The Buzz: This Week in Africa
At the beginning of the week, Brent Crude is trading at $74.67 per barrel, WTI at $68.94 and natural gas at $2.91 per million BTU (at 11:55, 25 June 2018, South Africa). Here are AOP’s top five stories from the last seven days.
$455m for Tanzania’s Power Projects
Through its International Development Assistance programme, the World Bank has approved a $455m loan to support Tanzania’s electrification.
The programme aimed at supporting the financing of power projects in the world’s poorest countries will fund the construction of high voltage transmission infrastructure to connect Tanzania to power markets in southern and eastern Africa.
In a statement released on Thursday, the World Bank said “ The $455 million credit will finance construction of critical high voltage transmission infrastructure that will support the electrification of the southern and northwestern regions of Tanzania.”
Congo joins OPEC
The Ministry of Hydrocarbons for the Republic of the Congo announced the country has joined the Organization for Petroleum Exporting Countries (OPEC).
Concluding its membership at the 174th Ordinary Meeting of OPEC in Vienna, the Republic of Congo is the 15th country to gain membership to the organization
“The Republic of the Congo is thrilled and honored to be joining OPEC and to do our part to preserve an equilibrium in global oil markets and ensuring a sufficient flow of investments into hydrocarbons,” said Minister of Hydrocarbons, H.E. Jean-Marc Thystère-Tchicaya.
Total: Oil production to start in Uganda in 2021
French oil major, Total expects to begin oil production in Uganda in 2021– a later date than the government’s 2020 target.
As the majority owners and operators of Ugandan oilfields, Total and China National Offshore Oil Corporation are expecting to reach final investment decision by the end of this yea in order to begin development. In a statement to Reuters, Total said “first oil will be achieved about 26 months after the FID has been taken.”
Shell to pay $3.6 billion fine for oil spill
Oil giant, Shell is liable to a $3.6 billion fine for the 2011 Bonga crude oil spill that came as a result of exploration activities offshore Nigeria.
The Federal High Court in Lagos ordered Shell Nigeria Exploration and Production Company Limited to pay the fine to the National Oil Spill Detection and Response Agency.
Zambia: Get FiT programme announces Solar PV tender shortlist
The Zambian Ministry of Energy has announced the top 10 shortlist of solar power developers and investors.
The 10 companies will be invited to submit full technical and financial proposals for the 100MW Solar Photovoltaic tender. Among those shortlisted are Globeleq African Holdinfs Ltd & Aurora Power Stations, EDF Energyes Nouvelle, Scatec Solar Asa.