Italian firm Eni won rights to develop the Offshore Cape Three Points (OCTP) block in Ghana that is expected to start up in 2017. “This project promises to deliver up to 170 million cubic feet of gas per day for the next 20 years and put Ghana on its way to a future where one of the critical constraints to power generation (cheaper fuel) will be addressed,” the government said. [Rigzone]
Boston and New York City can expect to pay above average natural gas prices this winter, although prices should be down slightly from last winter’s record highs. Infrastructure constraints are a major factor behind the upward price pressure in the northeast. “Average forward prices in Boston this winter are expected to be $13.70 per million British thermal unit (MMBtu), which is $2.33/MMBtu lower than the winter of 2013-14 but much higher than previous winters…Forward prices for New York City for the winters of 2014-15 and 2015-16 are significantly lower than the spot prices for the unusually cold winter of 2013-14. The forward prices are still slightly higher than the spot prices for the 2012-13 winter, even though several pipeline expansion projects within the past two years have added new capacity to flow more natural gas from the Marcellus region into New York City.” [EIA]
All forms of energy will be needed for African countries to continue growing their economies. Indeed, renewable sources along with oil, gas and coal are all being developed, but corruption remains an impediment to successful execution of large-scale energy projects. “And the amount of power generated also falls woefully short of what is needed. The 48 countries of sub-Saharan Africa (with a total population of 800 million) generated 90GW in 2012; that’s roughly the same amount of power as Spain, a country of 45 million. Two-thirds of the sub-Saharan population live with electricity, and the International Energy Agency’s (IEA) Africa Outlook reports that “electricity consumption per capita is, on average, less than that needed to power a 50-watt light bulb continuously.” [The Guardian]
