by Tonbofa LP


by Tonbofa LP


Nigeria’s External Reserves Hit $36.23b on Higher Crude Oil Prices

  • Nigeria’s foreign exchange (forex) reserves rose from $34.94 billion last November to $36.23 billion by January 21, 2021 on the back of increase in global crude oil prices.
  • Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who spoke at the end of the Monetary Policy Committee (MPC) meeting of the bank, said the increase reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of coronavirus (COVID-19) vaccines by most developed economies.
  • He added that the nation’s economy and its global counterpart had continued to show prospect for recovery from the effects of COVID-19.
  • He assured of improved economic growth in Nigeria in the first quarter of 2021.

Algeria’s Oil Producer Sonatrach Expects Output, Sales Increase in 2021

  • Algeria’s state oil and gas company Sonatrach expects to increase production and sales in 2021, the North African nation’s state news agency cited Chief Executive Officer Toufik Hakkar as saying on Tuesday.
  • The company will keep annual exports above 90 million tonnes of petroleum equivalent, by bringing onstream new fields in the south-west and the south-east of the country, he said, according to Algerie Presse Service.

Ghana: A € 9.7 Million Grant Obtained from AFD to Improve the Transmission Network

  • Inter-African energy trade is increasing thanks to the increase in power and the improvement of the transmission network of many producer countries. Ghana, which is one of the main suppliers to West Africa, has just benefited from AFD’s support in this regard.
  • The French Development Agency has just allocated a grant of 9.7 million euros to Ghana for the improvement of its electricity network. The funds will go to the benefit of the Ghana Grid Company (GRIDCo) which will use them for works on the interconnection line between Ghana and Burkina Faso.
  • More specifically, they will be used to increase the capacity of the 161 kV transmission line which stretches 18 km between the towns of Ahodowo and Anwomaso in the city of Kumasi.
  • This work will, on the one hand, increase access to electricity in the north of the country and, on the other hand, increase the capacity to export electricity from Ghana to Burkina Faso. They will also support the transfer of energy from the south of the country to Burkina through the transmission line connecting the towns of Bolgatanga and Kumasi while reducing line losses.

NIGERIA: €30m for Andritz to Rehabilitate the Jebba Hydroelectric Power Station

  • One of the six turbines at the 578.4 MW Jebba Hydroelectric Power Station in Kwara State, Nigeria is damaged. Mainstream Energy Solutions recently awarded the turbine rehabilitation to Andritz, an Austrian group specialising in the design and manufacture of equipment such as turbines for hydroelectric power plants.
  • In Nigeria, the rehabilitation of one of the turbines at the Jebba hydroelectric power station will start soon. The private Nigerian company Mainstream Energy Solutions, which specialises in power generation, recently selected Andritz to implement this project in Kwara State. The Austrian group will supply and install all the electromechanical and hydro-mechanical equipment for unit 2G6 of the hydropower plant. The equipment includes a 96.4 MW turbine, a 103 MVA generator, a transformer, an external switchyard and ancillary equipment, as well as an intake grid. They should make it possible to reactivate the hydroelectric power station, which has a capacity of 578.7 MW.

 New Fuel Prices Set to Combat Shortages in Sudan

  • Yesterday, Sudan’s acting Minister of Energy and Mining Kheiri Abdelrahman briefed Prime Minister Abdallah Hamdok about the fuel, gas, and power shortages in the country. On Sunday, an agreement on the new fuel prices was reached.
  • In a press conference after the meeting in Khartoum, acting Minister Kheiri Abdelrahman said that he informed the PM that the crises were exacerbated by the delay in approving the new fuel prices, scheduled for mid-January, by the Ministry of Finance.
  • The delay led to fuel distribution companies reducing their volumes following rumours of a large price increase.
  • The Ministry of Finance committee tasked with setting the prices of commodities did not decide on the matter on time, Abdelrahman explained.

 VAALCO Enters Into Crude Oil Derivative Contracts

  • VAALCO Energy has entered into crude oil commodity swap agreements for a total of 709,262 barrels at a Dated Brent weighted average price of $53.10 per barrel for the period from and including February 2021 through January 2022. These swaps will settle on a monthly basis.
  • The Company is hedging a portion of its production volumes, excluding volumes attributable to acquiring Sasol’s interest in the Etame field, to protect cash flows which will be used to fund the 2021/2022 drilling program. The Company will review its hedging positions following the closing of the Sasol acquisition which it expects will occur in February.
  • Cary Bounds, Chief Executive Officer, commented: ‘We are pleased with the recent rise in crude oil prices that should further increase our free cash flow margins. We thought it prudent to hedge a portion of our production to underpin our cash flow to support the upcoming 2021/2022 drilling program. We will consider hedging additional volumes after we close on the acquisition of Sasol’s interest in the Etame field.’

Turkish Firm Karpowership Proposes Low-Cost Electricity to Cameroon’s Govt

  • Officials of the Turkish Power Company KARPOWERSHIP presented their offer to Prime Minister, Joseph Dion Ngute in Yaounde on January 25, 2021.
  • Officials of the Turkish Power Company, KARPOWERSHIP led by its Chief Commercial Officer, Zeynep Harezi has proposed to produce electricity from a ship in Douala with the possibility of producing 300 megawatts of energy in 30 days to cost less than FCFA 40 per kilowatt. They expressed the readiness to start production as soon as negotiations are complete and the greenlight given.
  • They made the offer at the Star Building in Yaounde on January 25, 2021 during discussions with Prime Minister, Head of Government, Joseph Dion Ngute. They came to finalise discussions started a year ago with the Minister of Energy and the Port of Douala for the installation of a Powership in the Ports of Douala to produce energy for companies located within the Port area with the possibility of injecting excess power production into the national grid.

TUNISIA: The Government Launches a Call for Tenders for 70 MWp of Solar Energy

  • The Tunisian authorities are launching a 5th call for expressions of interest for the construction of several 70 MWp photovoltaic solar power plants. Interested Independent Power Producers (IPPs) have until 21 March 2021 to express their interest.
  • The aim of this new call for tenders is to recruit companies capable of producing 70 MWp from several solar photovoltaic plants. Each of the six installations that the Tunisian Ministry of Energy, Mines and Renewable Energies wants to build will have a capacity of between 1 and 10 MWp. Interested Independent Power Producers (IPPs) have until 21 March 2020 to come forward.
  • The selected companies will sign 20-year power purchase agreements (PPAs) with the Tunisian Electricity and Gas Company (STEG). This call for tenders is part of a vast plan of the Tunisian government aiming at exploiting its potential in terms of renewable energies. Within the framework of this policy, the authorities have already launched four calls for expressions of interest.


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