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For example, Charles Adu Boahen, Minister of generated from fossil fuels for the foreseeable
State at Ghana’s Ministry of Finance, said that future,” he told Bloomberg.
the acquisition of stakes in the two offshore According to Ghana’s Finance Minister
blocks would allow the country’s citizens to Ken Ofori-Atta, though, Accra may not be
“become masters of our own destiny when it able to proceed with this plan unless it author-
comes to our oil and gas resources.” ises GNPC to pursue reserve-based loan deals.
Boahen went on to say that these projects Ofori-Atta said during his mid-year budget
would also put Ghana in a position of being speech to Parliament last week that he hoped
able to cover its own energy needs. “There will the government would pass a law to this effect.
certainly be the demand for fossil fuels in coun- Doing so would allow the national oil company
tries outside of the West that will continue to use (NOC) to raise additional funds without draw-
diesel and petrol-fired cars and consume power ing on budget revenues, he explained. ™

PERFORMANCE
Libya’s NOC says its revenues

came to $2.13bn in June 2021

LIBYA LIBYA’S state-owned National Oil Company full capacity.
(NOC) said its revenues from sales of crude oil Hopes of an economic recovery received
and natural gas, as well as petroleum products, a boost with the formation of a national unity
had reached $2.13bn in June 2021, thanks to government in mid-March, as this development
growing output and favourable oil prices. ended a split between the duelling eastern and
The largest share of hydrocarbon revenues, western administrations. For this part, NOC
amounting to $2.06bn, came from crude oil aims to raise daily production to 1.45mn bpd by
sales, the company said. Meanwhile, it noted, the end of 2021 and to 1.6mn bpd within two
sales of natural gas and condensates generated years and 2.1mn bpd within four years.
a further $66.24mn. The NOC plans to bring new oilfields on
Additionally, NOC said it had earned stream in the coming months. Some of the new
$2.65mn and €3.25mn ($3.86mn) from sales of sites are in the central Sirte basin, and others are
refined fuels in June. It noted that all locally pro- in the Ghadames basin in western Libya. ™
duced fuels had been delivered to the domestic
market in June.
NOC went on to say that its hydrocarbon
revenues had been higher in June because buy-
ers had settled $194mn in arrears that had accu-
mulated before the end of May. That sum had
remained under collection because of a national
holiday that shifted payment to the following
month, it explained.
Libya is an OPEC member and has managed
to keep its production above 1mn barrels per
day (bpd) since November 2020. In April, it even
managed to boost output to 1.3mn bpd. Never-
theless, Libya’s oil sector is operating below its Libya is producing more than 1mn bpd (Photo: NOC)

NNPC financials show refining losses

NIGERIA THE state-owned Nigerian National Petroleum The losses fluctuated between NGN5bn and
Corp. (NNPC) this week provided its financial NGN10bn ($12bn-24bn) per month to give a
statements for the 13 months to February 2021, total loss of $253mn, with the firm highlighting
which showed that it made a loss in each of those that it had continued to pay operating expenses
months as refinery utilisation remained at 0%. for the inactive facilities.

Week 31 04•August•2021 www. NEWSBASE .com P9