OPEC - Afrikan Heroes

Oilfield Services Companies Represent Important Opportunities for Africa’s Energy Sector in 2022

December 3, 2021

OPEC Secretary General H.E. Mohammed Barkindo

By NJ Ayuk

The time for oil and gas in Africa is just beginning, as hydrocarbons provide the best solution for Africa’s energy development and transition

Oil and gas in Africa, especially the central African region, is just starting to hit its stride, OPEC Secretary General H.E. Mohammed Barkindo, told a meeting of major oil companies a few months ago, and the future is especially bright in sub-Saharan Africa.

“With a significant portion of the African population still lacking access to electricity and clean cooking solutions, the role of IOCs and national oil companies has been emphasized,” he said. “The time for oil and gas in Africa is just beginning, as hydrocarbons provide the best solution for Africa’s energy development and transition.” He concluded.

Barkindo has it right, and it’s natural that at this gathering he would spotlight the critical role of large, well-known companies over supporting players. But we shouldn’t overlook the contributions of another sector of the industry: the oilfield services companies (OFS) who help keep upstream oil and gas moving forward — and drive job creation and entrepreneurship in the process.

This message was emphasized over and over during the CEMAC Energy and Business Forum in Congo Brazzaville, an OPEC member and important oil producer in Africa. I was honored to be invited by H.E. Bruno Itoua, Congo’s Petroleum Minister and H.E. Gabriel Mbaga Obiang Lima of Equatorial Guinea.

Listening to so many businesses talk about their challenges and the god work they do serving the oil and gas industry, reminded me of their importance to the industry and local economies. That’s why a section of the African Energy Chamber’s 2022 Africa Energy Outlook is devoted to the OFS market and opportunities in the near term and through the energy transition. Published this month, the report covers myriad topics of interest to stakeholders navigating the African oil and gas environment, from discussions about free cash flow and the effects of COVID-19 to how gas-to-power initiatives can provide economic opportunities while being the linchpin of an Afro-centric energy transition.

Oilfield services include activities such as engineering and procurement, well construction, drilling, seismic data, subsea vessels — and so much more. In fact, because of all the products and services needed to support the oil and gas industry, OFS generates jobs worldwide, including in Africa. As GSDRC, a partnership of research institutes, think-tanks, and consultancy organizations, noted, when oil companies buy goods and services from in-country suppliers and contractors (often as a result of local content mandates), it triggers a multiplier effect. Those companies employ people and buy goods and services of their own, ultimately leading to an impact that is far greater than direct employment. Service activities tend to be labor-intensive, meaning there are plenty of jobs to fill, and most of them require only basic skills. Some service companies aren’t technical at all: consider businesses like Kussema Lda. The Mozambican company run by Dita Mpfumo Honwana supplies uniforms, cleaning services, and catering to the natural resources sector. This is the same like Alfredo Jones’s Aldulco, Pablo Memba’s Equatorial Resources, Bay Matrix in Equatorial Guinea or Patrocle Petridis’s team at SCLOG or many of the SNPC’s subsidiaries service the oil and gas industry. Lets not forget the big international service companies like Schlumberger, Baker Hughes, Halliburton, Oceaneering, Frank’s International and many others. They provide a lot of jobs to the local economy and drive growth.

All in all, jobs like those provide a stepping stone for additional training and even greater employment.

And, as we all know, without more jobs, Africa’s future is in peril. Currently, unemployment is not only on the rise, but also increasing at a record clip. The Africa Development Bank warned prior to the pandemic that at the current rate, 100 million young Africans will be unemployed by 2030. It’s easy to imagine how much worse things are now, and it’s no wonder respondents to a survey conducted by Forbes Job and Djembe Communications said jobs were more important than eradicating corruption, health and sanitation, or political stability, among other issues.

Right now, the future is a little bit hopeful. Oil has hit a new high, the oil and gas industry is coming back to life, and energy projects in Africa, particularly those associated with the growing liquefied natural gas (LNG) market, are expected to boost employment in OFS and the industry at large. I believe it will be great if Cameroon, Gabon, Equatorial Guinea and Congo fast track the implementation of their gas monetization plans. There has been too much talk and I think citizens was to see action through implementation. The African Energy Chamber’s job is to support also be bold enough to hold leadership accountable.

Bright Spots

As closely tied as OFS is to the upstream oil and gas industry, it’s no surprise that their fortunes are intertwined, or that 2020 was not the best year in OFS history. Revenues were roughly half what they were in 2014, when the OFS industry was valued at $80 billion.

Today, though, the forecast is optimistic, according to the 2022 Africa Energy Outlook, especially as the continent bounces back from the turmoil of the pandemic and countries such as Mauritania/Senegal, Mozambique, and Nigeria act upon their LNG aspirations. The world needs African LNG — global LNG demand could rise 14% by 2025 from 2020, according to Bloomberg — and to reach its full potential, African LNG will need indigenous workers to fill jobs in every facet of OFS. Equatorial Guinea, Cameroon and Congo need to act fast and resist the temptation for being comfortable or will be left behinds. We need to drop the Big Ego’s and move. Get rid of the Job Killing and Anti-energy BEAC forex regulations will be a start and send the right signals to service companies.

There is hope; particularly promising is the EPCI segment, which includes engineering, procurement, construction, and installation. The 2022 Africa Energy Outlook predicts EPCI will “grow significantly on the back of LNG project construction awards.” In fact, By 2025, annual revenues should reach $43 billion.

Among those projects are Mozambique’s Coral South Floating LNG (FLNG) and NLNGSevenPlus in Nigeria.

The first project offshore of Mozambique, Coral South FLNG using a floating LNG plant with a capacity of 3.4 million tonnes linked to six subsea wells. All of its production is already committed to BP. NLNGSevenPlus — Train 7 of the LNG project developed by the Nigeria National Petroleum Corporation (NNPC) and joint venture partners Royal Dutch Shell, ENI, and Total — will add considerable capacity to Nigeria’s LNG output and make it even more competitive in the global marketplace.

In addition to these and other LNG projects, including Mozambique LNG, which is temporarily on hold as a result of nearby insurrections, onshore oil projects in Uganda are also bolstering the EPCI segment. Maintenance services are also on the upswing as onshore projects in Algeria and Libya come back online.

If there is a soft market for OFS in Africa, it is in drilling. That’s largely due to two factors: oil price volatility and the increase in gas projects, which are less drilling intensive.

In general, though, OFS is benefiting from the post-pandemic return to activity. As the market continues to recover and evolve, we’re likely to see OFS restructure for long-term growth, become more sustainable, and diversify to meet additional opportunities in alternative energies.

That means they’ll be creating jobs for Africans for years to come.

NJ Ayuk is the Chairman of the African Energy Chamber

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

OFID grants Africa with $140 million for public development

November 12, 2020

The OPEC Fund for International Development (OFID) has approved $310 million to benefit different developing countries across the globe, of which $140 million is targeted at improving the public sector in five African countries. This finance disbursement program is in line with the organization’s goal of providing responsive and impactful development which will improve the lives of underserved people across the world.

Similar to the $85 million loan given to four African countries in October 2019, this newly-approved public sector loans, amounting to $140 million, will support five African countries in the following projects.A total of $15 million was assigned to strengthen the resilience of rural communities against Food and Nutrition Insecurity. According to the Organization for Economic Co-operation and Development (OECD), about 20 percent of the population in Niger, approximately 2.7 million people, require urgent food support.This funding will, however, help to enhance food security for more than 1.4 million people through the construction and rehabilitation of farming facilities, better rural marketplace infrastructure, amongst others.

OFID gave the Democratic Republic of Congo a total of $45 million, the majority of the loan ($30 million) will be used to provide clean water supply for 1.4 million people living in western Kinshasa with clean drinking water. This will be achieved through the construction of a water supply infrastructure capable of producing 220,000 m3 of water per day.

The remaining ($15 million) will be used to support the North Kivu Agriculture Sector and improve food security and incomes of more than 170,000 people. This will help the one-fifth of the population who are facing emergency levels of food insecurity. To improve the health and living conditions of about 118,000 people in Lesotho, OFID gave $30 million which will aid the construction of new water delivery and treatment infrastructures under the Lesotho Lowlands Water Development Project.

This funding combined with others from the European Bank and The World Bank will aid the completion of the cleaner water supplies which is critical to improving the quality of life of locals in Lesotho. With the allocated $20 million to support the transformation in agriculture through diversification and entrepreneurship, about 1.3 million people are to benefit from this funding.

Also, it will support the Malawian value chain, whilst building the capacity of smallholder farmers and rural organizations with access to rural financial schemes and business development services. A total of $30 million given by OFID will support smallholder oilseed producers around 120,000 households in about 53 districts in Uganda.

The construction and repair of feeder roads, water harvesting mechanisms for crops and livestock, and supply chain development will also take place to enhance seed planting. Through these public-sector loans financing different disadvantaged areas, OFID will help stimulate economic growth and alleviate poverty in these African countries.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Congo DRC Launches A Guarantee Fund For Young Entrepreneurs

September 25, 2020

The Office for the Promotion of Small and Medium-Sized Enterprises in Congo DR has launched a program to support young people in entrepreneurship. Among the objectives, the establishment of a guarantee fund to allow young people to obtain the financing necessary for the creation of businesses.

Ezechiel Biduaya, OPEC director general — OPEC director general Ezechiel Biduaya

The National Program for the Development of Entrepreneurship in Congo (PRONADEC) was launched Monday, September 21 by the Office for the Promotion of Small and Medium Enterprises (OPEC), and the Minister of SMEs. Through this initiative, the OPEC’s mission is to make the business ideas of young people a reality.

Among other resolutions, the establishment of a guarantee fund to allow young people to easily obtain the necessary credits to embark on entrepreneurship, the establishment of a support program for the development of microphones, small and medium-sized enterprises, or proposals on integrating entrepreneurship education into the school curriculum.

Guarantee Fund Congo Guarantee Fund Congo

According to the director general of the OPEC Ezéchiel Biduaya Musumba, the DR Congo faces “enormous challenges in terms of job creation and reduction of the unemployment rate”. This program aims to facilitate business creation, boost job creation and provide access to finance and credit. The implementation of support programs for women and youth was also announced for the coming weeks.
In the long term, PRONADEC will help promote the entrepreneurial spirit among young people, so that entrepreneurship becomes a lever for the country’s development.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

OPEC Thinks Beyond Petroleum, Mohammed Barkindo

September 2, 2020

The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC) Mohammed Barkindo has said that time has come for the organization to start looking beyond petroleum and embrace technology to explore opportunities outside its primary mandate. To this end, OPEC will start exploring the future of blue hydrogen, digitalisation in the energy sector, cyber security and blockchain technology, adding that the oil and gas sector has always been keen on deploying the latest technologies to improve productivity.

“The energy industry, particularly the oil sector, has always been eager to utilise and develop the latest cutting-edge technologies to improve efficiency and effectiveness of its operations, along with its environmental credentials.

“We at OPEC constantly review and analyse the latest technologies emerging in our industry and their impacts on the various sectors, including the supply chain. These technologies have changed us a lot, and we expect them to continue doing so in the future,” Barkindo said in a statement posted on the group’s website.

The group said it will host the second workshop on energy and information technology (IT) on September 21 via videoconference. According to OPEC, the aim of the workshop was to discuss and exchange information on a number of “key topics” relevant to energy technology and innovation. This year’s event will focus on issues such as the future of blue hydrogen, digitalisation in the energy sector and cyber security and blockchain technology.

Experts from OPEC member countries, other oil producing and consuming nations, international organisations and leading global corporations will be invited to participate in the workshop, OPEC noted. The event is part of OPEC’s ongoing research programme which the group said holds workshops and technical meetings that act as a forum for discussion and information exchange on some of the energy industry’s most pressing issues.

OPEC described itself as a permanent inter-governmental organisation of 13 oil-exporting developing nations comprising Nigeria, Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Saudi Arabia, United Arab Emirates and Venezuela.

Following the outbreak of the COVID-19 pandemic, the group has conducted its last few meetings through video conferences. Other oil and gas events have also gone down the virtual route in response to the pandemic.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Angola’s Budgetary Restrictions in Support of OPEC’s Plan to Boost Oil Prices

May 13, 2020

Angola’s minister of finance H.E Vera Daves

The government of Angola has expressed support for efforts by the Organisation of Petroleum Exporting Countries (OPEC) to boost crude oil price by cutting production. To this end, Angola is embarking on key budgetary restrictions which represent the government’s attempt at fiscal responsiveness and responsibility. The Angola’s minister of finance H.E Vera Daves signed a ministerial order suspending the implementation of all contracts signed under the Public Investment Programme whose source of funding has not yet been definitively secured.

This is one of a number of emergency measures, including a freeze in public sector hiring that was announced in recent weeks in response to the oil price crash and the expected reduction in government revenue for 2020. Minister Daves’s order is in line with Presidential Decree no. 96/20 of April 9th which declared a state of emergency in response to the Covid-19 pandemic, which it considered a case of force majeure. These budgetary restrictions do not only represent the government’s attempt at fiscal responsiveness and responsibility, they also give credence to Angola’s commitment to adhere to its most recent engagements within the Organization of the Petroleum Exporting Countries (OPEC). On April 9th, following an oil price crash that drove down oil prices to historic lows below $20/barrel, oil producers including Angola within the framework of OPEC+, led by Russia and Saudi Arabia, agreed to cut their supplies to the global market by an overall 23% compared to October 2018. These cuts are intended to reverse the downward trend in prices when combined with an expected recovery in crude oil demand in the aftermath of widespread relaxations in Covid-19 related restrictions, expected later this year. Angola, which is currently Africa’s second-largest crude producer behind Nigeria with an estimated average daily production pre-agreement of 1.4 million barrels per day, is set to drop production to an average daily output of 1.18 million barrels per day.

“Compliance is key for the credibility of OPEC and their ability to deliver on stable crude prices. We salute the resolute action of the government of Angola and the efforts of the Minister of Mineral Resources, Petroleum and Gas, in delivering the April 9th OPEC deal,” said Sergio Pugliese, President of the African Energy Chamber for Angola. The cuts are due to last for an initial two-month period through May and June. By the start of June, reports about compliance in the month of May are likely to be key in achieving the intended effect. OPEC’s Secretary-General, Mohammed Sanusi Barkindo has been successful in steering the organization during periods of heightened geopolitical tensions, bringing together producers with opposing interests in the interest of market stability. African producers like Angola and Nigeria continue to be key in ensuring that OPEC is effective. In that light, decisions towards ensuring compliance like those made by Angola are important for the entire industry globally.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Nigeria Agrees With OPEC/Non-OPEC 9.7 million barrels Production Cuts.

April 15, 2020

On Easter Sunday, April 12th, 2020, Nigeria joined its other OPEC+ counterparts to bring into effect the agreement to cut 9.7 Million Barrels of supply following the alignment of Mexico. The intervention of the United States of America resulted in Mexico agreeing to a cut of 100 KBOPD and to be complemented by an additional 300 KBOPD by US Producers.

This will enable the rebalancing of the oil markets and the expected rebound of prices by $15 per barrel in the short term. This also promises an appropriate balancing of Nigeria’s 2020 budget that has been rebased at $30 per barrel.

As agreed, Nigeria will join OPEC+ to cut supply by 9.7 Million Barrels per day between May and June 2020, Eight (8) Million Barrels per day between July and December 2020 and Six (6) Million barrels per day from January 2021 to April 2022, respectively.

Based on reference production of Nigeria of October 2018 of 1.829 Million Barrels per day of dry crude oil, Nigeria will now be producing 1.412 Million Barrels per day, 1.495 Million Barrels per day and 1.579 Million Barrels per day respectively for the corresponding periods in the agreement. This is in addition to condensate production of between 360-460 KBOPD of which are exempt from OPEC curtailment.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Underneath the panic caused by Coronavirus and the fall out of OPEC+ lies opportunity for African oil producers – NJ Ayuk

March 12, 2020

NJ Ayuk, Executive Chairman of the African Energy Chamber

Sometimes it is easy to forget how interconnected human lives across the globe have become. Perhaps we no longer talk as much about globalization as we used to in the 1990s because it is no longer an issue to be discussed or protested against, it is simply the reality that surrounds us. And there is no cruder evidence of that than the Coronavirus.

NJ Ayuk is Executive Chairman of the African Energy Chamber, CEO of pan-African corporate law conglomerate Centurion Law Group

Despite the fact that the virus hasn’t yet affected African nations in anyway as seriously as other regions of the world, a fact the World Health Organization is still unable to explain, forecasts already indicated that just through reduced demand for African exports, the virus was expected to wipe at least USD$4 billion in revenue from the continent’s economy. Most of that was simply because China in particular, and Asia and Europe in general, were reducing oil and gas consumption dramatically as transport and economic activities came to a standstill in light of the epidemic that already forced several dozens of millions of people to be put under quarantine.

Last week, news reports indicated that oil traders in Africa were unable to find buyers for fifty-five Nigerian oil cargoes as global demand crashed. By last Friday morning, the virus had wiped the equivalent of USD$5 trillion in value from the global stock markets. That’s two and a half times the GDP of the whole African continent.

And all that was before OPEC+’s Friday meeting in Vienna. Wasn’t that one surprising?

I believe it is safe to say that few people could have expected this outcome. After all, for the last three and a half years, the world, and the oil industry in particular, had learned to trust the alliance of OPEC countries with Russia and other oil producers to work together to stabilize the markets and guarantee a sustainable price for the barrel of crude.

Through their decision to cut down oil production to address reduced demand and balance out the effect of the US shale play, all together, they were keeping 1.7 million barrels of oil per day away from the market, a landmark decision of cooperation like we had never seen in history. Perhaps also because of its novelty, of its width and because it was dependent on the will and cooperation of so many, it also fell victim to the infestation this virus has brought.

The Saudi-led consortium of nations was proposing a combined further cut of 1.5 million barrels per day to continue to match the decline in global demand. The Russia-led group was not going to go further than 600 thousand. The conclusion… no new cuts at all and no renewal of the previous cuts. The OPEC+ alliance that saved the industry from collapse in 2016 has, at least for the moment, come to an end. All bets are off. At the end of April, when the current agreement ends, all restrictions will be lifted and the world is bracing for an oil flood.

The markets have already factored that in, with the Brent and the WTI registering its biggest daily crash since the beginning of the first Gulf War. While oil seems to have rebounded slightly today, it will take time to make up for Monday’s 25% crash. That is, if the recovery is anywhere in sight, since Saudi Arabia announced it was ramping up production and selling its oil discounted by as much as USD$8 per barrel, on a barrel priced at little more than USD$30.

In all honesty, the situation looks bleak. If Saudi Arabia and Russia do go on having a price war, a USD$20 barrel is possible, if not probable.

But what does this mean for Africa?

Several African petroleum and energy ministers were in Vienna last Friday, both as members of OPEC and as members of APPO. Shortly before the announcement on the fall of the agreement, they had decided to strengthen cooperation between African oil producers, promote synergies, intra-African trading, and knowledge exchange. Surely, we need that more than ever.

For the moment, however, there is no reason to panic. Surely, things might get worse before they get better, as the world battles this rapidly spreading virus. And surely, some oil dependent African nations will suffer with reduced revenue. Angola’s state budget, for instance, was designed for an oil price of USD$55 not USD$35. But we have survived the oil price crisis of 2014, and we will survive this one two. Further, most African producers have learned from the past experience and have adjusted themselves to respond to price crashes. The progressive economic diversification the continent has witnessed in recent years will also contribute to minimize the impact of this situation. Yes, final investment decisions might be slightly delayed until the situation stabilizes, but they will come in due time.

So what’s next?

If 2020 is showing itself challenging for African energy, 2021 will be a year of opportunity, but for that to happen, we have to start adapting now, laying down the policies that will allow us to take advantage of the future opportunities. It is in moments of crisis that true leaders have the opportunity to shine.

While it is difficult to predict the future, there are a few deductions and inductions we can try to make with some certainty.

One, is that neither Russia nor Saudi Arabia want a low oil price and there is a limit to how long they are willing to sustain it. No one gains from it and if anyone has the capacity and funds to sustain it for a longer period of time is Saudi Arabia. So, it is not really a price war, since it can’t really be a war if you already know the winner at the head start. Already, Russia has suggested it might be open to negotiate coordinated cuts within OPEC+ during the group’s next meeting in May/June.

What seems likely that will happen is that the first to suffer from this will be American shale producers. This sector was already finding it hard to finance itself in recent years but continued to unbalance the market with its rapid response times to price fluctuations. These producers are highly leveraged, and it is likely that most will go bust in the present situation. This is something Russia and Saudi Arabia tried to do back in 2015/2016. While it did not succeed at the time, it might have better chances now.

Further, in three months time, at the time of the next OPEC+ meeting, the virus situation might also be very different. This week, president Xi Jinping visited Wuhan, the epicenter of the epidemic, for the first time since the beginning of the outbreak, in a clear demonstration of a strong response to a rapidly evolving situation that seems to be stabilizing. China itself is an extremely leveraged economy and cannot afford to slow down for much longer. It can be expected that demand in the country will start rising again in the foreseeable future. If that happens in a scenario when the US shale sector is no longer able to respond, it might just be that the price will climb higher than it was before the virus, and with Saudi Arabia securing for itself a much larger slice of the global marketplace. Again, things will get worse before they get better, but they will certainly get better.

So, for African nations, this is the time to position ourselves correctly, and that will require close attention to international developments and close cooperation, to be able to take advantage of new opportunities. The African Energy Chamber will be instrumental in that, but so will be the African members of OPEC. The time to show statesmanship and stay close to Saudi Arabia and the decision-making table is now. To grow Africa’s relevance in the international oil stage by showing level-headedness and cooperation in face of a global crisis. If we take that route, we will come out of this stronger than ever.

NJ Ayuk is Executive Chairman of the African Energy Chamber, CEO of pan-African corporate law conglomerate Centurion Law Group.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

2019 OFID Annual Award for Development recognizes Vida Duti’s remarkable water and sanitation work in Ghana

July 22, 2019

2019 The OPEC Fund for International Development (OFID) Award for Development has been conferred upon Vida Duti, in recognition of her remarkable work in striving for sustainable water, sanitation and hygiene (WASH) services for the population of Ghana. Duti, who is Country Director of the IRC International Water and Sanitation Centre in Ghana, will receive US$100,000 from OFID in recognition.

Duti leads a team of 12 in Ghana. The team’s priority is advocating for greater financial and political support for WASH, while also supporting national government policies, standards, and guidelines. Its priority in its partner district, Asutifi North, is to support the roll-out of a WASH ‘master plan.’

This plan aims to provide universal WASH services for the entire population of the Asutifi district by 2030. Currently, only around half of the district’s 62,816 people have access to adequate water facilities and just 15 percent to decent sanitation. The project’s coalition includes local government, World Vision, the Conrad N Hilton Foundation, Safe Water Network and non-profit organization Aquaya.

Duti attended a presentation ceremony at OFID’s headquarters during the 40th Annual Session of the organization’s Ministerial Council in Vienna. She said she was humbled to receive the award and that it would motivate and strengthen her resolve to work harder to improve the quality of life of people in the developing world.

“I dedicate this award to the people of Ghana and the Asutifi North district for whose quest I gained this recognition,” said Duti. “I wish to express my profound gratitude to the Chairman and Ministerial Council, the management and staff of OFID. I assure you of my resolve to work harder towards improving the quality of life for people in the developing world, especially Ghana.”

OFID Director-General Dr. Abdulhamid Alkhalifa said: “OFID recognizes the important role women play in the WASH sector, advancing solutions and encouraging behavioral change. Vida Duti’s engagement in this sector is exemplary and is helping to deliver access to safe, reliable and affordable water services to numerous people in Ghana.

“OFID hopes that bestowing this year’s Annual Award for Development to Mrs. Duti will help accelerate action in sub-Saharan Africa, encourage the many women working in development, and highlight the important issues of safe water and hygiene.”

The OFID Annual Award for Development was introduced in 2006 to highlight the achievements of organizations and individuals in poverty reduction and sustainable development. Past winners include: Bangladesh-based BRAC, for its support of Rohingya refugees in Bangladesh; the Foundation for Integral Development in Guatemala; Syrian refugee Doaa Al Zamel; the Children’s Cancer Hospital in Egypt; Kenya’s Kakenya Center for Excellence; Malala Yousafzai of Pakistan; Dr Mazen Al-Hajri, renowned ENT surgeon and philanthropist; Professor Muhammad Yunus; and Bartolina Sisa National Confederation of Peasant Indigenous Native Women of Bolivia.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

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African Energy Chamber Commends the Reappointment of Mohammed Barkindo as Secretary General of Organization of the Petroleum Exporting Countries (OPEC).

July 3, 2019

The African Energy Chamber (EnergyChamber.org) has commended the re-appointment of Mohammed Barkindo as Secretary General of OPEC saying it is as a factor of stability for African and global oil markets. Barkindo was reappointed yesterday during OPEC’s meeting in Vienna, Austria.

According to Energy Chamber, Secretary General Barkindo has managed to keep OPEC united as an organization under very unstable times and a deep crisis in commodity prices. His leadership and diplomacy have restored market stability and successfully sealed landmark agreements like that of the Declaration of Cooperation between OPEC and non-OPEC member countries.

More importantly for our continent, it is under Secretary-General Barkindo that OPEC gained its two newest African members, Equatorial Guinea in 2017 and the Republic of Congo in 2018. Last year, he was awarded the Africa Oil Man of the Year award by Africa Oil & Power for prioritizing of cooperation in turbulent times, for stabilizing oil markets and for raising the voice of Africa on the global energy stage.

“The extension of H.E. Mohammed Barkindo’s mandate as Secretary-General for another term is excellent news. It is well-deserved and a result of the trust he has gained from the entire global energy community,” declared NJ Ayuk, Executive Chairman of the Chamber and CEO of the Centurion Law Group.

“Secretary Barkindo has maintained faith in the future of the oil & gas industry, he picks the right battles and fights them with courage. As the race towards stability continues, his sense of teamwork will continue building the bridges our industry needs to achieve greater prosperity.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

Dangote Refinery Plans To Reduce The West African Crude Oil Importation With 650, 000 Barrels Per Day

April 22, 2019

The Organisation of Petroleum Exporting Countries (OPEC) has noted in its World Oil Outlook that the Dangote Refinery project could refine as much as 650,000 barrels of crude oil per day at full capacity upon completion. This, according to it, is expected to reduce the need for fuel imports in West Africa. This would mean that at that rate, Dangote Refinery when fully in operation, would refine close to 237.3 million barrels per year. Nigeria, alone, imported 22.5387 billion litres of petroleum products worth over N3.24 trillion from refineries abroad in 2017.

According to OPEC, in Africa, there are 50 refining projects, which, if all built, would add nearly five million barrels per day (bpd of new refining capacity to the continent.

The Group Executive Director, Strategy, Portfolio Development and Capital Projects, Dangote Industries Limited, Mr Devakumar Edwin, said OPEC was correct in its estimation, adding that all hands were on deck to deliver the refinery on time.

Key Facts To Note:

Dangote Group’s ongoing refining and petrochemicals project can meet 100 per cent of the domestic demand for petroleum products (petrol, diesel, kerosene and aviation fuel), in Nigeria leaving the surplus for export in line with OPEC’s expectation -Dangote Group said.
This year, the outlook represents a significant reversal from recent history. For the first time in many years, projected firm additions at 1.1 million bpd exceed West African regional demand growth for 2018 to 2023 at 0.7 million bpd.
This change relates primarily to one project in Nigeria now under construction, which is the Dangote Refinery.
Since the project is in West Africa, its implementation does not necessarily alter the situations in North and East/South Africa. What should happen, especially in West Africa, is a reduction in the need and opportunity for product imports.”
Last year’s World Oil Outlook hinted that, in Africa, ‘new projects could improve the situation somewhat toward the end of the period.’ This year, increasing confidence that the Dangote project in Nigeria will go ahead is indeed changing the picture.

Allowing for some uncertainty in the project’s start-up timetable, incremental potential in Africa is expected to continue to lag incremental demand-based requirements through 2020, after which the potential is for a balance or excess requirements.
A deficit of around 0.2 million barrels per day in 2019 to 2020 is estimated to swing to an excess of around 0.3 million bpd by 2022 to 2023.
It must be borne in mind that this regional outlook is unusual in that it hinges largely on a single project.”
The Dangote Refinery is expected to be finished in 2019, with production set to commence in 2020.

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Charles Rapulu Udoh

Charles Rapulu Udoh a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organisations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution and data analytics both in Nigeria and across the world.