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Ghana raises clean energy capacity by 40%, as gas flows at Sankofa

Production of natural gas has started offshore Ghana, from two of the four deep-water subsea wells in the Sankofa field, connected to the Floating Production, Storage and Offloading (FPSO) vessel “John Agyekum Kufuor”

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Production of natural gas has started offshore Ghana, from two of the four deep-water subsea wells in the Sankofa field, connected to the Floating Production, Storage and Offloading (FPSO) vessel “John Agyekum Kufuor”.

The gas producing part of the Offshore Cape Three Points (OCTP) Integrated Oil and Gas Project, is scheduled to provide 180Million standard cubic feet per day (MMscf/d) for at least 15 years, “enough to convert to gas 40% of Ghana’s current power generation capacity”, according to a statement by the World Bank.

“After the final steps of commissioning of the offshore facilities, production will gradually flow via a dedicated 60km pipeline to the Onshore Receiving Facility (ORF) in Sanzule, where gas will then be compressed and distributed to Ghana’s national grid”, says ENI, the Italian giant who is the project operator.

The headline price for sale to power generation companies is of $9.8 per Million British Thermal Units ($9.8/MMBtu), or roughly $9.2 per thousand cubic feet ($9.2/Mscf).

Read Also: Egypt’s nuclear power plant to gulp $25 billion

The World Bank is heavily involved in the $7.7Billion OCTP project, largely because of this gas component. The bank helped devise a payment mechanism “that ensured all the receipts from the on-sale of the Sankofa gas to the power sector in Ghana flowed to a single designated account from which the private sponsors would be paid in priority for their share of the gas. Should there be any payment shortfall under the Gas Sales Agreement, the sponsors would be able to access an escrow account funded by GNPC with the equivalent of 4.5 months of gas sales ($205Million)”.

“OCTP is the only deep offshore non-associated gas development in Sub-Saharan Africa entirely destined to domestic consumption”, ENI reports. “The project has a strategic relevance: gas from OCTP can help Ghana shift from oil-fueled power generation to a cleaner power source, with financial as well as environmental benefits, and contribute to the Country’s sustainable economic development”.

ENI operates OCTP with 44.44%. Partners include Vitol 35.56% and GNPC 20%.

VenturesNow

New $700 million loan approved by World Bank for Nigeria

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Amid its recent economic challenges, Nigeria has received approval from multilateral lender, World Bank for a fresh $700m loan to enhance adolescent girls’ learning and empowerment.

With the new loan, more money will be available for the Adolescent Girls Initiative for Learning and Empowerment, a project that is already underway.

The Director-General of the Debt Management Office (DMO), Ms. Patience Oniha, in January, disclosed that the country’s total debt stock may hit N77 trillion by the end of President Muhammadu Buhari’s administration on May 29, 2023

The World Bank, in a statement, said it had “approved additional financing of $700m for Nigeria to scale up the Adolescent Girls Initiative for Learning and Empowerment programme whose goal is to improve secondary education opportunities among girls in targeted states.

“The additional financing will scale up project activities from the current seven states to eleven additional states and increase the targeted beneficiaries to include out-of-school girls, those who are married, and those who have disabilities.”

The statement added, “In the seven AGILE programme implementing states – Borno, Ekiti, Kaduna, Kano, Katsina, Kebbi, and Plateau – the number of girls in secondary schools has increased from about 900,000 to over 1.6 million.

“Under the programme, over 5,000 classrooms have been renovated and over 250,000 eligible girls have received scholarships.

“The AGILE programme has supported the construction and rehabilitation of WASH facilities in secondary schools and the installation of computers and solar panels which make attending school more convenient and conducive for both girls and boys. Life skills, systems strengthening, and advocacy are other key aspects of the program which address social norms impeding girls’ education.

“Closing the gender disparities in economic empowerment by ensuring girls have access to education and skills is vital for Nigeria’s growth and economic prosperity,” said Shubham Chaudhuri, the World Bank’s country director for Nigeria

“Nigeria’s working population will soon be one of the youngest and largest around the world, which means that investing in adolescent girls is imperative when addressing overall economic prospects and growth.”

Despite the recent removal of fuel subsidies, Nigeria’s public finance is currently affected by dwindling oil prices and industrial-scale crude oil theft.

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South Korea eyes Nigerian Lithium as global battery demand rises

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Nigeria’s Ministry of Solid Minerals Development on Thursday revealed that the South Korean government had indicated interest in lithium deposits from Nigeria.

The Nigerian government engaged the South Korean government at the Seventh Korea-Africa Economic Co-operation Conference in Busan, South Korea, according to a statement issued by the ministry’s Deputy Director (Information), Alaba Balogun.

Officials from the Ministry of Solid Minerals Development and Oando Mining Company made up the Nigerian delegation at the event, while representatives from the Korean Institute of Geosciences and Mineral Resources and Korean Mines were also present.

A 2006 Memorandum of Understanding between Nigeria and South Korea on investments in the solid minerals sector was revised as part of the engagement, according to the statement.

It stated that the proposed revision to the 2006 MoU “include training of Nigerian mining professionals in Geochemistry, Geophysics, Ore Modelling, Mineral Processing, research, and exploration of critical minerals such as lithium, nickel, cobalt, manganese, and graphite.”

Lithium is a core resource used for the production of batteries. With increases in battery demand, electric vehicles will be a strong driver of lithium consumption in the next decade, and South Korea will be a top global producer of batteries.

The statement added, “KIGAM president, Dr Pyeong Koo-lee, offered to collaborate with Nigeria to explore the large deposits of lithium-bearing pegmatites.

“He said KIGAM has the best technology in lithium ore processing, adding that the beneficiation process can reduce the carbon to improve the grade of the ore.

“Vice President of the state-owned KOMIR, Dr Alex Kwon, expressed interest in overseas mining investment, adding that KOMIR provides technical and financial assistance and investment in the exploration and mining of solid minerals”, it added.

Considering the potential to export mineral resources to the rest of the globe and the need for diversification, the mining and quarrying sector is essential to Nigeria’s growth.

In general, it is claimed that Nigeria is endowed with around forty (40) different types of minerals, including marble, coal, iron ore, gold, silica, lead, zinc, tin ore, manganese, granite, laterite, limestone, among others.

A report by Statista said by 2030, the global demand for lithium is expected to surpass two million metric tons of lithium carbonate equivalent, more than doubling the demand forecast for 2025.

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