The Buzz: This Week in Africa

Brent Crude is trading at $84.41 per barrel, WTI at $74.57 and natural gas at $3.19 per million BTU (at 14:13, 5 October 2018, South Africa). Here are AOP’s top news stories from the last seven days.

OTS acquires Chevron South Africa in $1bn deal

Black Economic Empowerment consortium, Off the Shelf Investments (OTS) concluded its acquisition of a further 75 percent of Chevron South Africa.

The deal, financed by Glencore, was signed on September 27. OTS now owns a 98 percent stake in the company.

Mall of Africa unveils record-breaking solar system

The biggest shopping mall on the continent, Mall of Africa, is set to unveil the largest rooftop solar photovoltaic (PV) system in the southern hemisphere.

The project will cover the mall’s roof space – an estimated 45 000m² – and will generate energy that will power the mall’s daily operations.

The PV system will produce 7,800MW annually.

Total going greener

On Monday, Total unveiled plans to go greener with the company’s solarization project targeting the installation of solar panels in 5,000 service stations globally by the end of 2021.

The projects will play a role in the advancement of the company’s commitment to developing solar power.

Rwanda receives $266m loan from AfDB to improve electricity reliability

The African Development Bank (AfDB) has approved a $266 million loan to Rwanda in a bid to support its electricity supply reliability.

The loan will support the construction of 759km of medium voltage and 7, 317km of low voltage lines, boosting nationwide connectivity.

The loan facility will be channeled to the Scaling Up Electricity Access Program.

South Africa to table biofuels blending regulation in 2019

The South African government plans to finalize and approve its biofuels blending regulatory framework before the end of March 2019.

The introduction of this framework aims to integrate certainty about biofuels as a means to decrease greenhouse gas emissions.

The regulatory framework will have three pillars.

South Sudan Minister Focuses on new oil and gas regulations in Nigeria visit

During a meeting on Tuesday with Nigerian President, Mohammadu Buhari, South Sudan’s Minister of Petroleum Ezekiel Lol Gatkuoth reaffirmed the country’s commitment to the implementation of new local content regulations in oil and gas.

In the meeting held in Abuja, Nigeria, the Minister said South Sudan was expanding its oil & gas infrastructure and putting more wells into production.

South Sudan, Nigerian Petroleum Ministers discuss oil cooperation

On Wednesday South Sudan’s Minister of Petroleum, Ezekiel Lol Gatkuoth met with Nigeria’s Minister of State for Petroleum Resources and Dr. Maikanti Baru, Head of the Nigerian National Petroleum Corporation to discuss oil cooperation between both countries.

During the meeting, Minister Gatkuoth shared his hopes that the Revitalized Agreement on Resolution to the conflict in South Sudan would ensure long-lasting stability and comfort investors looking at South Sudan’s hydrocarbons industry as their next location for investment.

Oil prices continue to surge

Since hitting a four-year high of $82.55 last week Tuesday, oil prices have continued to climb with Brent Crude oil surging $84.69 on Wednesday.

Speaking at an energy conference in Moscow, Saudi Arabia’s energy minister Khalid al-Falih said the country had raised its oil output to 10.7 million barrels per day and announced a further production hike in November to meet the rising crude demand.

Senegal launches licensing round for two blocks

The national oil company of Senegal – Petrosen – announced that Senegal would be launching a licensing round for the exploration for oil & gas in two blocks, namely the Senegal Offshore South and Deep Offshore Senegal blocks.

Oil and gas companies are invited to send their applications to the Senegalese Ministry of Petroleum of Energy and have until October 31, 2018 to submit.