Page 16 - AfrOil Week 09 2022

AfrOil NEWS IN BRIEF AfrOil

INVESTMENT SA and BP Southern Africa, processes about natural gas is around 6bn cubic feet (170mn
24,000 tonnes per day of crude and manufac- cubic metres) per day – out of a total daily output
Zenith Energy cancels tures 10 main products in 46 different grades. of 6.7-6.9 bcf (190-195 mcm) – leaving ample
According to Fin24, Mantashe was speaking room for exports. EGAS has set an export tar-
option agreement for OML at the Africa Energy Indaba conference currently get of 7.5mn tonnes for Fiscal Year 2021/2022,
underway in Cape Town, where he said that the which ends in June 2022.
141 RSC in Nigeria government is considering taking over Sapref’s The electricity sector is at the forefront of nat-
capacity by having state oil company PetroSA ural gas consuming sectors, accounting for the
Zenith Energy has elected to not renew the run operations. bulk (60%) of domestic consumption, followed
Option Agreement with Noble Hill-Network “The private sector is trying to close refinery by the industrial sector at around 22%, with the
Ltd (NHNL), first announced to the market on capacity. They are in a queue to do so. We are try- petrochemicals and gas-derivatives sector trail-
November 29, 2021, for the purchase of a 42% ing to intervene,” he said. ing as a distant third with about 11%. The house-
interest in the share capital of NHNL. The Com- Should PetroSA run operations, that will hold and transportation sector combined use a
pany remains of the view that the development result in the state having significant share and a mere 6% of national production.
of the North-West Corner of OML 141 in Nige- bigger role to play in oil refining in the country. Egyptian gas output mostly comes from deep
ria has significant potential, and it shall look to bna/IntelliNews, March 1 2022 offshore fields, with the Zohr field – the largest
revisit the opportunity once the ownership of discovery ever made in the Mediterranean basin,
NHNL is unequivocally confirmed by the Nige- PERFORMANCE operated by Italy’s Eni – taking the lead.
rian courts. bna/IntelliNews, March 2 2022
Andrea Cattaneo, CEO of Zenith, com- EGAS aims to export 4mn
mented: “Zenith’s assessment of the opportunity Ghana fuel prices may
presented by the acquisition of a 42% in NHNL, tn of gas, LNG in H1-2022
and by extension in the potentially highly pro- rise 6% due to invasion of
ductive Barracuda and Elepa South oilfields, Egypt’s state-owned Natural Gas Holding Co.
remains fundamentally unchanged. However, (EGAS) intends to increase natural and liquefied Ukraine, cedi depreciation
in the interests of a clear strategic vision and the natural gas (LNG) exports to 4mn tonnes dur-
avoidance of protracted delays, we have decided ing the first half of 2022, compared with between The Institute for Energy Security (IES) has said
to pause our involvement in this potential trans- 3.3mn and 3.5mn tonnes in the preceding half- that local prices of petroleum products could rise
action until such time as clarity is definitively year (July-December 2021), Amwal Al Ghad by about 6% in the absence of any government
delivered in certain key areas.” newspaper reports. The increase will be fuelled intervention to curb the spike in prices of crude
Zenith Energy, March 2 2022 by higher gas output from offshore Mediterra- oil, Joy Business has reported.
nean fields, Following the Russian invasion of Ukraine on
Mantashe says PetroSA of foreign currency for Egypt over the past year potential impact on oil and gas supply, the report
Natural gas exports have become a key source February 24, fuel prices surged on worries of the
could take over Sapref as energy prices skyrocketed. Their role has been indicates.
But in Ghana, the sharp depreciation of the
amplified over the past week, as Egypt’s current
Mineral Resources and Energy Minister Gwede account faces a double shock from higher wheat local currency against the US dollar is a contrib-
Mantashe says that PetroSA could take over prices and the loss of their largest sources of uting factor, the report notes, with the cedi hav-
operations at Sapref. This follows BP and Shell inbound tourists – Ukraine and Russia – follow- ing depreciated by some 7.6% this year.
announcement to halt operations at Sapref. ing the Russian invasion of Ukraine. bna/IntelliNews, March 2 2022
Sapref, a joint venture between Shell Refining Egypt’s current domestic consumption of
PIAC report says Ghana
earned $6.55bn in oil

revenues in 2011-2020

Ghana’s Public Interest and Accountability Com-
mittee (PIAC) has said in a report titled “Assess-
ment of the management and use of Ghana’s
Petroleum Revenues (2011-2020)” that Accra
earned a total of $6.55bn in petroleum revenues
in the previous decade, GNA has reported.
The report, which examines the use of the
country’s petroleum revenues over the first
10-year period after commercial oil produc-
tion began in Ghana’s deepwater offshore zone,
notes that carried and participating Interest
(CAPI) accounted for nearly all of total reve-
nue – $3.81bn, or 58.17%; followed by royalties
– $1.64bn, or 25.04%; and corporate income tax
– $1.08bn, or 16.49%.

P16 www. NEWSBASE .com Week 09 02•March•2022