Price caps are all the rage these days on the energy scene. The European Union is capping the price of gas and the G7 group is trying to cap the price of exported Russian oil. Both amount to direct market intervention of the sort normally associated with authoritarian regimes.
An alliance of African think tanks active in the areas of governance, anti-corruption and energy policy has called for transparency and accountability for projects in the energy sector.
President Akufo-Addo has assured the global community of Ghana’s full commitment to increasing the country’s share of renewable energy in the energy mix.
Ghana’s Minister for Energy, Dr. Matthew Opoku Prempeh, has charged his colleague Ministers for Energy at this year’s United Nations Climate Change Conference (COP27) in Egypt to have a united voice and stand up against attempts by environmentalists pushing for Africa to abandon its gas and oil resources and instead shift to renewable energy sources.
The oil industry needs to increase investment in capacity and new production so that the oil market can avoid high volatility in the future, OPEC’s Secretary General Haitham Al Ghais said this week.
Crude oil prices were on the rise early on Friday morning on continuing fears that the oil markets remain tight with the G7 agreeing on a fixed price capping mechanism on Russian crude.
Oil prices fell more than US$1 a barrel on Monday after Chinese officials on the weekend reiterated their commitment to a strict COVID containment approach, dashing hopes of an oil demand rebound at the world’s top crude importer.
Oil climbed on Friday as the dollar eased and supply risks lingered, though recession fears and China’s COVID outbreaks kept a check on prices.
Mr. Abdulai cited technical and financial crises as the reasons TOR cannot be in operation in its current form to alleviate the fuel challenges in the country.
As the hype around green hydrogen intensifies, several energy firms and governments are exploring the potential for transforming existing natural gas infrastructure to be used to transport hydrogen as the world transitions away from fossil fuels. Now, the U.K. has announced a new development, trialing a hydrogen-gas project to see if this vision can become a reality.