Private legal practitioner and energy analyst Nana Kwame Juantuah has pushed against the privatisation of the Electricity Company of Ghana (ECG), emphasising that the energy sector is very crucial to be handed over to private persons to manage.
PIAC worried about GNPC ‘Cash Calls’ challenges from Joint Venture partners; blames Finance Ministry
The Public Interest and Accountability Committee (PIAC) has expressed worry about the inability of the Ghana National Petroleum Corporation (GNPC) to meet cash calls from Joint Venture partners, causing its partners to lift the corporation’s share of crude oil to defray these costs.
The OPEC+ oil producers group, having lost Angola and other players in recent years, is eyeing Namibia for possible membership as it sets up what could be Africa’s fourth-largest output by the next decade, an African industry official and sources told Reuters.
Oil prices extended losses on Wednesday as worries about global demand due to weak economic momentum in China and a likely rise in U.S. commercial stockpiles outweighed supply fears from heightened tensions in the Middle East.
In recent months, several oil majors have emphasised the need for greater investment in oil and gas. Many fossil fuel companies have increased their oil and gas output in the wake of the Russian invasion of Ukraine and subsequent sanctions on Russian energy, to support government energy security efforts and fill the gap until there are sufficient green alternatives to meet the rising global energy demand. However, as governments worldwide pursue a green transition, scientists and environmentalists are stressing the need to cut fossil fuel funding to ensure that climate targets, such as those of the Paris Agreement, are met.
Earlier this month, the Science Based Targets initiative caused a revolt among its employees when it announced it would allow the use of carbon credits to offset Scope 3 emissions.
Despite Iran’s attack on Israel over the weekend, oil prices dropped on Monday as an Iranian response to the Israeli hit on the Iranian diplomatic mission in Syria was largely expected and priced in.
Nigeria, Africa’s largest oil exporter, is shaking up its oil industry by mandating oil firms to supply a portion of their crude oil to domestic refineries before exporting it.
The Nigerian government has released new rules to force oil producers to sell crude oil to local refineries, aiming to reverse the country’s reliance on imported refined petroleum products. The directive is a significant highlight of a comprehensive template guiding the implementation of Domestic Crude Oil Supply Obligation (DCSO) that aligns with the Petroleum Industry Act (PIA) of 2021.
The Federal Government of Nigeria has announced that domestic crude oil refiners and other operators in the sector are now permitted to buy crude oil in either naira or dollars.