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Browsing: crude oil
Nigeria: the transformative effects of the Petroleum Industry Act (PIA) on the oil and gas industry
There is still plenty to accomplish. Even after a year, the PIA is still in a transitional period, with committees deliberating its practical implications. One seasoned Nigerian expert questioned how much the NNPC would change due to its transition into a limited liability corporation. Still, post-PIA data suggests that Nigeria’s oil and gas industry may be moving in the right direction.…
- Mega oil projects in East Africa such as EACOP are transforming the way local content is executed
- Pan African Energy Tanzania (PAET) is transforming energy generation capacities in Tanzania
- Tanzania is planning to expand its power ambition by becoming an independent power provider beyond the border
TheTanzania Energy Congress (TEC) kicked off in the nation’s commercial capital – Dar es Salaam by summoning more than 1000 participants and 100 exhibitors from 25 countries worldwide at the forefront of top-tier discussions about partnership and groundwork.
TEC is unveiling several exciting issues that could bring Tanzania’s local players and international oil and gas companies on the same page and realize the East African ambition.
With local actors showcasing their groundwork up and downstream such as Tanzania Petroleum Upstream Regulatory Authority (PURA), Tanzania Petroleum Development Company (TPDC), as well as energy producers such as Tanzania National Energy Supply Company (TANESCO), the congress …
Despite poor irrigation systems, extreme weather conditions and soil quality becoming the case for wheat importation instead of farming it, countries such as Tanzania and Kenya are amping up their farming systems.
Tanzania’s irrigation area has risen to more than 727,000 hectares from around 625,000 in 2021. The nation has built silos in Burundi, Kenya and Congo, easing up supply and trade of crops across the regions. Kenya, East Africa's leading economy and among Africa's top four in fintech is leveraging modern financial technology to enhance commercial agriculture practices.
Utiliser application is a challenge, and the nation is striving to assist farmers in adapting to new tech by offering subsidies to ensure productivity is restored, while Uganda is striving to level up the playing field for farmers to access and adopt low-cost irrigation and climate-smart agriculture systems. On the same note, it also intensifies the functions of the entire agriculture…
It is indeed good news to the Petroleum and other Industry players after Muhammadu Buhari, Nigeria’s President finally appended his signature into law the Petroleum Industry Bill after twenty years of deliberation and revision.
The signing of this historic Petroleum Bill comes barely a month after the Petroleum Industry Bill (PIB) 2021 was voted by both chambers of the National Assembly.
After so many questions surrounded the bill after it was passed by the two houses, major one being whether the PIB was going to be the game changer for the industry, pending the President’s signature, it is now the proverbial saying of only time will tell after the President gave the bill a green light.
The new legislation which aims to Overhauling and transforming the Nigerian Oil and Gas is anticipated to drive investment in the sector by providing a framework for almost all aspects of oil and gas …
While the world is building off the hype that going green or carbon offsets are the new future, we here in Africa are building a pipeline aimed to continue to destroy the earth. Is it fair then that Africa doesn't really matter in the grand "reset" of the global order, where western countries and companies are coming to dictate what needs to be done in Africa, as a means to drive profit? Much needs to be considered as we Africans are moving toward building energy economies.
It is the 21st Century, twenty plus years into the new millennium; we are a civilized learned people. We have digitized, gone paperless, our phones are smarter than us and we drive, or rather are driven by electric cars. …
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Greenpeace and Western Anti Africa Energy Groups Take the Wrong Approach to East Africa Crude Oil Pipeline (EACOP) in Uganda and Tanzania (By NJ Ayuk)
If someone were to put me on the spot and ask me to name an environmentalist group, I’d probably blurt out the first thing that comes to mind, Greenpeace. There are obvious reasons for this: Greenpeace has been around for more than 50 years, and it has done a masterful job of bringing environmental concerns to the world’s attention and keeping them there. The group has a strong track record when it comes to advocacy and awareness, and it has a global reach. It’s truly one of the most visible non-governmental organizations (NGOs) in the world.
And that’s why I see it as significant that Greenpeace’s African division has come out swinging for a major new oil pipeline slated for construction in Uganda and Tanzania. Let me explain what I mean.
What’s at Stake
On April 14, Greenpeace issued a statement expressing dismay about the signing of a new agreement
East Africa (Tanzania and Uganda in this case) is endowed with plenty of natural resources that mark it as a potential region for investment and economical prosperity. The East Africa Crude Oil Pipeline (EACOP) is another milestone that will levitate Tanzania to a good position economically.
The crude oil project which was stalled since 2019, has taken a new leap that sounds promising to the two countries which are eyeing maximizing the potential of $15 billion in investment (The East African 2021).
Earlier this week, the project was signed off by Uganda President Yoweri Museveni in the nation’s capital, Kampala and Tanzanian President Samia Suluhu. The process was postponed from the original date of March 22 after the sudden death of President John Magufuli.
The EACOP project landscape
This historic project plans to transfer crude oil via a 1,445 long pipeline extending from western Uganda to the Indian ocean in …
The year started out as very promising, Nigeria's crude oil and gas export sales revenue hit a record USD434.85 million in January. That was apparently the best the sector would do this year. It is estimated that the country’s oil revenue is likely to decline by 80 percent this year. In fact oil export volume is projected to fall to 1.3 million barrels per day.
For a country where oil represents 90 percent of the country's exports, 30 percent of bank credits and 50 percent of fiscal revenues, an 80 percent fall (USD17 billion) spells doom not only for the sector but the economy as a whole.
The prediction is made by the country’s high profile and member of the Economic Advisory Council, Mr. Bismarck Rewane in a report titled: "Making Hay While the Sun Has Set."
"The federal government is struggling with the reduction and elimination of subsidies without…
Brent crude oil’s return to a $40/b handle has so far proved to be short-lived. During the past week the oil market has continued to move higher in the belief that the OPEC+ group of producers would extend a deal to curb production. Thereby continuing their support for the market while demand slowly recover.
Saudi Arabia and Russia, the leaders of the group, have preliminary agreed on a one-month extension of existing OPEC+ cuts. The problem, however, is once again what to do with countries that fail to deliver the promised cuts. Moscow, usually a laggard in previous deals, has almost reached its target of 8.5 million barrels/day. That has left the group in a stronger position to demand compliance from others.
Once again the focus has returned to Iraq and Nigeria, OPEC’s notorious cheaters, who for years now have failed to deliver fully on any of the previous …
The falling price of crude oil spells good favour for importers in Africa. The price of crude has been on a steady drop despite attempts by producers to cut output. As a result, many African countries are taking advantage of the situation and stock piling their reserves.
Take for instance the case of East Africa, crude oil represents more than 20 percent of Tanzania’s annual imports. So a drop in price of crude means the country can afford to buy more and reserve for future use. However no official report has been issued as to the government policy on the matter.
The issue that arises here is the matter of crude versus refined oil. Africa, Tanzania included, imports refined oil which is more costly than crude but with falling prices of crude then follows that even the price of refined oil has taken a dive
As such, the country is …