Page 9 - AfrOil Week 12 2023

AfrOil POLICY AfrOil

Bouri currently yields about 23,000 bpd of oil (Image: Eni)
The case of the Bouri oilfield was decided by a barrels per day (bpd) of oil. It is managed by
verdict from the International Court of Justice Mellitah Oil and Gas Co. in partnership with
(ICJ) in 1982 in favour of Libya, Oun explained, the Italian company Eni.
noting that by that time the maritime borders An expansion project is associated with the
between Libya and Tunisia were defined and the Bouri Gas Utilisation Project (BGUP). The
ruling was accepted by the two countries, Lib- project is currently under construction and is
yan authorities dismiss Saied’s statement about expected to start in 2023.
an “unfair ruling” by the ICJ. Separately, Libya’s National Oil Corp (NOC)
The Bouri oilfield is located 120 km north of said on March 19 that its crude production had
the Libyan coast and produces around 23,000 reached 1.2mn bpd as of mid-March. ™

Ghana’s “gold-for-oil” policy to save

country $4.8bn annually, VP claims

GHANA GHANA will save about $4.8bn in foreign
exchange annually thanks to the “gold-for-oil”
policy, under which the country stopped mak-
ing payments US dollars, Vice President Maha-
mudu Bawumia was quoted as saying in a report
from Daily Graphic.
Speaking at the inauguration of the head-
quarters of the Bulk Oil Storage and Transpor-
tation Company Ltd (BOST) in Accra on March
15, Bawumia said the most important aspect
of the policy was not just the reduction in fuel
prices but savings that the Bank of Ghana (BoG)
would make in foreign exchange resulting from
lower demand.
The “gold-for-oil” scheme had not only VP Mahamadu Bawumia (C) at launch of new BOST office building (Photo: BOST)
brought about a decline in ex-pump prices from
GHS23 ($1.86) per litre of diesel to GHS12 but annual saving of around $4.8bn,” Bawumia was
also led to stability in the exchange rate, he said, quoted as saying. “Therefore, we do not need
adding that the goal is to move the importation forex to go and buy the oil directly; we can use
of oil under the policy from 50-60% now to our cedis to buy the gold, use the gold to trans-
100%. form it either directly by barter or transform it
“We will work with the bulk distribution into dollars and then pay for the oil, which will
companies (BDCs) to make this happen, but be supplied and sold by the oil marketing com-
the savings in forex, when we do this, will be an panies (OMCs).”

Week 12 23•March•2023 www. NEWSBASE .com P9