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OPEC Secretary General Commences Historic Visit to Congo-Brazzaville

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OPEC - Investors King

H.E. Mohammed Barkindo, Secretary General of OPEC, was received by H.E. Bruno Jean-Richard Itoua, Congolese Minister of Hydrocarbons, ahead of a three-day working visit to Congo-Brazzaville; The inaugural visit marks a critical turning point for the Congo’s energy sector, as the country seeks to play a more prominent role on the regional and global energy stage; The Republic of the Congo is home to 2.9 billion barrels of proven reserves and represents sub-Saharan Africa’s third-largest crude oil producer.

H.E. Mohammed Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), was received on August 22 in Congo-Brazzaville by H.E. Bruno Jean-Richard Itoua, Congolese Minister of Hydrocarbons, kicking off a three-day working visit aimed at boosting regional and global energy cooperation with the Central African producer. This is OPEC’s first-ever state visit to Congo-Brazzaville, with the delegation is organized by African Energy Chamber and attended by Energy Capital Power.

The Secretary General and the Minister expressed their joint enthusiasm toward strengthening relations between OPEC and Congo-Brazzaville, the latter of which joined the Organization in June 2018.

“At OPEC, we are confident that under the excellent leadership of the Minister of Hydrocarbons, we will be turning a new page in the relations between OPEC and the Republic of the Congo,” noted H.E. Barkindo.

The visit comes at a crucial turning point for Congo-Brazzaville’s burgeoning energy sector. In recent years, the country has doubled down on efforts to boost its petroleum industry via enhanced private sector participation and foreign direct investment. Between 2015-2019, the Ministry of Hydrocarbons launched licensing rounds with 28 blocks on offer, awarding licenses to leading IOCs including Total, Perenco, Lukoil and Eni.

As sub-Saharan Africa’s third-largest crude oil producer with 2.9 billion barrels of proven reserves, the country is seeking to catalyze broad-based, socioeconomic growth through the development of its oil and gas industry. The Secretary General’s presence in the country underscores growing interest from international stakeholders to engage with the country’s hydrocarbons sector and foster joint energy cooperation.

H.E. Barkindo highlighted the vital importance of cooperation among OPEC members and saluted the Congo’s “high level of compliance,” as the country seeks to play an increasingly prominent role on the regional and international energy stage.

“Looking ahead, we need to facilitate the further development of the charter of our cooperation, focusing on long-term cooperation in technology, the energy transition and sustainable development,” he added.

H.E. Barkindo’s visit will include high-level meetings with Congolese Prime Minister H.E. Anatole Collinet Makosso and H.E. Minister Itoua. The Secretary General will also travel to Pointe-Noire on August 24 to visit a platform, as well as meet with the country’s key industry stakeholders and leaders.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Energy

Unlocking Investments into Africa’s Renewable Energy Market

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The African Energy Guarantee Facility (AEGF) is launching a virtual roadshow of free webinars allowing a deeper understanding of risk issues for renewable energy projects on the continent, and conversations around risk mitigation solutions. The first webinar will take place on Thursday, 23 September from 14:30-16:00 hrs. EAT. 

The session will be oriented on how to get more energy projects from the drawing board to the grid. While the energy demand in African economies is expected to nearly double by 2040, and although the potential for renewable energy is 1,000 times larger than the demand, only 2GW out of almost 180GW of this new renewable power were added on the African continent.

Clearly not good enough! To improve the situation within the next two decades, new solutions need to be implemented urgently. De-risking and promoting private sector investments will play a crucial part of it.

In this 90-min interactive session, AEGF partners: the European Investment Bank (EIB), KfW Development Bank, Munich Re and the African Trade Insurance Agency (ATI) will share their experience and provide valuable insights on how they were able to come together and design practical solutions for investors and financiers of green energy projects in Africa aligned with SDG7 objectives.

Across Africa, the complexity of renewable energy projects and their long tenors hold back crucial energy investment. Tailored to the specific needs and risk profiles of sustain­able energy projects, AEGF will tackle the investment challenge by providing underwriting expertise and capacity tailored to market needs.

The AEGF will significantly boost private investment in sustainable energy projects, both expanding access to clean energy and contribute to achieving UN Sustainable Development Goals. The scheme supports new private sector investment in eligible renewable energy, energy efficiency and energy access projects in sub-Saharan Africa.

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Energy

Shell Signs Agreement To Sell Permian Interest For $9.5B to ConocoPhillips

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Shell profit drops 44 percent

Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its Permian business to ConocoPhillips, a leading shales developer in the basin, for $9.5 billion in cash. The transaction will transfer all of Shell’s interest in the Permian to ConocoPhillips, subject to regulatory approvals.

“After reviewing multiple strategies and portfolio options for our Permian assets, this transaction with ConocoPhillips emerged as a very compelling value proposition,” said Wael Sawan, Upstream Director. “This decision once again reflects our focus on value over volumes as well as disciplined stewardship of capital. This transaction, made possible by the Permian team’s outstanding operational performance, provides excellent value to our shareholders through accelerating cash delivery and additional distributions.”

Shell’s Upstream business plays a critical role in the Powering Progress strategy through a more focused, competitive and resilient portfolio that provides the energy the world needs today whilst funding shareholder distributions as well as the energy transition.

The cash proceeds from this transaction will be used to fund $7 billion in additional shareholder distributions after closing, with the remainder used for further strengthening of the balance sheet. These distributions will be in addition to our shareholder distributions in the range of 20-30 percent of cash flow from operations. The effective date of the transaction is July 1, 2021 with closing expected in Q4 2021.

Shell has been providing energy to U.S. customers for more than 100 years and plans to remain an energy leader in the country for decades to come.

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Fuel Scarcity: Petrol Sells N220 Per Litre in Nsukka

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petrol scarcity Nigeria

Premium Motor Spirit, otherwise called petrol, now sells for between N200 and N220 per liter at the independent marketers’ service stations in Nsukka, Enugu State.

The News Agency of Nigeria is reporting the hike in the price against the official pump price of N162 per liter.

It said it started about a fortnight ago due to the scarcity of the commodity in the town and its environs.

Some residents of the town expressed deep worry over the development in separate interviews with NAN on Wednesday.

A civil servant, Stephen Ozioko, said the situation had further compounded the economic difficulties in the area.

Ozioko said many private car owners had been compelled to park their vehicles at home and move around in public transport.

He said: “Since the scarcity started, I decided to park my car and take public transport to the office and back home. N220 per liter is exorbitant and I cannot afford it considering my salary as a civil servant. I shall continue to use public transport until the situation returns to normal.”

A building material dealer, Timothy Ngwu, said the development had also led to an increase in transport fare in the area.

Ngwu said: “Some people now trek from Nsukka Old Park to Odenigbo Roundabout because of the 100 percent hike in fares from N50 to N100 by tricycle.

“Before now, transport fare from Nsukka to Enugu was N500, but transporters now charge between N800 and N1000.”

Also, a commuter bus driver, Victor Ogbonna, described the scarcity and hike in the price of petrol as “unfortunate and an ugly development”.

Ogbonna added: “Today, only a few filling stations are selling the commodity in Nsukka town, while others are shut.”

He alleged that some filling stations, which claimed to be out-of-stock, were selling to black marketers at night.

He said: “This is why black marketers have sprung up everywhere in the town, selling the commodity for about N300 per liter.”

NAN reports that virtually all the major marketers in the area have stopped the sale of petrol, claiming to be out-of-stock.

The people called on the government to urgently intervene in order to bring the situation under control and also put an end to its harsh economic effects on the messes.

NAN.

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