Page 16 - AfrOil Week 03 2023

AfrOil NEWS IN BRIEF AfrOil

business new africa bna/IntelliNews

BW Energy completed one lifting in the fourth revenues in response to the Kremlin’s waging of revoked are: Abagurugu Oil Co. Ltd; Apex Petro-
quarter at a price of $73 per barrel reflecting a war in Ukraine. Russia will respond to the ban leum Ghana Ltd; Avos Oil Co. Ltd; Best Petro-
lower realised oil price compared to Dated Brent by diverting supplies to Asia, Africa and Latin leum Ltd; Bisvel Petroleum Services; Capstone
due to temporary oversupply of Russian crude America, Russian Deputy Prime Minister Alex- Oil Ltd; Deep Petroleum Ltd; Deliman & Co.
in the market and high transportation costs. ander Novak has said. The prospect is that some Ltd.; Glee Oil Ltd; Golden Petroleum Ltd; Green
Production cost (excluding royalties) for the of the diverted diesel and other oil products will Petroleum Ltd; Hak Oil Co. Ltd; Havilah Oil
period was approximately $40 per barrel due to leak into the European market via third parties. Ghana Ltd; Hossana Oil Co. Ltd; Jas Petroleum
the lower production. Average production cost The cited Refinitiv data showed diesel sup- Ltd; Lilygold Energy Resources Ltd; M3 Global
for the year 2022 was $36 per barrel. plies shipped from Russian ports to Turkey Co. Ltd; Maiga & Hhm Co. Ltd; Mba Global
BW Energy’s share of gross production was in December increased to more than 750,000 Petroleum Ltd; Peta Energy Ltd; Petro Afrique
approximately 649,000 barrels of oil. The net tonnes and totalled 5.05mn tonnes in 2022 in Ghana Ltd; Precious Energy Ghana Ltd; Q8 Oil
sold volume, which is the basis for revenue rec- comparison to 3.99mn tonnes in 2021. Since (Gh.) Co. Ltd; Rigworld Petroleum Services Ltd;
ognition in the financial statement, was 745,000 the start of January, Russia has already supplied Royal Roses Oil Co. Ltd; Titan Petroleum Ltd;
barrels including 65,000 barrels of quarterly Turkey with around 450,000 tonnes of diesel, it Union Oil Ghana Ltd; Universal Oil Co. Ltd;
Domestic Market Obligation (DMO) deliveries also showed. Warren Oil Co. Ltd; and Zoe Petroleum Ltd.
with an under-lift position of 76,000 barrels at Diesel supplies from Russia to Morocco, bna/IntelliNews, 16 January 2023
the end of the period. meanwhile, climbed to 735,000 tonnes in 2022
BW Energy had a cash balance of $210mn following only 66,000 tonnes in 2021. They have Sudan cuts local fuel
on December 31, 2022, compared to $186mn amounted to about 140,000 tonnes since the start
at September 30, 2022. The increase is due to of the new year. prices for January
the payment received for the December lifting Several cargoes were also supplied by Russia
and a drawdown on the Company’s reserves- to Ghana, Senegal, Libya and even Uruguay and The Sudanese government decided to reduce
based lending (RBL) facility, offset by continued Cote D’Ivoire, according to Refinitiv. local fuel prices for the rest of January starting
investments in the Hibiscus/Ruche development bna/IntelliNews, 19 January 2023 from January 11, the state news agency said, cit-
project. ing the energy ministry.
At the start of the period, the Company had Ghana regulator The local price for diesel will be cut to
commodity price hedges for a remaining total SDG628 ($1.11) from SDG660 ($1.14) in
volume of 800,000 barrels for 2022 and 2023, of revokes licences of December 2022. The gasoline price will also be
which approximately 15% was for 2022. These cut to SDG506 ($0.88) from SDG620 last month.
were a combination of swaps and zero-cost col- 30 fuel marketers Sudan’s energy ministry is regularly review-
lars that will allow for future cash flow stability ing fuel prices each month based on global oil
for ongoing development projects. BW Energy Ghana’s National Petroleum Authority (NPA) prices, since the commodity was completely lib-
has recognised crude oil hedge losses in the has revoked the licences of 30 Oil Marketing eralised in January 2021.
amount of $5.2mn for the fourth quarter, of Companies (OMCs) for alleged non-compliance Last year, the government announced the
which $4.7mn were unrealised. with its rules and regulations. final lifting of fuel subsidies as part of economic
The drilling campaign at the Hibiscus field is Some of the affected OMCs are among reforms agreed with the International Monetary
progressing according to plan and in line with those that owe the government in total over Fund (IMF). Reforms included liberalising the
the schedule for first oil from the Hibiscus/ GHS400mn ($33.4mn) in the form of unpaid local currency in a bid to eliminate economic
Ruche development towards the end of the first taxes as at the end of December, Joy News and monetary imbalances.
quarter of 2023. reported. After the succession of South Sudan in 2011,
BW Energy, 18 January 2023 Apart from publishing their names, the Sudan’s oil production declined from 450,000
authority had threatened to take legal action barrels per day (bpd) to less than 60,000 (bpd),
against the directors of firms if the payments prompting the government to import more than
POLICY were not made. 60% of its oil needs.
The companies that have had their licences bna/IntelliNews, 13 January 2023
Data show Russia ramping

up diesel supplies to

Turkey, Morocco ahead
of EU embargo

Russia appears to have ramped up diesel supplies
to Turkey and Morocco as it attempts to reroute
its oil products prior to the introduction of an
EU embargo. The situation is revealed by trader
and Refinitiv data reported by Reuters on Jan-
uary 18.
The European Union will fully ban imports
of Russian oil products from February as part of
a Western effort at driving down Russian export

P16 www. NEWSBASE .com Week 03 19•January•2023