Page 8 - AfrOil Week 50 2021
P. 8
AfrOil INVESTMENT AfrOil
The company plans to install a liquefaction venture set up to develop the Yoho oilfield,
unit with a capacity of 1.2mn tonnes per year through state-owned Nigerian National Petro-
(tpy) and will source its feedstock in the form of leum Corp. (NNPC). ExxonMobil’s upstream
associated gas from the Yoho field in Oil Mining affiliate Mobil Producing Nigeria Unlimited
Lease (OML) 104 offshore Nigeria. (MPN) holds the remaining 40% and operates
Nigeria holds a 60% interest in the joint the site.
PERFORMANCE
Sumed pipe handles more oil in November
EGYPT CRUDE oil shipments via Egypt’s Sumed pipe- its traditional supplier, at a time of heightened
line rose in November to north of 700,000 tensions between the two states over a range of
barrels per day (bpd), the highest level since political and economic issues.
May 2020, with Poland emerging as the single While demand for crude via Sumed has been
biggest buyer, according to data compiled by on the rise, deliveries seem to have exceeded
Bloomberg. offtake in recent months, causing stockpiles of
The Sumed pipeline allows shippers to crude in the pipeline’s storage tanks in Sidi Kerir
bypass the Suez Canal, carrying crude delivered near Alexandria to increase by an estimated
in some of the world’s largest oil tankers from a 20mn barrels since August.
terminal on the Red Sea to storage tanks near
Alexandria on the Mediterranean. From there,
shipments are transferred to smaller vessels for
delivery to buyers, predominantly in the Med-
iterranean and Northwest European markets.
While Mediterranean destinations, dom-
inated by Italy, Spain, Greece and Turkey,
collectively represent the largest market for
crude from Sumed, the two biggest individual
destinations last month were Poland and the
Netherlands.
The rising volume of crude, most of it com-
ing from Saudi Arabia, that is being delivered
to Sumed’s Mediterranean terminal increases
the competition for similar quality crude from
Russia. Shipments to the Polish port of Gdansk
reached 142,000 bpd in November, sufficient to
fill one quarter of the country’s refining capac-
ity. This may be because Poland is seeking to
diversify its sources of crude away from Russia, Sumed moves oil from the Red Sea to the Mediterranean (Image: EIA.gov)
GOIL could lose GHS9mn monthly over
fuel price reduction, COPEC warns
GHANA GHANA Oil Co. Ltd (GOIL) could lose operators at the presidency which itself became
GHS9mn ($1.45mn) monthly following the necessary due to a sit-down strike by drivers
government’s directive to reduce fuel prices at on December 6, which left commuters getting
the pump by GHS0.15 ($0.024) per litre, accord- stranded at numerous lorry stations, bus stops
ing to Duncan Amoah, the executive secretary and junctions.
of the Chamber of Petroleum Consumers Speaking to Ghana-based broadcaster Citi
Ghana (COPEC). FM’s Eyewitness News, Amoah said the direc-
The directive to GOIL followed a crunch tive was “very problematic,” unsustainable and
meeting between the government and transport could affect stakeholders in the fuel sector.
P8 www. NEWSBASE .com Week 50 15•December•2021
