Connect with us

VenturesNow

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”

Published

on

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

COVID-19: Friendship renewed as Algeria opens land border with Tunisia

Published

on

Algerian President, Abdelmadjid Tebboune has announced that it will reopen the land border between the two countries in mid-July.

The border, which starts in the north at the Mediterranean coast, proceeding overland in a broadly southwards directions via a series of overland lines was closed in 2020 during the peak of Covid-19.

Abdelmadjid Tebboune made the announcement at Algiers airport alongside his Tunisian counterpart Kais Saied who was preparing to leave the country after attending the festivities marking the 60th anniversary of Algeria’s independence.

“We have taken a joint decision to reopen the land borders from July 15.”

Until the pandemic, more than three million Algerians travelled to Tunisia each year, according to local media.

Generally speaking, relations between Algeria and Tunisia have so far been homogenous. Although Algeria postponed the opening of it borders with Tunisia in May.

Continue Reading

VenturesNow

The Gambia benefits from World Bank’s $68m grant to revive tourism industry

Published

on

The Gambia and the World Bank have sealed a $68m grant deal which will go to support the West African country’s tourism industry, hitherto the biggest contributor to its Gross Domestic Product (GDP), before the Coronavirus pandemic hit the global tourism sector, causing a near economic meltdown.

World Bank’s Managing Director of Operations, Axel Van Trotsenburg, who announced the signing of the deal at a ceremony in Gambia’s capital, Banjul, on Tuesday, said the grant is meant to support the diversification and climate resilience of the country’s tourism after the pandemic and economic crisis.

Trotsenburg added that promoting the diversification and climate resilience of tourism will help protect the Atlantic coastline of The Gambia from the effects of climate change.

About 20 per cent of The Gambian economy depends on earnings from its tourism as it is the largest foreign exchange earner for the government but the advent of the pandemic had caused the country’s economic growth to contract by 0.2 percent in 2020, according to the World Bank.

This was as a result of the global restrictions on travelling between 2020 and 2021, which prevented tourists and visitors going to the country, leading to the tourism industry taking a huge hit.

Continue Reading

EDITOR’S PICK

Politics16 mins ago

Court summons Tunisian opposition leader, Rached Ghannouchi, over money laundering

Tunisian opposition party, Ennahda has revealed that its leader, Rached Ghannouchi has been summoned by a judge over money laundering...

Politics4 hours ago

Exiled former Burkina Faso’s president, Blaise Compaore, to return home

Burkinabe authorities has revealed that former president of Burkina Faso, Blaise Compaore will return from exile for the first time...

Metro13 hours ago

Malian migrants, including children, die as makeshift Europe-bound boat capsizes in Libya

Twenty-two Malian migrants including three children, have been killed when their makeshift Europe-bound boat capsized in the Mediterranean Sea off...

Metro16 hours ago

Monkeypox: WHO records over 6,000 cases in 58 countries in recent outbreak

According to the World Health Organization, more than 6,000 cases of monkeypox have now been reported from 58 countries in...

Politics17 hours ago

Rwanda, Congo DR settle for peace as Kagame, Tshisekedi agree to de-escalate tension

It appears the sun is setting on the diplomatic tension between the Democratic Republic of Congo and Rwanda president of...

VenturesNow18 hours ago

COVID-19: Friendship renewed as Algeria opens land border with Tunisia

Algerian President, Abdelmadjid Tebboune has announced that it will reopen the land border between the two countries in mid-July. The...

VenturesNow19 hours ago

The Gambia benefits from World Bank’s $68m grant to revive tourism industry

The Gambia and the World Bank have sealed a $68m grant deal which will go to support the West African...

VenturesNow19 hours ago

Ghana wants $1.5 billion from IMF to solve economic riddle. Will they get it?

Following Ghana’s decision to run back to the International Monetary Fund amidst its economic woes, the West African country has...

Metro19 hours ago

Nigerian-born OPEC Secretary-General, Mohammed Barkindo, dies hours after presidential reception three weeks to departure

The Nigerian-born Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Mohammed Barkindo, has died a few hours after he...

Sports19 hours ago

Three foreign-born players switch allegiance to Ghana: Can the trio help the Black Stars go far in Qatar?

Three foreign-born footballers, Tariq Lamptey of Brighton & Hove Albion, Southampton’s Mohammed Salisu as well as Inaki Williams of Athletic...

Trending