U.S. To Slap Even More Sanctions On Venezuela To Kill Off Oil Exports To Cuba

Michael Creg Afful
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U.S. To Slap Even More Sanctions On Venezuela To Kill Off Oil Exports To Cuba
Just a week after the United States levied additional sanctions on Venezuela in an effort to curb its oil exports, the US has again hit shipping companies doing business with Venezuela with even more sanctions aimed at further plugging the holes that allow Venezuela to export crude oil to Cuba. This go around, the US targeted four shipping companies and nine vessels in its latest attempt to cut off the revenue stream of what the US Department of the Treasury refers to as “the illegitimate regime of former President Nicolas Maduro”. Those entities include Jennifer Navigation Ltd (Liberia), Lime Shipping Corp (Liberia), Large Range Ltd (Liberia), and PB Tankers S.P.A. (Italy). “As a result of today’s action, all property and interests in property of these entities, and of any entities that are owned, directly or indirectly, 50 percent or more by the designated entities, that are in the United States or in the possession or control of U.S. persons are blocked “ the Treasury statement read in part. The move comes after reports surfaced earlier on Friday that Venezuela was still shipping crude oil to ally Cuba in the amount of 1 million barrels just days after the US levied sanctions on Venezuela-to-Cuba oil shipments in what is quickly becoming a weekly Little Dutch Boy event. The close-knit ties between ideological allies Cuba and Venezuela is proving more complicated that earlier sanctions that targeted shipments from Venezuela to the United States and its allies. Officially recognized by the United States as the rightful president of Venezuela, Juan Guaido last month said that he had decreed the suspension of crude oil shipments to Cuba, but Maduro is particularly motivated to ship oil to Cuba under a long-standing barter agreement dating back to the Chavez/Castro days that ships oil to Cuba in exchange for highly skilled labor that Cuba possesses. Venezuela is Cuba’s largest oil supplier, and Cuba one of Venezuela’s few remaining friends. Source: Oilprice.com

General Electric agrees to pay $1.5 billion penalty for allegations related to subprime lending unit

Michael Creg Afful
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General Electric agreed to pay the Department of Justice a $1.5 billion penalty for alleged accounting misrepresentations stemming from the company’s now defunct subprime mortgage business WMC. GE shares slid lower by 0.6% in midday trading, as the settlement amount was largely expected. The company announced the settlement in principle during the company’s fourth quarter earnings report in January and had set aside $1.5 billion in reserves last year. The Justice Department alleged that GE, through WMC, misrepresented the quality of its subprime loans. “The financial system counts on originators, which are in the best position to know the true condition of their mortgage loans, to make accurate and complete representations about their products. The failure to disclose material deficiencies in those loans contributed to the financial crisis,” Justice Department Assistant Attorney General Jody Hunt said in a statement. The potential violations were investigated under the the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). The law allows federal authorities to pursue civil penalties of violations made by federally insured financial institutions. The final agreement was reached on Friday. “This settlement contains no admission of any allegations and concludes the FIRREA investigation of WMC,” a GE spokesperson said in a statement to CNBC. “This is another step in our ongoing efforts to de-risk GE Capital. This agreement represents a significant part of the total legacy exposure associated with WMC and we are pleased to put this matter behind us.”

NEDCo blames blackouts in the Northern sector on obsolete equipment and tampering

Michael Creg Afful
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The Northern Electricity Distribution Company (NEDCO) says obsolete equipment and tampering are to blame for the increasing power outages that the northern sector has experienced in recent weeks. “Obsolete equipment will be very capital intensive to replace in one day so we are doing it by piecemeal but the bottom line is cash,” the Communications Manager for NEDCo, Maxwell Kotoka said. According to the company, which services northern Ghana, the non-payment of bills and illegal connections are also draining the company and affecting its ability to serve customers efficiently. The Tamale metropolis has experienced intermittent power outages in recent weeks and NEDCo says the problem in the northern sector goes beyond the general problem of power supply nationwide. Mr. Kotoka also noted the theft of power and other key equipment, like earlier in April, where copper cables on towers belonging to NEDCo in the Berekum municipality of the Bono Region were stolen. “The bottom line is cash and so like we have indicated, if people are not paying for the power they use, if people are stealing the power, then you leave us with no option but to continue with the overage equipment which will not give us optimum performance.” “So it is a matter of everybody getting on board and getting a very live conscience which tells you that stealing from the company is killing the company.” Debt from MDAs NEDCo has in the past complained of crippling financial difficulties because of a debt of GHc 841 million owed it by Ministries, Departments and Agencies (MDAs). According to the Commercial Manager of NEDCo, Thompson Nagaleb, very little has been done by the government to clear debts dating back to 2013. These struggles informed NEDCo’s earlier request for almost 40 percent hike in distribution charges. The company has proposed a 43 pesewas/kWh rate to enable it to raise enough revenue to meet the cost of production. Source: Citinewsroom.com

Danger: Electric Pole Carrying Transformer at Lakeside, Accra, nears collapse

Michael Creg Afful
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Danger: Electric Pole Carrying Transformer at Lakeside, Accra, nears collapse
A resident of Lakeside, a suburb of Legon in the Greater Accra Region, has expressed his frustration about the inability of the Power Distribution Services (PDS) to replace a damaged electric pole which is carrying a transformer in the area. In a Facebook post, the resident said the pole had been damaged for more than two weeks now, but nobody seemed to be concerned about it. The pole has been damaged badly at the feet and it is not clear what caused it. “Don’t wait for people to die before we come and say: “THE INCONVENIENCE IS DEEPLY REGRETTED,”” the post read. Full Post Dear Power Distribution Services (PDS) This is happening right in Accra, Lakeside to be specific within the Legon District. Don’t wait for people to die before we come and say “THE INCONVENIENCE IS DEEPLY REGRETTED” . Don’t wait until the unthinkable happens for officialdom to come and read looooooong speeches and BIG GRAMMAR. It has been like this for well over 2weeks. How much does it cost to replace a wooden pole that carries a transformer? We pay some “ENGINEERS” in the LEGON DISTRICT to work, but this is what we get……… I have done my part for GOD AND COUNTRY. Let the responsible people ACT.

PIAC hailed as shining star of oil producing nations

Michael Creg Afful
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PIAC hailed as shining star of oil producing nations
Dr Steve Manteaw, Chairman of PIAC Ghana’s Public interest and Accountability Committee (PIAC) has been singled out for praise for its role in safeguarding the country’s oil revenues from official abuse. PIAC has also been applauded for keeping Ghanaians updated on how the government is performing in the management and use of the country’s petroleum revenues through its semi and annual reports. Public finance and governance expert of international repute and technical consultant at the Natural Resource Governance Institute (NRGI), Andrew Bauer, made the above remarks during a presentation on Revenue Management and Impacts on State-owned Enterprises at the “Reversing the Resource Curse” course organized by the NRGI and the School of Public Policy of the Central European University in Budapest, Hungary. Bauer encouraged other countries to emulate the PIAC example by putting in place measures to counter revenue management risks and abuses that often undermine their development. “PIAC is really doing well. Other countries must have institutions like this to monitor revenues in their various countries,” Bauer said. Comparing Nigeria with Ghana, he observed that “Nigeria, with its huge oil revenues, faces a much greater resource curse threat. It therefore needs to deal with – and get a hand on – its National Oil Company, and also make sure that the budget is not only well managed, but has adequate accountability safeguards to ensure positive outcomes. He continued: “Ghana, on the other hand, with much smaller revenue may not face the resource curse threat in the short to medium term, but must also try and manage oil revenues with a long term perspective, when oil may become dominant in its economy.” Nigeria is Africa’s largest producer of crude oil. Andrew Bauer, Technical Consultant at the Natural Resources Governance Institute According to NEITI’s 2016 audit, total crude oil production stood at about 660,000 MBBLs, falling from almost 780,000 in 2015, and representing a 15 percent drop. As of 2000, oil and gas exports accounted for more than 98 percent of export earnings, and about 83 percent of federal government revenue, as well as generating more than 14 percent of its GDP. It also provides 95 percent of foreign exchange earnings, and about 65 percent of government budgetary revenues. Such huge revenue flows into the country’s economy makes it imperative to establish clear revenue management rules, aligned with an efficient public finance management framework, and with citizen-led additional oversight arrangements such as PIAC. It is also important for the government to take steps to diversify the nation’s economy from dependence on oil revenue to non-oil revenues, avoid the devastating impacts of market volatilities. From all indications, Ghana seems to have set itself on the right path to avoiding the resource curse trap, having provided a legal framework to govern how oil revenues are generated, managed, and used to support national development. The country’s petroleum Revenue Management Act mandates that 30 percent of petroleum revenues are set aside and invested for the purpose of smoothening government’s expenditure over time, and for providing a heritage for future generations. The remaining 70 percent is to be spent through the national budget, with not less than 70 percent being spent on capital projects and not more than 30 percent on goods and services. But Chairman of PIAC, Dr. Steve Manteaw, says the requirement to spend not less than 70 percent on capital projects has been breached once, in 2017. He also regrets what he describes as “lack of due diligence and supervision” of oil-funded projects, which in his view, accounts largely for the inability of Ghanaians to realize the transformative potential of oil revenues in their lives. “PIAC has consistently placed these issues in the public domain. If the country is to realize the full benefits of its oil, then government will need to act decisively to curb the abuses,” Dr. Manteaw argued. He urged government to take PIAC seriously in order to set the right examples for the world to follow. The efforts to promote transparency and good governance in resource-rich countries has gained significant momentum over the last decade and made substantial progress. At the same time, the degree to which this agenda finds more than rhetorical support from political elites is questionable. It is equally unclear whether civil societies, the media, and parliaments in developing countries are sufficiently well-informed to take full advantage of transparency for more effective oversight. The persistent disconnect between the governance research community and practitioners also hinder upon innovation in specific contexts. In this light, the School of Public Policy at Central European University (SPP) and the Natural Resource Governance Institute [NRGI] designed an intensive course to equip a pool of exceptional individuals from government, civil society, parliaments, media, international development agencies and the private sector, as well as academics, researchers, and analysts with the knowledge and tools necessary to help reverse the “resource curse.” Specifically, the course for the past seven years of its existence examines the political economy of the governance in resource-rich states and explores how it impacts domestic policy debates and practice. The course also offers practical lessons for policy improvement based on both best practices from around the globe and exchanges among participants. Using the Natural Resource Charter as a framework and focusing on rigorous analysis and advanced techniques, the course is designed primarily for individuals who already have solid understanding of the subject matter but are seeking to enhance their knowledge and skills to play prominent roles in specific countries or around the globe. Source: Myjoyonline.com

Protests In Oil-Rich Algeria Continue Even After Bouteflika’s Departure

Michael Creg Afful
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Protests In Oil-Rich Algeria Continue Even After Bouteflika’s Departure
Protests in Algeria continued on Friday, more than a week after Algeria’s president of 20 years, Abdelaziz Bouteflika, stepped down from the top office, with protesters angered at the interim leadership in the OPEC member and demanding total political change. Following weeks of huge nationwide protests, Algeria’s President of 20 years, Abdelaziz Bouteflika, stepped down last week. Mass protests across Algeria erupted several weeks ago when Bouteflika announced he would run for a fifth term as president. Those protests forced him to rescind that decision, but the momentum against him failed to subside. Instead, it had increased and intended to do so until he steps down entirely. Now Algerians show that they want more changes in the country’s leadership and demanded that interim president, Abdelkader Bensalah, seen as a part of the regime, resign. Algeria’s oil and gas future now looks uncertain amid the political crisis as state-run oil company Sonatrach is once again under scrutiny for alleged corruption and as major international oil companies suspended talks on projects in the country. Oil majors are reeling from the crisis in Algeria that first saw Exxon halt its prospective shale ambitions, and has now spread to major trading houses. Earlier this week, Sonatrach shuttered plans for a trading joint venture just as it was about to choose a partner from among trading giants Vitol, Gunvor, French Total, and Italian Eni. Last month, The Wall Street Journal reported that Exxon, BP, and Norway’s Equinor had all put the brakes on investment plans for the North African country amid escalating protests. Exxon was about to sign a preliminary deal for a trading joint venture with Sonatrach, and BP and Equinor both have a long-standing presence in the country—both with new investment intentions that were put on hold. Algeria’s oil and gas sector accounts for 85 percent of all of the OPEC country’s exports, according to OPEC, and accounts for 20 percent of the country’s gross domestic product. Source: Oilprice.com

Ghana Gas commences supply of gas to VRA

Michael Creg Afful
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Ghana Gas commences supply of gas to VRA
The Ghana National Gas Company (GNGC) has commenced the supply of adequate gas to the Volta River Authority (VRA) to curb the current power outages in Country.

This is because the tie- in of its 11-km gas pipeline from Atuabo to the West African Gas Pipeline at the Aboadze power enclave in the Shama districts in the western region is almost complete. The Head of communication at Ghana Gas, Ernest Owusu-Bempeh Bonsu disclosed this at a press conference in Takoradi, to brief the media of the activities of Ghana Gas in connection with the recent power outages in the country. He said the tie-in was about 95 percent complete and they started supplying VRA with 130 million standard cubic feet of gas which can generate about 680 megawatts of power daily for the country. Mr owusu-Bempah stated that Ghana gas had the capacity to produce 405 million standard cubic feets of gas daily stressing, that the gas was currently being supplied based on demand. “We have enough gas to supply, if VRA wants more gas we are ready to supply them with gas”. He explained that it was a major shot down by the company which resulted in the power outages, but noted that with the completion of the tie- in and with the flow of more gas to VRA, the power outages would not happen again. The Head of Communications hinted that Ghana Gas also completed the ENI-Sankofa tie-in and would produce abundant gas of 350 cubic feet for transmission to the Eastern enclave, which would provide gas to the bauxite mining site. He said the company was also ready to provide gas for the execution of the various one District, one Factory Initiative , adding “the interconnection pipelines have taken place and we are ready to push gas to any part of the country to produce electricity for the IDIF. Touching on the achievements of Ghana Gas, Mr Owusu Bempah lauded the indigenisation of the company which he noted turned round the fortunes of the company , stating that soon the company would declare a dividend of GHC20 million to the government. He commended the management of the company for the rapid indigenisation programme, stressing that in some countries it took about 25 years to fully indigenise, but that Ghana used only three years. He said with a prudent management, the company was able to build its own office complex in Accra and employed about 600 people. Mr Joseph Ewoniah, Senior Manager in charge of Communication Relations and CSR, pointed out that Ghana Gas was committed to making the communities in which they operated comfortable and safe as the requisite compensation was paid to individuals and communities affected by the relocation of the Karpowership from Tema to the Naval Base in Takoradi. He said full compensation was paid to 26 people whose crops were destroyed in the process and the first phase of compensation on the 47.8 acres of land was done, while the second phase would be paid before the end of April this year . Source: GNA

PURC receives 552 complaints in the E/R in first quarter of 2019

Michael Creg Afful
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PURC receives 552 complaints in the E/R in first quarter of 2019
The Public Utilities Regulatory Commission (PURC) has received about 552 complaints mainly from electricity consumers on accumulated billings, unlawful disconnection, and quality of service and non-reflection of payments in the Eastern Region.

Out of this the PURC, has been able to settle 514 representing 93.12 per cent within the same period including billing adjustments, receiving bills for first time and household meters as well as other issues leading to increase in ECG/PSDs revenue, whiles some inappropriate billing of consumers, written off. The complaints were received from consumers at Nkawkaw, Suhum, Anyinam, Abetifi/Akwasiho, Kofi Dede at the Kwahu area and Samulesi, Odoton, Poliwa also in the Yilo Krobo district at separate forums held by the PURC to sensitize consumers on their rights and responsibilities. At the various forums, non-billing, accumulated bills, wrongful disconnection and delay in following up faults/complaints were the key issues raised by consumers who appealed to the PURC to intervene to ensure that they had satisfactory service delivery. Some of the consumers were very angry for being given accumulated bills of between six-36 months as the maiden bill and failure to pay, they were disconnected and threatened to send the PSD to court for unlawful disconnection and billing. Mr Jude Aduamoah Addo, Eastern Regional Director of the PURC, indicated that 42 customers were captured for billing for the first time for periods ranging between 6-36 months. He advised consumers especially those in the rural areas and on the post-paid system to report delay in receiving bills to the nearest ECG/PSD office or the PURC for prompt action. He said whiles the delay in billing may not be their fault they should report after three months of new meter instalment and enjoying power, since power was not free and must be paid for to enable the ECG to serve consumers better. He said both the service providers such as the ECG/PSD and the Ghana Water Company have responsibilities towards each other explaining that PURC was mandated to ensure that both service providers and consumers were doing well and assured consumers of the PURC’s mandate to protect consumers right Source: GNA

Mines and Energy Committee of Parliament visits Atuabo Gas Plant, Others Next Week

Michael Creg Afful
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Mines and Energy Committee of Parliament visits Atuabo Gas Plant, Others Next Week
Hon. Emmanuel Kwasi Gyamfi, Chairman of Mines and Energy Committee of Parliament The Parliamentary Select Committee on Mines and Energy will, on Monday, April15, 2019, begin a three-day working visit to the Western Region to inspect some ongoing power projects, including Atuabo Gas Processing Plant. The Chairman of the Mines and Energy Committee in Parliament, Emmanuel Kwasi Gyamfi, who disclosed this to energynewsafrica.com, said the Committee would begin its inspection by visiting the Atuabo Gas Processing on Monday. He added that “we will continue on Tuesday by paying a visit to Amandi and Ameri Power.” Hon. Emmanuel Gyamfi who is also the Member of Parliament for Odotobri Constituency in the Ashanti Region, said the committee would end its inspection on Wednesday by visiting some projects undertaken by GNPC Foundation in Takoradi and its environs. According to him, the visit would afford the members of the committee the opportunity to be abreast with the state of the facilities.

Imani Alert: Ghana discovers Africa’s biggest oil deposit but may lose $7.2bn

Michael Creg Afful
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Imani Alert: Ghana discovers Africa’s biggest oil deposit but may lose $7.2bn
On Thursday 14th February 2019, the Ministry of Finance in a press release sent from Oslo, Norway, confirmed Aker Energy ASA’s “significant offshore resource base in Ghana and [that Aker] has committed to scale up new development in the Deepwater Tano Cape three points block (DWT/CT).” The statement also said Aker’s announcement was “the biggest oil find in Africa, of 450-550 million barrels, with potential recoverable reserves of nearly one billion barrels.” At today’s Oil price of $65 per barrel, that field is worth at least $30 billion (bn). Given the fact that this impressive find constitutes additional oil discovered in Aker’s contract area previously held under an old Petroleum Agreement (PA) which lapsed in 2014, it is our considered view that the additional oil discovered in 2019 are essentially not covered by any of the Petroleum Agreements (PA) in force. Hence those additional finds require a new Petroleum Agreement should be negotiated under the Petroleum (Exploration and Production) Act, 2016 Act 919. Were this to be done, Ghana stands to gain an estimated $9bn, through potentially 25% to 30% increased equity interest and royalties (assuming 5% royalty plus 15% carried interest plus 5%-10% additional participating interest in block) in the short term plus any potential corporate income tax and the windfall additional oil entitlements (AOE) in the long term. As things stand, Ghana stands to gain a paltry 14% of increased equity interest and royalties (10% interest in block + 4% royalty) amounting to $4.2 bn in the short term, representing a potential loss of $4.8 billion – that is, $9bn less $4.2 bn. On Monday 3rd March 2019, Aker in a press statement posted on their website stated “We are pleased to announce another successful well as the operator of the DWT/CTP block. The drilling result is another confirmation of the geological model for the area. The discovered resources from the well will further strengthen the robustness of the Pecan field development. We will now continue the appraisal drilling campaign while finalizing the Plan of Development to be submitted by the end of March,” says Jan Arve Haugan, CEO of Aker Energy.” However, it would appear we may not be exacting the maximum interest from this significant find. GNPC may have sold Ghana short by allowing Aker to assume from the start that these new oil discoveries automatically fall under the existing Petroleum Agreement (PA), which is erroneous. At the least, Ghana could have exercised its right to take up the 10% additional equity option in the Aker Block. The failure refusal or negligence to do this is truly startling for a developing nation which needs to make the most of its natural resources. We are submitting the questions below for your perusal in the hope you will take the opportunity to correct any misapprehensions: 1. When was the original Hess Agreement ratified by Parliament and what was the total exploration period duration and when did exploration cease; and, did the minister of energy give any extensions? 2. How many discoveries were made by Hess and which discoveries were appraised and when were these appraisal periods? 3. What was the appraisal period for each of the discoveries and what was the result of the appraisal for each of the discoveries? 4. At the time of Hess’ exit, what was the status of the various discoveries and what period was the PA in? Was it Exploration period or Appraisal period? Or past these periods for each discovery? 6. Did Hess declare commerciality on any of the discoveries? If so which of the discoveries and when were these commercialities declared for each discovery? 7. When did the exploration period end? Was this Exploration period extended at the end? If so, by whom? 8. What was the status of the Pecan discovery at the time of Hess’ exit? How many wells had been drilled? Was any well drilled during Appraisal Period? 9. Did Hess propose a discovery area, including hydrocarbon pay sections, which excludes what is now being explored by Aker Energy? 10. Did Hess identify the Oil Water Contact for the Pecan discovery or any other discovery? 11. What was the condition under which Aker was allowed to drill Pecan 4A, and Pecan South? What was the objective of the drilling program approved by Petroleum Commission? 12. Is there any pressure communication between the reservoirs of the Pecan4A and Pecan South-1 wells drilled? 13. If there is no pressure communication or connection between the reservoirs at Pecan 4 and those at Pecan South-1, is that not what the PA defines as a discovery? 14. How is the Pecan South well classified? 15. How the cost of that well is treated – Development cost or exploration cost- taking into consideration the fact that GNPC does not pay for exploration, and that the exploration period has expired? 16. What is the condition under which Aker would be drilling Pecan South East well? Again what is the objective of the well? How is that well classified? Is it an Appraisal well or an Exploration well? The reason why these questions and the answers we seek are important is that we believe a new Petroleum Agreement for this new Discovery will give Ghana 15% Royalty whereas the existing HESS/Aker Petroleum Agreement gives Ghana 3-5% Royalties, a very significant 10% difference. Questions on Aker’s Submitted Plan of Development We note Aker has submitted a Plan of Development for the areas in question. On 28th March 2019, in a press statement posted on Aker’s website, it indicated that, as the Operator of the DWT/CTP contract area, on behalf of its partners, Ghana National Petroleum Corporation (GNPC), Lukoil Overseas Ghana Tano Limited and Fueltrade Limited, has submitted an Integrated Plan of Development and Operations (PDO) to Ghanaian authorities for the Deepwater Tano / Cape Three Points (DWT/CTP) block offshore Ghana. However, a careful review of the submitted POD reveals that it may not deliver the best value to the good people of Ghana. Also, from our investigations, it looks like there wasn’t much collaboration with all the relevant stakeholders in the various fields prior to proposing development strategies for some of the fields that straddle other blocks. These and other things make the under-listed questions very relevant: 1. Aker’s Petroleum Agreement and the laws of the land require it to submit a POD in a particular format. Among others, the POD is to be based on detailed engineering studies and include estimated production profiles, proposal for the delineation of the development and production area, etc. Would you say that the POD Aker submitted followed this prescribed format for ALL the discoveries in your contract area? Kindly note the emphasis on the word “all”. 2.Aker’s contract area has discoveries that straddle other contract areas; In order to propose the most efficient strategy for developing those fields, international best practices require that it works closely with the operators of those fields. Did Aker work with the operators of the fields that have discoveries straddling its block before proposing a development strategy for those fields? 3. In Aker’s POD, the company indicated that it will take a decision on the Beech field in 2025 and bring it into production in 2029 contrary to what was earlier communicated to Ghana’s Finance Minister barely a month ago: a. What informed this decision? b. Was this decision taken in consultation with the other operators? c. What happens if Aker decides, in 2025, not to develop that field, will the nation not have lost out? 4. The Finance Minister is reported to have told investors in Norway that Aker was considering bringing a field (the Beech field) into production before the end of 2020 or 1st Quarter 2021, is that still the case? 5. In the aforementioned press statement on Aker’s website, it indicated that “In addition to the FPSO for the Pecan field development, Aker Energy has entered into an option agreement with Ocean Yield ASA for a second FPSO, Dhirubai-1. If the option is exercised, Dhirubai-1 could either be used to accelerate production or for other, potential developments dependent on volumes and geographical distribution of these”: a. What informed the decision to enter into an option agreement for an FPSO even before submitting a comprehensive POD for these “potential developments”? b. The “potential developments”, do they straddle other contract areas? c. If some of them do, were the operators of those fields consulted before Aker entered into the option agreement with Ocean Yield ASA? Once again, the reason why these questions and the answers we seek are important is that we believe closer cooperation with all relevant stakeholders in agreeing a strategy for developing the field would present the country a much better deal than one developed by a few stakeholders. Sincerely, Franklin Cudjoe Founding President & CEO, IMANI

Chevron Announces Agreement To Acquire Anadarko

Michael Creg Afful
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Chevron Corporation, one of the world’s leading integrated energy companies has announced that it has entered into a definitive agreement with Anadarko Petroleum Corporation (NYSE: APC) to acquire all of the outstanding shares of Anadarko in a stock and cash transaction valued at $33 billion, or $65 per share. Based on Chevron’s closing price on April 11th, 2019 and under the terms of the agreement, Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share. The total enterprise value of the transaction is $50 billion. In a statement posted on the Corporation’s website, Chevron noted that the acquisition of Anadarko will significantly enhance Chevron’s already advantaged Upstream portfolio and further strengthen its leading positions in large, attractive shale, deepwater and natural gas resource basins. Furthermore, Western Midstream Partners, LP (NYSE: WES) is a successful midstream company whose assets are well aligned with the combined companies’ upstream positions, which should further enhance their economics and execution capabilities. “This transaction builds strength on strength for Chevron,” said Chevron’s Chairman and CEO Michael Wirth. “The combination of Anadarko’s premier, high-quality assets with our advantaged portfolio strengthens our leading position in the Permian, builds on our deepwater Gulf of Mexico capabilities and will grow our LNG business. It creates attractive growth opportunities in areas that play to Chevron’s operational strengths and underscores our commitment to short-cycle, higher-return investments.” “This transaction will unlock significant value for shareholders, generating anticipated annual run-rate synergies of approximately $2 billion and will be accretive to free cash flow and earnings one year after close,” Wirth concluded. In a brief remarks, Chairman and CEO of Anadarko Al Walker, said “The strategic combination of Chevron and Anadarko will form a stronger and better company with world-class assets, people and opportunities.” “I have tremendous respect for Mike and his leadership team and believe Chevron’s strategy, scale and operational capabilities will further accelerate the value of Anadarko’s assets,” he added.

Ghana Gas to pay $20m dividend to government – PRO

Michael Creg Afful
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Ernest Owusu Bempah, Head of Communications at Ghana Gas Company Limited

The Head of Communications at Ghana Gas Company Limited, Ernest Owusu Bempah Bonsu, has noted that despite the legacy debts in the energy sector Ghana Gas will soon pay a dividend to the Government of Ghana. “The Government is doing something about it, it is a cyclical debt in the energy sector and the Ministry of Finance is dealing with it. Basically, that issue does not arise because VRA is paying as we (Ghana Gas ) hold the Gas in trust of Ghana National Petroleum Commission(GNPC) so technicalities are involved. “Aside that Ghana Gas is doing other projects like supplying close to 60 percent of Liquified Petroleum Gas(LPG) as well; that is giving us money; and this year, am disclosing to you we are the only company that is going to pay dividend to the Government of Ghana of about 20 million dollars,” he said. He revealed that a lot of savings and prudent spending has been undertaken under the Dr Ben Asante administration that has resulted in the Company acquiring an ultra modern office and increasing its employment figures to over 600. “…Just one and a half months savings of staff indigenization was used to purchase our ultra-modern office in Accra; the Company was staying in somebody’s house; a semi-detached house having about 10 people in one office. This time around we have the best office in the modern history of a corporate environment; that tells you that prudent management has resulted in that”.

Load shedding to minimize as Ghana Gas completes tie-in of gas pipelines

Michael Creg Afful
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Load shedding to minimize as Ghana Gas completes tie-in of gas pipelines
Dr Benjamin K. D Asante, CEO of Ghana Gas The power outages being experienced in some parts of the country is expected to ease in the coming days.

This is because of the completion of tie-in of gas pipelines connecting Takoradi and Tema. The country lost about 300MW of power due to the shut down of Atuabo Gas Processing Plant for mandatory maintenance works. Speaking to journalists on the progress of work on Thursday [April 11, 2019], the Head of Communications at the Ghana Gas Company, Ernest Owusu Bempah maintains that the situation should normalize soon. “As at Monday [April 8, 2019], we were producing about 110 million standard cubic feet (mmscf) of gas which was giving us 600megawatts of electricity. Today [Thursday] the engineers are informing that we are producing about 130 which should give us almost 680 to 700 megawatts of electricity which is key,” he explained. The disclosure by the Ghana Gas company limited comes about twenty-four hours ahead of the scheduled date for completion of the tie-in process of gas pipelines from Takoradi and Tema. The move which required a mandatory shut down of the gas processing facility, impacted the supply of power to some parts of the country. It also followed an earlier assurance by the Energy Ministry that the power situation should be corrected a week earlier. Mr. Owusu Bempah also mentioned that there has .”

Load shedding to minimize as Ghana Gas completes tie-in of gas pipelines

Michael Creg Afful
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Load shedding to minimize as Ghana Gas completes tie-in of gas pipelines
Dr Benjamin K. D Asante, CEO of Ghana Gas The power outages being experienced in some parts of the country is expected to ease in the coming days.

This is because of the completion of tie-in of gas pipelines connecting Takoradi and Tema. The country lost about 300MW of power due to the shut down of Atuabo Gas Processing Plant for mandatory maintenance works. Speaking to journalists on the progress of work on Thursday [April 11, 2019], the Head of Communications at the Ghana Gas Company, Ernest Owusu Bempah maintains that the situation should normalize soon. “As at Monday [April 8, 2019], we were producing about 110 million standard cubic feet (mmscf) of gas which was giving us 600megawatts of electricity. Today [Thursday] the engineers are informing that we are producing about 130 which should give us almost 680 to 700 megawatts of electricity which is key,” he explained. The disclosure by the Ghana Gas company limited comes about twenty-four hours ahead of the scheduled date for completion of the tie-in process of gas pipelines from Takoradi and Tema. The move which required a mandatory shut down of the gas processing facility, impacted the supply of power to some parts of the country. It also followed an earlier assurance by the Energy Ministry that the power situation should be corrected a week earlier. Mr. Owusu Bempah also mentioned that there has .”

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