total net proved reserves to be acquired are 74 million barrels of oil equivalent, of which 22% are liquids. The vast majority of the reserves are classified as proved developed producing.
Source: offshoreenergytoday.com
BDCs Commends BOST For Setting-Up Call Centre
The Bulk Oil Distribution Companies (BDCs) in the West African country, Ghana,have commended the management of Bulk Oil Storage and Transportation (BOST) company limited for setting-up a Call Centre to enable stakeholders have quick response to issues regarding their stock balance.
The BOST Call Centre will serve as a vital information network to ease doing petroleum transportation business as well as serve as interface between BOST and other stakeholders in the petroleum sector.
Mr Senyo Hosi, Chief Executive Officer of Chamber of Bulk Distribution Companies commended BOST for the innovative means to address stakeholders concern especially through the Call Center platform.
He advised that BOST train those who would man the centres to ensure that “when we call at any time someone will respond and address our concern”.
Mr Hosi said this at the quarterly “BOST MD’s Stakeholder Engagement Platform,” organized in Accra.
The BOST MD Stakeholder Platform was created to cement relationship with players in the industry, address misconceptions and outline measures under the new management.
Mr George Mensah Okley BOST Managing Director, setting the tone for the discussion, classified BDCs as BOST’s main clients, therefore “we must reduce the incidence of unwarranted industrial tension.
“Before I took office, there was a whole lot tension between BOST and the BDCs. Any issue that come out from BDCs into the media is about BOST and I intentionally created this platform where we can come meet face-to-face to talk”.
He said the BOST MD’s Stakeholder Engagement platform which forms part of the new brand image under our strategic plan seeks to build confidence and clear any tension which existed between stakeholders.
“We must all feel free to engage directly instead of depending on third party information and speculations on social media; now if BOST want to implement something that may appeared not to be in the interest of a section of our stakeholders we believe through the periodic interaction they will understand the broader national interest.
“We are all stakeholders working for the interest of mother Ghana, so let us be guided by national interest and not individual or sectional interest”.
Mr Okley also used the occasion to explain BOST’s One System Rule which seeks to create interconnectivity among the BOST Depots at Tema, Akosombo, Maame Water, Kumasi, Bolga and Buipe.
The system, he said, would reduce the physical movement and deposit of products before one can transact business; “the BOST One System Rule is like the banking system, if you deposit products at one point, you can withdraw at the other end provided you submit the necessary documentation”.
He said BOST is working with all stakeholders for the smooth take-off and implementation of the system; “We are still engaging stakeholders to understand the system, we have all agreed to educate our constituents before the eventual take-off”.
Mr Okley also revealed that BOST is discussing with the software developer to address issues raised, and other operational hiccups identified for smooth implementation.
“We have not started running the one system rule but all the stakeholders have agreed in principle to go by the new system and in our deliberations, we have realized this challenge and so we are going to meet with the software company and the National Petroleum Authority,” he said.
Scores of the stakeholders at the third BOST MDs Stakeholder Engagement Platform commended the Board and management of BOST for the initiative and called on other government companies to create stakeholder’s engagement platforms.
The stakeholders discussed overstay products, fees, how they can collaborate as industry, challenges that they are having with the porter, socialization and one system rule, upgrading and lost claim that the BDCs brought to BOST.
Source: GNA
Chinese Energy Companies Push To Acquire Mining, Oil And Gas Assets In Equatorial Guinea
Equatorial Guinea’s Ronda has received great interest from public and private Chinese companies to invest in Equatorial Guinea and explore opportunities in oil & gas and minerals at the upcoming EG Ronda Licensing Round meetings in Beijing organized by the African Energy Chamber.
The Chamber will be hosting the two-day investor forum at the Kempinski Hotel, Beijing, on July 2 and 3, on behalf of the Ministry of Mines and Hydrocarbons of Equatorial Guinea.
The biggest names amongst the Chinese energy industry have confirmed to attend, including companies such as Power China Group, Sinochem, ENN Group, CCCC, CMEC, China Minmetals Corp, China Gas, Beijing Gas, Jincheng Anthracite Mining Group, PetroChina, Sinoenergy and CNOOC.
“We look forward to welcoming Chinese and global stakeholders at the EG Ronda forum in China. This is going to start our drive to build a successful and profitable mining sector, as we have done with oil and gas,” declared H.E. Gabriel Mbaga Obiang Lima, Minister for Mines and Hydrocarbons, who will be in Beijing next week with his delegation of senior officials.
In a statement copied to energynewsafrica.com, the Minister added: “Our mining, oil and gas industry has one thing-foreign investor treasure, which is certainty in the policies and regulations. Thanks to the leadership of the President.
Operating for years with a predictable and reliable framework has made our country competitive and we are going to develop our oil, gas and mining resources to benefit investors and our people.”
The EG Ronda Licensing Round Roadshow 2019 in Beijing would be showcasing the 27 oil & gas blocks on offer under the country’s 2019 oil & gas licensing round, and promote the high-potential that Equatorial Guinea has in minerals such as gold, diamonds, bauxite and iron ore.
H.E. Gabriel Mbaga Obiang Lima would notably be accompanied by the Director General of Hydrocarbons and the Director General of Minerals and Quarry, and hold several private meetings with Chinese investors.
“Equatorial Guinea has improved its mining and oil and gas policies to reflect the best international practices, as well as improving legal certainty for investors. It is no secret why there is a lot of interest from investors towards our Beijing forum. The Chamber believes this will help attract more investments and jobs for to Equatorial Guinea.
“We expect Equatorial Guinea’s strategy of outreach and engagement with global markets to result in very successful licensing rounds this year,” said Mickaël Vogel, Director of Strategy at the Chamber.
Guyana’s First FPSO Named In Singapore
Naming ceremony for SBM Offshore’s Liza Destiny FPSO, destined for ExxonMobil’s Liza field in Guyana, was held last Saturday at Keppel Shipyard in Singapore.
During the ceremony, SBM Offshore’s CEO Bruno Chabas said: “This is a very special vessel, which will be the first to operate offshore Guyana. It is a great achievement by all involved in the EPC phases thanks to excellent teamwork. SBM Offshore is very much honored to play its part in this journey for our client ExxonMobil and was honored to host as Godmother the First Lady of the Co-operative Republic of Guyana, Her Excellency Madam Sandra Granger.”
The topsides for the FPSO was delivered by Dyna-Mac, while Keppel was responsible for the conversion of the hull from a VLCC, as well as for the integration of the hull and the topsides.
The FPSO has a 120,000 barrels a day capacity and is part of the first phase of the Liza field development.
ExxonMobil’s Liza field sits in the giant Stabroek block, which covers almost 27,000 square kilometers, circa 200 kilometers offshore Guyana and where ExxonMobil has struck more than a dozen oil discoveries which are yet to be developed.
Following arrival in Guyanese waters later this year the SBM Offshore installation team will install the FPSO on the offshore location field. The FPSO, the first of several to be deployed in Guyana, will be spread moored in water depth of 1,525 meters and will be able to store 1.6 million barrels of crude oil.
Source: offhsoreenergytoday.com
IEA Launches New Global Commission For Urgent Action
The International Energy Agency has launched a new Global Commission for Urgent Action on Energy Efficiency.
The launch which took place at the start of the IEA’s Global Conference on Energy Efficiency opened in Dublin on 24 June, was attended by government ministers, CEOs and energy experts from around the world to discuss critical topics like financing, policy innovation and digitalization.
The new Commission was announced by Dr Fatih Birol, the IEA’s Executive Director, and Prime Minister Leo Varadkar of Ireland of which Mr Varadkar will be the honorary chairperson.
Several important political and business leaders have already agreed to join the commission to advance progress on energy efficiency, which the IEA views as the very first fuel of a sustainable global energy system.
Over 400 energy efficiency leaders from more than 50 countries are attending the Dublin event, which is the IEA’s fourth annual global conference on the subject.
The gathering aims to identify how to unlock the vast potential of energy efficiency, bringing a wide range of important benefits, from greenhouse gas emissions reduction, to improved energy security and supporting economies to grow while delivering environmental and social benefits.
“No meaningful energy transition can take place without energy efficiency,” Dr Birol said.
“At our largest ever energy efficiency conference, I’m delighted to have such strong support from Prime Minister Varadkar and other high-profile leaders for the launch of this new commission to spur urgent action around the world.”
The composition of the commission will be announced next week.
A particular focus of this year’s conference is the impact of digitalization on energy efficiency, and lessons learned from leaders around the world. At the event, the IEA launched a new online knowledge resource library demonstrating how digital technology innovation is opening new opportunities for energy efficiency enhancement
Source: Esi-Africa.com
Ghana: BOST Praised For Involving Stakeholders In Decision Making
The introduction of Call Centre by the new management of Bulk Oil Storage and Transportation (BOST) company limited led by the Managing Director Mr. George Mensah Okley has received applause from its stakeholders Bulk Oil Distribution Companies (BDCs).
At a stakeholders meeting organized by Mr. George Mensah Okley on Tuesday June 25, 2019 at Airport West Hotel in Accra to discuss issues confronting the industry, the Managing Director of BOST revealed that his engagement with the stakeholders is to put an end to the tension which existed between BOST and BDCs in the past.
Speaking to peacefmonline.com in an interview, Mr. George Mensah Okley again mentioned that his desire to engage the stakeholders in constant meetings is to restore confidence of their stakeholders and also carve a good image before the Bulk Oil Distribution Companies as they remain key industry players.
“The BDCs are our main clients and key stakeholders we offer our services to them. Before I took office, there was a whole lot tension between BOST and the BDCs. Any issue that come out from BOST into the media is about BOST and I intentionally created this platform where they can come for all of us to discuss issues so that by so doing we will brand our image, we will have a new image before the BDCs, then they will have confidence in us and clear any tension which existed between us so that they will feel free and if we want to implement something that is not in their interest, they will know that it is to the advantage of the industry at large but not for our selfish gain and that is what we have achieved so far”, he averred.
The Managing Director of BOST together with other stakeholders at the meeting discussed overstay products, fees, how they can collaborate as industry, challenges that they are having with the porter, socialization and one system rule, upgrading and lost claim that the BDCs brought to BOST.
He added that the meeting with the stakeholders will not be a nine-day wonder as the Tuesday June 25, 2019 meeting marked the third time, they have met; reiterating that they have met twice within this year, promising to meet quarterly every year.
“This meeting is the third time but this is the second time for this year; so it is every quarter that we have decided to meet to discuss issues regarding the industry and we are not only meeting BDCs, we have been doing one to with the transporters quarterly”, he disclosed.
Explaining the one system rule which has been agreed to, Mr. George Mensah Okley said that the one system rule is that we have depots in Tema, Akosombo, Maame Water, Kumasi, Bolga and Buipe. So normally if you want to put your product, all the receiving point is at Tema; when they put their products at APD, before they can take them at Kumasi, the products have to move physically to Kumasi because if you have not move your products there, you cannot take them and sell but what the one system rule does is that, it is like the way the banking system work; if you put your money in a bank at one branch, you should be able to redraw it in any other branch of the bank without physically transferring your money to the branch where you are redrawing the money and that is the one system rule. The moment you put your products at APD, the receiving depot, they can pick them anywhere”.
Even though the one system rule is not operational yet, the MD for BOST said system has taken effect as they have all agreed in principle as there is a challenge with the platform which does not give room for the products to be accounted for due to the software design, explaining why the meeting was held to deliberate on it.
“We have therefore concluded to have a meeting with the software company to make that space on the platform. We have not started running the one system rule but all the stakeholders have agreed in principle to go by the new system and in our deliberations, we have realized this challenge and so we are going to meet with the software company and NPA”, he said.
Interacting with one of the stakeholders from Blue Ocean Investment, the gentleman who only gave his name as Emmanuel urged other government companies to emulate the meeting between BOST and its BDCs stakeholders as it is not a common practice with government companies to involve their stakeholders in decision making.
“…because we have a situation where government companies don’t involve their stakeholders in their discussions. They come up with plans and decisions that are not known to us; then there will be this back and forth, going back to work on things but in a case where BOST is involving us in their operations now, we have an input into whatever they do. So when issues come up, we accept them because we were part of decision making process and I think the other government agencies should all employ this; the GRA, NPA and other ones who are also in the line of the petroleum industry, they should involve us the industry players and stakeholders into their decision making, so that whenever they come up with any decision, it will be applauded by all and I think that will be the best way to go for us in the industry”, he recommended.
Talking about BOST Call Centre, Emmanuel explained that the Call Centre will enable stakeholders to have quick response to issues regarding their stock balance as such vital information in past can take 3 months before they know the stock they have at a particular location.
“One key thing is that BOST has now created a Call Centre and when we have issues, we can just call the call center and we have people who will give quick response to issues…for instance, now whenever I want to check my stock balance, somebody will be pick the call and quickly check it for me on online and give me information but formerly, we don’t get such vital information rapidly as sometimes it will take 3 months before you know what stock you have at a particular location and so I will give credit to the new management system in place because this is working perfectly for us now”, he narrated.
Ghana’s Petroleum Revenue Must Be Utilized Judiciously – PIAC
The Public Interest and Accountability Committee (PIAC), an independent statutory body mandated to promote transparency and accountability in the management of petroleum revenues in the West African country, Ghana, is calling for more judicious use of revenue generated from the country’s petroleum sector for accelerated economic growth.
According to Dr Steve Manteaw, who is the Chairman of PIAC, “it is important that we set our priorities right in order to fully harness potentials in the sector.”
He cited the persistent interference in the Ghana National Petroleum Corporation’s (GNPC) affairs and the tendency to use it in financing quasi-fiscal expenditure.
Dr. Manteaw, who was launching the 2018 PIAC Annual Report’ in Kumasi, cautioned that this development, if not checked by Parliament, would undermine the operational efficiency and sustainability of the Corporation.
According to PIAC, cumulative revenue of US$4.97 billion was realized from the country’s annual petroleum receipts within the period of 2011-2018.
The priority areas selected for development from these receipts included agriculture and industry, science, technology, healthcare and public security.
The rest are environmental protection, rural development, social welfare, provision of potable water, strengthening of institutions and infrastructure development.
Dr. Manteaw argued that the country could not make a significant headway in poverty reduction if policy-makers failed to invest in the railway sector.
“The surest way to facilitate economic activities to create wealth, thereby improving the living conditions of the people is to build a good railway system.”
“This is because the cost of road construction and maintenance is too high,” the PIAC Chairman stated.
Professor Seth Asiamah, a technocrat and Chairman for the occasion, said the nation must work assiduously to harness potentials in the petroleum sector.
This was critical to improving the living conditions of the people.
Mr. Simon Osei-Mensah, Ashanti Regional Minister, gave the assurance that the government was committed to bringing development to the people through vibrant policies in the petroleum sector.
Source: GNA
Ghana: Energy Ministry Pushes Target For Universal Electricity Access From 2020 To 2025
Ghana’s Ministry of Energy has reviewed its target of ensuring universal electricity coverage from 2020 to 2025.
According to the Ministry, it has become necessary even as it implements new measures to enhance energy efficiency in the country, as well as address the remaining challenges in ensuring energy supply to some rural parts of the country.
In 1989, the West Africa country set out a 30 year National Electrification Scheme to achieve universal access to reliable electricity supply between 1990 -2020.
The baseline, at the time, showed a National Electricity Access of about 25% with only 5% rural penetration.
To support this agenda, Parliament passed the Renewable Energy Act, providing the legal and regulatory framework necessary for enhancing and expanding the country’s renewable energy sector.
As at the end of 2018, national electricity access reached 84.32%.
This comprised 93% urban and 71% rural coverage.
Speaking at the 5th Mini Grid Action Learning Event and Summit, Deputy Minister for Energy, Dr. Amin Adam said the Ministry of Energy will use mini-grids and stand-alone projects to ensure national access to energy by 2025.
“Our target for universal access was 2020 but because of the difficulty in reaching out to some of our communities through the national grid we have had to revise the target to 2015 so that we can adopt measures as well as raise the financing necessary to be able to reach out to these communities”.
He added that the Ministry will acquire fifty-five new grids next year to be deployed across various islands and lakeside communities in the country at a cost of US$230 million.
“We are ready for the full implementation of 55 new mini-grids for islands and lakeside communities in the Sene East, Krachi East and West Pru, Nkwanta North and South, Gonja Central, East and West and Krachi Nchumuru Districts of Ghana from next year, under a US$230 million Investment Plan for the Scaling-Up Renewable Energy Programme,” he said.
Source: citinewsroom.com
Egyptian Red Sea License Round Closes 1st August 2019
The Egyptian Ministry of Petroleum and Mineral Resources is offering 10 exploration blocks in the underexplored Egyptian Red Sea in close proximity to well established hydrocarbon production.
The closing date for the submission of bids is 1st August 2019 at 12pm Cairo time (more info).
TGS data available for the license round consists:
- 10,318 km Red Sea ’18 (RS18) 2D long-offset broadband seismic, PSTM/PSDM (view map)
- >16,500 km 2D calibrated vintage seismic
- 3,650 km2 of reprocessed 3D
- 12 calibrated wells with legacy data (11 with logs)
- Interpretation of vintage data and literature pack (including gravity, magnetics, seep, geological reports, and more)
- Intergrated interpretation products of the RS18 seismic, gravity and magnetic data
