Top News This Week

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Wherever in the world you're reading this energy news review from, our team at Bavijas, an energy advisory firm, wishes to say a big welcome to you. That's one sunny side of technology; it brings us humans together regardless of where we might be.

In this edition, we bring you selected energy news that dominated news headlines this week. 

Read on. You'll like it.

World: The International Energy Agency (IEA) says the world added a historic 510 GW of renewable energy (esp. solar) in 2023, equivalent to the combined power capacity of Germany, France, and Spain.📊📊

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Nigeria: NNPC Ltd announced an unaudited profit of N2.54 trillion in 2022, the highest since its inception in 1977. Recall it made a profit of N674.1 billion in 2021. Though profit for 2023 is not yet known.📉📉

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Uganda: The electricity regulator in Uganda plans to subsidise tariffs for commercial to medium-sized industries from January to March 2024, in a bid to ease their operational cost and boost economic growth.💡💡

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USA: Over a hundred fleets of Boeing 737 MAX 9 aircraft have been recalled by the US aviation regulator for safety checks after a cabin panel blowout caused a midair emergency landing in Alaska.💥💥

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Nigeria: Thousands continue to lose jobs across Nigeria as 15 multinationals partially exited or divested from Nigeria in the past 3 years, per NECA. GSK, P&G, Unilever, Nampak, and Sanofi are a few popular mentions.🪧🪧

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South Africa: ACWA Power, Thebe, and Aventro signed a power purchase agreement (PPA) to develop a 150 MW Project DAO solar plant in Groblershoop (Northern Cape). Slated for completion by Q2'2026, the project will enhance SA’s transmission grid, among others.🌄🌄

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World: Only 7% of all renewable-based hydrogen projects planned for this decade are forecasted to come online by 2030, per an International Energy Agency (IEA) report that offers a reality check on the much-talked-about fuel.📈📈

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Nigeria: Nigerian firm NIGUS Int’l signs a $1 billion deal with a Chinese firm to finance Gas-to-Liquid (GTL) solutions and help address gas flaring in the country.🚀🚀

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Nigeria: Seplat’s ANOH gas plant reaches mechanical completion. The strategic project, which has NNPCL as a JV partner, will roughly double Seplat’s gas production, according to CEO Roger Brown. 🚀🚀

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Saudi Arabia: Petrochemical producers in the oil-rich Kingdom face margin pressure due to the higher cost of feedstock, as well as lower product prices buoyed by global oversupply.🏭🏭 

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Nigeria: Heineken Lokpobiri, Nigeria’s Oil Minister, in a series of meetings with traditional rulers of the Niger Delta, called for collaboration to end vandalism and protect oil and gas assets in the region.🕊️🕊️

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Nigeria: The African Energy Chamber boss has called for sustained gas investment in Africa while expressing concerns over unrealistic renewable energy expectations imposed on Africa, where millions still lack access to electricity.💰💰

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Africa: Are fossils and their operators destroying African football? The question is being posed as the deferred AFCON 2023 kicks off under TotalEnergies’ banner in January 2024, because of unprecedented heavy rains caused by climate change.🌧️🌧️

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Namibia: GALP, a Portuguese oil firm, has spudded light oil at PEL 83 of the Orange Basin. However, the firm plans a further test in the coming weeks to assess the commercial viability of the high-quality find, a step which it says is crucial for Namibia's oil and gas sector.🛢️🛢️

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Ghana: Despite abundant offshore oil, Ghana's energy poverty persists, with less than 60% having electricity access. The govt said shifting to sustainable and affordable renewables is crucial for rural development.⚡️⚡️


Written by Timothy Oyebamiji, Charles Ekpima, Daniel Bassey, and Sodiq Olowoyobiojo. 

Edited by Victor Bassey

Comments

Anonymous said…
Great Review!
Sat Jan 13, 07:50:00 AM
Anonymous said…
👍🏼
Sat Jan 13, 08:06:00 PM
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