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Malawi Plunged Into Nationwide Blackout After Power System Shutdown
Malawi was hit by a nationwide power blackout on Wednesday evening after the country’s electricity utility reported a system shutdown, disrupting electricity supplies across the country.
The Electricity Supply Corporation of Malawi (ESCOM) said the shutdown occurred at 10:45 p.m. on Wednesday, Sept. 9, and that its technical teams were working to establish the cause.
“We have experienced a system shutdown,” ESCOM said in a notice to customers, adding that it would inform the nation once the facts had been established.
The utility did not immediately give a timeframe for restoration of electricity or specify what had triggered the shutdown.
ESCOM is responsible for procuring, transmitting and distributing electricity in Malawi.
The blackout comes as Malawi’s electricity system faces continuing pressure from supply constraints and infrastructure challenges.
ESCOM has previously implemented scheduled load-shedding programmes to manage shortages in electricity supply.
The disruption threatens to affect households, businesses and public services reliant on the national grid, although the extent of the impact was not immediately clear.
ESCOM urged customers to await further information while its technical teams investigated the incident.
Trump Says Oil Prices May Fall After U.S. Midterm Elections
U.S. President Donald Trump told Americans on Wednesday that oil prices, which have surged because of the war with Iran, would not come down until after the U.S. midterm elections.
Oil prices jumped more than 3% on Wednesday, pushing international benchmark Brent crude above $100 a barrel for the first time since July as exchanges of fire between the United States and Iran escalated.
“Right after the election, oil prices are going to be tumbling downward,” Trump said, according to the Associated Press.
“I think it’s going to take a little bit longer than the midterm,” he added.
Speaking to reporters before traveling to Dallas for the Republican midterm convention, Trump said he believed Iran would finally relent after the pivotal U.S. elections.
“They’re desperate to try and affect the election, so that we can get a nice weak group of people in there and leave them alone and let them have their nuclear weapon,” Trump said.
“I think the war’s going to end immediately after the election because they can’t hold out any longer,” he added.
Trump initially said at the outset of the war that it would last only a matter of weeks. The conflict is now in its seventh month.
The U.S.-Israeli war with Iran has sharply reduced the volume of Gulf oil moving through the Strait of Hormuz, through which about 20% of the world’s petroleum passed before the conflict.
Trump’s comments were a striking acknowledgment of the conflict’s duration as his administration faces mounting pressure to address high gasoline prices while the war drags on with no end in sight.
Trump last week dismissed the conflict as “small potatoes”, even as Republicans expressed concern that the war could weigh heavily on voters facing higher gasoline prices and inflation.
The United States has tapped its Strategic Petroleum Reserve, which fell below 300 million barrels in early August, down more than 100 million barrels since the start of 2026.
Trump’s prediction that the war would not end until after Nov. 3 came after Vice President JD Vance last week declined to predict that the conflict would be over by the midterm elections, in which Republicans are seeking to retain their narrow majorities in Congress.
Vance told reporters he did not want to set “artificial timelines” for the war’s end.
“But when you ask, ‘When will this end?’ You’re asking me a question like, ‘When will the Iranians stop shooting at ships?’” Vance said. “I think the reality is, I don’t know the answer to that question. You would have to ask the Iranians.”
U.S. benchmark crude was trading at around $96 a barrel on Wednesday, while U.S. gasoline prices rose sharply overnight.
The average price for a gallon of regular gasoline rose 7 cents overnight to $4.22, more than $1 above its level at the same time last year, according to AAA.
Diesel prices, which can have an outsized impact on consumers because the fuel is widely used in shipping and production, hit a record high on Friday and have continued to rise. The average price per gallon climbed to $5.94 overnight, up 9 cents from Friday.
Jet fuel has also become so expensive that U.S. and international airlines have cut flights while raising fares and fees.
The latest market gyrations came after the U.S. military said it had struck five Iranian tankers in response to attempted missile attacks on a U.S. Navy warship, while attacks by the Iranian-backed Houthi rebel group set fire to oil facilities in Saudi Arabia.
Angola Oil Sector Investment Reaches $99 Billion Over Nine Years
Investment in Angola’s oil sector over the past nine years has amounted to approximately $99 billion, Minister of State for Economic Coordination José de Lima Massano said on Wednesday in Luanda, according to state news agency ANGOP.
Speaking at the opening of the 7th Angola Oil & Gas (AOG 2026) International Conference and Exhibition, Massano said 38 exploration wells had been drilled during the period, resulting in 16 discoveries.
He also said 72 new concessions had been negotiated, of which 44 had been signed, while the remaining 28 were awaiting approval.
Massano said Angola remained committed to developing its oil and gas sector in a responsible, competitive and sustainable manner.
He called for greater domestic value to be created from the country’s natural resources to boost economic activity, employment and skills development.
Massano outlined reforms and initiatives aimed at creating better conditions for the development of the oil and gas industry.
He also acknowledged the challenges posed by climate change and the need for a just energy transition, pointing to a gradual, balanced and inclusive approach that reconciles decarbonisation objectives with Angola’s economic and social development.
“We will continue to produce hydrocarbons, but we will do so in an increasingly responsible, efficient and sustainable manner, through the use of efficient technologies and the consolidation of a diversified energy mix, combining hydrocarbons and natural gas with hydroelectric, solar, wind and biomass energy,” he said.
Massano highlighted the continued expansion of exploration through the discovery of new resources, reserve replenishment and measures to sustain production over the long term.
On gas production, he said reforms had delivered significant progress, with the sector becoming increasingly important as Angola focuses on exploring non-associated gas fields and developing large-scale projects.
He encouraged greater investment in local content to enable more Angolan companies to supply goods and services to the oil industry and increase the participation of qualified Angolan professionals across the value chain.
Massano reaffirmed the government’s commitment to contractual stability, legal certainty, predictability and a competitive business environment.
Addressing investors, he called for investment across Angola’s oil and gas value chain, as well as in other sectors of the economy with growth potential.
The two-day conference, held under the theme “Investing in Angola’s Future”, brings together specialists and companies to discuss oil and gas exploration and production, energy transition and sustainability.
African Banks Urged To Mobilise Funds For Energy Sector
African banks have been challenged to mobilise resources to support the continent’s energy sector.
Secretary-General of the African Petroleum Producers’ Organisation (APPO) Farid Ghezali issued the call on Wednesday via videoconference during the 7th Angola Oil & Gas International Conference and Exhibition (AOG 2026).
Ghezali said many viable African energy projects continue to face difficulties due to a lack of financial support.
He said Africa must strengthen its financial capacity, with banks playing a central role.
He also called for the continent’s energy potential to be turned into economic value through investment in infrastructure, refining and gas development, as well as stronger local industries capable of creating value chains, jobs and public revenue.
“The success of our energy sector cannot be measured solely by the number of barrels produced or exported. It must also be measured by the electricity generated, the jobs created and the value returned to our economies,” Ghezali said, according to Angola’s state news agency ANGOP.
He described AOG 2026 as a commitment to creating greater and more lasting value from the continent’s energy resources, reflecting Africa’s ambition to make energy a driver of industrial development and shared prosperity.
Ghezali said Angola’s vision for the sector was aligned with the broader continental ambition, based on the principle that natural resources should support not only production and exports, but also industry, technology, entrepreneurship and regional integration.
The two-day AOG 2026 brings together specialists and companies from the oil and gas sector to discuss issues including exploration and production, energy transition and sustainability.
ExxonMobil And ANPG Record Their 20th Discovery In Angola’s Block 15.
Angola’s National Oil, Gas and Biofuels Agency (ANPG), ExxonMobil and its Block 15 partners on Wednesday confirmed a new oil discovery at the Vicango Este-01 well, marking the deepwater block’s 20th discovery since production began, according to Oilprice.com, citing CNBC.
The well, located about 370 km (230 miles) northwest of Luanda, was drilled to a depth of 940 metres (3,084 feet) and encountered 25 metres of high-quality, hydrocarbon-bearing sandstone.
Block 15 has produced more than 2.7 billion barrels of oil over 30 years.
ExxonMobil Angola Chief Executive Brian Unietis described Block 15 as “one of Angola’s most significant deepwater developments” and said the new discoveries would increase the value of existing infrastructure, according to a joint statement.
The discovery comes three weeks after Chevron reported a find at its 105-4X well in neighbouring Block 0, where the company encountered more than 2,000 feet of hydrocarbons and 300 feet of net pay in the Pinda reservoir of the Lower Congo Basin.
Chevron is considering tying the discovery into existing Block 0 facilities rather than developing a standalone project.
The company has also made three near-field discoveries in Nigeria since late 2024 and plans to drill the Nabba-1X well in Namibia before the end of the year.
Angola’s state oil producer Sonangol, which holds stakes in several of the country’s offshore blocks, has faced financial pressures.
In June, it borrowed $2.65 billion from a bank syndicate to cover operating costs, in addition to a $1.75 billion facility from Afreximbank and a $750 million bond issued earlier this year.
Sonangol is seeking an additional $4.8 billion to finance its Lobito refinery and has scheduled a partial stock listing for 2027.
Angola is the second-largest crude oil producer in sub-Saharan Africa after Nigeria. Its oil output has stabilised at around 1.1 million barrels per day, down from a peak of more than 2 million bpd in 2008.
New fiscal terms and exploration incentives introduced by Luanda are encouraging renewed drilling in both mature and untested acreage, with the Vicango Este-01 discovery among the latest results.
African Energy Future Depends On Competitive Local Operators, Says Ashgrove CEO
Africa must build strong and competitive indigenous energy companies to accelerate economic development and compete in global markets, Mahmud Tukur, group chief executive of Ashgrove, said.
Speaking during a panel discussion at Africa Oil Week titled “The Future of the African Operator: Building the IOCs of Tomorrow”, Tukur said continued reliance on foreign capital and expertise would not deliver long-term value for the continent.
Governments, investors and industry should instead support local companies with the governance, technical expertise and financing needed to undertake complex upstream projects, he said.
“The continent can only compete internationally by deliberately building strong indigenous operators that can grow into internationally competitive companies,” Tukur said.
He said African energy companies would need to be innovative, digitally enabled, well financed and well governed to meet international performance standards and compete for larger projects.
Tukur also highlighted human capital development, including leadership development, skills training and greater participation by women, as important to building companies capable of delivering large-scale projects and retaining more value within Africa.
He said the development of stronger indigenous operators was part of a broader goal of increasing Africa’s energy sovereignty by building companies capable of attracting investment, supporting industrialisation and retaining more economic benefits on the continent.
Stronger balance sheets and corporate governance could also enable African companies to secure a larger share of upstream and midstream contracts, potentially changing deal structures and the allocation of project risks, Tukur said.
He said investment in skills and greater diversity, particularly increased participation by women, would be essential to improving the competitiveness of African operators and their ability to deliver projects.
Technology and digitalisation would also be important competitive differentiators for emerging African operators, he said, citing the adoption of digital tools and innovative business models.
Tukur called for effective policies, clearer local-content frameworks, capacity-building programmes and strategic public-private partnerships across the energy value chain to accelerate the development of homegrown international oil companies (IOCs).
Ghana Urges Greater African Control Of Oil Resources At Africa Oil Week
Ghana’s Energy and Green Transition Minister John Abdulai Jinapor has urged global oil and gas investors to support greater African ownership, local capacity and stable policy frameworks, saying the continent needs to capture more value from its hydrocarbon resources as the energy transition gathers pace.
Jinapor told delegates on the second day of Africa Oil Week in Accra that Africa should not remain a passive supplier of raw materials while decision-making, technology and profits are transferred overseas.
He called for partnerships that strengthen domestic institutions and expand the role of African companies in exploration, production and oilfield services.
“The future of our energy sector must be shaped by Africans, for Africans, with room for global capital and expertise,” Jinapor said.
Ghana is seeking to position itself as an investment destination and regional energy hub, he said.
Jinapor urged governments to create predictable regulatory frameworks to attract long-term investment while protecting national interests.
He highlighted the need for stronger local-content policies, skills development and infrastructure, saying African energy companies needed to meet international standards to compete globally.
Speaking amid debate over how to balance hydrocarbon development with efforts to cut emissions, Jinapor described the energy transition as an opportunity rather than a constraint.
A managed transition could generate jobs, government revenues and industrial growth without forcing countries to choose between economic development and sustainability, he said.
Delegates at the conference continued discussions on upstream investment, regional cooperation and the role of African independent producers in a changing energy market.
Jinapor said Ghana would continue working with private investors and regional partners to develop opportunities while seeking to ensure that its natural resources contribute to broader economic growth.
Kenya Power To Invest KSh765 Million In Two Substations In Kwale, Kilifi Counties
Kenya Power plans to invest about 765 million Kenyan shillings (approximately $5.9 million) to build two substations in Kwale and Kilifi counties as it seeks to improve the reliability and quality of electricity supply in the coastal region, the utility said.
The company is nearing completion of the Bomani 132/33 kV substation in Kilifi County, which is being built at a cost of 455 million shillings.
The substation will serve growing electricity demand from existing and new customers in Kikambala, Vipingo, Kanamai and Mtwapa, Kenya Power said in a statement.
The areas have experienced increased industrial and commercial activity as large companies and small and medium-sized enterprises expand from nearby Mombasa, the utility said.
Customers in the areas are currently supplied by the Kilifi and Bamburi 132/33 kV substations, whose capacity is coming under pressure as demand increases, it said.
Kenya Power is also nearing completion of a 33/11 kV substation in Kwale County at a cost of 310 million shillings.
The substation will have four feeders serving the Kwale county headquarters and surrounding areas, including Kinango, Tiwi and Kombani.
The Kwale substation will reduce pressure on the Diani substation, which currently supplies the areas, and provide alternative supply points for customers, the company said.
“Network reliability and customer service excellence are one of our key focus areas as we undertake our role to provide electricity for economic growth,” Kenya Power Managing Director and Chief Executive Officer Dr. Joseph Siror said.
“We are committed to ensuring that these projects are completed within the set timelines and budget, to provide value to our customers,” he said.
Siror said Kenya Power was undertaking similar projects elsewhere in the country, including network reinforcement projects aimed at improving grid resilience.
The company is also incorporating technology into its network development plans as it seeks to build a smarter grid and improve customer service, he said.
During the financial year ended June 2026, Kenya Power connected 411,710 new customers to the electricity grid, taking its total customer base to 10.4 million, the company said.
The increase in customer connections contributed to a 161.7 gigawatt-hour (GWh) rise in electricity sales during the year, it added.
GNPC Outlines Investment, Exploration And Commercial Priorities At Africa Oil Week
Ghana must continue to improve its competitiveness to attract the capital needed to sustain production from existing oil fields, develop discovered resources and advance new exploration opportunities, the chief executive officer of the Ghana National Petroleum Corporation (GNPC), Kwame Ntow Amoah, has said.
Speaking at Africa Oil Week, held at the Kempinski Hotel Gold Coast City in Accra from Sept. 1 to 3, Ntow Amoah said Ghana needed to compete for investment by providing predictability, competitive project economics, timely decision-making and partnerships that deliver value to both investors and the country.
“Ghana must compete for capital through predictability, competitive project economics, timely decision-making, and partnerships in which both investors and the country derive fair value,” he said.
Amoah also highlighted ongoing frontier exploration in the Voltaian Basin as part of efforts to expand Ghana’s long-term petroleum resource base.
His comments came as the government outlined measures aimed at improving the country’s upstream investment environment and encouraging further exploration activity.
GNPC Deputy Chief Executive for Exploration and Production Michael Aryeetey also participated in Ghana Day discussions on new investment opportunities in the upstream sector.
He moderated a panel involving GNPC Explorco, the Petroleum Commission and industry operators.
The discussion focused on conditions needed to attract exploration capital and move projects towards development, including access to geological data, regulatory efficiency, project economics, commercially aligned partnerships and a competitive investment environment.
A key development at the conference was the signing of a memorandum of understanding involving the Government of Ghana, GNPC, Shell Overseas Holdings Limited and Chevron Sub-Saharan Africa Ventures Ltd. concerning petroleum exploration and production rights over the South Deepwater Tano Block.
The conference also provided an opportunity for GNPC to outline its commercial priorities.
GNPC Deputy Chief Executive for Finance, Commercial and Administration Hamis Ussif said discussions about certainty for upstream investors should also recognise the corporation’s role as an investor.
“Even as a national oil company, let us not forget that in one breath we are an investor and we require certainty as well,” he said.
Ussif said GNPC’s ability to access capital and plan around predictable revenues would become increasingly important as the corporation assumes greater investment and commercial responsibilities.
Managing Director of GNPC Explorco Samuel Opoku Arthur said the subsidiary was seeking to build an exploration and production portfolio through direct investment and partnerships.
He said Explorco was taking on commercial risk by committing equity, funding its share of work programmes and investing alongside partners, which he said would align the interests of the parties around project delivery.
GNPC also engaged investors, operators and other industry stakeholders at its exhibition booth during the conference, where it presented opportunities in Ghana’s upstream sector and outlined its operations and strategic priorities.
Ghana: TUC Warns World Bank Against ECG, NEDCo Privatisation Push
Ghana’s umbrella labour organisation, the Trades Union Congress (TUC), has strongly rejected what it describes as the World Bank’s attempt to facilitate the privatisation of Ghana’s electricity distribution sector.
The union has warned that it will use every legal means available to resist any move to hand over the operations of the Electricity Company of Ghana (ECG) and the Northern Electricity Distribution Company (NEDCo) to private operators.
The TUC’s position follows renewed discussions over the proposed Private Sector Participation (PSP) programme for Ghana’s electricity distribution sector and recent comments by the World Bank Country Director, Dr Adrian Alter, during an interview with Channel One Television on August 24, 2026.
In a statement signed by TUC Secretary-General Joshua Ansah, the union said Dr Alter’s description of the proposed PSP arrangement as involving “only revenue collection” was misleading and did not accurately reflect the model being considered for the sector.
According to the TUC, the Transaction Advisor appointed with the backing of the World Bank and the International Monetary Fund (IMF) has proposed a structure under which private operators would take responsibility for electricity distribution from the Bulk Supply Points (BSPs) of the National Interconnected Transmission System through to end-users.
Under the proposed arrangement, the TUC said, ECG and NEDCo would retain ownership of their distribution assets, while private companies would be responsible for operating the networks.
The union said such operators would undertake both technical and commercial functions, including billing, revenue collection, customer management, network maintenance and electricity-loss reduction.
“This is not merely revenue collection,” the TUC argued, insisting that the proposed arrangement would effectively transfer key operational functions currently performed by ECG and NEDCo to private companies.
The union therefore challenged the World Bank’s assertion that ECG would not be privatised, describing the position as “disingenuous.”
TUC Questions World Bank’s Energy Policy
The TUC also criticised what it described as the World Bank and IMF’s continued focus on inefficiencies and losses within Ghana’s electricity distribution sector, while allegedly paying insufficient attention to the high cost of electricity generation.
According to the union, Ghana’s heavy reliance on Independent Power Producers (IPPs) has contributed to high generation costs, particularly because several power purchase agreements contain significant foreign-exchange components and “take-or-pay” obligations.
The TUC argued that these arrangements have placed a substantial financial burden on the country and, ultimately, on electricity consumers.
The union believes the World Bank should therefore consider the challenges associated with Ghana’s existing generation model before pushing further reforms at the distribution end of the electricity value chain.
It also questioned the Bank’s continued emphasis on “cost-reflective” electricity tariffs, arguing that consumers should not be made to bear the full burden of inefficiencies and expensive generation contracts.
Uganda’s UMEME Experience Cited
The TUC cited Uganda’s experience with private electricity distribution as a warning against Ghana following a similar path.
The union referred to UMEME, Uganda’s former private electricity distribution concessionaire, arguing that what began as a private-sector role focused on distribution eventually resulted in broader influence over the country’s electricity system.
The TUC also compared electricity prices in Uganda and Algeria, arguing that Algeria’s predominantly public model has delivered significantly lower electricity costs.
The union maintains that Ghana should carefully examine the experiences of other African countries before committing to private-sector control of electricity distribution.
Rural Electrification Raises Questions
The TUC further challenged the assumption that private-sector participation automatically produces better outcomes in the electricity sector.
It cited rural electricity-access figures which, according to the union, show relatively strong access levels in countries where the state maintains significant ownership, control and management of electricity distribution.
The union referenced countries including Egypt, Tunisia, Algeria, Ghana, South Africa, Kenya and Rwanda, and contrasted them with Nigeria and Uganda, where private-sector participation in electricity distribution has been more pronounced.
The TUC argues that the evidence demonstrates the need for Ghana to strengthen and reform public-sector capacity rather than treat privatisation as the default solution to challenges in the electricity distribution sector.
TUC Recalls Ghana’s Privatisation Experience
The union also invoked Ghana’s experience under the Structural Adjustment Programme, during which more than 100 state-owned enterprises were privatised.
According to the TUC, organised labour has not forgotten what it describes as the social and economic consequences of those reforms, particularly job losses.
The union argues that the privatisation of state-owned enterprises was based on the expectation that the private sector would replace the role of the state, an outcome it says did not always materialise as expected.
For the TUC, the proposed PSP programme for ECG and NEDCo raises concerns that Ghana could be repeating aspects of its past privatisation experience.
“We Did Not Vote for the World Bank”
The union has framed the debate not only as an economic issue but also as one concerning national sovereignty.
The TUC said Ghanaians elected a Ghanaian government to govern the country and make decisions concerning strategic national assets, including the electricity distribution companies.
“Ghanaians voted for a Ghanaian government to run the country including running the Electricity Company of Ghana,” the union said, arguing that the country’s sovereignty over strategic assets should not be outsourced to international institutions or transaction advisors.
The TUC insists that any decision on the future of ECG and NEDCo must be made in the national interest and through Ghana’s own democratic and institutional processes.
TUC Draws the Line
The TUC said it and its affiliates remain “intensely opposed” to the privatisation of Ghana’s electricity distribution sector.
“We will do whatever it takes legally to stop the privatisation of ECG and NEDCo,” the union warned.
Gambia: Banjul Residents Stage Candlelight Protest Over Prolonged Power Outage
Residents of Gambia’s capital Banjul staged a candlelight protest on Monday night over a prolonged electricity outage, with demonstrators calling for an end to what they described as persistent power cuts.
Videos seen by Energy News Africa showed residents carrying candles through parts of the capital and chanting, “Bring back power, we are tired of the darkness.”
Some protesters also shouted, “Banjulians deserve better,” reflecting growing frustration over unreliable electricity supplies.
Power was unavailable in several parts of the Greater Banjul Area on Monday, disrupting households and businesses and prompting renewed public concern about the country’s electricity supply.
The protest came days after President Adama Barrow said his government was working to address the country’s electricity challenges. Barrow has also announced the arrival of three power generators as part of efforts to strengthen electricity supply.
The government has repeatedly pointed to investments and other interventions in the energy sector while acknowledging continuing challenges with power generation and supply.
Electricity becomes election issue
The electricity crisis is also emerging as a major political issue ahead of Gambia’s presidential election scheduled for December 2026.
Coalition 2026 flagbearer Talib Ahmed Bensouda criticised the government’s handling of the electricity crisis at a rally in Brikama on Sunday, accusing Barrow of failing to resolve the country’s power problems since taking office in 2017.
Bensouda has proposed liberalising the electricity sector and eventually selling the National Water and Electricity Company (NAWEC) to private operators, arguing that they could run the utility more efficiently.
The government has defended its record of investment in the energy sector, while opposition politicians have pointed to continued outages as evidence that further action is needed.
Gambia has significantly expanded electricity access in recent years, with access now estimated at around 90%, but the country remains dependent on electricity imports through the regional power system, adding to the challenges of maintaining a stable supply.
The latest protest underscores the growing pressure on the government to deliver more reliable electricity as the country heads towards the 2026 presidential election.
Oil Prices Approach $100 After Attacks Hit Saudi Energy Facilities
Oil prices rose toward $100 a barrel on Tuesday after attacks on energy facilities in southern Saudi Arabia forced a temporary halt to some operations and raised fresh concerns about disruptions to Middle East oil supplies.
Saudi Arabia said several energy-sector facilities and installations in the southern region bordering Yemen were targeted on Tuesday morning.
The attacks sparked fires at several locations, according to the Saudi Press Agency, which cited an official source at the Energy Ministry.
Specialized field teams were working to contain the fires, secure the sites and assess the damage, the ministry said.
Several residents were injured, although Saudi authorities did not identify the facilities targeted or specify the operations that were suspended.
“Authorities are continuing to address the repercussions of the attacks,” the ministry said, adding that measures were being taken to protect facilities and personnel and maintain operations under approved contingency plans.
The attacks came a day after the Iran-aligned Houthi movement targeted Saudi Arabia’s Jazan oil refinery on the Red Sea coast, according to reports.
The 400,000-barrel-per-day refinery has been targeted several times since July.
The Houthis, who control large parts of Yemen, have also threatened shipping linked to Saudi Arabia in the Red Sea and the Bab el-Mandeb Strait, raising concerns over the security of a key route for global energy supplies.
Saudi Arabia has been moving more crude through its western facilities and export routes as disruptions around the Strait of Hormuz have intensified.
Oil markets have already been under pressure from escalating tensions between the United States and Iran and growing concerns about the security of energy infrastructure and shipping routes in the region.
Brent crude was trading near $99 a barrel in Asian hours on Tuesday, at around $98.70, while U.S. West Texas Intermediate crude rose 2.89% to about $94.12 a barrel.
The latest attacks add to uncertainty over the outlook for regional oil production and exports, with investors watching closely for any further damage to Saudi facilities or wider disruptions to Middle East supply.
Ghana: Civil Society Group CEMSE Calls For Disclosure Of State Energy Firms’ Performance Contracts
Ghana’s State Interest and Governance Authority (SIGA) and the Ministry of Finance should publicly disclose annual performance contracts signed with state-owned entities in the energy sector, the Center for Environmental Management and Sustainable Energy (CEMSE) said.
CEMSE Executive Director Benjamin Nsiah said greater disclosure would allow the public and other stakeholders to assess the targets set for state entities and monitor their performance.
Performance contracts are intended to establish targets for financial performance, operational efficiency and service delivery between the government and specified state entities.
The call comes after SIGA released its 2024 State Ownership Report, which showed significant revenue growth in Ghana’s energy sub-sector but also high financing costs that contributed to a consolidated net loss of 9.67 billion Ghana cedis.
The report showed financing costs of 9.39 billion cedis, offsetting operational gains in the sub-sector.
State power distributor Electricity Company of Ghana (ECG) has continued to face financial challenges, while the Energy Ministry has signed new performance agreements aimed at improving efficiency, according to CEMSE.
Nsiah said publishing the agreements would enable stakeholders to determine whether performance targets were realistic and assess whether management had met its commitments.
“Disclosing these contracts would empower stakeholders to assess whether targets are realistic, monitor compliance, and hold management accountable for results,” Nsiah said.
Regulation 196 of Ghana’s Public Financial Management Regulations, 2019 (L.I. 2378), requires specified state entities to enter into annual performance compacts with the finance minister, based on advice from SIGA.
CEMSE said, however, that the public currently has limited access to the contents of the agreements, creating an information gap over the performance expectations placed on state entities.
SIGA’s 2024 report covered 70 specified entities.


