Page 16 - AfrOil Week 06 2023

AfrOil NEWS IN BRIEF AfrOil

business new africa bna/IntelliNews

India is being asked to consider exploration in and 24.38% to the 30-day and 60-day vol- The memorandum also provides for the
three blocks in the western basin and also to help ume-weighted average share prices, respectively. supply of Azeri light grade oil and other types
build refineries, he told the news agency, follow- The buyout is subject to review and clearance of crude oil, the implementation of projects for
ing a meeting with Indian Oil Minister Hardeep by the Securities and Exchange Commission and the production of green energy and research
Singh Puri at India Energy Week. approval from Ardova shareholders. on the transportation of hydrogen, the organi-
Ghana has the sixth-largest proven crude oil Ardova, formerly known as Forte Oil, has a sation and creation of regulatory and operating
reserves in Africa, with more than 7bn barrels total external debt of NGN55bn ($120mn) and enterprises in the oil and gas industry, and the
of crude, and 6 trillion cubic feet (170bn cubic a free float of 339,962,574 shares with a market implementation of joint projects. To implement
metres) of natural gas. Aidoo added that Ghana capitalisation of NGN22.9bn ($50mn), as of the the issues provided in the memorandum, it is
will award exploration licences through direct date of the buyout offer was made. planned to create a joint working group.
negotiations if they are interested. In 2022, Ardova reported a loss after tax of bna/IntelliNews, 02 February 2023
The chiefs and people of the Western Nzema NGN7.6bn ($16mn) for 2022 and has informed
Traditional Area have endorsed the construc- investors that it will not be paying any dividends NUPRC begins Phase
tion of a $60bn crude hub project in the Jomoro this year.
municipality in the Western Region, managed by bna/IntelliNews, 07 February 2023 3 consultation with
the Petroleum Hub Development Corporation
(PHDC). stakeholders on draft
Ghana aims to complete the long-delayed POLICY
Tema LNG terminal in 2023. The state-run regulations
Ghana National Petroleum Corp. (GNPC) is in Aliyev signs memorandum
talks with Shell Plc for the supply of fuel to the NUPRC CEO Gbenga Komolafe today declared
project. Tema LNG, whose operator is backed by with Algeria on oil and open the 3rd Stakeholders Consultative Meeting
Helios Investment Partners and African Infra- on Draft Regulations at the Transcorp Hilton
structure Investment Managers, is a central part gas co-operation Hotel in Abuja.
of Ghana’s plans to become a gas hub. The CEO who was represented at the event by
bna/IntelliNews, 08 February 2023 Azerbaijani President Ilham Aliyev approved the Executive Commissioner Development and
a memorandum of understanding (MoU) Production, Nuhu Habib, stated that in line with
Nigeria’s Ardova plans to between the governments of Azerbaijan and the prescriptions of Section 216 of the PIA 2022,
Algeria on cooperation in the oil and gas sector the Commission is commencing consultations
delist from NGX following on February 1. on five Regulations namely: Upstream Petro-
The memorandum of understanding leum Measurement Regulations; Advance Cargo
Ignite buy-out proposal between the governments of Azerbaijan and Declaration Regulations; Significant Discovery
Regulations; Gas Flaring, Venting and Methane
Algeria on co-operation in the oil and gas sec-
Nigerian oil and gas company Ardova has tor was signed on November 29, 2022, in Alge- Emissions (Prevention of waste and Pollutions)
informed the Nigerian Exchange (NGX) of its ria during the visit of the Minister of Energy of Regulations; Domestic Crude Oil Supply Obli-
intention to delist from the bourse as a public Azerbaijan Parviz Shahbazov to this country. gation Regulations.
company following a buy-out proposal from The document provides for cooperation in The Commission’s commitment to creating
its majority shareholder, Ignite Investments & the field of exploration and production of hydro- an enabling environment for growth and invest-
Commodities Limited. carbons on land and at sea, the development of ments in the upstream oil and gas sector defined
Ignite currently owns 74% of Ardova and hydrocarbon projects and the petrochemical the focus towards working with all stakeholders
has offered to purchase the shares held by other industry, and cooperation in the areas of mar- to ensure that regulations and key policies are
shareholders at a price of NGN17.38 ($0.038) per keting, transportation and distribution of energy developed and gazetted on time.
share. This offer price is a premium of 22.44% products. NUPRC, 06 February 2023

P16 www. NEWSBASE .com Week 06 09•February•2023