Dec 18, 2017 Last Updated 11:51 AM, Dec 14, 2017

Nigeria renews Chevron licences

ABN – Chevron’s (NYSE: CVX) eight year old request to renew its Nigerian licences has finally been approved by the country’s federal government.

The operated Oil Mining Leases 83, 85, 88, 89, 90, 91 and 95 have all been renewed for a further 20 years.

Since 2006 the energy corporation has been battling to have the leases renewed and it is now expected to proceed with its Agura Independent Power Plant project.

The renewed licences also allow the company to finalise the sale of its 40% interest in OMLS 83 and 85 to First E&P.

Chevron said in a statement: “A final investment decision is pending conclusion of commercial agreements and renewal of offshore leases.”

@ABNetworkOnline

Fenix International raises $12.6m for African renewable energy

ABN – Renewable energy firm Fenix International has raised US$12.6 million to finance Africa’s renewable energy industry.

The funding will be used in the company’s project to supply mobile-enabled solar systems to off-grid communities on the African continent.

GDF Suez, Schneider Electric, Orange France Telecom, clean tech entrepreneurs Tom Dinwoodie and Warner Philips, and other investors provided investments for the funding.

Tom Dinwooide said: “Fenix’s mission, to deliver improved quality of life to the 1.3 billion people who live without power in developing nations, is both inspiring and achievable.

“ReadyPay Solar2 is in use in thousands of villages, helping tens of thousands of families modernise their homes and businesses with clean electricity, all for less than the cost of fossil fuels.”

ReadyPay allows those in off-grid communities to make micro-payments via their cell phones to finance the clean and reliable energy.

@ABNetworkOnline

South Africa to invest $870m into Eskom

ABN – South Africa’s treasury has announced plans to invest US$870 million into power company Eskom.

Eskom urgently needs around $21.25 billion to upgrade its ageing infrastructure and South Africa’s finance ministry plans to sell non-essential assets to raise $1.7 billion in funding.

Treasury spokesman Jabulani Sikhakhane said: “National Treasury has already identified a viable strategy to raise the required amount of funding that could be executed.

“Due to the commercial sensitivities involved, we cannot provide details. However, the process is proceeding to plan.”

Eskom announced last week that it expected the power grid to remain constrained for the next two to three years.

@ABNetworkOnline

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