South Africa’s Minister for Electricity and Energy, Dr. Kgosientsho Ramokgopa, has been honoured with a Lifetime Achievement Award by the organisers of the Africa Energy Forum (AEF) for his role in helping to reduce load shedding and strengthen the country’s energy security.
He was presented with the award at the opening of the 28th Africa Energy Forum (AEF), currently underway at the Cape Town International Convention Centre (CTICC) from 16–19 June 2026.
The Africa Energy Forum (AEF) 2026, under the theme “Building Africa’s Industrialised Future,” highlights the continent’s need to power growth for more than 1.5 billion people.
The Minister invited on stage the Deputy Minister of Electricity and Energy, Ms. Samantha Graham-Maré, and the Group Chief Executive of Eskom, Mr. Dan Marokane, to share the moment during the award presentation.
South Africa has experienced persistent electricity shortages for more than a decade, largely driven by aging power infrastructure, maintenance backlogs, and insufficient generation capacity from the state utility, Eskom.
To manage supply constraints and prevent a total grid collapse, Eskom implemented load shedding, a controlled and rotational power-cut system that temporarily disconnects parts of the grid to balance demand and supply.
At its peak, load shedding significantly disrupted economic activity, affecting businesses, households, and essential services, and becoming one of South Africa’s most pressing economic challenges.
In recent years, the government has implemented a series of reforms, emergency procurement measures, and increased private-sector participation to stabilize the power system.
These efforts have contributed to a noticeable reduction in the frequency and severity of load shedding, which is part of the progress highlighted during the award recognition of Minister Ramokgopa.
Innovex International has entered into an agreement to acquire Norway-based TCO Group in a cash-and-stock transaction valued at approximately $95 million, expanding its portfolio of well technologies and strengthening its presence in key international offshore markets.
The transaction is expected to close early in the third quarter of 2026, subject to customary closing conditions.
Founded in 1999 and headquartered in Voss, Norway, TCO is known for developing intervention-free laminated glass plug technology designed to eliminate the need for fishing operations during well activities.
The company serves customers in offshore and international markets, with operations in Norway and the UAE.
Innovex said the acquisition aligns with its strategy of building a portfolio of mission-critical products focused on improving well performance and operational efficiency.
“We are excited to announce the acquisition of TCO Group,” said Innovex CEO Adam Anderson. “The acquisition is highly aligned with Innovex’s strategy of assembling a portfolio of market-leading, capital-efficient products that are essential to our customers’ operations.”
According to Innovex, the acquisition will strengthen its position in Norway and the UAE while providing opportunities to expand TCO’s technology portfolio through Innovex’s global customer base.
TCO CEO Robert Abercrombie said the combination will provide greater scale for the company’s well technology offerings.
“TCO brings technology depth, great talent and proven execution rooted in Norway,” Abercrombie said. “Innovex has a broad complementary portfolio and brings scale and reach globally.”
Following completion of the transaction, TCO’s operations and technology portfolio will become part of Innovex’s broader offering of well construction, completion and production solutions.
Heirs Energies has launched the Agbada Green Corridor Initiative, a tree-planting programme aimed at enhancing environmental sustainability, supporting biodiversity, and strengthening climate resilience across its area of operations.
The initiative, launched along the Agbada Non-Associated Gas (NAG) Corridor in Omuohia Community, Rivers State, brought together representatives of the Rivers State Ministry of Environment, the OML 17 Host Communities Development Trust (HCDT), community leaders, environmental stakeholders, and employees of Heirs Energies.
The programme forms part of the company’s broader commitment to responsible energy development and environmental stewardship, demonstrating that energy production and environmental sustainability can progress hand in hand.
Speaking at the event, Bola Bode, Senior Vice President, Production, who represented the Chief Executive Officer of Heirs Energies, Osa Igiehon, noted that the initiative reflects the company’s commitment to creating lasting value for both its host communities and the environment.
“As we continue to grow production and expand our oil and gas business, we recognise that our success is closely linked to the wellbeing of our host communities and the health of the environment in which we operate.The Agbada Green Corridor Initiative is one expression of our commitment to responsible operations and sustainable development,” he said.
The tree-planting exercise was conducted in partnership with the Rivers State Ministry of Environment and the Self Help and Rural Development Association (SHERDA), with support from the OML 17 HCDT and community stakeholders.
Representatives of the Rivers State Ministry of Environment commended the initiative and reaffirmed the importance of partnerships between government, communities, and industry in promoting environmental protection and sustainable development.
The Agbada Green Corridor Initiative aligns with Heirs Energies’ sustainability agenda, which focuses on environmental stewardship, community partnership, and long-term value creation. It also reinforces the company’s commitment to supporting Nigeria’s energy security objectives while preserving the environment for future generations.
About Heirs Energies
Heirs Energies is Africa’s leading indigenous-owned integrated energy company and operator of OML 17. Since assuming operatorship in 2021, the company has more than doubled oil production to over 50,000 barrels per day and tripled gas production to over 135 million standard cubic feet per day.
Heirs Energies contributes approximately 5% of Nigeria’s oil production and 5% of domestic gas supply, helping to advance energy security, economic growth, and sustainable development across Africa.
Fuel pump prices began falling in Ghana on Tuesday, June 16, with the commencement of the second pricing window, following a decline in refined petroleum product prices on the international market.
The Chamber of Oil Marketing Companies (COMAC) projected thfat petrol prices would decrease by between 7.23% and 9.31%, diesel by 0.51% to 1.65%, and LPG by 0.20% to 0.52% during the second pricing window of June.
In Ghana, fuel prices are reviewed every two weeks. The first pricing window runs from the 1st to the 15th of each month, while the second pricing window begins on the 16th and ends on the 30th.
According to data published by the National Petroleum Authority (NPA), the regulator of Ghana’s downstream petroleum sector, petrol prices on the international market declined from US$1,166.08 per metric tonne to US$988.77 per metric tonne. Diesel prices fell from US$1,175.95 per metric tonne to US$1,056.38 per metric tonne, while LPG prices dropped from US$815.23 per metric tonne to US$652.65 per metric tonne.
Based on the decline in refined petroleum product prices on the international market and prevailing market dynamics, the regulator published new fuel floor prices. Petrol prices were reduced to GH¢13.39 per litre from GH¢15.20 per litre in the first pricing window of June.
This represents a decrease of GH¢1.81 per litre, equivalent to nearly 12%.
Diesel prices were reduced to GH¢15.11 per litre from GH¢15.49 per litre in the first pricing window of June, representing a decline of GH¢0.38 per litre, or about 2.5%.
For LPG, the price floor was reduced to GH¢13.23 per kilogram from GH¢13.48 per kilogram, a decline of GH¢0.25 per kilogram, or about 1.9%.
The price floors represent the minimum benchmark prices at which Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) are expected to retail petroleum products during the second pricing window of June.
As of Tuesday morning, two of Ghana’s major oil marketing companies had adjusted their pump prices.
GOIL PLC, the market leader, revised its prices as follows:
Petrol (Regular): GH¢13.87 per litre
Petrol (RON 95): GH¢16.87 per litre
Diesel: GH¢15.95 per litre
Star Oil also revised its pump prices:
Petrol (Regular): GH¢13.85 per litre
Petrol (RON 95): GH¢15.77 per litre
Diesel: GH¢15.93 per litre
Other OMCs are expected to review their pump prices in the coming days.
Kenya Electricity Transmission Company (KETRACO) has successfully energized the 400kV Isinya–Konza Transmission Line and the 400/132/66kV Konza Substation, boosting grid reliability and securing power supply for Konza Technopolis, Kenya’s flagship smart city.
The milestone marks a significant step in strengthening the national transmission network and enhancing the quality and reliability of electricity supply in the lower eastern region.
The project provides the capacity required to support the growth of Konza Technopolis and other emerging industrial, commercial, and residential developments.
The scope of the project includes a 48km 400kV double-circuit transmission line, two 350MVA 400/132kV transformers, and two 75MVA 132/66kV transformers.
The infrastructure enhances power transfer capability, improves network stability, and provides additional flexibility in the operation of the national grid.
In a statement, KETRACO Managing Director, Eng. Kipkemoi Kibias, said the energization represents another major milestone in the country’s efforts to build a resilient transmission network capable of supporting Kenya’s growing electricity demand and long-term development aspirations.
“The successful energization of the Isinya–Konza Transmission Line and Konza Substation strengthens the reliability of the national grid and guarantees quality power supply to Konza Technopolis and surrounding areas,” said Eng. Kibias.
“This project is critical in supporting industrialization, attracting investments, and advancing Kenya’s Vision 2030 development agenda,” he added.
The Managing Director noted that the development will facilitate the evacuation and distribution of electricity to the lower eastern region while improving the overall resilience and stability of the national grid through enhanced interconnectivity and alternative power supply paths.
“KETRACO remains committed to developing and maintaining a robust transmission system that supports economic growth, regional integration, and universal access to reliable electricity,” he said.
The project was financed by the Export-Import Bank of China (Exim Bank of China) and the Government of Kenya at a total cost of KES 8.4 billion and was executed by China Aerospace Construction Group Company Limited (CACGC).
This development will significantly enhance electricity transmission capacity and access to power across Kajiado, Machakos, and Makueni counties, supporting growing residential, commercial, and industrial demand.
It will further strengthen the reliability and stability of electricity supply in the region, reducing network constraints and improving power quality for consumers.
The project will additionally provide Konza Technopolis with access to adequate and reliable green energy from some of Kenya’s key renewable energy sources, including Kipeto Wind Power, the Olkaria Geothermal Power Plants, and the Lake Turkana Wind Power Project in Loiyangalani, as well as hydroelectric power imported from Ethiopia.
These diverse energy sources are transmitted through the national grid via the Suswa 400kV Substation and the existing Isinya 400kV Substation, ensuring a robust and sustainable power supply to support the growth of the country’s premier smart city.
The successful completion of the project underscores Kenya’s continued investment in modern energy infrastructure aimed at accelerating industrialization, enhancing regional connectivity, and advancing the country’s transition to a sustainable and reliable power system.
A delegation from the Organisation pour la Mise en Valeur du Fleuve Gambie (OMVG), led by the High Commissioner, Mr. Demba Jallow, visited The Gambia to assess OMVG energy infrastructure in the country amid ongoing power supply challenges.
The visit aimed to assess the operational status of OMVG facilities and obtain first-hand information on the performance and impact of the regional electricity interconnection project in the country.
As part of the tour, the delegation inspected key OMVG infrastructure, including substations and transmission facilities.
The team later held a brief but productive meeting with NAWEC authorities at the Brikama OMVG Substation, focusing on strengthening coordination and improving electricity service delivery nationwide.
During the visit, officials delivered remarks highlighting the importance of the project.
Mr. Demba Jallow, High Commissioner of OMVG, stated: “This visit provides an important opportunity for us to assess the impact of the OMVG interconnection project on the ground. We are encouraged by the progress observed and reaffirm our commitment to supporting member states, including The Gambia, by providing a platform to achieve a reliable and sustainable electricity supply.”
Mr. Ousman Hane, Secretary General of OMVG, noted: “The OMVG network remains a cornerstone of regional energy integration. Strengthening operational collaboration with NAWEC is essential to ensuring the efficiency and long-term sustainability of the system.”
Mr. Pateh Sowe, Group Head of Electricity at NAWEC, remarked: “NAWEC values the continued support of OMVG in enhancing our transmission capacity. This partnership is critical to improving service delivery and ensuring that our customers benefit from a more stable power supply.”
Mr. Ebrima Sanyang, Director of Environment and Sustainable Development at OMVG, emphasised: “Sustainability remains at the core of OMVG’s operations. We are committed to ensuring that infrastructure development continues to meet environmental standards while supporting economic growth.”
Mr. Abdoulaye Toure, Head of Operations for the OMVG Network in The Gambia, added: “Operational performance within the Gambian network is steadily improving. Continued coordination with NAWEC will further enhance reliability and efficiency across the system.”
The visit underscores the importance of the OMVG interconnection project in strengthening regional energy cooperation, enhancing grid stability, and improving electricity supply in The Gambia and across the sub-region.
NAWEC welcomed this engagement as a significant step toward reinforcing collaboration with OMVG and reaffirmed its commitment to delivering efficient, reliable, and sustainable electricity services to the public.
Oil prices fell in early Monday trading in Asia after U.S. and Iranian officials announced they had reached an agreement to end hostilities and reopen the Strait of Hormuz, more than 100 days after its closure.
At the time of writing, Brent crude had dropped 3.95% to trade at $83.88 per barrel, while WTI fell 4.62% to $80.96 per barrel.
Oil prices, which peaked in mid-May, have been gradually trending downward in recent weeks on speculation of a deal, even after multiple escalatory strikes.
On Sunday night, U.S. President Donald Trump declared that a deal with Iran had been completed, writing on social media that “oil will flow” through the Strait of Hormuz once the agreement is formally signed on Friday.
Iranian Deputy Foreign Minister Kazem Gharibabadi confirmed that the text of a memorandum of understanding had been finalized and that a formal signing ceremony would take place in Switzerland on Friday.
“The deal with the Islamic Republic of Iran is now complete,” Trump wrote on his Truth Social platform at around 5:30 p.m. in Washington (2130 GMT) on Sunday.
His post came shortly after Pakistani Prime Minister Shehbaz Sharif, whose country has served as a mediator, announced that a deal had been struck early Monday local time.
The precise terms were not immediately disclosed. Sharif said in a post on X that the agreement called for “the immediate and permanent termination of military operations on all fronts, including in Lebanon.”
In a statement, the secretariat of Iran’s Supreme National Security Council said military operations on all fronts, including Lebanon, would end permanently starting Monday night.
Trump said the Strait of Hormuz—a major shipping route for global oil and gas supplies that Iran had effectively disrupted for months—would reopen on Friday, and that he had ordered the end of the U.S. blockade of Iranian ports.
“Ships of the world, start your engines. Let the oil flow!” Trump wrote.
“The lack of details, especially on freedom of shipping, is a concern, but not one that should constrain markets today as the surge in risk appetite plays out,” said Sean Callow, a senior FX analyst at ITC Markets, according to a Reuters report.
Iran has struck Israel and Gulf states hosting U.S. bases and had effectively disrupted passage through the Strait of Hormuz, pushing up global energy prices. U.S. forces had also blocked Iranian ports in response.
The war has become a political liability for Trump at home, with members of Congress and public opinion polls showing growing frustration over rising gas prices ahead of November’s midterm elections.
However, Trump has also faced pressure from members of his own party who insist that Iran’s nuclear program must be completely dismantled.
Rock Africa has completed and handed over a fully furnished ultra-modern rest room and park for petroleum tanker drivers at the BOSTenergies Kumasi Depot.
The company fully funded the project and formally handed over the facility to the National Petroleum Authority (NPA) and the leadership of the Ghana National Petroleum Tanker Drivers Union.
Rock Africa is a technical solutions service provider offering a wide range of services, including automated systems, hardware and software solutions, asset tracking, vehicle and container tracking, petroleum automation systems, and surveillance identification systems. The company currently provides services to the NPA to monitor the delivery of petroleum products across Ghana.
The Chief Executive of the National Petroleum Authority, Mr. Godwin Tameklo, received the keys to the facility and subsequently handed them over to the National Chairman of the Ghana National Petroleum Tanker Drivers Union, Mr. George Nyaunu.
The facility, designed as a place of rest and rejuvenation, is intended to enhance the welfare, operational efficiency, and safety of fuel tanker drivers.
Expressing his appreciation for the gesture, Mr. Tameklo said the facility would help rewrite the long-standing and unpleasant practice of drivers and their assistants resting on road shoulders whenever they became fatigued.
He commended Rock Africa for its benevolence and called on other industry players to emulate the company’s example by investing in initiatives that improve the welfare and working conditions of petroleum tanker drivers.
For his part, the Chief Executive Officer of Rock Africa, Mr. Francis Gavor, reaffirmed the company’s commitment to improving the working conditions and welfare of drivers who play a critical role in Ghana’s downstream petroleum sector.
Receiving the facility on behalf of the drivers, the National Chairman of the Ghana National Petroleum Tanker Drivers Union, Mr. George Nyaunu, pledged that the union would maintain the facility to the highest standards to ensure its sustainability and continued benefit to tanker drivers.
Petroliam Nasional Bhd. (PETRONAS) and JERA Co., Inc. have reaffirmed one of Asia’s longest-standing liquefied natural gas (LNG) partnerships through the signing of a new long-term supply agreement, extending their collaboration into the 2040s.
Under the agreement, PETRONAS, through its wholly owned subsidiary PETRONAS LNG Ltd. (PLL), will supply up to approximately 2 million tonnes per annum (MTPA) of LNG over a 20-year period beginning in 2028.
The deal reinforces PETRONAS’ position as a key supplier to Japan, one of the world’s largest LNG importers.
The agreement deepens a relationship that dates back to 1983, when Malaysia shipped its first LNG cargo to Japan, laying the foundation for a trusted energy partnership that remains central to Japan’s energy security.
The parties commemorated the agreement in Tokyo, with the ceremony attended by PETRONAS Executive Vice President and Chief Executive Officer of Gas and Maritime Business, Datuk Adif Zulkifli, and JERA Senior Managing Executive Officer and Chief Low Carbon Fuel Officer, Mr. Ryosuke Tsugaru.
Ghana: NPA Commits To Expanding LPG Access And Enhancing Safety On World LPG Day
The signing marks a shift from traditional point-to-point LNG supply agreements to a more flexible supply arrangement, further underscoring PETRONAS’ position as a reliable LNG supplier through the expansion of its supply capabilities.
LNG will be delivered using PETRONAS’ new generation of 174,000-cubic-metre LNG carriers, which are designed to comply with the International Maritime Organization’s enhanced emissions standards, supporting more efficient and lower-emission operations.
PETRONAS said it continues to evolve its commercial approach to meet Japan’s changing energy requirements in line with the country’s Seventh Strategic Energy Plan, which aims to ensure energy security while improving economic efficiency and addressing environmental priorities.
Datuk Adif Zulkifli said:”We value the strong partnership we have built with JERA over the decades, underpinned by mutual trust and a shared focus on reliability. We look forward to building on this foundation as we continue to support Japan’s evolving energy needs.
“In an increasingly dynamic LNG market shaped by rising demand, supply security concerns, price volatility and shifting consumption patterns, PETRONAS remains focused on delivering reliable and tailored solutions, supporting our partners in strengthening energy security while advancing their transition ambitions.”
The company said the long-term commitment reaffirms its reputation as a trusted LNG partner to Japan, one of Asia’s most vibrant gas markets.
As demand for cleaner energy continues to grow across Asia, PETRONAS said it remains committed to supplying reliable LNG from its global portfolio, supporting customers’ energy security needs while enabling their transition towards a lower-carbon future.
Fuel prices in Kenya, particularly petrol and diesel, will decline from Monday, June 15, with petrol prices set to drop by KSh0.22 per litre and diesel prices by KSh10 per litre, the Energy and Petroleum Regulatory Authority (EPRA) said in a statement on Sunday.
However, the regulator said the price of kerosene would remain unchanged.
In Kenya, fuel prices are reviewed on the 14th day of every month, with the new prices taking effect from the 15th until the 14th of the following month.
According to EPRA, petrol in Nairobi will retail at KSh214.03 per litre, diesel at KSh222.86 and kerosene at KSh191.38. In Mombasa, petrol will retail at KSh210.87, diesel at KSh219.58 and kerosene at KSh188.09.
In Nakuru, petrol will sell at KSh212.92, diesel at KSh222.27 and kerosene at KSh190.81, while in Eldoret, petrol will retail at KSh213.69, diesel at KSh223.09 and kerosene at KSh191.63.
Explaining the price adjustments, EPRA noted that the average landed cost of imported Super Petrol declined by 0.56%, from US$906.23 per cubic metre in April 2026 to US$901.16 per cubic metre in May 2026.
Diesel prices rose by 0.21%, from US$1,291.98 per cubic metre to US$1,294.71 per cubic metre, while kerosene prices declined by 0.33%, from US$1,332.73 per cubic metre to US$1,328.36 per cubic metre over the same period.
Ghana: GOIL PLC Posts Gh¢90.6 Million Net Profit After Tax In 2025
The authority said the new prices are also in line with the April gazette notice that temporarily reduced Value Added Tax (VAT) on petroleum products from 16% to 13%, and subsequently to 8%.
“The prices are inclusive of the Value Added Tax (VAT), in line with the VAT Act, 2013 as read with Legal Notice No. 70 dated 15th April 2026, the Finance Act, 2023, the Tax Laws (Amendment) Act 2024 and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020,” EPRA said.
Additionally, EPRA said the Petroleum Development Levy (PDL) Fund would be used to cushion consumers during the June pricing cycle.
Approximately KSh10 billion from the fund will be utilized to subsidize diesel and kerosene prices.
In last month’s review, EPRA set petrol, diesel and kerosene prices at KSh214.25, KSh232.86 and KSh191.38 per litre, respectively.
Subsequently, the regulator revised the prices downward following a petition by public transport operators, citing the need to minimize the risk of fuel adulteration arising from the wide price difference between diesel and kerosene.
Last month, President William Ruto promised that diesel prices would be reduced by KSh10. However, changes to the pricing formula for imported fuel cargoes had sparked fears that consumers would be denied the expected price cut.
GOIL PLC, Ghana’s largest indigenous oil marketing company, recorded a net profit after tax of GH¢90.67 million in 2025, up from GH¢84.70 million in 2024, driven by operational efficiency and prudent management despite a challenging global petroleum market.
The company recorded revenue of GH¢18.55 billion in 2025, compared with GH¢20.36 billion in 2024, representing a decline of GH¢1.82 billion year-on-year.
The company grew its total current assets to GH¢4,881,943,000 in 2025, from GH¢4,808,209,000 in 2024, with total equity standing at GH¢991,541,000, while total liabilities stood at GH¢3,890,393,000 in 2025.
GOIL’s earnings per share improved by 6.94%, affirming its ability to transform operational discipline into enduring shareholder value.
Addressing shareholders at the 57th Annual General Meeting (AGM), Board Chairman Nana Philip Archer said that despite global market pressures, the company responded with discipline, prudence, and strategic efficiency measures.
He said depot and station expenses, administrative costs, and finance expenses all recorded meaningful reductions. In the year under review, GOIL successfully attained ISO 45001:2018 certification while retaining ISO 9001 and ISO 14001 certifications, reinforcing the company’s adherence to global best practices.
Touching on GOBitumen, he said the company rapidly emerged as a market leader, supplying major contractors with high-quality bitumen products.
According to the GOIL PLC Chairman, the company plans to expand storage capacity to 12,000 metric tonnes by the end of 2026, in line with the government’s ambitious road infrastructure agenda.
Looking ahead, Nana Philip Archer said the 2025 achievements are a testament to the resilience and dedication of management and staff, the guidance of the Board, and the loyalty of customers, stating that with discipline, innovation, and unity of purpose, GOIL PLC will continue to strengthen its leadership position, create sustainable value, and remain a proud symbol of Ghanaian enterprise and excellence.
The Chairman also announced the Board’s recommendation of a final dividend of GH¢0.060 per share, reflecting GOIL’s continued commitment to enhancing shareholder value.
Group CEO and Managing Director, Mr. Edward Abambire Bawa, reaffirmed GOIL’s growth ambitions, explaining that shareholders had overwhelmingly approved management’s plan to raise up to GH¢1 billion from the bond market to support strategic expansion.
According to him, the funds will support the expansion of GOBitumen storage capacity and LPG bottling plants, while also helping restructure GOIL’s debt portfolio to strengthen the company’s long-term financial position.
Shareholders commended the Board and management for GOIL’s remarkable turnaround, strong leadership, transparency, and continued growth in shareholder value, while encouraging the company to sustain the momentum.
Highlights of Financial Performance
1. Strong Profit Growth Despite Market Pressures GOIL PLC posted a 7.05% growth in net profit after tax, from GH¢84.70 million in 2024 to GH¢90.67 million in 2025, amid a tough global and domestic petroleum market environment. Profit before tax stood at GH¢123.37 million.
2. Revenue Remained Strong The Group recorded gross revenue of GH¢18.55 billion in 2025, reaffirming GOIL’s position as one of Ghana’s largest indigenous petroleum marketing companies.
3. Improved Shareholder Value GOIL continued to create value for shareholders:
Earnings per share (EPS) improved from GH¢0.2160 to GH¢0.2310
Market price of shares increased significantly from GH¢1.52 in 2024 to GH¢2.96 by the end of 2025, reflecting strong investor confidence
4. Dividend Recommendation The Board has proposed a final dividend of GH¢0.060 per share, amounting to about GH¢23.5 million to be distributed to shareholders.
5. Operational Efficiency and Cost Discipline Despite lower revenues compared to 2024, GOIL improved profitability through strong operational discipline, including reductions in:
Depot and station expenses
Administrative costs
Finance costs
6. Strategic Financing for Growth At the AGM, shareholders are expected to consider a proposal to authorize the establishment of a GH¢1 billion Medium-Term Note Programme (bond programme) to support business expansion and strategic growth opportunities.
7. Sustainability and Responsible Business GOIL continued to operate with a strong focus on:
Nigeria’s crude oil production increased to 1.53 million barrels per day (bpd) in May, exceeding OPEC’s 1.5 million bpd quota, the oil cartel confirmed on Thursday in its Monthly Oil Market Report for May.
The figure represents a 3.38 per cent increase from the 1.48 million bpd recorded in April.
According to the cartel, Nigeria’s oil production figures were derived from direct communication with Nigerian authorities.
The latest figures show that Nigeria exceeded the 1.5 million bpd production quota approved by OPEC.
Data from secondary sources showed that Nigeria’s crude oil production stood at 1.51 million bpd in May, representing a 0.66 per cent decrease from the 1.52 million bpd recorded in April.
Citing secondary sources, OPEC said member countries participating in the Declaration of Cooperation (DoC) recorded average crude oil production of 33.13 million barrels per day (mb/d) in May 2026, which was 0.19 mb/d lower month-on-month.
In November 2025, OPEC extended Nigeria’s crude oil production quota of 1.5 million barrels per day until December 2026.
On April 8, Bashir Ojulari, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, said crude oil production had risen from a low of 960,000 bpd in 2022 to an average of 1.71 million bpd.
Ojulari also said crude oil output reached a peak of 1.84 million bpd in 2025.
The GCEO attributed the increase in production to the establishment of an integrated energy security model for pipelines in the Niger Delta.
According to Ojulari, the gains were not accidental but the result of coordinated efforts to tackle crude oil theft and pipeline vandalism.
The Energy Commission of Ghana has launched the seventh edition of its flagship Senior High Schools Renewable Energy Challenge, with 17 schools from across the country set to participate in this year’s “Champion of Champions” competition.
The initiative, which began in 2019 with six schools in the Greater Accra Region, has grown into a nationwide platform that promotes renewable energy innovation among Senior High Schools.
Held under the theme, “Harnessing Renewable Energy to Power Ghana’s 24-Hour Green Economy,” this year’s competition, dubbed “Champion of Champions,” brings together 17 senior high schools across the country to showcase practical energy solutions.
Speaking at the launch, Mr. Chris Nanabanyin Yalley, Deputy Executive Secretary of the Energy Commission, said the programme represents a collective commitment to harnessing the creativity and ingenuity of Ghanaian students to build a more sustainable future.
Mr. Yalley noted that over the years, the challenge has showcased the ability of young people to identify community challenges and develop practical renewable energy solutions to address them.
He cited success stories from previous editions, including projects on microbial fuel cells, clean cooking technologies, mechanised agriculture, and solutions aimed at addressing land degradation and water pollution.
He added that the 2025 edition attracted more than 120 schools nationwide, highlighting the growing impact of the initiative.
Mr. Yalley said the introduction of the Champion of Champions category marks a major milestone, bringing together past winners and top-performing schools to compete at a higher level of innovation and excellence.
He explained that this year’s theme reflects Ghana’s commitment to building a resilient and inclusive 24-hour economy powered by sustainable energy solutions.
Board Chairman of the Energy Commission, Prof. John Gartchie Gatsi, emphasised that Ghana’s ambition for a 24-hour economy requires reliable electricity for all communities and urged students to design solutions for farmers, market women and rural health workers.
Prof. John Gartchie Gatsi
Mr. Richard Gyan-Mensah, Deputy Minister for Energy and Green Transition, lauded the Commission’s SHS Renewable Energy Challenge for nurturing the next generation of renewable energy experts and innovators in Ghana.
He noted that students across the country have, over the years, developed practical solutions to challenges in agriculture, clean cooking, energy efficiency and environmental sustainability.
He said that although Ghana has achieved nearly 90 per cent electricity access, many remote and underserved communities still lack reliable power due to the high cost of extending the national grid.
Mr. Gyan-Mensah noted that renewable energy technologies such as solar systems, mini-grids and biomass solutions present practical opportunities to bridge the gap while supporting economic growth and environmental sustainability.
The Deputy Minister encouraged participating students to view the competition as more than an academic exercise and challenged them to think like engineers, entrepreneurs and policymakers capable of developing innovative solutions to national challenges.
“I urge you to design projects that are technically sound, financially viable, scalable and socially impactful. This competition should serve as a platform for discovering future renewable energy and energy technology experts,” he emphasised.
Mr. Gyan-Mensah commended the Commission for introducing the Champion of Champions concept and conducting a six-year impact assessment of the programme, describing it as evidence of its commitment to measuring progress in renewable energy adoption, STEM education and community development.
Tanzania’s Minister for Energy, Hon. Deogratius Ndejembi, has officially inaugurated the first Electric Vehicle (EV) Charging Station in Dodoma, a development being described as a major milestone in the country’s transport sector.
The new facility, located at Jamatini in Dodoma, is equipped with three charging units, each with a capacity of 22 kilowatts.
The chargers are capable of serving a wide range of electric vehicles, including cars, three-wheelers (bajajs) and motorcycles.
For instance, a fully charged BYD SeaLion 6 electric vehicle can travel up to 600 kilometres at an electricity cost of approximately TZS 30,000, equivalent to about 80 units of power.
In addition, a fully charged electric bajaj can travel up to 120 kilometres, while a two-wheeled electric motorcycle, commonly known as a boda boda, can cover up to 100 kilometres before requiring another charge.
Speaking at the launch, Energy Minister Deogratius Ndejembi said the initiative demonstrates Tanzania’s commitment to actively participating in the global transition to clean energy while improving livelihoods and supporting economic growth.
“This initiative expands the use of electricity beyond cooking to transportation, with the aim of improving the quality of life of citizens, reducing the cost of living and stimulating national economic growth,” Ndejembi said.
He noted that the government has continued to make significant investments in the energy sector, enabling Tanzania’s electricity generation capacity to exceed 4,000 megawatts and laying the foundation for broader electricity use across various sectors of the economy.
To support the adoption of electric mobility, TANESCO, in collaboration with the United Nations Development Programme (UNDP), has received 50 modern EV charging units from China’s AUTEL company. The chargers will be installed at strategic locations across the country to improve access to charging services.
On his part, TANESCO Managing Director, Mr. Lazaro Twange, said the utility is positioning itself to lead the transformation of electricity use in Tanzania by leveraging the country’s adequate power supply.
“The traditional perception that electricity is expensive and is used only for lighting has changed significantly. Today, many citizens use electricity for cooking and various economic activities, and the launch of EV charging stations opens a new chapter in the use of clean energy in Tanzania,” Twange said.
To encourage the use of the new facility, Twange announced that all electric vehicle users will be able to charge their vehicles free of charge at the Dodoma station.
He said the free charging service will be available for one month from June 11, 2026, as part of efforts to encourage Tanzanians, particularly residents of Dodoma, to adopt clean and environmentally friendly transport technologies.
The launch of the charging station is expected to accelerate the adoption of electric mobility in Tanzania while supporting government efforts to reduce transportation costs, lower fuel consumption and mitigate the effects of climate change.
The tree-planting exercise was conducted in partnership with the Rivers State Ministry of Environment and the Self Help and Rural Development Association (SHERDA), with support from the OML 17 HCDT and community stakeholders.
Representatives of the Rivers State Ministry of Environment commended the initiative and reaffirmed the importance of partnerships between government, communities, and industry in promoting environmental protection and sustainable development.
The Agbada Green Corridor Initiative aligns with Heirs Energies’ sustainability agenda, which focuses on environmental stewardship, community partnership, and long-term value creation. It also reinforces the company’s commitment to supporting Nigeria’s energy security objectives while preserving the environment for future generations.
About Heirs Energies
Heirs Energies is Africa’s leading indigenous-owned integrated energy company and operator of OML 17. Since assuming operatorship in 2021, the company has more than doubled oil production to over 50,000 barrels per day and tripled gas production to over 135 million standard cubic feet per day.
Heirs Energies contributes approximately 5% of Nigeria’s oil production and 5% of domestic gas supply, helping to advance energy security, economic growth, and sustainable development across Africa. 
It will further strengthen the reliability and stability of electricity supply in the region, reducing network constraints and improving power quality for consumers.
The project will additionally provide Konza Technopolis with access to adequate and reliable green energy from some of Kenya’s key renewable energy sources, including Kipeto Wind Power, the Olkaria Geothermal Power Plants, and the Lake Turkana Wind Power Project in Loiyangalani, as well as hydroelectric power imported from Ethiopia.
These diverse energy sources are transmitted through the national grid via the Suswa 400kV Substation and the existing Isinya 400kV Substation, ensuring a robust and sustainable power supply to support the growth of the country’s premier smart city.
The successful completion of the project underscores Kenya’s continued investment in modern energy infrastructure aimed at accelerating industrialization, enhancing regional connectivity, and advancing the country’s transition to a sustainable and reliable power system. 
The Chief Executive of the National Petroleum Authority, Mr. Godwin Tameklo, received the keys to the facility and subsequently handed them over to the National Chairman of the Ghana National Petroleum Tanker Drivers Union, Mr. George Nyaunu.
The facility, designed as a place of rest and rejuvenation, is intended to enhance the welfare, operational efficiency, and safety of fuel tanker drivers.
Expressing his appreciation for the gesture, Mr. Tameklo said the facility would help rewrite the long-standing and unpleasant practice of drivers and their assistants resting on road shoulders whenever they became fatigued.
He commended Rock Africa for its benevolence and called on other industry players to emulate the company’s example by investing in initiatives that improve the welfare and working conditions of petroleum tanker drivers.
For his part, the Chief Executive Officer of Rock Africa, Mr. Francis Gavor, reaffirmed the company’s commitment to improving the working conditions and welfare of drivers who play a critical role in Ghana’s downstream petroleum sector.
Receiving the facility on behalf of the drivers, the National Chairman of the Ghana National Petroleum Tanker Drivers Union, Mr. George Nyaunu, pledged that the union would maintain the facility to the highest standards to ensure its sustainability and continued benefit to tanker drivers.
He noted that students across the country have, over the years, developed practical solutions to challenges in agriculture, clean cooking, energy efficiency and environmental sustainability.
He said that although Ghana has achieved nearly 90 per cent electricity access, many remote and underserved communities still lack reliable power due to the high cost of extending the national grid.
Mr. Gyan-Mensah noted that renewable energy technologies such as solar systems, mini-grids and biomass solutions present practical opportunities to bridge the gap while supporting economic growth and environmental sustainability.
The Deputy Minister encouraged participating students to view the competition as more than an academic exercise and challenged them to think like engineers, entrepreneurs and policymakers capable of developing innovative solutions to national challenges.
“I urge you to design projects that are technically sound, financially viable, scalable and socially impactful. This competition should serve as a platform for discovering future renewable energy and energy technology experts,” he emphasised.
Mr. Gyan-Mensah commended the Commission for introducing the Champion of Champions concept and conducting a six-year impact assessment of the programme, describing it as evidence of its commitment to measuring progress in renewable energy adoption, STEM education and community development. 
“This initiative expands the use of electricity beyond cooking to transportation, with the aim of improving the quality of life of citizens, reducing the cost of living and stimulating national economic growth,” Ndejembi said.
He noted that the government has continued to make significant investments in the energy sector, enabling Tanzania’s electricity generation capacity to exceed 4,000 megawatts and laying the foundation for broader electricity use across various sectors of the economy.
To support the adoption of electric mobility, TANESCO, in collaboration with the United Nations Development Programme (UNDP), has received 50 modern EV charging units from China’s AUTEL company. The chargers will be installed at strategic locations across the country to improve access to charging services.
On his part, TANESCO Managing Director, Mr. Lazaro Twange, said the utility is positioning itself to lead the transformation of electricity use in Tanzania by leveraging the country’s adequate power supply.
“The traditional perception that electricity is expensive and is used only for lighting has changed significantly. Today, many citizens use electricity for cooking and various economic activities, and the launch of EV charging stations opens a new chapter in the use of clean energy in Tanzania,” Twange said.
To encourage the use of the new facility, Twange announced that all electric vehicle users will be able to charge their vehicles free of charge at the Dodoma station.
He said the free charging service will be available for one month from June 11, 2026, as part of efforts to encourage Tanzanians, particularly residents of Dodoma, to adopt clean and environmentally friendly transport technologies.
The launch of the charging station is expected to accelerate the adoption of electric mobility in Tanzania while supporting government efforts to reduce transportation costs, lower fuel consumption and mitigate the effects of climate change.