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Egypt’s Natural Gas Production Declines, Power Cuts Bite

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Egypt’s natural gas production fell to a three-year low in the first five months of 2023, figures from the Joint Organisations Data Initiative (JODI) show, raising questions about the country’s efforts to position itself as a regional energy hub.

Currently the country is grappling with power shortages when a heatwave has driven up demand for cooling.

Gas production between January and May declined by 9% year-on-year and 12% when compared to the same period in 2021.

Egypt, which faces growing demand for gas from its population of 105 million, has been seeking a regional supply role, selling its own gas and re-exporting Israeli gas as liquefied natural gas (LNG) to the Middle East, Africa and Europe.

It received a boost from Italian company Eni’s discovery of the giant Zohr gas field in 2015, and started importing from Israel in 2020.

But there have been few large discoveries since, and a significant increase in supplies from Israel would only be possible after major infrastructure investment.

Production at Zohr stands at 2.3 billion cubic feet per day (bcfd), the government said last month, down from 2.7 bcfd in 2019.

Analysts and an industry source said water infiltration issues at Zohr, which had an estimated 30 tcf of gas reserves and a design capacity of 3.2 bcfd, have held back production.

“The decline in production from the field is having a notable impact on gas output as the field accounts for approximately 40% of the country’s total gas production,” said Olumide Ajayi, senior LNG analyst at LSEG.

Both Eni and the Egyptian government last week denied production problems at Zohr. The government says work is under way on Zohr’s 20th well.

The government in July announced the start of a $1.8 billion programme to drill natural gas exploration wells in the Mediterranean Sea and Nile Delta, and the discovery of an offshore field, Nargis, estimated to hold around 2.5 tcf of reserves.

However, in July ratings agency Fitch revised down its forecast for Egypt’s gas production in 2023, to a 4% decline from its previous prediction of 1% y-o-y growth. It cited a thin project pipeline and high depletion rates at existing fields.

These include declining output from the Western Desert, West Delta Deep Marine and onshore fields in the Nile Delta, said Siamak Adibi of consultancy FGE.

Rolling blackouts this summer have also raised questions about gas supply, which accounted for 77% of Egypt’s power generation in 2022, according to BMI Research.

In 2022, the government announced a decision to ration electricity so it could export more gas. However, it said last month it would halt exports until the autumn to meet domestic demand.

“This gas rationing for export coupled with the increase in electricity demand and the shortage of gas has contributed to the power shortages in Egypt,” said Lerato Monaisa, BMI Research’s senior power and renewables analyst.

Electricity Minister Mohamed Shaker told local media in July that the power cuts resulted from his ministry receiving lower quantities of natural gas and fuel oil.

Prime Minister Mostafa Madbouly later denied that natural gas shortages or exports were a factor in the power cuts, and said extra mazut, a carbon intensive fuel oil the government has resorted to for power generation, would be imported.

Egypt’s petroleum and electricity ministries did not respond to a request for comment.

As Europe’s Energy System Faces Excessive Heat, Solar Power Comes To Rescue

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A major increase in solar power generation in southern Europe played a leading role in averting energy shortages during the heatwaves of recent weeks when temperatures broke records and drove unprecedented demand for air conditioning.

Solar power is particularly suited to coping with summer heat as the sun’s radiation is strongest around the hottest part of the day, when electricity demand for cooling is also at its highest.

“The very significant growth in solar basically compensates for the peaks that are caused by air conditioning,” Kristian Ruby, secretary general of electricity industry group Eurelectric, said of the situation in Spain.

Spain and Greece are among the countries that have installed many more solar panels in the face of record high energy prices last year and the quest for increased energy security linked to Russia’s invasion of Ukraine.

Spain added a record 4.5 gigawatts of solar photovoltaic capacity last year, resulting in solar energy output in July – typically one of the sunniest months – that was higher than any month to date, Spanish electricity grid operator Red Electrica said.

Data from Ember showed solar provided almost 24% of Spain’s electricity in July this year, up from 16% in July 2022.

When soaring temperatures and demand for cooling led to a peak in Sicilian power demand on July 24, nearly half of the excess demand – which totalled 1.3 GW – was covered by solar, Refinitiv data show. Sicily’s solar production last month was more than double that of July 2022.

Exploring To Sua Ocean Trench, Samoa  

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To Sua Ocean Trench is a geological formation that is located in the vicinity of the village of Lotofaga, in the southern part of the island of Upolu, within the eastern part of the Independent State of Samoa.

As the world is replete with natural wonders that captivate the imagination of every person, this enchanting formation too is a testament to the immense power of nature that leaves every adventurer and nature enthusiast in awe.

Nestled on the coast of Samoa’s Upolu Island which represents the heart of the nation, To Sua Ocean Trench recently has become a must-visit destination for those seeking to witness the sublime wonders of our planet.

As the trench is a natural pool that was formed as a result of the collapse of an ancient lava tube, it is filled with crystal-clear turquoise waters which not only fill the trench but also create a mesmerizing sight, contrasting against the lush tropical surroundings.

The combination of the green, blue-turquoise, and somewhat grey coloring, is a sight that leaves visitors breathless and ignites a sense of wonder and appreciation for the Earth’s geological history.

Interestingly though, the descent to the trench is an adventure in itself, as a sturdy ladder leads visitors down into the trench, where they are greeted by the cool embrace of the refreshing water.

The trench has a depth of over 30 m (98 ft), providing an exhilarating experience for avid swimmers and divers, but as one swim or floats on their back, the steep walls of the trench soar above, adorned with verdant vegetation, trickling waterfalls, and overhanging vines.

It is as if nature itself has created a hidden sanctuary, offering respite from the outside world. Beyond its natural allure, the To Sua Ocean Trench also holds cultural significance for the Samoan people, for the reason that in Samoan mythology, it is believed to be the bathing place of the powerful god Taga.

The tranquility and serenity found within the trench are said to be a reflection of Taga’s calming influence, making it a sacred site, furthermore enhancing the spiritual connection and experience as visitors immerse themselves in the mystical ambiance that pervades the surroundings.

In addition, for those seeking a moment of respite and contemplation, the trench offers a tranquil haven, as sunlight filtering through the canopy above casts ethereal beams into the water, creating a surreal underwater vista.

The silence is broken only by the gentle sound of water trickling from the surrounding walls, and it is a place where time seems to stand still, allowing visitors to disconnect from the outside world and reconnect with the natural wonders of the Earth.

In conclusion, the To Sua Ocean Trench in Samoa stands as a testament to the awe-inspiring power of nature and the inherent beauty that lies within our planet, where its stunning and quite complementary turquoise waters, towering walls, and peaceful ambiance create an otherworldly experience that lingers in the memories of those fortunate enough to witness it.

Once Upon A Time – August 7 – 1955 – Tokyo Telecommunications Engineering Begins Selling First Transistor Radios In Japan

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1461 Ming Dynasty Chinese military general Cao Qin stages a coup against the Tianshun Emperor

1714 The Battle of Gangut: the first important victory of the Russian Navy during the Great Northern War against Sweden

1933 The Iraqi Government slaughters over 3,000 Assyrians in the village of Sumail. The day becomes known as Assyrian Martyrs Day.

1955 Tokyo Telecommunications Engineering, the precursor to Sony, begins selling its first transistor radios in Japan

1990 US deploys troops to Saudi Arabia beginning Operation Desert Shield

Historical Events Today Events in 2023

Today in Film & TV

2015 US Presidential candidate Donald Trump says in a CNN interview that news anchor Megyn Kelly had “blood coming out of her eyes, blood coming out of her wherever”

Today in Music

2009 “Tik Tok” single released by Kesha (Billboard Song of the Year 2010)

Today in Sport

1929 New York Yankees slugger Babe Ruth ties MLB record by hitting grand slams in consecutive games for the second time in 13-1 win v Philadelphia A’s

1606 Possible first performance of Shakespeare’s tragedy Macbeth, performed in the Great Hall at Hampton Court Palace for King James I

1428 Valais witch trial proceedings begin in Valais Canton, Switzerland, first organized witch trials

Famous Weddings

1869 German airship inventor Ferdinand von Zeppelin (31) weds Isabella Freiin von Wolff from the house of Alt-Schwanenburg, in Berlin, Kingdom of Prussia, until his death in1917

1936 American “The Flintstones” animator William Hanna (26) weds Violet Blanch Wogatzke (23), until his death in 2001

1954 American country music singer-songwriter Johnny Cash (22) marries 1st wife Vivian Liberto (20) at St. Ann’s Roman Catholic Church in San Antonio. Texas

The controversial life and death of Mata Hari, the glamorous WWI double agent, executed in 1917, has recently been reassessed in the light of new evidence – August 7, 1876

Nigerian Insurers Association, FRSC to Enforce Motor Insurance Policy

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The Nigerian Insurers Association and the Federal Road Safety Corps are partnering to ensure motorists obtain genuine motor insurance.

The Chairman, NIA, Olusegun Omosehin, sought more support when he led a delegation of some members of its governing council to pay a working visit to the Corps Marshal, FRSC, Dauda Ali Biu in Abuja recently.

The visit was in line with the theme of his tenure tagged, ‘Expanding the frontiers of insurance through partnership and stakeholders’ engagement’.

The chairman assured that, “The NIA will continue to be a strong ally and do all within its powers to support the Corps Marshal and his team.

“Our appeal is that the FRSC should continue to help ensure the validation of genuine insurance in line with the law.”

In his remarks, the Corps Marshal thanked the NIA delegation for the visit, and urged the association to maintain more frequent interaction and extend same to other enforcement agencies, to ensure total eradication of fake insurances.

The Director-General, NIA, Yetunde Ilori, thanked the Corps Marshal for the opportunity to visit and discuss matters of mutual interest between the two institutions and promised that the association would work hard to deliver on the expectations.

Stock Market Starts August Week 2 In Green

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Nigeria’s equities market opened the new week on a positive note as investors showed remarkable buy interests in stocks like GlaxoSmithKline Consumer Nigeria (GSK), Nigerian Enamelware, Wema Bank, University Press and Sunu Assurances.

While disclosing its plans to cease operations in Nigeria, GSK had said its Board is conscious that shareholders will have many questions, noting that the company has been working assiduously with its professional advisors “to agree on next steps and we will be shortly submitting to the Securities and Exchange Commission (SEC) a draft Scheme of Arrangement which may, if approved, see shareholders other than GSK UK, receive an accelerated cash distribution and return of capital”.

At the close of trading on Monday, August 7 the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities market capitalisation increased by 0.21percent or N75billion, from 65,198.08 points and N35.480 trillion respectively to 65,336.71 points and N35.555trillion.

“This week, we expect the bullish sentiments in the equities market to persist on the back of the market’s attractiveness over the depressed rates in the fixed-income market. Also, we believe the positive sentiments around the new policy direction will continue to drive the rally in the market. Lastly, the recent S&P upgrading of Nigeria’s outlook from negative to stable would further drive positive sentiments,” said United Capital Research analysts in their August 7 note.

Sterling Financial Holdings, FCMB Group, Fidelity Bank, Japaul Gold and Access Corporation were most actively traded stocks as investors in 6,940 deals exchanged 334,333,242 shares valued at N3.891billion.

Nigerian Enamelware share price went up most on the Nigerian Bourse, from day-open low of N17.75 to N19.50, up N1.75 or 9.86percent. Wema Bank increased from N4.30 to N4.72, up 42kobo or 9.77percent. University Press rose from N2.26 to N2.48, up by 22kobo or 9.73percent. Sunu Assurances moved up from 93kobo to N1.02, up 9kobo or 9.68percent, while GSK Nigeria increased from N8.90 to N9.75, up 85kobo or 9.55percent.

DMO Announces August Edition Of FGN Savings Bond

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The Debt Management Office (DMO) on Monday, August 7 2023, announced the August edition of the FGN Savings Bond (FGNSB).

The savings bond offer which opened on Monday, closes August 11 2023 for subscription of FGN Savings Bond will be due on August 7, 2025 and August 7, 2026.

The saving bonds of 2 years and 3 years tenor are offered at interest rate 9.634percent and 10.634percent annually.

Enugu Bans Collection Levies, Tolls on Highways, Roads

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The Enugu State Government has banned the collection of levies and tolls along highways and roads in the state by individuals or groups of individuals purportedly acting on behalf of the government.

The ban is contained in a statement by the Secretary to the State Government, Prof. Chidiebere Onyia, on Monday in Enugu.

Onyia said the state government noted with utmost displeasure the activities of those who constituted nuisance on Enugu roads and deployed all manner of crude tactics to extort monies from vehicles transporting goods, farm produce and livestock in the state.

This, he said, was being carried out in the name of collection of levies and tolls on behalf of government.

He said that such anti-business activities of syndicates operating on the state highways and roads were contrary to the current government’s determination to dismantle obstacles to the ease of doing business in the state.

“The current administration of His Excellency, Governor Peter Mbah shall not pay lip service to its stated commitment to expand the Enugu economy sevenfold by promoting economic activities, enabling private sector investments, offering incentives to boost the productive sectors such as agricultural and agro-allied activities in the state.

“Those willing to engage in lawful economic and business activities in our state shall be encouraged to do so as they are beneficial to the state,” he said.

Onyia said that the state government was also taking steps to eliminate multiple and illegal taxation in the state, including collection of taxes and revenues by individuals via cash payments, manual issuance of receipts, and paper tickets.

According to him, the government is convinced that tax and revenue collection must be convenient and friendly via technology while addressing leakages.

He added that those involved in the criminal activities was by the announcement, put on notice to quit all highways and roads within the state as failure to comply would attract severe consequences.

Onyia said the ban takes effect immediately, adding that a taskforce had been constituted to enforce the ban.

“Henceforth, anyone caught in the illegal act shall be prosecuted and please be guided accordingly,” he said.

IPPIS Officer Admits Bribe-taking for Job Scam at FCC

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A former Integrated Payroll and Personnel Information System desk officer at the Federal Character Commission, Haruna Kolo, on Monday, owned up to the allegations of collecting money from job seekers in exchange for employment.

This is just as he admitted to having received over N75m from desperate job seekers on the instructions of the Chairman of the FCC

Additionally, Kolo claimed that the FCC boss instructed him to transfer all the money to his (Kolo) personal Ecobank account and pay her in cash which he did a couple of times in her house.

Kolo made the revelation at the ongoing investigative hearing by the House of Representatives ad hoc committee investigating federal Ministries, Departments and Agencies, parastatals, and tertiary institutions on mismanagement of the IPPIS.

The ex-IPPIS desk officer told the lawmakers that he resigned from the FCC on November 2, 2022 to join the Asset Management Corporation of Nigeria but ended up getting salaries twice from the FCC. He added that the anomaly was reported to the Human Resources Officer who told him that the issue would be addressed.

He said, “When she came to the FCC as the Executive Chairman, she appointed me as a protocol officer and I carried out my duties diligently.

“On the allegations of job racketeering, the FCC Chairman instructed me to liaise with one Shehu who is a personal driver and Personal Assistant to the Taraba State Commissioner. As a desk officer, I am responsible to take whoever is employed to IPPIS for capturing. No one can go there without a letter from the Chairman or Human Resources officer of the FCC.

“When she came, she wrote a letter to the Accountant General of the Federation instructing that no letter from the FCC should be honored except she signs the letter. So, whenever there was a new employment, she would sign, give to me and I take it to the Accountant General’s office for capturing.

“Shehu is the one that brought those who paid money to my account for job, some paid N1m, others N1.5 m, all to my personal account, my Ecobank account. She asked me to give cash to her which I did through POS so there is no evidence of transfer or anything.

“On the allegation of working at seven places, I was never at any time involved in seven jobs. They are making the allegation based on assumption.”

He continued, “The second allegation on my subsequent employment at AMCOM was a result of her personal favour to me. We were four in number, and she gave the appointment letter to me, Kadijah, and Olushola. We all proceeded for an interview at AMCON headquarters in Abuja after which we were called upon for training on January 16, 2023.

After the training, I and Olushola were called to Lagos. Unfortunately, Kadijah who is the Chairman’s biological sister was rejected. The Chairman accused me of being responsible for her rejection.

“I see no reason why (sic) the chairperson would make allegations of such magnitude against me. I have been threatened even at gunpoint and had to leave Abuja.

“Sir, I want this committee to know that after this sitting, if anything happens to me, the FCC chairperson should be held responsible, ” Kolo added.

Responding, Chairman of the committee, Yusuf Gagdi, promised to do every possible to unravel the truth and make the same available to Nigerians.

“This committee will not sit down and watch taxpayers’ money being embezzled but this committee too will be very careful in indicting the future of people.

“I know why we were asking Kolo to give us evidence and we know why we were deferring this sitting for other witnesses alleged to have had financial dealings with the FCC.

“Kolo will appear here tomorrow (Tuesday). We are calling the other witnesses. We will allow you to do your work. Whoever that is found wanting will answer his father’s name, including Kolo Haruna.

“Kolo, I am not saying anything will happen to you but by law, you are not supposed to leave here without being arrested. For a civil servant that has thirty-something million in his account and admitted publicly of serving as a front to aid corruption is unacceptable.

“I don’t want to take you up on that because we don’t want to be seen to be sentimental. We want to as much as possible, get evidence against you and against others.

“God will save you and God will save us all. Nothing will happen to you because anybody that wants to harm you knows that if they harm you, we have to suspect them.”

The committee adjourned sitting to Tuesday, August 8, in continuation of the hearing

Niger Closes Air Space citing ‘threat of intervention’

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Niger’s military rulers announced Sunday that they had closed the country’s airspace, warning that any attempt to violate it would meet with an “energetic and immediate response.”

“Faced with the threat of intervention, which is becoming clearer through the preparation of neighbouring countries, Niger’s airspace is closed from this day on Sunday… for all aircraft until further notice,” the country’s new rulers said in a statement.

The announcement came as the deadline from the West African bloc ECOWAS for them to hand back power to the democratically elected President Mohamed Bazoum was due to expire.

ECOWAS last Sunday issued Niger’s new military rulers with an ultimatum to stand down within the week or face possible military intervention.Bazoum was overthrown on July 26 when members of his own guard detained him at the presidency.