At the beginning of the week, Brent Crude is trading at $76.37 per barrel, WTI at $65.63 and natural gas at $2.94 per million BTU (at 10:58, 11 June 2018, South Africa). Here are AOP’s top five stories from the last seven days.
Mauritius: Construction begins on Henrietta solar PV project
Mauritian Deputy Prime Minister of Energy and Public Utilities, Ivan Collendavelloo, laid the foundation stone of the 2 MW Solar PV farm project, Henrietta Solar Photovoltaic Farm.
The project, led by the Central Electricity Board (Green Energy) will put the government closer to achieving its goal of implementing 35 percent renewable energy in the country’s energy mix by 2025.
The farm is expected to generate 3GWh of renewable energy annually.
AfDB approves $49.5m loan for Kenya’s geothermal project
The African Development Bank (AfDB) approved a loan of $29.5 million and a concession loan of $20 million to Quantum Power East Africa GT Menengai Ltd to develop a 35 MW geothermal plant in Kenya.
The geothermal plant will be the first of three that will be installed at the Menengai field in the Nakuru County. All three plants have a combined capacity of 105 MW.
The project comes of part of the CTF Geothermal Concessional Finance Program created to finance programs that can deliver developmental results.
ExxonMobil looks to sell 35 percent stake in Tanzania’s Block 2
ExxonMobil is looking to sell its 35 percent stake in Tanzania’s undeveloped Block 2 deepwater field to focus on developing a project in Mozambique.
According to Reuters, the planned sale is an example of Chief Executive Darren Woods’ strategy of freeing up cash and narrowing the American firm’s focus on a number of giant projects around the world deemed to have the best prospects, including Mozambique, Guyana and U.S shale.
Block 2 has an estimated 650 million billion cubic meters of gas but has faced delays over the years due to lack of infrastructure and regulation.
ENI to increase gas output in Ghana
ENI is expecting to deliver first gas in its Ghana operations this month. The Italian multinational oil and gas company is said to contribute more than double Ghana’s gas output by the end of the year.
Sources told Reuters that the company would begin pumping natural gas on June 26 from its Sankofa reserves in a second phase of the company’s $7.9 billion Offshore Cape Three Point Poject.
Output on ENI operations in Ghana has risen to 180 million cubic feet per day.
Algeria: Energy Law amendments by 2019
Algerian Energy Minister, Mustapha Guitouni announced that energy law amendments would be finalized by early 2019.
The OPEC Member country has been preparing to make these amendments to its hydrocarbons law, In efforts to attract foreign investors for a number of years. Making the announcement on state radio, Minister Guitouni said the amendments would be ready by January or February 2019 and would be followed by projects.
Algeria produces over 1 million barrels of oil per day and 135 billion cubic meters of gas per year.