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Ghana: Parliamentary Select Committee On Energy Inspects BPA’s 50MWp Yendi Solar Project
Members of Parliament’s Select Committee on Energy have inspected the Bui Power Authority’s (BPA) 50MWp Yendi Solar PV Project in the Northern Region to assess the completed facility and its contribution to Ghana’s electricity supply.
The delegation, led by the Committee’s Chairman, Hon. Emmanuel Kwesi Bedzrah, toured the facility and received a briefing on its development and operational infrastructure.
BPA’s Director of Renewable Energy Development, Ing. Peter Acheampong, received the delegation on behalf of the Authority’s Board of Directors and Chief Executive Officer, Ing. Kow Eduakwa Sam.
He briefed members on the project’s development since construction began on September 30, 2023, and guided them through its key components. These included the direct current (DC) and alternating current (AC) equipment, internal transmission lines, drainage systems, access roads and staff accommodation.
According to Ing. Acheampong, First Sky Limited, a wholly Ghanaian-owned company, executed the project using local expertise and technical capacity.
He said the project demonstrated the growing ability of Ghanaian companies to deliver large-scale energy infrastructure and underscored the importance of local participation in developing the country’s energy sector.
The Ghana Grid Company Limited (GRIDCo) has completed the construction and final integration of a four-kilometre, 161kV transmission line connecting the facility to the national grid. The solar plant is currently supplying power to the grid.
Members of the Committee expressed satisfaction with the facility following the inspection.
Hon. Bedzrah commended BPA for its continued efforts to expand its renewable energy portfolio beyond its established hydropower operations at Bui.
The visit provided the Committee with an opportunity to examine the completed project first-hand and gain insight into the infrastructure and systems supporting its operations.
Kenya: President Ruto Commissions KETRACO’s 132kV Kitui–Wote Transmission Line
Kenyan President William Ruto has commissioned the 66-kilometre, 132-kilovolt Kitui–Wote transmission line, a project intended to strengthen electricity supply in Kitui, Makueni and neighbouring counties.
The line was built by the Kenya Electricity Transmission Company (KETRACO) to improve grid reliability in the country’s eastern region.
Kitui was previously supplied through the 132kV Mwingi–Kitui line, while Wote relied on the 132kV Wote–Sultan Hamud line. The new link connects the two sections, allowing electricity to reach either substation through an alternative route during an interruption.
KETRACO said the network provides the Kitui and Wote substations with two 132kV supply routes. When supply through Mwingi is interrupted, Kitui can continue to receive power through Wote, the company said.
The KSh1.2 billion Kitui–Wote section forms part of the Mwingi–Kitui–Wote–Sultan Hamud transmission corridor. It was implemented under the Kenya Power Transmission System Improvement Project, with funding from the African Development Bank.
Speaking at the commissioning ceremony at Kitui Substation, Ruto said the government was committed to strengthening the national grid and supporting Kenya’s clean energy transition.
“The Kitui–Wote Transmission Line is a strategic investment in Kitui and neighbouring counties, strengthening reliable power supply to drive industrialisation, enterprise growth, job creation, and essential services,” he said.
The project also provides an alternative supply route for Mwingi and Garissa through Sultan Hamud, Wote and Kitui. KETRACO said Garissa had continued to receive electricity through the route during recent maintenance work at Kindaruma.
Energy and Petroleum Cabinet Secretary Opiyo Wandayi said the line would improve electricity reliability for businesses and support economic activity across the eastern region.
“The people of Kitui are already benefiting from improved power supply, which supports businesses to operate longer hours and strengthens the activities of Jua Kali artisans, mechanics, and traders,” Wandayi said.
He added that reliable electricity would support agricultural processing, including the production and marketing of honey from Mwingi and other parts of Kitui County.
KETRACO Managing Director Tom Imbo said the project had increased transmission capacity and operational flexibility, while creating room to meet future demand and support new connections in Kitui and Makueni.
“The interconnected configuration allows sections of the transmission network to be taken out of service for planned maintenance while electricity continues to flow through an alternative route,” he said.
China CAMC Engineering carried out the work under the supervision of KETRACO engineers. The company was contracted in 2019 to complete the transmission improvement project.
“The Kitui–Wote Transmission Line is a strategic investment in Kitui and neighbouring counties, strengthening reliable power supply to drive industrialisation, enterprise growth, job creation, and essential services,” he said.
The project also provides an alternative supply route for Mwingi and Garissa through Sultan Hamud, Wote and Kitui. KETRACO said Garissa had continued to receive electricity through the route during recent maintenance work at Kindaruma.
Energy and Petroleum Cabinet Secretary Opiyo Wandayi said the line would improve electricity reliability for businesses and support economic activity across the eastern region.
“The people of Kitui are already benefiting from improved power supply, which supports businesses to operate longer hours and strengthens the activities of Jua Kali artisans, mechanics, and traders,” Wandayi said.
He added that reliable electricity would support agricultural processing, including the production and marketing of honey from Mwingi and other parts of Kitui County.
KETRACO Managing Director Tom Imbo said the project had increased transmission capacity and operational flexibility, while creating room to meet future demand and support new connections in Kitui and Makueni.
“The interconnected configuration allows sections of the transmission network to be taken out of service for planned maintenance while electricity continues to flow through an alternative route,” he said.
China CAMC Engineering carried out the work under the supervision of KETRACO engineers. The company was contracted in 2019 to complete the transmission improvement project. Ghana: NPA Says 93% Of Fuel Tankers Now Licensed After Audit Concerns
Ghana’s National Petroleum Authority (NPA) says about 93% of the more than 4,000 bulk road vehicles used to transport petroleum products have now been licensed, following concerns raised in the 2025 Auditor-General’s Report.
NPA Chief Executive Godwin Edudzi Tameklo disclosed this when he appeared before Parliament’s Public Accounts Committee (PAC) to respond to issues raised in the report about the authority’s operations.
The report questioned why the regulator had licensed only 2,514 trucks out of more than 4,000 bulk road vehicles (BRVs), commonly known as fuel tankers, while allowing the others to distribute petroleum products.
Tameklo said licensing enabled the authority to monitor and track the vehicles on the road. However, he said strict enforcement had to be balanced against the need to prevent fuel shortages.
Ghana has nearly 5,000 petroleum retail outlets but just over 4,000 BRVs, he told the committee.
“What we’ve done prior to this audit is to ensure a balancing act – whilst ensuring regulation, how do we also ensure that petroleum products ultimately get to people?” he said.
Tameklo said enforcing compliance was easier in Accra than elsewhere, but the authority could still track the movement of petroleum products through freight cost claims.
Following the concerns raised in the audit report, the NPA took steps to license the remaining trucks, bringing the proportion licensed to 93%, he said.
He added that the remaining 7% had been taken off the road and their owners had been asked to take steps to obtain licences.
A representative of the Auditor-General told the committee that the NPA had reported the 93% figure, but the auditors had yet to verify it.
PAC Chairperson Abena Osei-Asare welcomed the reported progress, saying the audit should lead to corrective action.
“The audit must lead to action,” she said.
Zambia: Parliament Approves Creation Of Electricity And Petroleum Ministries
Zambia’s parliament has approved a government proposal to reorganise ministries and create new portfolios, including separate ministries for electricity and petroleum.
Vice President Mutale Nalumango moved the motion on Tuesday after President Hakainde Hichilema formally requested parliamentary approval to establish, merge and dissolve ministries, as required under Article 92(2)(d) of Zambia’s constitution.
The restructuring will increase the number of ministries from 24 to 30. The government says the changes are intended to improve efficiency, strengthen service delivery and accelerate economic growth.
Under the approved plan, the Ministry of Energy will be divided into a Ministry of Electricity and a Ministry of Petroleum.
The move is intended to provide more focused attention on the country’s electricity challenges and the development of its petroleum sector.
The Ministry of Commerce, Trade and Industry will also be split into a Ministry of Trade and Exports and a Ministry of Industry.
The Ministry of Education will be separated into a Ministry of Education and a Ministry of Skills and Higher Education. The Ministry of Youth, Sport and Arts will become a Ministry of Youth and Sports and a Ministry of Culture and Arts.
Nalumango said the restructuring was designed to align government operations with the administration’s “Grow Zambia” agenda and provide dedicated leadership for key sectors of the economy.
The approval paves the way for Hichilema to appoint cabinet ministers to head the new portfolios.
Qatar: Energy Minister Calls for Protection of Energy Infrastructure and Shipping Routes During Conflict
Qatar’s Minister of State for Energy Affairs, Saad Sherida Al-Kaabi, has called for the protection of energy infrastructure and shipping routes during conflicts to safeguard global energy supplies.
Speaking at the 28th Ministerial Meeting of the Gas Exporting Countries Forum (GECF) in Moscow on Monday, Al-Kaabi said disruptions to energy facilities and maritime routes had far-reaching implications for global trade and energy security.
He cited the conflict in the Gulf region and repeated attacks on energy facilities, which he said had severely curtailed shipping through the Strait of Hormuz and restricted global access to energy and other essential products.
“The State of Qatar itself was the target of several attacks on our energy production facilities. As a result, our production was halted, and our LNG vessels faced severe restrictions on their movement through regional shipping routes,” Al-Kaabi said.
He said Qatar remained committed to peace and to supplying reliable energy, particularly liquefied natural gas (LNG), to global markets.
Meeting growing demand for natural gas would require sustained investment across the gas value chain, supported by greater market certainty, fair access to financing and long-term cooperation between producers and consumers, he said.
Al-Kaabi also called for natural gas to remain part of a diversified global energy mix and a balanced energy transition.
“Natural gas is here to stay, and it is our collective responsibility to ensure that its role remains firmly anchored in the global energy dialogue,” he said.
The ministerial meeting was held ahead of the eighth GECF Summit of Heads of State and Government.
Ghana: NPA Chief Calls For Regulatory Alignment At OTL Africa Downstream Energy Week
The Chief Executive of Ghana’s National Petroleum Authority (NPA), Godwin Kudzo Tameklo, has called for greater alignment of petroleum regulations across Africa to attract investment and improve market efficiency.
Tameklo made the call during a panel discussion on regulatory convergence in African oil and gas markets at the 20th OTL Africa Downstream Energy Week in Lagos, Nigeria.
He said closer alignment of standards, licensing requirements and compliance procedures across national jurisdictions would make it easier to do business and strengthen investor confidence.
Tameklo also called for investment in refining infrastructure, technology, storage and skills to increase value addition in Africa’s petroleum industry.
He said stronger domestic refining capacity and technology transfer were essential to reducing dependence on imported petroleum products, improving energy security and creating jobs.
The NPA chief executive urged regulators, governments and industry stakeholders to work more closely to support cross-border energy projects, share knowledge and establish common standards that would advance regional integration.
He said capable institutions and a skilled workforce were vital to the long-term competitiveness and resilience of Africa’s energy sector.
Tameklo described regulatory convergence as a strategic tool for unlocking investment, encouraging innovation and developing a more integrated African energy market.
Libya: UNEP Commends NOC For 92% Response Rate To Methane Emission Alerts
Libya’s National Oil Corporation (NOC) said the United Nations Environment Programme (UNEP) and its International Methane Emissions Observatory (IMEO) had commended it for responding to 92% of methane emission alerts, one of the highest response rates in the region.
The commendation followed a training workshop held in Tunis from October 18 to 22 on the Methane Alert and Response System (MARS) and the Oil and Gas Methane Partnership (OGMP 2.0), NOC said in a statement.
The workshop formed part of efforts overseen by NOC Chairman Masoud Suleman to strengthen compliance with international environmental standards, the corporation said.
Organised in cooperation with UNEP, IMEO and the European Union delegation to Libya, with technical support from consultancy Carbon Limits, the workshop built on earlier sessions held in Tripoli.
It aimed to improve the ability of technical teams at NOC and its subsidiaries to monitor methane emissions, verify data and respond promptly to alerts.
NOC attributed its response rate to coordination between designated contacts at its subsidiaries and its General Department of Health, Safety, Environment, Security and Renewable Energy.
Nigeria: Eni Completes Sale Of Subsidiary AENR To Apex
Italian energy group Eni has completed the sale of its Nigerian subsidiary, Agip Energy and Natural Resources (AENR), to Apex Global Energy, the company said on Monday.
Apex is wholly owned by Sterling Oil Exploration and Energy Production Company, an operator in Nigeria’s onshore oil sector.
AENR explores for and produces oil and gas in Nigeria’s onshore and shallow-water areas. It holds a 5% stake in a joint venture operated by Renaissance, which owns 30%.
Nigerian National Petroleum Company Limited holds 55%, while TotalEnergies owns 10%.
Eni said the transaction had received all required regulatory approvals and was part of its strategy to rebalance its upstream portfolio and sell non-core assets.
The company will retain a presence in Nigeria through deepwater exploration and development and its stake in Nigeria LNG.
Ghana: TOR’s Recovery Could Prompt IMF To Rethink Advice On State-Owned Firms, MD Says
Tema Oil Refinery (TOR) Managing Director Edmond Kombat has said he believes the International Monetary Fund could reconsider its policy recommendations on state-owned enterprises in developing countries following a visit to the refinery by the fund’s Ghana team last week.
Speaking on Monday during a media briefing as part of the Government Accountability Series, Kombat said the institution generally favoured private enterprise over state ownership of businesses.
He argued that the refinery’s recovery demonstrated that state-owned companies could operate successfully.
“It looks like they’re changing their literature because most of those prescriptions that they give actually haven’t helped developing countries and we are beginning to show that state institutions can work and work very well. And we were happy to receive them and show them that under His Excellency President John Dramani Mahama, state entities are working and are working not as loss-making entities,” Kombat said.
He said management remained cautious despite the refinery’s progress.
TOR reported a profit after tax of GH¢1.24 billion for 2025, on a profit before tax of GH¢1.4 billion, Kombat said.
The refinery currently processes 28,000 barrels per stream day. Maintenance work is underway to bring another unit into operation and restore its original processing capacity of 45,000 barrels per stream day, with a medium-term target of 100,000 barrels per stream day.
The refinery had been idle for more than six years and carried substantial debts. Its recent progress has attracted visits from stakeholders, including academic institutions, seeking to assess its recovery.
During the IMF delegation’s visit, led by the fund’s resident representative in Ghana, Adrian Alter Kombat outlined improvements in financial reporting and controls, workforce reforms and efforts to secure a steady crude supply.
He also detailed the operational and financial challenges inherited by management and measures introduced since May 2025 to restore stability.
Kombat said management had relied on internally generated funds to sustain operations, prioritising financial discipline, operational improvements and the rehabilitation of critical facilities.
TOR inherited debts of about $517 million, including about $120 million owed to the government, he said.
“Out of the US$517 million debt we inherited, we owe about US$120 million to government. We are trying to restructure our debt with government,” he said.
Discussions with the government were focused on restructuring the debt and reconciling historical financial obligations between the refinery and the state, he added.
Kombat said management hoped to maintain profitability this year and beyond, citing improved macroeconomic stability and reforms at the refinery.
As part of its long-term strategy, management is considering listing TOR on the Ghana Stock Exchange to attract investment and raise capital for operations and expansion.
He said a listing would allow Ghanaian institutions and other investors to acquire shares in the company and support its recovery.
On operations, Kombat said TOR had processed about five million barrels of crude, including about two million barrels from Ghanaian fields, with the balance sourced externally.
The refinery’s first domestic crude supply came from the Jubilee field through a transaction with Vitol that had been fully paid for, he said.
He also acknowledged the Ghana National Petroleum Corporation (GNPC) for supplying its share of Ghana’s crude allocation to the refinery.
Kombat said Ghana produced about 38 million barrels of crude annually, of which about 11 million barrels represented the government’s share. He expressed hope that GNPC would make its full allocation available to TOR for refining next year to improve feedstock availability and sustain operations.
Domestic refining could improve petroleum product availability, support price stability and reduce Ghana’s exposure to external supply disruptions, particularly during geopolitical tensions such as the conflict in the Middle East, he said.
He also acknowledged government measures aimed at cushioning consumers against changes in petroleum prices.
Members of the IMF delegation expressed appreciation for the progress made and the opportunity to better understand the refinery’s operations.
Ghana: PURC Pledges Consumer Safeguards Ahead Of ECG Meter Audit
Ghana’s Public Utilities Regulatory Commission (PURC) has assured electricity consumers that it will scrutinise a planned nationwide meter audit by the state-owned Electricity Company of Ghana (ECG) to ensure adequate safeguards are in place.
PURC Executive Secretary Shafic Suleman said the regulator would review the audit framework and hold further discussions with ECG to protect consumers throughout the exercise.
He said the commission would also consider publishing a simplified version of the framework to help consumers understand the audit’s objectives, procedures and potential implications before it begins.
“We will be engaging ECG further to ensure that in the audit framework, whatever we think the consumer needs to know, we will make it available for the consumer to know,” Suleman said, according to a report by Citinewsroom.
“At the same time, PURC is going to scrutinise the framework once again to ensure that it doesn’t affect the consumer negatively.”
ECG announced on Tuesday, October 20, that it would soon begin a nationwide meter audit across its operational areas to reduce commercial losses, improve revenue collection and combat electricity theft.
The exercise will involve inspecting and verifying prepaid and postpaid meters, Special Load Tariff (SLT) installations and associated wiring to check the integrity of metering systems and ensure accurate measurement and billing of electricity consumption.
ECG said its announcement constituted official notice of the exercise and that it would not issue separate notices, appointment letters or advance notifications.
It urged customers, landlords, estate managers, property managers, facility managers and security personnel to allow authorised ECG personnel access without requiring a separate notification letter.
Gabon: One Oil Worker Killed, Four Missing After Rig Sinks Offshore
One oil worker has died and four others remain missing after Borr Drilling’s Prospector 5 rig sank off Mayumba on Gabon’s coast late on Saturday, company officials and a union representative said.
The rig had 115 people on board, company officials said on Sunday.
The body of an Indian national, one of five people initially reported missing, has been recovered, said Sylvain Mayabi Binet, Secretary-General of the National Organisation of Petroleum Employees.
Three Gabonese nationals and one expatriate remain unaccounted for.
Borr Drilling said preliminary findings indicated that the rig suffered a “punch-through event” during preloading operations, causing it to lose stability and sink.
The incident occurred at about 9:40 p.m. local time on Saturday in the Dussafu Marin permit area, near the Mabomont production facility, Gabon’s Ministry of Petroleum and Gas said.
The rig, owned and operated by Borr Drilling, had been contracted to support BW Energy’s offshore drilling operations but had not yet begun drilling.
The ministry has activated a crisis unit, ordered the navy to step up search and rescue operations and launched a technical investigation into the accident, Petroleum and Gas Minister Clotaire Kondja said.
The crisis unit includes representatives from the ministry, the navy, state-owned Gabon Oil, BW Energy and Borr Drilling, he added.
“We are deeply concerned for those who remain unaccounted for and everyone affected by this incident,” Borr Drilling Chief Executive Bruno Morand said.
“Our immediate priority is supporting the ongoing search and rescue efforts and the welfare of all personnel involved.”
Panoro Energy said production had been halted following the incident, although no damage to production facilities or accidental discharges had been reported.
The ministry said no harmful substances had been detected in the surrounding waters.
Pollution-response resources remain deployed to protect the coastline and nearby Mayumba National Park as search and rescue operations continue.
U.S. Army Says It Has Helped 1.5 Billion Barrels of Oil Out Of Hormuz
U.S. forces have helped Persian Gulf producers move more than 1.5 billion barrels out of the Strait of Hormuz since the Iran war said during a visit to the Strait of Hormuz on Sunday.
More than 3,000 commercial vessels have successfully transited the Strait of Hormuz with support from CENTCOM forces over the last six months, the U.S. military said.
“We continue to stand shoulder to shoulder with our Gulf partners and the shipping industry,” said Cooper.
“This visit underscores our strong commitment to continued freedom of navigation through the Strait of Hormuz.”
American forces have successfully cleared the Strait of Hormuz’s international shipping lanes of sea mines laid by Iran’s Islamic Revolutionary Guard Corps (IRGC), according to the U.S. Central Command.
The U.S. military said that the 95% success rate of ships navigating the Strait of Hormuz without incident in recent months is “clearly demonstrating that the United States and regional partners control the international waterway.”
Oil flows out of the Strait of Hormuz, and the whole Middle East has recovered in the past two months, according to various tanker-tracking services.
Some estimates put the flows at the Strait of Hormuz at already exceeding pre-war levels, excluding Iranian exports.
However, threats to shipping in the area have not subsided. On the contrary, the escalating Saudi-Houthi tensions could disrupt the recovering flows, while Iran has claimed dozens of hits on tankers in the Persian Gulf and in the Strait of Hormuz.
At any rate, the market continues to price in a prolonged disruption and continued inefficient oil shipments, which have hiked shipping costs to record highs, further raising the cost of crude oil for buyers and ultimately, for the end consumers.
Oil prices fell in Asian trade on Monday, but Brent Crude remained above $115 per barrel, and WTI was still above the $100 mark, as hostilities between Yemen’s Houthis and Saudi Arabia, as well as Iranian attacks on tankers in the Persian Gulf, continue.
Ghana: PETROSOL Board Chairman Daniel Acheampong Honoured For Service To Employers’ Association
The Board Chairman of PETROSOL Platinum Energy PLC and immediate past President of the Ghana Employers’ Association (GEA), Daniel Acheampong, has been honoured for his contributions to the association at its 66th Annual General Meeting in Accra.
The Minister of Trade, Industry and Agribusiness, Elizabeth Ofosu-Adjare, presented a citation to him on behalf of the GEA.
In a statement celebrating Acheampong, PETROSOL said the honour recognised his more than three decades of exemplary leadership, dedicated service and contributions to advancing employers’ interests and developing Ghana’s private sector.
“From his early nomination to the GEA Council as a representative of the manufacturing interest group to his subsequent roles as second vice-president and first vice-president, and his eventual unanimous election as president of the GEA in 2018, his journey reflects a legacy built on integrity, diligence, visionary leadership and a staunch commitment to service,” PETROSOL said.
During his tenure as president, Acheampong helped strengthen the GEA’s voice in national policy advocacy and championed business growth, human resource development and employment creation.
He also contributed to the completion and commissioning of the association’s office building, Employers’ House.
He achieved these results while holding key leadership roles at the Volta Aluminium Company Ltd (VALCO), where he served as chief executive for almost a decade.
PETROSOL said his commitment to constructive dialogue, harmonious industrial relations and private-sector development exemplified the qualities of a distinguished leader.
“At PETROSOL, we are proud to have such an accomplished leader at the helm of our board. His achievements inspire us to pursue excellence, build lasting legacies and remain committed to creating value for our stakeholders and the communities we serve,” the company said.
PETROSOL congratulated Acheampong on his legacy of service, leadership and impact.
“We wish you continued success as you inspire progress within PETROSOL and Ghana’s wider business community,” the statement said.
Nigeria: NUPRC Gives 22 New Oil Block Holders 18 Months To Deliver First Oil
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has given 22 firms awarded Petroleum Prospecting Licences (PPLs) 18 months to achieve first oil, warning that it will begin recovering idle blocks on October 30, 2026.
The commission’s chief executive, Oritsemeyiwa Eyesan, said the move was in line with the “drill or drop” provisions of the Petroleum Industry Act 2021.
Eyesan was speaking in Lagos at the inaugural onboarding workshop for successful bidders in the 2022/2023 Mini Bid Round and the 2024 Licensing Round.
The workshop was held under the theme: “From Award to Production: Delivering Nigeria’s Upstream Petroleum Potential Under the Petroleum Industry Act 2021.”
Eyesan said all 22 awardees had paid their signature bonuses. The commission expects their assets to contribute about 250,000 barrels per day to Nigeria’s oil production within five years, she added.
She said the workshop followed a review of previous bid rounds, which found that many licence holders struggled to move from award to production despite meeting their financial obligations, slowing growth in output and reserves.
Eyesan described the 2020 bid round as the most challenging in the commission’s history, citing partnerships formed to secure blocks that subsequently broke down, leaving the assets without stable ownership and operating structures.
Similar problems arose during earlier marginal field rounds and asset divestments between 2010 and 2012, when some companies acquired assets without the technical expertise and business capacity needed to operate them, she said.
Some operators increased production from previously non-producing assets to more than 60,000 barrels per day, Eyesan said. Others saw combined output from mature fields fall to between 20,000 and 30,000 barrels per day from between 60,000 and 80,000 barrels per day under their previous owners.
She said some companies relied on Excel spreadsheets for their oil and gas accounting, which she cited as evidence of weak operating structures.
Some awardees assembled technical teams for the bidding process but disbanded them after securing licences, she added. They then left assets idle while seeking technical partners and financing, before returning about two and a half years later to request extensions.
Eyesan said the commission had issued a circular stating that, from October 30, it would recover blocks where licence holders had failed to undertake activities within the stipulated periods of three years for onshore assets and five years for offshore assets.
Extensions would not be automatic, she said, adding that difficulties securing partners or funding would no longer be accepted as grounds for an extension.
“It’s going to be Drill or Drop. This is standard practice all over the world,” she said.
Emeka Nkemakolam, assistant general manager and head of energy and power at Fidelity Bank, said investors needed a clear funding strategy and evidence of compliance with licence conditions, including obligations relating to rents, signature bonuses and performance bonds.
Such compliance demonstrated that a company was a credible prospective borrower, he said.
Panellists also identified governance and documentation as key requirements for securing finance. They said joint venture documents, shareholder agreements and internal governance arrangements should be finalised within six months and structured to meet lenders’ requirements.