Page 8 - DMEA Week 47 2022
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DMEA SECURITY & POLICY DMEA
“To address this challenge, Government is some 60% of its value against the US dollar since
negotiating a new policy regime where our gold January.
(rather than the US dollar reserves) will be used Ghana’s Gross International Reserves stood
to buy oil products. The barter of sustainably at roughly $6.6bn at the end of September,
mined gold for oil is one of the most important equating to less than three months of imports
economic policy changes in Ghana since inde- cover, down from around $9.7bn at the end of
pendence,” Bawumia said. 2021, according to the government.
If well implemented, he said, the policy will While Ghana is an oil-producing country,
fundamentally change Ghana’s balance of pay- it has relied on imports for refined petroleum
ment and significantly reduce the persistent products since its only refinery shut down in
depreciation of the cedi, which has already lost 2017 following an explosion.
Nigeria in deal with CarbonAi to develop
solar energy projects near gas flare sites
AFRICA NIGERIA’S Rural Electrification Agency (REA)
has signed a memorandum of understanding
(MoU) with CarbonAi, a Canadian oil and nat-
ural gas company, to develop small-scale solar
energy projects in the West African country.
The REA will build the solar projects, fund-
ing them through carbon credits generated by
flare gas capture projects, which will be financed
and developed by CarbonAi, which has such
projects in Nigeria.
Based in Calgary and Dubai, the company
provides full-cycle flare gas capture services for
fully integrated greenhouse gas (GHG) reduc-
tion projects.
Gas flaring is the burning of natural gas
from oil extraction. It has come under attack for
producing high levels of greenhouse gases and
become a target for countries fighting climate
change. Nigeria has the third-highest number
of gas flares globally and is now seeking to earn REA and CarbonAi representatives, shown at the MoU signing (Image: REA)
carbon credits by cutting down on gas flaring
through capture projects. partner in Nigeria,” said CarbonAi’s chief car-
The REA, under to the MoU, will find oppor- bon officer Yvan Champagne. “We are strong
tunities for solar energy near CarbonAi’s flare believers in win-win outcomes, and we believe
gas capture projects in Nigeria, while CarbonAi our Climate Dividend Programme captures
will apply its expertise in carbon finance and the spirit of the energy transition by leveraging
quantify, verify and monetise GHG emissions. immediate reductions in today’s energy system
“We are excited to work with the REA as to build the energy system of tomorrow in Nige-
our CarbonAi Climate Dividend Programme ria.”
COMPANIES
SAB urges KPC to reduce its spending
MIDDLE EAST KUWAIT’S State Audit Bureau (SAB) has rec- lending banks and credit agencies.
ommended that the state oil firm rationalise The local Al-Qabas daily quoted the SAB as
its spending and avoid exposure to the risk of saying Kuwait Petroleum Corp. (KPC) should
default in the payment of its obligations towards also negotiate to reschedule payments to lenders.
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