Page 15 - DMEA Week 44 2022

DMEA NEWS IN BRIEF DMEA

business new europe bne/IntelliNews

Armenia has been importing gas from Iran since or permit representing the right to emit a set value through our low-cost, low-carbon inten-
mid-2009. Armenia is carrying out a barter deal amount of carbon dioxide, and is used as a means sity upstream production and strategically
with Iran, “gas in exchange for electricity,” at the to mitigate the growth of greenhouse gasses integrated upstream and downstream business.
rate of 1 cubic metre of blue fuel from Iran in (GHG) emissions. While global crude oil prices during this period
exchange for 3 kWh of electricity from Arme- According to a document published by the were affected by continued economic uncer-
nia. Gas supplies are carried out through the African Development Bank (AfDB), “[Carbon] tainty, our long-term view is that oil demand
Iran-Armenia gas pipeline, and electricity from market vehicles can be a mechanism to channel will continue to grow for the rest of the decade,
Armenia is supplied to Iran through two power new investment into Energy Security in Africa.” given the world’s need for more affordable and
lines. Furthermore, they could also help countries reliable energy.”
bne/IntelliNews, November 2 2022 meet their voluntary greenhouse gas reduction Reiterating criticism levelled at non-OPEC
targets as well as their national renewable energy oil producers following years of failing to main-
Nigeria could produce targets, the lender has stated tain upstream investments, he added: “Against
the backdrop of global underinvestment in our
bna/IntelliNews, November 3 2022
30mn carbon credits per sector, we are extending our long-term oil and
gas production capabilities while also work-
year by 2030, VP says COMPANIES ing towards our previously stated ambition to
achieve net-zero Scope 1 and Scope 2 green-
Nigeria could produce up to 30mn carbon cred- Aramco announces house gas emissions from our wholly-owned
its per year by 2030, Vice President Yemi Osin- operated assets.”
bajo has said, writing on Twitter that at $20 per Q3 2022 results Having increased oil production in line with
credit they could generate $500mn annually for OPEC+ quotas prior to recent reductions, Ara-
the domestic market. Saudi Aramco this week announced its Q3-2022 mco’s total hydrocarbon production, which cov-
“At this level of production, the industry results, which were highlighted by a net income ers oil, gas, condensates and NGLs, was reported
could potentially support over 3mn Nigerian of $42.4bn, up 139% against the same period last at 14.4mn barrels of oil equivalent per day, up
jobs,” Osinbajo wrote. “And Nigeria has only a year. from 12.9mn boepd a year earlier.
portion of Africa’s total potential—the impact Despite some price volatility during the quar- While Aramco again failed to provide a
on the continent as a whole could be far greater.” ter, the company continues to benefit from the substantive update on activities in either the
The reveal came as Osinbajo announced he recovery experienced over the past year or so, upstream of downstream, it pegged Q3 CAPEX
would be joining the 14-member steering com- earning well in excess of the level required to at $7.3bn, up 25% year on year, with the spend
mittee of the Africa Carbon Market Initiative cover its $18.75bn quarterly dividend obligation. mainly directed towards “increased develop-
(ACMI), which aims to dramatically expand Free cash flow was reported at $45bn, up ment activity for crude oil increments and gas
Africa’s participation in voluntary carbon from $28.7bn during Q3 2021. The strong finan- projects”.
markets. cial performance was driven by an almost $29 It said that capital spending for the first nine
ACMI will be launched at COP 27 in collabo- increase in the average realised price per barrel months had risen to $20.5bn, with the $2.8bn
ration with The Global Energy Alliance for Peo- of crude to $101.7. increase in the period also attributable to the
ple and Planet, Sustainable Energy for All, the The company’s president and CEO, Amin company’s efforts to increase maximum sus-
UN Climate Change High Level Champions and Nasser, said: “Aramco’s strong earnings and tainable capacity (MSC) to 13mn barrels per day
the UN Economic Commission for Africa. record free cash flow in the third quarter rein- (bpd) by the end of 2027
A carbon credit is a tradable certificate force our proven ability to generate significant bne/IntelliNews, November 2 2022

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