At the beginning of this week Brent Crude is trading at $67.84 per barrel, WTI at $61.69 per barrel and natural gas at $2.83 per million BTU (beginning of day 08 January 2018). Here are AOP’s top five stories from the last seven days.
AfDB Backs Renewable Power Projects
The African Development Bank ended 2017 with a major milestone — investing 100 percent in renewable energy for 2017 and raising the bank’s share of renewable energy projects as a portion of the overall power portfolio from 14 percent in 2007-2011 to 64 percent. The development bank approved investments for 1,4000 megawatts in 2017 and plans to increase the support for renewable projects in 2018, according to a news release.
‘’We are clearly leading on renewable energy. We will help Africa unlock its full energy potential, while developing a balanced energy mix to support industrialization. Our commitment is to ensure 100% climate screening for all Bank financed projects,’’ said Akinwumi Adesina, the bank president.
Pipeline Fire Causes Widespread Power Outages in Nigeria
Nigeria’s national grid collapsed last week and gas supplies to Ghana were threatened following a fire on the Excravos-Lagos Pipeline System, which disrupted gas supplies to five power stations within Nigeria and gas supplies to the West Africa Gas Pipeline System, according to This Day.
The Nigerian National Petroleum Corporation is set to begin repairs on the pipeline this week, which were delayed due to the need to first contain the brush fire in the area that caused the damage.
Zambia On Track for Power Surplus
Zambia’s Energy Minister David Mabumba announced the small country is on track to take the country from a power deficit to a power surplus through Public Private Partnerships and investment in hydro power and solar power, according to the Times of Zambia.
In 2017, Zambia commissioned key power projects, including a 100-megawatt solar plant, the first phase of a total planned capacity of 600MW for the plant.
Maersk Awarded Tullow Oil’s Ghana Contract
Maersk Drilling was awarded a four-year contract for the company’s deepwater drillship Maersk Venturer by Tullow Ghana Ltd for development drilling offshore Ghana.
The contract, signed in December and expected to begin in February 2018, will see work done on Tullow Oil’s Jubilee and TEN fields, according to a company press release.
Gabon Prepares for Upcoming Licensing Round
In preparation for a planned shallow water licensing round, Spectrum and the Direction Generale des Hydrocarbures (DGH) of Gabon have begun the first in a series of 3D Multi-Client seismic acquisition programs offshore Gabon, according to a company news release.
The seismic program is focusing on under-explored shallow water areas, with the DGH planning to make the blocks available during a shallow water licensing round. The data should be available by the end of 2017.