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Savannah to pursue legal rights over Chad’s move to nationalise its assets      

By
Simon Ugwu
-
0

Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, notes the Decree issued by the President of the Republic of Chad dated 23 March 2023, nationalising Savannah Chad Inc’s (“SCI“) (formerly Esso Exploration and Production Chad Inc (“EEPCI“)) upstream production assets in Chad. On 9 December 2022 Savannah Energy Chad Limited completed the acquisition of EEPCI. The actions of the Republic of Chad are in direct breach of the Conventions to which SCI and the Republic of Chad are, amongst others, party.

 

This Presidential Decree has been issued by the Republic of Chad, notwithstanding the fact that under SCI’s operatorship the historic production decline was immediately reversed, with daily production averaging 29,349 barrels per day since 9 December 2022, an increase of c.9% as against the equivalent period prior to Savannah taking control of SCI. Savannah had also initiated plans to significantly increase production further through an active investment programme.

 

The Conventions are subject to the jurisdiction of an ICC tribunal, seated in Paris and the Company intends to pursue all of its legal rights.

 

Savannah remains committed to delivering Projects that Matter in Africa and expects to provide further updates in due course.

 

Stakeholders outline strategies for sustainable petrol subsidy removal 

By
Simon Ugwu
-
0

Stakeholders in Nigeria’s midstream and downstream sectors have urged the Federal Government to address key challenges and outline strategies for a sustainable future in the petroleum downstream sector.

 

The appeal was made during a virtual online workshop with the theme “Deregulation of the Nigerian downstream sector: The day after,” organized by the Nigerian Petroleum Downstream Industry in collaboration with the African Refiners and Distributors Association, ARDA, held in Lagos.

 

The Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory, NMDPRA, Farouk Ahmed, set the tone for the workshop with a goodwill message stating that the Authority shall allow free market pricing once the sector was fully deregulated.

 

The Executive Director, DSSRI NMDPRA, Ogbugo Ukoha and the Director, Policy Coordination, NPA Ghana were on hand to give insights on the role of the regulator in pricing, safe operation and enforcement in their presentations at the workshop whilst the Managing Director, CITAC Africa,  Gary Still touched on market liberalization or elimination of subsidies.

 

The ES, ARDA, Anibor Kragha shed light on products specifications – ARDA roadmap, regional initiatives (AU / ECOWAS).

 

DAPPMAN, IPMAN, PETROAN, NARTO and MOMAN shared their perspectives on risk management, best practices, and market expectations

 

The National President of the Nigerian Association of Road Transport Owners, NARTO, Lawal Yusuf Othman, in his presentation, warned that the full deregulation of the downstream sector and complete removal of petrol subsidy will introduce a mix of opportunities and challenges into the operating environment.

 

The ES of DAPPMAN harped on sharing best practices. Gary Still, MD CITAC Africa, in his presentation explained that market liberalization means the removal of government subsidies and price controls on petroleum products, and allowing market forces to determine the price and supply of petroleum products.

 

National President, Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Okoronkwo, who was represented by Mike Osatuyi, IPMAN’s National Operations Controller, revealed that the marketers are in full support of the government’s plan to embark on full deregulation of the downstream sector.

 

He warned Nigerians to prepare to pay up to N750 for every litre of petrol after the full implementation of the subsidy removal, adding that the pump price is likely to drop to around N500 if the Government encourages the Central Bank of Nigeria, CBN, to provide forex to marketers at the official rate.

 

Osatuyi also urged the government to channel savings from subsidy provisions to provide palliatives to the masses. He charged the government to be alert and sensitive to resentment from Nigerians.

 

Industry stakeholders at the workshop called on the government to implement appropriate palliatives in the form of public transportation, freight of agricultural produce, ensure transparent and effective communication, improve access to foreign exchange, trade finance, guarantee strategic stock, and provide access to crude oil for refineries ahead of the plan to embark on the total removal of petrol subsidy.

 

The workshop offered the industry regulator and all players across the midstream and downstream value chain the opportunity to deliberate on measures that needed to be put in place ahead of the full implementation of the Petroleum Industry Act, PIA, in Nigeria.

 

Participants at the online session also focused on the need for operators in the industry to institutionalize the professionalization of the midstream and downstream petroleum sectors ahead of the take-off of full deregulation.

 

Huub Stokman, MD NRL highlighted what needed to be in place for a successful transition while Olufisayo Duduyemi, 2nd Vice President-Elect, NGA talked on the role of gas as a transition fuel.

 

Taiwo Oyedele, the Fiscal Policy Partner and Africa Tax Leader at PricewaterhouseCoopers, PwC, in his presentation, charged the government and the regulator to identify potential pitfalls that could trigger resentment from citizens before, during, and after the removal of the petrol subsidy.

 

According to him, deliberate public sensitization, industry engagement, and collaboration with civil society organizations are needed to aid public buy-in during the implementation of full deregulation by the government.

 

He said that in the course of implementing the policies, the government’s interpretation of its strategy must be issues-based and not confrontational.

 

Morayo Adisa, Technical Consultant to the Executive Vice Chairman/CEO of the Federal Competition and Consumer Protection Commission, FCCPC, who represented Babatunde Irukera, EVC of FCCPC, in her presentation, emphasized the need for the industry regulator to establish quality and safety standards for petroleum products, including fuel quality standards, safety regulations for storage and transportation, and environmental regulations.

 

Francis Ogaree, ED, Hydrocarbon Processing Plants, Installations and Transportation Infrastructure, NMDPRA touched on the impact of local refineries post deregulation.

 

Anibor Kragha rounded off with an insightful presentation on the availability and accessibility of financing investment & infrastructure for Africa.

 

The Chairman of Major Oil Marketers Association of Nigeria, MOMAN, Olumide Adeosun, who doubled as the facilitator, stated that the virtual workshop aimed at addressing key challenges and outlining strategies to ensure a sustainable future for the petroleum downstream sector. He added that safeguarding consumer interest in a deregulated environment was also underscored.

 

 

The workshop provided data-driven insights into the sector’s growth potential. Stakeholders emphasized the need for continuous industry engagement, collaboration, and public sensitization to aid public buy-in on new policies by the government.

 

The importance of connecting to regional markets, positioning Nigeria as the regional refining hub, and fostering relationships with international service providers, including rating agencies, finance and governance institutions, and aligning with the goals of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP), was reiterated at the workshop.

 

Ultimately, this collaborative workshop provided a platform for stakeholders to share knowledge and develop strategies to ensure the Nigerian Petroleum downstream Industry remains a strong, competitive force while transitioning to a more sustainable future.

 

 

 

The Nigerian Petroleum Downstream Industry and ARDA Chat the Way Forward

By
Simon Ugwu
-
0

The Nigerian Petroleum Downstream Industry, in collaboration with African Refiners and Distributors Association, ARDA, hosted a virtual workshop aimed at addressing key challenges and outlining strategies to ensure a sustainable future for the petroleum downstream sector.

The workshop focused on risk management and self-regulation, effective change management, and communication and stakeholder engagement. The need for proactive planning and implementation of the “adoption of gas” initiatives as a transition fuel towards achieving Net Zero was highlighted. Safeguarding consumer interest in a deregulated environment was also underscored. Risk Management and Self-Regulation: The immediate need to consistently limit and mitigate against supply gaps and price volatility, related to exposure to international markets, and winning public support was emphasized. The importance of promoting best practices in Health, Security, Safety, Environment, and Quality, HSSEQ, embracing automation and technology, managing customer expectations.

These strategies are essential for maintaining the industry’s competitiveness and resilience. Effective Change Management: Participants emphasized that the gains from removal of fuel subsidies can only be achieved through effective change management, identifying potential pitfalls and mitigation strategies.

This includes implementing appropriate palliatives for public transportation and the transportation of agricultural produce as we journey towards full deregulation, improving access to foreign exchange and trade finance, ensuring strategic stock, and providing access to crude oil for refineries. Additionally, the workshop discussed open access and optimizing the country’s logistics infrastructure, including pipelines, pumping stations, and storage depots.

The workshop suggested that in preparation for a fully deregulated market, the Authority needs to continuously determine local refining capacity, project and request crude oil requirements from the Nigerian Upstream Petroleum Regulatory Commission.

To address the unmet national demand, it was advised that the Authority establish transparent, inclusive and competitive guidelines for importation. These guidelines, which should provide the pathway for obtaining foreign exchange, needs to be made public, and implemented in good time prior to the commencement of price deregulation.

Communication, Engagement, and Collaboration with Identified Stakeholders: The workshop provided data-driven insights into the sector’s growth potential. Stakeholders emphasized the need for continuous industry engagement, collaboration, and public sensitization to aid public buy-in on new policies by the government.

The importance of connecting to regional markets, positioning Nigeria as the regional refining hub, and fostering relationships with international service providers, including rating agencies, finance and governance institutions, and aligning with the goals of the Conference of the Parties to the United Nations Framework Convention on Climate Change, COP, was reiterated at the workshop.

Ultimately, this collaborative workshop provided a platform for stakeholders to share knowledge and develop strategies to ensure the Nigerian Petroleum Downstream Industry remains a strong, competitive force while transitioning to a more sustainable future. By focusing on risk management, effective change management, and stakeholder engagement, the industry can adapt and make significant contributions towards new jobs, economic growth and prosperity of Nigeria.

DAPPMAN, IPMAN, PETROAN, NARTO and MOMAN brainstorm on perspectives on risk management, best practices, and market expectations

By
Simon Ugwu
-
0

The National President of the Nigerian Association of Road Transport Owners, NARTO, Lawal Yusuf Othman, in his presentation, warned that the full deregulation of the downstream sector and complete removal of petrol subsidy will introduce a mix of opportunities and challenges into the operating environment.

 

The ES of DAPPMAN harped on sharing best practices. Gary Still, MD CITAC Africa, in his presentation explained that market liberalization means the removal of government subsidies and price controls on petroleum products, and allowing market forces to determine the price and supply of petroleum products.

 

National President, Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Okoronkwo, who was represented by Mike Osatuyi, IPMAN’s National Operations Controller, revealed that the marketers are in full support of the government’s plan to embark on full deregulation of the downstream sector.

 

He warned Nigerians to prepare to pay up to N750 for every litre of petrol after the full implementation of the subsidy removal, adding that the pump price is likely to drop to around N500 if the Government encourages the Central Bank of Nigeria, CBN, to provide forex to marketers at the official rate.

 

Osatuyi also urged the government to channel savings from subsidy provisions to provide palliatives to the masses. He charged the government to be alert and sensitive to resentment from Nigerians.

 

Industry stakeholders at the workshop called on the government to implement appropriate palliatives in the form of public transportation, freight of agricultural produce, ensure transparent and effective communication, improve access to foreign exchange, trade finance, guarantee strategic stock, and provide access to crude oil for refineries ahead of the plan to embark on the total removal of petrol subsidy.

 

The workshop offered the industry regulator and all players across the midstream and downstream value chain the opportunity to deliberate on measures that needed to be put in place ahead of the full implementation of the Petroleum Industry Act, PIA, in Nigeria.

 

Participants at the online session also focused on the need for operators in the industry to institutionalize the professionalization of the midstream and downstream petroleum sectors ahead of the take-off of full deregulation.

 

Huub Stokman, MD NRL highlighted what needed to be in place for a successful transition while Olufisayo Duduyemi, 2nd Vice President-Elect, NGA talked on the role of gas as a transition fuel.

 

Taiwo Oyedele, the Fiscal Policy Partner and Africa Tax Leader at PricewaterhouseCoopers, PwC, in his presentation, charged the government and the regulator to identify potential pitfalls that could trigger resentment from citizens before, during, and after the removal of the petrol subsidy.

 

According to him, deliberate public sensitization, industry engagement, and collaboration with civil society organizations are needed to aid public buy-in during the implementation of full deregulation by the government.

 

He said that in the course of implementing the policies, the government’s interpretation of its strategy must be issues-based and not confrontational.

 

Morayo Adisa, Technical Consultant to the Executive Vice Chairman/CEO of the Federal Competition and Consumer Protection Commission, FCCPC, who represented Babatunde Irukera, EVC of FCCPC, in her presentation, emphasized the need for the industry regulator to establish quality and safety standards for petroleum products, including fuel quality standards, safety regulations for storage and transportation, and environmental regulations.

 

Francis Ogaree, ED, Hydrocarbon Processing Plants, Installations and Transportation Infrastructure, NMDPRA touched on the impact of local refineries post deregulation.

 

Anibor Kragha rounded off with an insightful presentation on the availability and accessibility of financing investment & infrastructure for Africa.

 

The Chairman of Major Oil Marketers Association of Nigeria, MOMAN, Olumide Adeosun, who doubled as the facilitator, stated that the virtual workshop aimed at addressing key challenges and outlining strategies to ensure a sustainable future for the petroleum downstream sector. He added that safeguarding consumer interest in a deregulated environment was also underscored.

 

 

The workshop provided data-driven insights into the sector’s growth potential. Stakeholders emphasized the need for continuous industry engagement, collaboration, and public sensitization to aid public buy-in on new policies by the government.

 

The importance of connecting to regional markets, positioning Nigeria as the regional refining hub, and fostering relationships with international service providers, including rating agencies, finance and governance institutions, and aligning with the goals of the Conference of the Parties to the United Nations Framework Convention on Climate Change, COP, was reiterated at the workshop.

 

Ultimately, this collaborative workshop provided a platform for stakeholders to share knowledge and develop strategies to ensure the Nigerian Petroleum downstream Industry remains a strong, competitive force while transitioning to a more sustainable future.

 

States can now generate, transmit and distribute electricity-Buhari

By
Simon Ugwu
-
0

Buhari

President Buhari has signed into law the constitutional amendment which empowers states to generate, transmit and distribute electricity in the country.

A statement issued yesterday by the Senior Special Assistant to the President on National Assembly Matters, Senate, Senator Babajide Omoworare explained that the President had also signed into law financial independence for State Houses of Assembly and States’ Judiciary – Fifth Alteration Bill 2023 No 9.

He said the provisions were part of the 16 bills in the Constitutional Alterations of the 1999 Constitution of the Federal Republic of Nigeria (as amended), transmitted to the President by the National Assembly early this year.

With the Fifth Alteration Bill No. 33, Devolution of Powers (National Grid System), Nigeria’s 36 states can now join the electricity generation business.

Another Constitutional alteration approves the renaming of the Nigeria Prison Service to the Nigeria Correctional Service -Fifth Alteration Bill No. 31, Devolution of Powers for Correctional Services.

Another one granted rights to the state governments to establish their own railway service – Fifth Alteration Bill No. 32, evolution of Powers, Railways. With this, the railway moves from the Exclusive Legislative List to the concurrent list.

Part of Omoworare’s statement reads: “The highlights of the assented Constitutional Alteration Bills, amongst others, are: Ensuring financial independence of State Houses of Assembly and State Judiciary; Regulating of the first session and inauguration of members-elect of the National and State Houses of Assembly and for related matters.

“Ensuring that the President and governors submit the names of persons nominated as ministers or commissioners within 60 days of taking the oath of office for confirmation by the Senate or State House of Assembly; and for related matters.

“Enable states generate, transmit, and distribute electricity in areas covered by the national grid; and for related matters; Excluding the period of intervening events in the computation of time for determining pre-election matters petitions; Regulating the first session and inauguration of members-elect of National and State Assemblies.

“Changing prisons to correctional service and re-designate correctional service in the concurrent list; and moving item “railway” from the exclusive legislative list to the concurrent list.”

Omoworare added that the President also assented to three other bills which included: “The Nigerian Institute of Leather and Science Technology Act, The Nigerian Institute of International Relations Act, and The Federal Medical Centres (Amendment) Acts.”

The National Assembly had in January transmitted 35 Constitution amendment bills to the President for assent following the Senate resolution directing the former Clerk to the National Assembly, Mr. Olatunde Ojo, to forward all the proposed legislation that had met the requirement for assent as provided for in Section 9 (2) of the 1999 Constitution.

Meanwhile, the Deputy Speaker of the House of Representatives, Ahmed Idris Wase has commended President Buhari for assenting to some legislations that altered some provisions of the 1999 Constitution.

Wase, who doubles as the Chairman, Special Ad-hoc Committee on the review of the 1999 Constitution, noted that the Constitution (Fifth Alteration) bill, 2023 is fragmented into 16 bills. ThisDay

Nestlé Nigeria Reinforces to Commitment to Green Economy Principles

By
Simon Ugwu
-
0

 

In its contributions to Green Economy, Nestlé Nigeria has said that it’s commitment to the environment is unwavering which is responsible for its vision of keeping it a better place for all.

 

The beverage giant said this in a training organized in commemoration of this year’s World Consumer Rights Day, WCRD, held on Wednesday, March 15, 2023, to educate members of the Brand Journalists Association of Nigeria, BJAN, on how Nestle’s activities is helping to sustain the environment.

The theme of the training held at the company’s Agbara plant, Ogun State, was, “The Green Economy: Building a Cleaner Safer World for Consumers”.

Speaking at the event, Corporate Communications and Public Affairs Manager at Nestle, Victoria Uwadoka said, Nestlé s vision is hinged on four key targets; Climate activities, Sustainable packaging, Sustainable sourcing and Caring for the water.

She said that, Nestlé haven been around for a long time can only help to sustain the environment especially as it planned on remaining for more years to come.

“We want Nestlé to be around for a very long time, to stay in the environment and continue in the environment, and that is why we are seriously in support of sustainability- to sustain us, sustain our children and our children’s children.

“We have taken serious commitment to green economy and are conscious about our commitment- what we are saying is we don’t want any of the waste, be it plastic, paper or any other material to end up in the landfill, waterways, gutters, rivers or the oceans- we want them to be managed sustainably,” Victoria said.

Also speaking at the event, Nestlé Factory Manager, Agbara plant, Ibukun Ikpinmoye, said, the company respects the environment it operates, “because of that we feel the need to preserve it and keep it for future use”.

Speaking in the same vein, the Nestlé’s Packaging Manager, Kayode Adewale,  said one of the ways Nestle ensures the preservation of the environment is its plastic neutrality. He said the company remains committed to designing of plastic packaging for recycling and reusable and by reducing plastic use to paper because the ecosystem is a little more mature for the paper than the plastic which is why it changed the Milo and Nescafe Ready-to-drink, RTD, straw from plastic to paper.

In response to a question Nestlé’s plastic neutrality target, Victoria Uwadoka said the company has a minimum of 80% target by 2025, and already it has attained 45% mark.

“Our plastic neutrality target is to have a minimum of 80% by 2025, and for different type of plastic we are at different percentage. In Nigeria, we have a good ecosystem for recycling pet bottles then we have a higher percentage for flexibles, much lower percentage than that, for multilayer plastics more lower than that because these are the ecosystems that are relatively grown. Our challenge with it is, what do you do with it when you collect them? Who will use it after that?

“In the case of pet bottles for example, we have partners who are already transforming and using it for different things, on the average calculating all the plastics we are about 45%, with our target being 80% minimum by 2025.

“Nestlé has a community of people and some of the initiatives we drive, we do not do it alone, we work with sister companies and also work with MAN to ensure that we are sharing safe standards. For example, we are working towards zero waste and working with organizations within our community so, we are actively involved with MAN, NECA among others.

“We are helping to create more awareness and to educate children and also have training for journalists and other people within the ecosystem. We are doing all of these because we know that, if you do not have any information, you do not stand any chance. When you are in Nestle you see that our mannerism will change but if you visit other companies you might see that we are all working together on the same journey,” Uwadoka noted.

The World Consumer Rights Day, WCRD, is a global event celebrated every March 15, with the aim to draw attention to the plights and rights of consumers.

The theme for this year is, “The Green Economy: Building a cleaner safer world for consumers”. The theme was adapted from the 2023 WCRD global theme, “Empowering Consumers through Clean Energy Transition,” to suit the Nigerian society.

BJAN Chairman, Clara Chinwe Okoro said the essence of partnering Nestle Nigeria in this year’s event is because of the beverage giant’s consistent commitment in the area of energy sustainability and sustainable growth and development for the environment amongst others.

NCDMB to Host 4th Nigerian Oil And Gas Opportunity Fair

By
Simon Ugwu
-
0

Wabote

The Nigerian Content Development and Monitoring Board, NCDMB, has announced plans to organize the 4th edition of the Nigerian Oil and Gas Opportunity Fair, NOGOF, with the theme “The oil and gas industry- catalyst and fuel for the industrialisation of Nigeria.”

 

After being held virtually in May 2021 in a bid to curtail the spread of COVID-19 pandemic, the biennial event is set to return to the NCDMB Conference Center in Yenagoa, Bayelsa State from the 17th to 19th May 2023, and would showcase the various opportunities that exist in the Nigerian oil and gas industry.

The event which was introduced by the Simbi Wabote led NCDMB in 2017, with the inaugural edition held at Uyo, Akwa Ibom State has consistently showcased short to medium term plans and activities of operators and project promoters in the upstream, midstream, and downstream sectors of the Nigerian Oil and Gas industry.

The NCDMB Chief Executive had previously explained that the showcase of upcoming projects is intended to give Nigerian service companies ample opportunity to build relevant capacities that might be required to execute the projects in-country, thereby creating employment opportunities, and retaining spend in-country.

The goal he added, is also to reassure stakeholders of the industry that opportunities still abound in the Nigerian oil and gas industry and encourage them to look forward and invest in the sector, despite concerns about energy transition and other emerging developments in the global oil and gas industry.

The event which is managed by Jake Riley Ltd promises to have a greater impact this year and the agenda would focus on industry linkages as well as opportunities within the African continent. The event promises to showcase opportunities that exist in the industry over the next three to five years and presentation will be made by over 20 international and indigenous oil and gas companies.

Some of the topics that will be discussed at NOGOF 2023 will include upstream opportunities, linkage industry opportunities, gas and downstream opportunities, financing and investment, environmental, social and government, ESG, and sustainable and regional opportunities with members of the African Petroleum Producers Organisation, APPO. Other topics will include topical and challenging issues currently facing the oil and gas industry, with the goal of finding lasting solutions in the industry.

The event will be attended by both government and private organisations, which would come from international and indigenous oil and gas companies, federal government agencies, financial sector and linkage industries.

The event will begin with registration of guests on the 17th May, and the day will close with a networking cocktail. The second day will feature the opening ceremony and would have speeches, goodwill messages and addresses from leaders of the industry and the host governor.

The event will continue with presentations from operating companies, international finance institutions, key players in the industry and relevant government institutions. Delegates at the event will be entertained with performances from A-list musicians at the gala and award night that would hold in the evening of Thursday, 18th May.

The event would end on Friday evening with presentations, technical and opportunity sessions and would have other activities like exhibitions and opportunities for meetings by interested companies and individuals.

 

ExxonMobil Corporation to invest $15 billion in Namibe Basin

By
Simon Ugwu
-
0

ExxonMobil Corporation is planning to invest $15 billion from now to 2030 if it makes discover of commercial quantity in the Namibe Basin.

This was made known in Luanda by the chairman for the Angola National Agency for Petroleum, Gas and Biofuels, ANPG, Paulino Jeronimo.

The ANPG, Exxon and state-owned Sonangol signed an addendum to blocks 30, 44, and 45 in the Namibe Basin to make exploration in the area more competitive. Exxon will pursue a potential exploration well in 2024 as a result of improved fiscal terms.

The move is part of an effort by the Angolan government to attract investment into the oil sector, which accounts for more than 90 per cent of the country’s exports, even as it privatizes state-owned enterprises in a bid to diversify the economy.
The Namibe Basin’s oil fields are relatively unexplored and pose technical challenges.

“We plan to leverage our advanced technology, project execution capabilities, and commitment to safety and environmental performance to identify new commercial discoveries in the Namibe Basin,” said Melissa Bond, Exxon’s country manager.

Sahara Group has urged investment in the Sustainable Energy Sector in Africa

By
Simon Ugwu
-
0

Sahara Energy Group has called for investment in the Sustainable Energy Sector in Africa.

The Executive Director, Sahara Group, Wale Ajibade made this known at the 2023 African Refiners and Distributions Association, ARDA, week in Cape Town Ghana, adding that the current level of global investments on renewable energy was inadequate to enable Africa embrace more alternative energy sources.

The ED while delivering a paper titled “Meeting Africa’s Growing Energy Requirements in the Evolving Global Landscape,” maintained that adequate policies were vital for African countries to address foreign investors’ concerns and limit investment risks exposures.

“Over the past two decades, global investment in renewable energy has grown rapidly. Yet less than three per cent of these investments come to Africa. Africa continues to receive only a small portion of the total global investment in renewable energy,” he said.

The continent according to him needs to work together to transform inherent risks and inefficiencies in the system into opportunities for ramping up energy supply from multiple sources.

“Our individual differences as countries within this continent only serve to strengthen the brilliant and colorful fabric of our cultures. With boots on ground, in over 24 African countries, we as Sahara Group know more than most that what works in one location may not necessarily be what works in the other. We have always had to overcome our challenges and propel ourselves forward by ourselves and for ourselves as Africans,” he added.

Ajibade noted that despite the dearth of investments, Africa could still strive towards meeting the continent’s energy needs through collaboration and prioritizing “the African narrative for Africans by Africans”.

“Africa will meet its growing energy requirement in the evolving global landscape, but we will do it the African way. This will be done drawing on collaborations and best business practices, embracing our diversities in cultures but always steadfast in moving forward and bringing energy to life responsibly,” he stressed.

“As we gradually transition to renewable energy, the conditions for solar power literally shine as bright as the sun on this continent. The potential for wind energy blows through our continent ceaselessly. Africa has amongst the largest untapped potential for hydropower development and as we all know we have just begun to scratch the surface of natural gas”, he stated.

The ED further stated that some countries on the continent were already promoting several policies and regulations to ramp up capacity for renewables in Africa.

“Case in point – solar power: Nigeria’s photovoltaic power potential makes solar energy very feasible for both investors and consumers. Sahara Group is currently harnessing this potential through the implementation of large-scale and mini-grid solar projects,” he revealed.

On the growing importance of gas as a transition fuel, Ajibade said Africa was already witnessing remarkable progress in this regard.

“There was a time when it was unfathomable that an African company would order and build the first ever African owned LPG vessels as well as lift gas in Africa and supply to counterparts in Africa. I’m proud to say that Sahara’s vessels namely MT Africa Gas, MT Sahara Gas, MT SAPET to name a few have lifted African gas and supplied it within the continent of Africa,” maintained the ED.

Meeting Africa’s growing energy according to him needs will also require a “just transition” fueled by developing and maximizing the potential of African crude oil production in a “more sustainable manner”.

“Oil will continue to be an important source of energy but needs to be cleaner to meet global standards. We must ensure the sustainable development of our hydrocarbon resources while reducing methane emissions and flaring to achieve energy security and sustainability at the same time. The increase in the use of CCUS technology presents an opportunity for the industry to be fully exploited for reliability, environmental sustainability, and Africa’s GDP expansion. If we are to build our own ‘Wakanda’, we’re going to have to do it responsibly,” further stated the ED.

 

Shell resumes Oil Exportation from Bonny Terminal

By
Simon Ugwu
-
0

The Shell Petroleum Development Company of Nigeria Limited, SPDC, on Wednesday announced the resumption of oil exports from the Bonny Crude Oil Export Terminal.

 

The resumption from the facility follows the lifting of ‘Force Majeure’ on oil exports due to a blast on a pipeline feeding the terminal on March 3, 2022.

 

Force Majeure is a legal clause inserted in contracts to shield companies from liabilities in meeting contractual obligations due to circumstances beyond their control.

 

An explosion near the Trans Niger Pipeline, which evacuates crude from oilfields in parts of Rivers and Bayelsa, on March 3 killed 12 suspected oil thieves.

 

SPDC announced the lifting of the Force Majeure on its oil cargo from the 1.25 million barrels per day terminal in a statement issued by its Media Relations Manager, Bola Essien-Nelson

 

“The Shell Petroleum Development Company of Nigeria Limited, SPDC, operator of the SPDC joint venture, has lifted the force majeure on Bonny export programme with effect from Wednesday, March 15, 2023”, she said.

 

“The force majeure was declared on March 3, 2022 following a significant decline in crude receipts at the Bonny Oil and Gas Terminal,” the oil firm stated. Shell Resumes Oil Export from Bonny Terminal”, added the Manager.

 

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