Policy Analyst, Dr. Steve Manteaw, says the discretionary powers given to the Minister for Energy not to enter into a Petroleum Agreement after a bidding round, exposes the minister to corruption. He observed such allocated powers to the minister place him as a target for investors seeking opportunities in the upstream petroleum sector. “So much … Read more
US petroleum giants ExxonMobil and Chevron reported big jumps in second-quarter profits Friday, the latest boost from a recovery in oil prices that still feels shaky to many industry officials. Exxon’s profit for the quarter ending June 30 nearly doubled to $3.4 billion, while Chevron nabbed $1.5 billion in earnings, up from a $1.5 billion … Read more
President Donald Trump has tapped veteran diplomat and former Utah governor Jon Huntsman as ambassador to Russia, the White House said Tuesday. The announcement came amid swirling controversy and multiple investigations into allegations that the Trump campaign colluded with Moscow to win the 2016 election. Huntsman, 57, previously served as US ambassador to China and … Read more
European and US stocks scored solid gains Wednesday, with the Dow ending at a fresh record, as investors welcomed congressional testimony by Federal Reserve Chair Janet Yellen reiterating the pledge to gradual interest rate increases. Sentiment also got a boost from higher oil prices following US inventory data showing a big drop in petroleum supplies. … Read more
Petroleum-linked shares tumbled early Wednesday, on lower oil prices, pressuring US stocks, while some big technology shares were modestly positive. ExxonMobil and Chevron were among the biggest losers in the Dow as oil prices slid on worries about higher output from members of the Organization of the Petroleum Exporting Countries. But large technology companies including … Read more
Rising oil prices and investor appetite for financial stocks helped boost most major US and European equities on Monday while the dollar rebounded on exchange markets ahead of the July 4 holiday in the United States. On a shortened trading day, Wall Street finished mixed, with the blue-chip Dow and the S&P both a hair’s … Read more
Ten years ago this month when the announcement of commercial discovery of crude oil in Ghana was made, the price of a barrel of crude oil was about $68 and on steady increase. The price increase continued until it hit a record high of about $147 in July 2008. That was a period of excitement … Read more
Oil giant Chevron prevailed in a long-running legal battle over pollution in Ecuador, with the US Supreme Court blocking villagers from collecting a $8.65-billion foreign judgment against the company. The court declined to hear an appeal against lower-court decisions which had refused to enforce the Ecuadorian damages award over pollution in the rainforest, finding that … Read more
Chad, one of the countries hardest hit by the drop in oil prices, announced that it would seek to diversify its economy for the future, but has also come to an accord with a group of foreign energy companies to settle a tax dispute Chad, one of the African countries hit hardest by the drop … Read more
Democratic state governors, city mayors and powerful companies united Friday in defiance of President Donald Trump’s pledge to take the United States out of the Paris climate accord, drawing up plans to meet greenhouse gas emission targets regardless. A majority of Americans in every state, or 69 percent of US voters, believe the United States … Read more
US coal producers welcomed President Trump’s decision on Thursday to pull the US out of the Paris climate deal. But the move drew criticism from other business executives, who said it would hurt US companies’ ability to work abroad and inhibit innovation. Mr Trump cast his move as part of a bigger ‘America first’ agenda, … Read more
Tesla founder Elon Musk on Thursday confirmed he would quit White House business panels in reaction to President Donald Trump’s decision to withdraw from the Paris climate accord. “Am departing presidential councils. Climate change is real. Leaving Paris is not good for America or the world,” Musk wrote on Twitter shortly after Trump’s announcement. Musk … Read more
Russian President Vladimir Putin hosts Indian premier Narendra Modi on Thursday on the sidelines of the Kremlin’s annual economic forum, as Moscow looks to burnish a fragile recovery despite tensions with the West. Modi and Putin will meet on the third leg of the Indian leader’s four-nation tour of Europe with the pair looking to … Read more
President Donald Trump may be dragging out his decision on whether to ditch the Paris climate agreement, but major American corporations have not waited for a government signal to start cutting their carbon emissions. Before Trump had even raised the possibility of scrapping US involvement in the landmark 2015 treaty, Coca-Cola and the engineering giant … Read more
ExxonMobil’s controversial stance on climate change will be back in the spotlight Wednesday when shareholders vote on an environmentalist-backed measure calling for an accounting of climate policy risk. The US oil giant has successfully beaten back shareholder proposals on climate change for years, but the measures have been picking up momentum and a number of … Read more
Buoyant trading in New York saw Wall Street set fresh records on Thursday, with US stocks recording their sixth consecutive positive finish. European markets were mainly in negative territory, however, and oil shares suffered on investor disappointment following an OPEC decision not to deepen cuts in crude output or prolong them past March of next … Read more
The oil price has fallen to a five-month low as investor concerns resurface about a worldwide glut. Brent crude dropped by more than $2 on Thursday to below $49 a barrel, hitting its lowest level since oil cartel Opec struck a landmark deal to cut output on 30 November. Analysts said investors were worried that … Read more
The recent increase in oil prices has helped BP to record a healthy profit for the three months to March. The $1.4bn (£1.1bn) profit, on the replacement cost measure, compared with a $485m loss a year earlier. Oil prices have been about 35% higher in the first three months of 2017 compared with a year … Read more
Rising crude prices drove huge profits for US oil industry giants, but key figures in the sector have raised concerns about low investments in exploration and production. They warn that continued tepid oilfield investment creates the threat of a supply crunch down the road. As petroleum prices have stabilized over the last year following actions … Read more
Energy giant Chevron on Friday lost its appeal in major battle against a Aus$269-million (US$203 million) tax bill in a case that could have global implications for multinationals looking to cut their obligations. The Federal Court ruled in favour of a 2015 decision by the same court that the US giant had minimised its payments … Read more