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Saudi Arabia Sells 100 Million Barrels Of Crude To Asia Via Hormuz
Saudi Arabia has sold almost 100 million barrels of crude to Asian buyers via the Strait of Hormuz since the middle of last week, when it pivoted to the chokepoint it wanted to avoid with the East-West pipeline to the Red Sea.
With the pipeline out of service, the Kingdom has sold 100 million barrels of crude, which is roughly one day of total global oil demand, to Asian buyers for October and November delivery through the Strait of Hormuz, trade sources with knowledge of the deals told Bloomberg on Thursday.
The Saudis are offering to take care of the logistics and ship the cargoes to Asia, according to Bloomberg’s sources who wished to remain anonymous.
Buyers of the Saudi crude include Chinese refiners, both state-owned and teapots, plus refineries in India, South Korea, and Japan.
The sales flurry from Saudi oil giant Aramco would more than double the recent flows of Saudi crude from the Hormuz route to Asia, according to Bloomberg’s estimates.
Since it was forced to shut down the East-West pipeline that bypasses Hormuz, Saudi Arabia has offered buyers of crude from the Ras Tanura port to be loaded via ship-to-ship (STS) transfers at the port of Sohar in Oman just outside the Strait of Hormuz.
The Kingdom has hiked shuttle-shipping to the Strait of Hormuz, and the rise in Saudi crude oil exports through the Strait has capped the upside in oil prices despite the outage of the East-West pipeline.
Saudi Arabia this week restored partial operations on the pipeline, but full resumption of flows of about 4 million barrels per day (bpd) would likely take weeks.
Meanwhile, the soaring Saudi sales of crude via Hormuz will keep some supply going to Asia while Red Sea exports recover.
Higher Hormuz shipments could also ease concerns about tumbling supply and cap oil price spikes
Nigeria: TotalEnergies, AMNI Take FID On Ima Gas Development
French oil and gas company TotalEnergies and its partner AMNI have taken a final investment decision (FID) on the development of the Ima gas field, located across the OML 112 and OML 117 offshore licences in Nigeria, TotalEnergies said on Wednesday.
TotalEnergies, which operates the project, holds a 40% stake, while AMNI holds the remaining 60%.
Located in shallow waters near Bonny Island, the Ima field will be developed with a single platform connected by a 22-km pipeline to Nigeria LNG’s liquefaction plant, in which TotalEnergies holds a 15% stake.
Production is expected to start in 2028, with output reaching a plateau of 350 million cubic feet per day, equivalent to more than 60,000 barrels of oil equivalent per day, the company said.
The field is expected to supply about one-third of the gas required for Nigeria LNG’s Train 7 expansion, which will increase the plant’s liquefaction capacity to 30 million metric tons per annum (Mtpa) from 22 Mtpa.
TotalEnergies said the Ima project is designed as a low-cost, low-emissions development, featuring a simplified platform, electricity supplied from shore, no routine flaring and continuous methane detection and monitoring.
The project is being developed with Nigerian company AMNI and will have a strong local content component, with all key contractors expected to be Nigerian companies, TotalEnergies said.
About 60% of the workforce during the development phase is expected to be recruited from host communities, it added.
“We are very pleased to announce the FID for the Ima gas project, marking a new milestone in the deployment of our integrated gas strategy in Nigeria,” Nicolas Terraz, TotalEnergies’ president of exploration and production, said in a statement.
The project follows the Ubeta gas development, which was sanctioned in 2024 and is expected to start production in 2027, Terraz said.
He added that Ima would contribute to Nigeria LNG’s gas supply and create value for the project’s partners and Nigeria.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) welcomed the investment decision by TotalEnergies EP Nigeria Ltd and AMNI International Petroleum Development Company Ltd.
NUPRC Chief Executive Oritsemeyiwa Eyesan said the project’s progress was supported by measures introduced by President Bola Tinubu’s administration to encourage investment in the sector.
“As the chief regulator in the industry, we will enable business and unplug obstacles. The president has set the path for us, and we are determined to follow through,” Eyesan said.
She said the NUPRC would continue working with the project partners and other stakeholders to ensure the development is delivered on schedule and in line with regulatory standards.
The field is expected to supply about one-third of the gas required for Nigeria LNG’s Train 7 expansion, which will increase the plant’s liquefaction capacity to 30 million metric tons per annum (Mtpa) from 22 Mtpa.
TotalEnergies said the Ima project is designed as a low-cost, low-emissions development, featuring a simplified platform, electricity supplied from shore, no routine flaring and continuous methane detection and monitoring.
The project is being developed with Nigerian company AMNI and will have a strong local content component, with all key contractors expected to be Nigerian companies, TotalEnergies said.
About 60% of the workforce during the development phase is expected to be recruited from host communities, it added.
“We are very pleased to announce the FID for the Ima gas project, marking a new milestone in the deployment of our integrated gas strategy in Nigeria,” Nicolas Terraz, TotalEnergies’ president of exploration and production, said in a statement.
The project follows the Ubeta gas development, which was sanctioned in 2024 and is expected to start production in 2027, Terraz said.
He added that Ima would contribute to Nigeria LNG’s gas supply and create value for the project’s partners and Nigeria.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) welcomed the investment decision by TotalEnergies EP Nigeria Ltd and AMNI International Petroleum Development Company Ltd.
NUPRC Chief Executive Oritsemeyiwa Eyesan said the project’s progress was supported by measures introduced by President Bola Tinubu’s administration to encourage investment in the sector.
“As the chief regulator in the industry, we will enable business and unplug obstacles. The president has set the path for us, and we are determined to follow through,” Eyesan said.
She said the NUPRC would continue working with the project partners and other stakeholders to ensure the development is delivered on schedule and in line with regulatory standards. Ghana: No Electricity, Water Tariff Increase In Fourth Quarter, PURC Says
Electricity and water consumers in Ghana will not face tariff increases in the fourth quarter of 2026, the Public Utilities Regulatory Commission (PURC) said on Thursday.
The regulator said in a statement signed by its Executive Secretary, Dr. Shafic Suleman, that tariffs applicable in the third quarter would remain unchanged from Oct. 1, representing a zero percent adjustment.
PURC increased electricity tariffs by 3.49% and water tariffs by 0.85% for the third quarter.
The quarterly review is intended to ensure utility tariffs reflect prevailing economic and operational conditions while supporting the financial viability of service providers, PURC said.
The regulator said the reviews also consider the potential impact of tariff adjustments on consumers and are aimed at preserving the real value of tariffs while enabling utility companies to maintain reliable services.
In setting the fourth-quarter tariffs, PURC considered factors including the exchange rate between the Ghanaian cedi and the U.S. dollar, domestic inflation, the electricity generation mix and fuel costs, particularly natural gas used by thermal power plants.
PURC applied a weighted average exchange rate of GH¢11.5646 to the dollar for the fourth quarter, representing a 3.04% depreciation of the cedi from the third-quarter rate of GH¢11.2228 to the dollar.
The regulator also applied an average annual inflation rate of 4.97% for the quarter, up from 3.43% in the previous quarter.
For electricity generation, PURC assumed hydropower would account for 24.25% of the generation mix in the fourth quarter, up from 20.90% in the third quarter.
Thermal generation was projected to fall to 75.75% from 79.10%.
Liberia’s Mines Minister Calls For Investment In Mineral, Energy Sectors
Liberia’s Minister of Mines and Energy R. Matenokay Tingban has called for increased private-sector investment in the country’s mineral and energy sectors, saying reliable geological data, infrastructure and practical partnerships are needed to unlock its natural resource potential.
Tingban made the comments during a fireside interview at the University Club in New York led by author and former CBS News correspondent Jacqueline Adams.
The government-led engagement was aimed at showcasing Liberia’s mineral potential and investment opportunities in mining, energy and other productive sectors.
The discussion was followed by questions from U.S.-based investors, business leaders and other stakeholders interested in investment opportunities in Liberia, particularly its mineral resources and related industries.
Tingban said Liberia needed to move from prolonged discussions to practical action that would create jobs, expand infrastructure and generate economic benefits for its people.
“We want to graduate from theory to practicality,” Tingban said.
He said Liberia had significant mineral potential beyond its traditional iron ore, gold and diamond resources, adding that recent geochemical work had identified indications of additional mineral resources, including some with potential strategic importance.
However, he said further geological studies were needed to establish the location, quantity, quality and commercial viability of those resources.
“No data, no deal,” Tingban said, stressing the importance of reliable geoscientific information in helping the government make informed decisions and negotiate mineral development agreements.
He said the government’s immediate priority was to generate comprehensive geological data using modern technology.
Such data, he said, would help identify mineral resources more accurately, reduce investment risks and provide a stronger basis for negotiations with investors.
“Once we generate the data, we know exactly what to discuss when we get to the table,” he said.
Tingban also said mineral development would require adequate infrastructure, including roads, railways, ports and other transportation networks linking mines to markets.
He described the approach as an integrated system in which mineral production, transportation infrastructure, ports and international markets work together to support investment and economic growth.
Turning to the energy sector, Tingban highlighted Liberia’s potential for solar and hydropower development, saying reliable and affordable electricity was essential to industrialisation, mineral processing and value addition.
He pointed to ongoing and proposed renewable energy and hydropower projects as potential areas for private investment, saying Liberia’s electricity generation capacity remained below potential demand.
Tingban said value addition to Liberia’s natural resources would also depend on access to reliable and affordable electricity.
“We need value addition, and how do we sustain value addition without stable, affordable and accessible power,” he quizzed.
Liberia’s Ministry of Mines and Energy has previously said the country’s electricity access increased from 32.7% in 2024 to 38% in 2026, while installed generation capacity stood at 146 megawatts, mainly from hydropower and solar.
The ministry has estimated that implementing Liberia’s Mission 300 Energy Compact would require about $1.5 billion in investment.
Tingban encouraged investors to consider opportunities in mineral exploration, energy, infrastructure and related industries, saying the government was seeking partnerships that could support long-term investment.
“We are inviting investment into Liberia,” he said.
The Ministry of Mines and Energy has said it is working to strengthen geological research, mineral-sector governance and energy development as part of efforts to attract investment and increase the contribution of the country’s natural resources to economic development.
UN Launches Mechanism To Support Critical Mineral-Producing Countries
United Nations Secretary-General Antonio Guterres on Wednesday announced a new mechanism to help resource-rich developing countries build sustainable mineral value chains as demand for critical minerals rises with the global energy transition.
Guinea, Indonesia, Madagascar, Nigeria, Zambia and Zimbabwe will be the first countries to receive dedicated support under the Country Support Mechanism on Critical Energy Transition Minerals.
The mechanism will provide coordinated technical and capacity-building assistance aimed at strengthening governance, value addition, industrial development and environmental and human rights safeguards, the United Nations said.
“The countries that hold the critical minerals powering the energy transition must be the first to benefit from them,” Guterres said. “The Country Support Mechanism puts equity and justice into practice – to turn mineral wealth into jobs and prosperity at home.”
Critical minerals including copper, lithium, nickel, cobalt and rare earth elements are used in technologies such as wind turbines, solar panels, electric vehicles and battery storage.
Demand for critical minerals is expected to almost triple by 2030 as countries seek to reduce their reliance on fossil fuels and cut carbon emissions, the United Nations said.
For developing countries with significant mineral resources, rising demand could support economic diversification, value addition, industrial development and job creation. But weak governance and poor management of mineral resources can leave countries dependent on raw-material exports while exposing communities to environmental and social risks, the UN said.
The mechanism will be led by the United Nations Development Programme (UNDP) and the UN Development Coordination Office, working through UN Resident Offices in participating countries. It will coordinate expertise from across the UN system and tailor support to individual countries’ needs.
The initiative will be guided by recommendations from Guterres’ Panel on Critical Energy Transition Minerals, which has called for greater equity, sustainability and transparency in the development of mineral resources.
Zimbabwe’s Foreign Minister Amon Murwira welcomed the initiative, saying critical minerals should deliver greater value addition and participation in mineral supply chains for resource-rich developing countries.
Zambia’s Foreign Minister Mulambo Haimbe said his country wanted to increase domestic value addition, industrialisation and employment rather than simply expand mineral production.
“Critical minerals can help countries diversify and transform their economies,” UNDP Administrator Alexander de Croo said, adding that value creation, environmental protection and good governance needed to advance together.
UN Environment Programme Executive Director Inger Andersen said the agency would contribute expertise on environmental protection, circularity and resilient livelihoods.
UN Trade and Development Deputy Secretary-General Pedro Manuel Moreno said the mechanism would help resource-rich developing countries build value chains, governance systems and industrial capacity.
The Country Support Mechanism is part of the broader work of the UN Task Force on Critical Energy Transition Minerals, co-led by UNDP, the UN Conference on Trade and Development and the UN Environment Programme.
The task force is coordinating UN efforts to implement recommendations from Guterres’ panel and help countries use their mineral resources to support sustainable development, economic diversification and the clean-energy transition.
Ghana: Parliament’s Energy Committee Visits TOR To Assess Operations, Revival Plans
Ghana’s Parliamentary Committee on Energy on Tuesday visited the Tema Oil Refinery (TOR) to assess its operations, ongoing rehabilitation and plans to restore the refinery to full-scale operations.
The committee met TOR management, led by Managing Director Edmond Kombat, and discussed refinery operations, health and safety, planned expansion projects and measures to strengthen Ghana’s energy security.
Management briefed the committee on recent developments, including the refurbishment and commissioning of the refinery’s Crude Distillation Unit (CDU) by President John Dramani Mahama as part of efforts to revive the facility.
Committee Chairman Emmanuel Bedzrah said Parliament would continue to support efforts to restore and strengthen the refinery’s operations.
The visit also gave lawmakers an opportunity to assess TOR’s operational capacity, challenges and plans for future expansion.
TOR resumed crude oil processing in December 2025 following rehabilitation work undertaken by its management.
The refinery is currently processing about 28,000 barrels of crude oil per day, while work is underway to restore its Residual Fluid Catalytic Cracking Unit (RFCC), which is expected to increase production capacity.
The visit forms part of Parliament’s monitoring of the refinery and its role in Ghana’s downstream petroleum sector and energy security.
The visit also gave lawmakers an opportunity to assess TOR’s operational capacity, challenges and plans for future expansion.
TOR resumed crude oil processing in December 2025 following rehabilitation work undertaken by its management.
The refinery is currently processing about 28,000 barrels of crude oil per day, while work is underway to restore its Residual Fluid Catalytic Cracking Unit (RFCC), which is expected to increase production capacity.
The visit forms part of Parliament’s monitoring of the refinery and its role in Ghana’s downstream petroleum sector and energy security. Nigeria Seeks To Revive Mambilla Hydropower Project After Arbitration Win
Nigeria has asked China Energy Engineering Corp, known as Energy China, to examine the most practical way to revive the long-delayed Mambilla hydropower project, including the possibility of delivering it in phases, the government said.
The move follows Nigeria’s victory in an international arbitration case brought by Sunrise Power and Transmission over the project.
An International Chamber of Commerce tribunal in Paris on Thursday dismissed Sunrise’s $400 million claim against Nigeria, removing a major legal obstacle to the planned hydropower scheme.
The tribunal also rejected Sunrise’s claim that Nigeria had breached contractual obligations under a settlement agreement and related addendum.
Power Minister Joseph Tegbe said larger hydropower projects, including Mambilla, alongside smaller schemes serving agricultural corridors, were part of Nigeria’s medium- and long-term electricity strategy, according to state broadcaster NTA.
Nigeria’s recent power mission to China also secured commitments from Chinese engineering companies and financiers to accelerate several priority electricity projects, the government said.
China Machinery Engineering Corp (CMEC) reaffirmed its role in Nigeria’s 1.9-gigawatt Presidential Power Initiative, with the first transmission lines expected to be delivered in the first quarter of 2027, according to the government.
China National Electric Engineering Co (CNEEC) has also advanced financing arrangements for the $116 million Zungeru power evacuation project, while TBEA has committed to a proposed $500 million industrial park for power-equipment manufacturing.
HengFei Cables has committed to supplying cables for the second phase of the Presidential Power Initiative and proposed establishing a cable assembly plant and training centre in Nigeria, the government said.
Nigeria’s government says the initiatives are intended to combine power infrastructure development with local manufacturing and technical training as it seeks to expand electricity supply.
The Mambilla project, planned in Taraba state, has faced years of delays.
The latest arbitration ruling could allow the government to renew efforts to secure financing and advance construction.
India Urges OPEC To Deepen Cooperation On Global Energy Stability
India’s Minister for Petroleum and Natural Gas, Hardeep Singh Puri, has called on Organisation of the Petroleum Exporting Countries (OPEC) to work closely with India to advance a balanced, stable and predictable global energy market.
Puri made the call during the seventh High-Level Meeting of the OPEC-India Energy Dialogue, held on Sept. 22, 2026, in New Delhi.
Discussions focused on oil market stability, energy security and the importance of adequate and timely investment across the oil industry.
The two sides reviewed short-, medium- and long-term energy outlooks, highlighting India’s growing role in global economic expansion and energy demand.
Puri said India and OPEC shared a complementary and mutually beneficial relationship and thanked OPEC Secretary General Haitham Al Ghais for his contribution to strengthening the partnership.
He said India valued its longstanding engagement with OPEC and its member countries, which had contributed to greater mutual understanding and cooperation on key energy issues.
“As one of the world’s fastest-growing major economies, India will remain an important driver of global energy demand in the decades ahead,” Puri said.
“A sustained dialogue between producers and consumers is essential to support investment, strengthen energy resilience and ensure reliable energy supplies for global growth and development,” he added.
Al Ghais said dialogue with India was a priority for OPEC because of the country’s growing importance in the global energy landscape.
“Dialogue with India is a priority for OPEC because we recognize India’s importance within the current global energy landscape and the fact that this importance will only increase in the decades ahead,” he said.
He noted that the OPEC-India Energy Dialogue had been running for 11 years since its launch in New Delhi in 2015.
Al Ghais commended India’s “balanced, realistic and pragmatic approach” to addressing energy challenges, saying many of India’s energy priorities were also priorities for OPEC.
He also praised the Indian government’s commitment to international cooperation and dialogue, saying diplomacy was important in addressing global challenges.
The meeting reviewed progress under the dialogue, including cooperation at the technical level, and both sides underscored the importance of deepening energy cooperation.
The two sides agreed to hold the eighth High-Level Meeting of the OPEC-India Energy Dialogue in Vienna, Austria, on a mutually convenient date.
Ghana Unveils Revised Electrical Wiring Code To Improve Safety
Ghana’s Energy Commission, in collaboration with the Ghana Standards Authority (GSA), has unveiled a revised Electrical Wiring Code aimed at improving safety and protecting lives and property.
The Acting Executive Secretary of the Energy Commission, Serwaa Bondzie, along with officials from the commission and the GSA, unveiled the revised code at the commission’s headquarters in Accra on Tuesday.
The revised code serves as a comprehensive guide for Electrical Wiring installations and is expected to improve safety, efficiency and compliance with standards in the country’s electrical industry. Speaking at the unveiling during the 25th Graduation Ceremony for Certified Electrical Wiring Professionals in Accra, Ms Adwoa Serwaa Bondzie said the existing code had served Ghana well but the electrical environment had changed significantly. “Electricians today are increasingly required to work with solar photovoltaic systems, battery storage, inverters, EV charging infrastructure and other emerging technologies,” she said. “Standards must evolve with technology,” she added. Bondzie said the new code, developed in collaboration with the Ghana Standards Authority (GSA), represented more than a revision of a technical document. “It establishes the standards required for the next phase of Ghana’s electrical and energy transition,” she said. She said the Energy Commission would work with the Commission for Technical and Vocational Education and Training (CTVET) to review the electrical wiring training syllabus to align it with the new code. “There must be a clear connection between what we regulate, what we teach, what we assess and what we certify,” she said. Bondzie said the Commission was also strengthening the integrity of the certification system through digitalisation. “Since the integration of our certification system with ECG and NEDCo went live in July 2026, more than 27,500 digital verification tokens have been generated,” she said. Dr Awal Mohammed, Deputy Director-General in charge of Operations at the GSA, said the revised code would help enhance electrical safety across the country. He said the GSA would collaborate with the Energy Commission to ensure that electrical cables and accessories imported into Ghana met the required standards and were properly tested. Mohammed also appealed to the Minister of Energy and Green Transition to make the new Electrical Wiring Code mandatory for all electrical wiring professionals.USTDA Selects Anzana Electric For Power Study Along Africa’s Lobito Corridor
The U.S. Trade and Development Agency (USTDA) on Tuesday signed an agreement with Anzana Electric Group Limited to fund a feasibility study aimed at expanding hydropower generation and upgrading electricity distribution networks in Democratic Republic of Congo’s Lualaba province and Zambia’s North-Western province.
The project is expected to improve power reliability for copper and cobalt mining operations and more than three million residents in the region, USTDA said.
The agreement was signed on the sidelines of the United Nations General Assembly (UNGA) High-Level Week in New York.
“Reliable power allows mines to operate, businesses to profit, and families to thrive,” USTDA Deputy Director Thomas R. Hardy said.
The Lobito Corridor is a strategic logistics route linking mineral-producing areas of the Democratic Republic of Congo and Zambia to the Atlantic Ocean through the port of Lobito in Angola. It is intended to facilitate the transport of copper, cobalt and other critical minerals to international markets.
USTDA’s feasibility study will assess the rehabilitation of existing hydropower assets, the development of new hydropower generation and the expansion of electricity distribution infrastructure to supply mining operations and surrounding communities, the agency said.
The study will also identify potential U.S. suppliers and financing structures for the project, creating opportunities for U.S. equipment and engineering services in electricity distribution and hydropower generation, USTDA said.
Reliable electricity remains a challenge in parts of the Democratic Republic of Congo and Zambia, where mining operations account for a large share of available power, leaving households and businesses with limited access, according to USTDA.
The project is expected to connect more than 500,000 homes and businesses and help mining companies along the Lobito Corridor reduce their reliance on diesel generators, the agency said.
The USTDA-funded study also supports the objectives of a strategic partnership agreement signed by the United States and the Democratic Republic of Congo in December 2025, the agency said.
“The countries along the Lobito Corridor are uniquely positioned to create long-term economic value from their critical minerals. Realizing that ambition depends on reliable electricity, which underpins industrialization, drives local value addition, creates jobs and strengthens economies,” Anzana Electric Group Chief Executive Brian Kelly said.
USTDA said its support for Anzana complements other agency-backed projects along the Lobito Corridor involving power generation, digital connectivity, port modernization and critical minerals extraction and processing.
Libya’s NOC Warns Of Force Majeure As Oil Facilities Guard Agency Shuts Oil Facilities
A group of members of Libya’s Oil Facilities Guard Agency on Tuesday closed the gates of the Zawiya Oil Refinery and Al-Burayqa Oil Marketing Company, preventing workers and technicians from entering and replacing night-shift crews responsible for operations, the National Oil Corporation (NOC) said.
The action also prevented students at the Oil Institute for Training and Qualification in Zawiya from attending classes, although the gate of Al-Burayqa Oil Marketing Company and the main gate of the Zawiya refinery were later partially reopened, the NOC said.
The closures came amid the continued shutdown in recent days of valve No. 7 in the Hamada area on the crude oil pipeline linking the Sharara oilfield to the coast.
The valve was closed by members of the Oil Facilities Guard Agency in southwestern Libya and armed individuals, halting crude oil transportation from the Sharara field operated by Akakos Oil Operations Company, according to the NOC.
The NOC said the closures posed technical, operational and safety risks to the oil complex and could damage facilities and equipment and disrupt refining and fuel supply operations.
A prolonged blockade could lead to a complete halt of operations at the complex, affecting fuel supplies and state revenues and disrupting the import and distribution of petroleum products to the domestic market, the NOC said.
The corporation called on authorities to lift the closures and allow technical, operational and administrative teams to resume their duties. It also urged security agencies to protect oil facilities, ensure workers can move freely and prevent confrontations.
The NOC said it remained committed to maintaining operations but warned that it could declare force majeure in the coming hours if the valve was not reopened. It said the measure would be intended to protect the corporation’s assets and partners and avoid potentially significant financial penalties for the Libyan state.
Petrobras Signs Eight Production-Sharing Contracts In Côte d’Ivoire
Brazilian state oil company Petrobras, through its wholly owned subsidiary Petrobras Netherlands B.V. (PNBV), has signed production-sharing contracts (PSCs) with the Republic of Côte d’Ivoire and PETROCI Holding for eight offshore exploration blocks, the company said.
The PSCs cover the offshore blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701 and CI-702.
Under the agreements, PNBV will hold a 90% interest in the blocks and operate them, while PETROCI Holding will hold the remaining 10% stake.
“With this acquisition, Petrobras establishes a significant presence in Côte d’Ivoire, a country in a region with high exploration potential and geological characteristics similar to those of our own sedimentary basins,” Petrobras President Magda Chambriard said.
“We will apply our experience and technical expertise to these blocks, and we are confident that, by doing so, we can unlock the full potential that we believe exists along the African Atlantic margin,” she added.
The contracts give Petrobras access to exploration areas along the African equatorial margin as the company seeks to replenish its oil and gas reserves through exploration in new frontiers in Brazil and abroad.
The move is part of Petrobras’ strategy, outlined in its business plan, to diversify its exploration portfolio and pursue opportunities aimed at creating value and supporting the long-term sustainability of its business.
Liberia: LEC Receives 14,500 Smart Meters Under Rollout Programme
The Liberia Electricity Corporation (LEC) has received 14,500 smart meters as part of efforts to advance its Smart Metering Programme and improve efficiency in electricity distribution and consumption, the power utility said on Monday.
In a statement, the corporation said an additional 60,000 smart meters are expected to arrive within a month to support the planned rollout.
The initiative, being implemented in partnership with SENAPT, is expected to enhance customer metering, strengthen revenue protection, reduce commercial losses and help combat illegal electricity consumption.
The smart metering rollout represents another major step in LEC’s efforts to modernise its metering system and improve service delivery to customers.
Ghana: NPA Proposes Three Funds Under New Downstream Petroleum Bill
Ghana’s petroleum downstream regulator, the National Petroleum Authority (NPA), has proposed the establishment of three regulatory funds under a new draft Bill currently before Parliament for consideration and approval.
The proposed funds are the Distribution Fund, Infrastructure Fund and LPG Promotion Fund.
The provisions are set out in Clauses 25 to 40 for the Distribution Fund, Clauses 42 to 58 for the Infrastructure Fund, and Clauses 59 to 75 for the LPG Promotion Fund.
Distribution Fund
Under the Bill, the Distribution Fund would seek to ensure the regular and efficient transportation of petroleum products from refineries or bulk supply points to storage depots, retail outlets and other delivery points across the country.
It would also seek to ensure uniform pricing of petroleum products nationwide, regular supplies to all parts of the country, security of the petroleum products distribution system and an efficient distribution system.
The proposed sources of funding include the primary distribution margin in the prescribed petroleum pricing formula, the unified petroleum price margin and the security margin for providing security for the petroleum distribution system.
The fund would be managed by a Distribution Fund Management Committee, with the sector minister nominating a member of the NPA board as chairperson.
Other members would include the chief executive officer of the NPA, and representatives of BOST Energies, the Tanker Owners Union and the Chamber of Bulk Oil Distribution Companies (CBOD), as well as two other persons with managerial experience in the sector nominated by the minister.
Infrastructure Fund
The Infrastructure Fund would finance the construction, development and maintenance of a sustainable petroleum products distribution system, as well as infrastructure for the storage, refining and transportation of petroleum products.
The fund would also support the provision of strategic fuel reserves, according to the Bill.
Its proposed sources of funding include an infrastructure margin that would form part of the prescribed petroleum pricing formula; a levy that may be imposed by Parliament on a petroleum product; fees paid by petroleum service providers for the use of infrastructure financed by the fund; and money approved by Parliament.
The fund would be managed by an Infrastructure Management Committee comprising a person with expertise in the petroleum downstream industry nominated by the minister as chairperson; a representative of the Ministry of Energy and Green Transition not below the rank of director; two NPA representatives; and representatives of BOST Energies, Bulk Import, Distribution and Export Companies (BIDECs) and Tema Oil Refinery.
LPG Promotion Fund
The LPG Promotion Fund would seek to promote the use of liquefied petroleum gas (LPG) in Ghana, including its use in vehicles, as well as the use of liquefied natural gas, compressed natural gas, biofuel blends, hydrogen and other non-fossil fuels, excluding electricity.
The fund would also support the promotion and implementation of the cylinder recirculation model and investment initiatives in support of the energy transition strategy within the petroleum downstream industry.
Proposed sources of funding include an LPG promotion margin in the prescribed petroleum pricing formula for LPG; a green transition margin in the pricing formula; an amount specified by the NPA to be charged as part of the supplier’s premium; a levy imposed by Parliament on a petroleum product; and money approved by Parliament.
The fund would be managed by an LPG Promotion Fund Management Committee, comprising the NPA chief executive officer as chairperson; the director responsible for finance at the NPA, nominated by the NPA chief executive; representatives of BIDECs and LPG marketing companies; a representative of LPG bottling companies nominated by the NPA board; a representative of the ministry; and an environmental civil society representative nominated by the NPA board.