SA: Eskom CEO Resigns Due To ‘unimaginable Demands’
Phakamani Hadebe, CEO of Eskom
Chief Executive Officer of South Africa’s power utility company, Eskom, Phakamani Hadebe has announced his sudden resignation due to what he described as ‘unimaginable demands’ which is impacting on his health.
Hadebe will officially leave Eskom at the end of July 2019.
“It is no secret that this role comes with unimaginable demands which have unfortunately had a negative impact on my health. In the best interests of Eskom and my family, I have therefore decided to step down,” said Hadebe in a statement issued by Eskom on Friday night.
“I am humbled and grateful to have contributed towards the stability for an organization that is critical for our economy. I am particularly grateful to the board, the EXCO, and all our employees for their resilience and support during this journey.”
According to Eskom chair Jabu Mabuza, Hadebe has been instrumental in driving stability at Eskom during a very challenging period at the organisation.
“We have learnt to depend on his resilience to drive the kind of transformation that South Africa expects of our organisation. Appreciating the toll that this takes on an individual, we have had to, with regret, accept his decision,” said Mabuza.
The Eskom board said it is grateful to Hadebe for his commitment to ensuring leadership stability as a critical factor in the successful implementation of Eskom’s “strategy to deliver on both our commercial and developmental mandate and as such will be engaging with him over the coming two weeks to ensure continuity and a steady transition”.
Hadebe served in senior management positions in both the private and public sectors.
Most recently he was CEO Corporate and Investment banking at Barclays Africa.
Prior to that, he was the CEO of the Land and Agricultural Bank, a state-owned enterprise which he managed to turn around to operate profitably over five years during his tenure.
Hadebe spent most of his career at National Treasury.
In his role as Head of Assets and Liabilities division within National Treasury, from 2003-2008, he was responsible for government debt management and sovereign risk management and National Treasury’s oversight of all state-owned enterprises.
Source: esi-africa.com
GHC86m Lost Over Non-payment Of Bills In Lower Manya Krobo – PDS
Power Distribution Services (PDS) has revealed that it has lost about GHc86 million in the Lower Manya Krobo Municipality over the non-payment of bills by customers in the last five years.
PDS’ concerns come amid the unrest in the municipality as it engages in a mass disconnection exercise.
The Tema Regional General Manager of the PDS, Joseph Mensah Forson, highlighted some of PDS’ financial challenges whilst accusing controversial group, the United Krobo Foundation of fuelling the agitations against its mass disconnection exercise.
“These actions by the customers in the district have caused the company serious challenges in its commercial activities and in effect, its finances and operations. Counting back from 2014 up to 2019, we are talking about close to GHc 86 million.”
Mr. Forson also discounted claims of overbilling as alleged by power consumers in the Kroboland explaining that they are merely accumulated Bills from over the years.
“The bills that they are talking about and they say they are overbilling; it is not overbilling per se. It is the terminologies that they are getting wrong,” he remarked.
According to him, their meters were installed by the Ministry of Energy and “by the time that we were made aware to make sure we capture these customers, probably they may have enjoyed electricity for a year, two or three years.”
“So when you get that a year, two or three years bill… it is as a result of the residual years that the meters were not captured. That is what they actually project as overbilling,” Mr. Forson added.
The unrest over the disconnection exercise has led to at least one death, many injuries and the arrest of 35 persons.
About 100 security personnel have been deployed to the district to curb rioting that went on for days.
The person who died was hit by a stray bullet during an attack on a police team providing protection at the Municipal Assembly Office on Wednesday afternoon.
The Eastern Regional Minister, Eric Kwakye Darfuor, has charged security personnel deployed to the Lower Manya Krobo Municipality to arrest members of the United Krobo Foundation accused of fueling violence.
Source:citinewsroom.com
Tullow Ghana Pays First Dividend In Four Years
Tullow Plc has announced the payment of US$67 million as dividend to its shareholders for the year 2018 — the first time in four years.
The company also announced a new dividend policy which will allow it to pay a dividend of US$100 million annually to shareholders.
Chief Executive of Tullow Group, Paul McDade said the decision to pay dividend is as a result of the company’s strong financial performance despite oil price volatility.
“We suspended the dividend but over the last few years, we have worked very hard to get the company working very well and very profitable. And when we got to the end of 2018, we decided that we were back in very good financial health and therefore we could reinstate the dividend,” he explained.
Tullow Oil’s total revenue for 2018 was US$1.9 billion dollars. It recorded US$85 million as profit after tax. Tullow operates two blocks in Ghana, Jubilee and Ten. The company currently produces 100,000 barrels of oil from the Jubilee field and 70,000 barrels from the TEN field.
The Company also expressed confidence in winning the bid to explore some more oil from one of the new blocks being offered by the government.
Tullow, ENI and Vitol are bidding for block three which is one out of the three blocks government has put up for competitive bidding.
Managing Director of Tullow Ghana and Executive Vice President of Tullow Group, Mr Kweku Awotwe Andoh said: “We have a 50/50 chance but it all depends on how the government evaluates its bid. We think we have been quite aggressive in our bid. Some of it is that we have been here a long time, we know the area very well, and so we have a big programme that expects us to drill wells almost immediately.”
Tullow also announced plans to spend US$250 million to boost its operations in Ghana in 2019. The company said funds will be spent predominantly on the drilling of wells.
Kenya To Export First Crude Shipment In June
Kenya is expected to export its first shipment of crude sometime in June, according to the East African country’s Petroleum Cabinet Secretary John Munyes.
Munyes said so far Tullow Oil has transported 87,000 barrels of crude oil from Lokichar to Mombasa’s Kenya Oil Refineries Limited tanks for storage.
The country will only be able to make its first crude oil shipment after hitting the 200,000-barrel mark.
While speaking at the official opening of the 9th East Africa Petroleum Conference at Pride Inn Hotel Mombasa, Munyes said Kenya is poised to become a huge crude oil exporter.
“By June this year, we hope the oil that we have been trucking from Lokichar to Mombasa will hit the 200,000 barrels. We’ll have the 200,000 barrels getting into vessel, ready for shipment,” said Munyes.
Ethiopia Secures Grant To Roll-Out Hydropower Projects
The Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank, has recently approved a $995,000 grant to support the roll-out of a sustainable procurement framework for Independent Power Producers (IPPs) in Ethiopia.
The SEFA grant is aimed at encouraging private investments into hydropower projects through Ethiopia’s Renewable Energy Programme.
It will strengthen the government’s capacity to undertake bankability and technical analysis including feasibility assessments of projects in the hydro priority pipeline.
The grant also provides for environmental and social impact assessments, resettlements action plans, and preparation of bidding documents for hydro projects.
“A well-structured procurement framework is crucial in mobilising the investments necessary to achieve universal energy access in Africa,” said Wale Shonibare, the Bank’s acting Vice-President for power, energy, climate change and green growth.
“The SEFA programme will boost private IPPs participation, and spur investments into the Ethiopian hydro power sector. The programme also complements the assistance provided by the Bank’s Institutional IPP/PPP Support Project, as well as the Bank-financed Mekele-Dallol and Semera-Afdera Power Supply for Industrial Development and Access Scale-up Project”, Shonibare added.
Untapped renewable energy potential
Ethiopia has a vast but untapped renewable energy potential.
Under a long-term development strategy, the government has outlined a National Electrification Programme (NEP), targeting universal access by 2025 through a 65% on-grid, and 35% off grid combination.
The goal is to transform the country into a regional energy hub by 2030.
Group Blames MP For Lower Krobo For Impasse Between PDS And Residents Over Electricity Bills
For immediate Release:
Blame Hon. OKLETEY TERLABI for the impasse that ensued between the youth of Kroboland PDS officials and the Ghana Police
The Concern Youth of Kroboland has watched with keen interest the various commentaries on the current electricity bill issues between the good people of Manya krobo, the Power Distribution Service (PDS) and the Ghana Police Service. The most observed comments which have been become a concern to us as a group is that of the Member of Parliament (MP) Hon. Okletey Terlabi. His commentaries and posture in the media have come as a surprise to many of us and we deem it fit to set the records straight in order to send a strong warning to opportunistic politicians whose aim is to capitalise on our plight to exploit our intelligence.
Whilst effort is being made by respected advocacy groups and other stakeholders in Kroboland to engage the PDS to relook at our bills and correct the anomalies, the Concern Youth of Kroboland wishes to state UNEQUIVOCALLY FOR THE RECORDS that the honourable MP did nothing to help solve the issues of anomalies on the electricity bills when these issues were raised in the year 2014 till date. In fact, he always goes into *hibernation* when citizens raise that issue. Therefore it is surprising that all of a sudden he has metamorphosed from that *“laissez faire”* leadership style to the kind he is portraying lately when this issue heightened again. His antics to shift leadership blame to others whiles he has the opportunity as the MP and *REPRESENTATIVE* of the people to file questions in parliament or engage the relevant bodies to demand answers since 2014 can never be grossed over.
For the records, we want the good people of Ghana and Manya Krobo to know that he has stimulated these problems that have engulfed us through a pressure group called *UNITED KROBO FOUNDATION.* This group has been used as the vehicle to pollute the minds of the good people of Manya Krobo to disregard a Memorandum of Understanding (MoU) between PDS and advocacy groups on several consultative and dialogue meetings held with the Electricity Company of Ghana (ECG) now PDS, on the roadmap to solve this issues permanently. It is of public knowledge that he is the major financier of the said group led by one *Teye Kwao Kasim popularly known as ALHAJI.* A lifetime patron conferred on him by the leadership of the said group and they were able to mention the amount so far spent by the MP to finance their activities on public platforms mounted by them.
Honestly, what we are seeing now though upsetting but is no surprise to us in retrospect because we have an MP who is only interested in how to crush and subtly defame leaders of the land in order to lead. It is very disappointing, to say the least, the tangent on which the honourable MP wants his followers to emulate him. Our advice to him is not to use every given opportunity, to be running down good initiatives in Manya Krobo merely to realise his narrow, parochial and partisan interest. That is alien to Krobo culture.
We urge him to emulate the sincerity and the accuracy put out by his colleague MP for Yilo Krobo honourable Magnus Kofi Amoatey with regards to these electricity bill issues in the Krobo areas.
To end, we call on all youth leaders in Kroboland to calm down their followers, unite and reengage PDS and other stakeholders to resurrect the MoU signed earlier in 2018 and implement the agreed roadmap to forestall peace and stability that the Kroboland is noted for. We also urge the Ghana Police and PDS officials to also be professional and customer care oriented towards the people they serve.
Thank you.
_Signed:_
1. Daniel Sackitey
*(Convener) 0208881254*
2. Felix Batsa Akweteh
*(Organizer) 0246135670*
3. Alfredi Mamle Augustina
*(Women Commissioner) 0244316594*
Ghana: Shareholders Of GOIL Approve Company’s Decision To Partner ExxonMobil For DWCTP Oil Block
Mr Patrick Akpe Kwame Akorli, CEO of GOIL
Shareholders of Ghana Oil Company Limited (GOIL) have approved the decision of the board for the compalny to partner with US oil and gas giant, ExxonMobil, to explore oil in the Deep Water Cape Three Point (DW/OCTP) block in the Western Region of Ghana.
The shareholders gave the company the greenlight at the company’s 50th Annual General Meeting in Accra, capital of Ghana.
GOIL, in November last year, signed a joint operating agreement with ExxonMobil after the latter was given the Deepwater Cape Three Points oil block for exploration.
The agreement between GOIL and ExxonMobil followed the completion of an elaborate and a rigorous due diligence by ExxonMobil.
The agreement was sealed after ‘no objection’ approval from the Government of Ghana, represented by the Ministry of Energy.
ExxonMobil’s selection of GOIL was in compliance of Ghana’s Local Content and Local Participation Regulation 2013 (LI 2204), which stipulates a 5 per cent stake reserved for a local entity.
Speaking to energynewsafrica.com in an interview during GOIL’s 50th Annual General Meeting in Accra, Group Chief Executive Officer and Managing Director of GOIL, Mr Patrick Akpe Kwame Akorli said they were excited about the shareholders’ decision to approve the partnership.
“It’s an excitement,” he said.
He said having 50th AGM means that the company has come far, saying “you can’t be doing the same thing all the time when you’re competing with about 80 oil marketing companies, some of which are multinationals.”
In his view, the petroleum downstream which GOIL finds itself is now chocked, explaining that management had developed a strategic plan which captures some other areas the company can take advantage to expand.
He argued that there was the need for local companies to venture into the upstream industry instead of leaving it for only the multinational companies to operate.
“Multinationals cannot becoming here to do business while we sit aloof. Some of the local companies need to move out there,” he suggested.
$25m Risk
GOIL is expected to make expenditure of about $25 million over a period of five years, as their contribution to oil exploration activities in the Deep Water Cape Three Point.
Asked whether they have done assessment and are hopeful that their investments would not go waste, Mr Patrick Akorli responded in the affirmative, adding that they have been given strongest assurance by ExxonMobil that they would strike oil in the block.
Mr Akorli assured shareholders that the investment would be a profitable venture and would also lead to capacity building for its staff and Ghanaians in the oil upstream sector.
“Oil exploration is always a risky business but there’s a good chance of ExxonMobil striking oil in Ghana…it gives GOIL workers and engineers the chance to be trained for the upstream business, because the upstream business is expanding but the local content is not being felt, so we as indigenous marketing company thought well, it’s our time to try it,” he added.
He argued that there was the need for local companies to venture into the upstream industry instead of leaving it for only the multinational companies to operate.
“Multinationals cannot becoming here to do business while we sit aloof. Some of the local companies need to move out there,” he suggested.
$25m Risk
GOIL is expected to make expenditure of about $25 million over a period of five years, as their contribution to oil exploration activities in the Deep Water Cape Three Point.
Asked whether they have done assessment and are hopeful that their investments would not go waste, Mr Patrick Akorli responded in the affirmative, adding that they have been given strongest assurance by ExxonMobil that they would strike oil in the block.
Mr Akorli assured shareholders that the investment would be a profitable venture and would also lead to capacity building for its staff and Ghanaians in the oil upstream sector.
“Oil exploration is always a risky business but there’s a good chance of ExxonMobil striking oil in Ghana…it gives GOIL workers and engineers the chance to be trained for the upstream business, because the upstream business is expanding but the local content is not being felt, so we as indigenous marketing company thought well, it’s our time to try it,” he added. Ghana: Shareholders Of GOIL Approve Company’s Decision To Partner ExxonMobil For DWCTP Oil Block
Mr Patrick Akpe Kwame Akorli, CEO of GOIL
Shareholders of Ghana Oil Company Limited (GOIL) have approved the decision of the board for the company to partner with US oil and gas giant, ExxonMobil, to explore oil in the Deep Water Cape Three Point (DW/OCTP) block in the Western Region of Ghana.
The shareholders gave the company the greenlight at the company’s 50th Annual General Meeting in Accra, capital of Ghana.
GOIL, in November last year, signed a joint operating agreement with ExxonMobil after the latter was given the Deepwater Cape Three Points oil block for exploration.
The agreement between GOIL and ExxonMobil followed the completion of an elaborate and a rigorous due diligence by ExxonMobil.
The agreement was sealed after ‘no objection’ approval from the Government of Ghana, represented by the Ministry of Energy.
ExxonMobil’s selection of GOIL was in compliance of Ghana’s Local Content and Local Participation Regulation 2013 (LI 2204), which stipulates a 5 per cent stake reserved for a local entity.
Speaking to energynewsafrica.com in an interview during GOIL’s 50th Annual General Meeting in Accra, Group Chief Executive Officer and Managing Director of GOIL, Mr Patrick Akpe Kwame Akorli said they were excited about the shareholders’ decision to approve the partnership.
“It’s an excitement,” he said.
He said having 50th AGM means that the company has come far, saying “you can’t be doing the same thing all the time when you’re competing with about 80 oil marketing companies, some of which are multinationals.
“In his view, the petroleum downstream which GOIL finds itself is now chocked, explaining that management had developed a strategic plan which captures some other areas the company can take advantage to expand.
He argued that there was the need for local companies to venture into the upstream industry instead of leaving it for only the multinational companies to operate.
“Multinationals cannot becoming here to do business while we sit aloof. Some of the local companies need to move out there,” he suggested.
$25m Risk
GOIL is expected to make expenditure of about $25 million over a period of five years, as their contribution to oil exploration activities in the Deep Water Cape Three Point.
Asked whether they have done assessment and are hopeful that their investments would not go waste, Mr Patrick Akorli responded in the affirmative, adding that they have been given strongest assurance by ExxonMobil that they would strike oil in the block.
Mr Akorli assured shareholders that the investment would be a profitable venture and would also lead to capacity building for its staff and Ghanaians in the oil upstream sector.
“Oil exploration is always a risky business but there’s a good chance of ExxonMobil striking oil in Ghana…it gives GOIL workers and engineers the chance to be trained for the upstream business, because the upstream business is expanding but the local content is not being felt, so we as indigenous marketing company thought well, it’s our time to try it,” he added.
He argued that there was the need for local companies to venture into the upstream industry instead of leaving it for only the multinational companies to operate.
“Multinationals cannot becoming here to do business while we sit aloof. Some of the local companies need to move out there,” he suggested.
$25m Risk
GOIL is expected to make expenditure of about $25 million over a period of five years, as their contribution to oil exploration activities in the Deep Water Cape Three Point.
Asked whether they have done assessment and are hopeful that their investments would not go waste, Mr Patrick Akorli responded in the affirmative, adding that they have been given strongest assurance by ExxonMobil that they would strike oil in the block.
Mr Akorli assured shareholders that the investment would be a profitable venture and would also lead to capacity building for its staff and Ghanaians in the oil upstream sector.
“Oil exploration is always a risky business but there’s a good chance of ExxonMobil striking oil in Ghana…it gives GOIL workers and engineers the chance to be trained for the upstream business, because the upstream business is expanding but the local content is not being felt, so we as indigenous marketing company thought well, it’s our time to try it,” he added. GOIL’s Profit Grows By 20% Over 5 Years
Kwamena Bartels(middle) reading the resolutions to the Shareholders.
Ghana’s biggest indigenous Oil Marketing Company, GOIL, has made a consolidated profit after tax of GH₵81.9 million.
The company also, by resolution, has changed its name from Ghana Oil Company Limited to GOIL Company Limited.
This was disclosed by the Board Chairman of GOIL, Kwamena Bartels at the 50th Annual General Meeting (AGM), held in Accra.
“Over the last five years, the company’s profit after tax has grown 20% per year on average. In the year under review, 2018, GOIL made a consolidated profit after tax of GH₵81.9 million, up by 26%. The assets of GOIL, as a group grew by 30%, from GH₵1,036 billion to GH₵1,346 billion.
“Earnings per share increased from approximately 17 pesewas per share to 21 pesewas per share”, Kwamena Bartels reported.
As a result, the Board of Directors proposed a dividend of GH₵0.042 per share, a 50% increase over that of the year 2017”.
The Board of Directors also approved a change in the name of the company from Ghana Oil Company Limited to GOIL Company Limited and gave its blessings to its partnership with ExxonMobil on the exploration of Deep-Water Cape Three Points oil field.
On issues of Health, Security, Safety and Environment, Kwamena Bartels said GOIL was committed to achieving a goal of “Zero harm” to staff, customers and communities in which they operate.
Measures like Hazard identification, Risk Assessment, Workplace audits and inspection were undertaken to ensure the full realization of this goal.
Rigorous security measures with the assistance of the Ghana Police Service to protect lives and property were largely successful in deterring armed robbers and other criminals from GOIL service stations, especially those in the remote areas, where armed robbers attack were rampant.
Mr Bartels said through dedication and hard work, GOIL is now 14001:2015 (EMS) certified.
The Group CEO and Managing Director, Mr Patrick AKorli who is retiring after over 23 years of service, assured shareholders the company was on the path of growth.
He noted that GOIL is embarking on major diversification of portfolio to boost profitability and ensure a solid future.
He, therefore, asked shareholders to continue to believe in GOIL.
To tap his rich and immense experience, Mr Patrick Akorli assumes a new role as the Board Chairman of Go Energy, the subsidiary Bulk Distribution Company of GOIL.
The Board of Directors also approved a change in the name of the company from Ghana Oil Company Limited to GOIL Company Limited and gave its blessings to its partnership with ExxonMobil on the exploration of Deep-Water Cape Three Points oil field.
On issues of Health, Security, Safety and Environment, Kwamena Bartels said GOIL was committed to achieving a goal of “Zero harm” to staff, customers and communities in which they operate.
Measures like Hazard identification, Risk Assessment, Workplace audits and inspection were undertaken to ensure the full realization of this goal.
Rigorous security measures with the assistance of the Ghana Police Service to protect lives and property were largely successful in deterring armed robbers and other criminals from GOIL service stations, especially those in the remote areas, where armed robbers attack were rampant.
Mr Bartels said through dedication and hard work, GOIL is now 14001:2015 (EMS) certified.
The Group CEO and Managing Director, Mr Patrick AKorli who is retiring after over 23 years of service, assured shareholders the company was on the path of growth.
He noted that GOIL is embarking on major diversification of portfolio to boost profitability and ensure a solid future.
He, therefore, asked shareholders to continue to believe in GOIL.
To tap his rich and immense experience, Mr Patrick Akorli assumes a new role as the Board Chairman of Go Energy, the subsidiary Bulk Distribution Company of GOIL. Ghana: ‘Go Off The National Grid If You Can’t Pay For Electricity Bills’ – Minister To Agitating Krobos
Ghana’s Eastern Regional Minister, Eric Kwakye Darfuor, has suggested to agitating residents of Lower Manya Krobo area to go off the country’s national electricity grid if they feel they cannot pay bills.
According to the Regional Minister, it is impossible for their demand for free electricity supply to be met therefore they must be ready to pay electricity bills presented to them by the country’s Power Distribution Services( PDS) or get off the National grid.
“We are all Ghanaians, we are all human beings, we don’t want anybody to be mistreated. People should feel free and go about their duties legitimately. If you feel you cannot pay for electricity cut it off. It is optional, the only thing that Universally is free in Ghana now is Free SHS not electricity bill.”
The Regional Minister said this on Thursday, 23rd May, 2019 during a stakeholders meeting following series of protests by power consumers in the Lower Manya Municipality that they were not going to pay for electricity bills because, Ghana’s first President late Dr Kwame Nkrumah promised them that they would enjoy free electricity, due to the fact the Akosombo Dam which gives Ghana about 900 MW of power is situated on their land.
Interestingly, the residents also alleged that they are being over billed a claim officials of PDS have refuted.
The Regional Minister noted that, there is no free energy any where in the world and that what government of Ghana has done is to reduce electricity tariff for various consumers.
“Everybody, the Rich and Poor, you have to pay for electricity. Fuel has never been for free whether it is firewood or charcoal or solar or anything it is never free. Never in this world, I haven’t seen it before”.
He has meanwhile ordered for the arrest of leaders of groups and individuals masterminding the riot in the area.
Members of both REGSEC and MUSEC had meanwhile visited the Konor of Manya Krobo, Nene Sakitey to hold a close door meeeting with him .
The Public Relations Officer of the Manya Krobo Traditional Council ,Nene Asada Ahor ,told the media Konor is not happy with the violent approach adopted by the youth adding that they did not channel their grievances through the traditional authority for diplomatic means to be use to have it addressed.
BBOXX Bags $8m Loan To Accelerate Solar Home Systems In Rwanda
Next generation utility, BBOXX, has secured an $8 million loan from the Facility for Energy Inclusion Off-Grid Energy Access Fund (FEI OGEF).
The local currency loan – one of the first to be made since the fund’s launch last year – accelerates BBOXX’s roll-out of solar home systems across Rwanda, its largest market.
The Rwandan Franc-denominated loan enables the company to expand its operations and bring clean, reliable and affordable energy to many more individuals, communities, and SMEs previously living without it.
To date, BBOXX has installed 80,000 solar home systems in customers’ homes and businesses across Rwanda.
The innovative local currency loan mitigates the company’s medium-term FX related risks, as customers make mobile money payments in Rwandan Francs to pay for their solar electricity.
Mansoor Hamayun, CEO and co-founder of BBOXX commented: “We are thrilled to have secured this loan from FEI OGEF to turbocharge our roll-out of solar home systems across Rwanda. It will help us to advance our goal of transforming lives and unlocking economic potential through access to energy.”
He added: “With substantial operations in Rwanda already, this deal demonstrates confidence in our business model and our ability to scale and deliver much-needed reliable and affordable electricity, as the entry point to all other modern utilities.”
Blended finance
FEI OGEF is a $100 million blended finance debt fund that provides predominantly secured financing to support the growth of innovative companies in the off-grid energy sector.
The fund is managed by LHGP Asset Management, the asset management arm of Lion’s Head Group.
FEI OGEF is the off-grid window of the African Development Bank (AfDB) flagship initiative, Facility for Energy Inclusion.
It has received funding from the AfDB, the Nordic Development Fund, the European Union, the Global Environment Facility, and All-On Nigeria as well as debt financing from Calvert Impact Capital and the Prudential Insurance Company of America.
Harry Guinness, managing director at Lion’s Head and OGEF Fund manager, said: “BBOXX has invested in the team, products, and infrastructure needed to achieve scale. With this transaction, FEI OGEF provides efficient, sustainable and scalable capital to catalyse the next stage of BBOXX’s growth in Rwanda and beyond.”
Ghana: ExxonMobil Declines To Give Reasons For Withdrawing From Oil Blocks Bidding
US oil giant ExxonMobil has declined to give explanation to the media about its decision to pull out from bidding for oil block it had applied for in the West African country, Ghana, in the ongoing Licensing Bid Round.
According to the company, it does not comment on issues relating to its business to third parties.
ExxonMobil and British Petroleum (BP) had earlier submitted applications for direct negotiations for blocks 5 and 6 respectively, which energynewsafrica.com understands ExxonMobil also applied for blocks 2,3 and 4.
However, the two international oil companies pulled out at the embers.
The government, through the Energy Ministry, earmarked five oil blocks for exploration.
Three of the blocks-2, 3 and 4-were to go through competitive bidding process while two blocks-5 and 6-were supposed to be for direct negotiations.
The deadline for the submission of bids for the blocks elapsed at 3pm today, May 21, 2019.
However, at about 15:15 GMT on Tuesday, when the bids were opened in the presence of pressmen and representatives of some of the companies which were pre-qualified, ExxonMobil and British Petroleum were missing from the race.
Chief Director at the Ministry of Energy Lawrence Apaalse, told the press that the Ministry received information from the two companies, requesting direct negotiations for blocks 5 and 6 that they were no longer interested in them.
Energynewsafrica.com, therefore, called the Texas office of the company to make enquiries on why the company decided to withdraw from bidding for the oil blocks it had earlier applied for.
In a response contained in an email sent to energynewsafrica.com Operations Media Manager for ExxonMobil Todd Spitler noted that the company does not comment on thirty party speculation or rumour.
“Thank you for your inquiry. As a matter of practice, we do not comment on third party speculation or rumour,” he said.
Occidental To Remove CO2 From Air, Use It To Boost Oil Recovery In The Permian
A subsidiary of Occidental and Canadian clean energy company Carbon Engineering are teaming up to build the world’s biggest Direct Air Capture (DAC) and sequestration facility in the Permian that will suck carbon dioxide from the air to be later used in enhanced oil recovery.
Occidental’s subsidiary Oxy Low Carbon Ventures (OLCV) and Carbon Engineering are proceeding with the engineering and design of this facility aimed at capturing 500 kilotons of carbon dioxide (CO2) directly from the atmosphere each year, which would be used in Occidental’s enhanced oil recovery (EOR) operations and subsequently stored underground permanently, the companies said in a joint statement.
In case the two companies approve the plant, construction is expected to start in 2021, and the plant is set to be operational some two years later.
“Using atmospheric CO2 for oil recovery greatly reduces the net addition of CO2 to the atmosphere from oil production and fuel use, and opens a pathway to producing fully carbon-neutral or even net-negative fuels,” OLCV President Richard Jackson said.
“These carbon removal technologies need to be deployed widely and at large enough scales to be climate-relevant,” Steve Oldham, CEO at Carbon Engineering, said.
Carbon Engineering—a privately owned company funded by private investors, including Bill Gates and Murray Edwards—said last year that it had developed an affordable way to capture CO2 from the atmosphere and convert it into clean fuels.
Not only are the scientists sucking CO2 out of the air, but they are also commercializing a process which uses water electrolysis and fuels synthesis to produce clean liquid hydrocarbon fuels that are drop-in compatible with existing transportation infrastructure.
Occidental, for its part, is already using CO2 to enable low-cost EOR and will have a lot more Permian operations after it outbid Chevron and signed earlier this month an agreement to buy Anadarko in one of the largest deals in the oil industry in the past few years.
Source: Oilprice.com
Withdrawal Of ExxonMobil And BP From Oil Blocks Bidding Disappointing-Energy Experts
Some players in the energy sector say the withdrawal of ExxonMobil and British Petroleum(BP) from the bidding process for oil blocks is disappointing.
The two international oil companies had earlier submitted applications for direct negotiations for block 5 and 6 in the ongoing licensing bid round but pulled out at the embers.
It is not clear yet why the two multinational companies decided to pull out at the last minute.
Executive Director of KITE Ghana, Ishmael Agyekumhene says the withdrawal of the two, is unfortunate.
“I wouldn’t know what informed their withdrawal, but the presence of those big companies sends a signal. Their presence in your bidding means you have arrived as an oil producing country. I just hope they come back in one way or the other,” he said.
Executive Director of the African Centre for Energy Policy (ACEP) Ben Boakye said irrespective of the withdrawal, the process should still continue with due diligence.
“The disappointing part is that you have over 16 companies submitting applications and then later, it reduces to 3. Nobody is happy when the big guys leave the table. We at ACEP wished they were still in the process, but all the same, we hope the process continues.”
But Energy analyst with the Institute of Energy Security, Mikdad Mohammed says, the withdrawal is not surprising.
“It’s not a surprise, because I know they got data on the blocks they were bidding for. So maybe it could be that their assessment of the data, didn’t meet their criteria to continue with the bidding,” he explained.
Meanwhile, ENI and Vitol, as well as Tullow Ghana Limited, submitted bids for block 3 with First E&P submitting bid for block 2.
Source: 3news.com