The Institute of Fiscal Studies (IFS) has urged government to consider a comprehensive hedging programme that would cover imports and exports of Ghana’s petroleum resources as well as interest rates on public debt. The hedging will provide insurance for the country against oil price and exchange rate volatilities. Speaking at a press conference organised by … Read more
World Bank has recently published an academic paper written by the Vice President, Alhaji Dr. Mahamudu Bawumia on Ghana’s oil discovery and management. The paper which is titled ‘Oil Discovery and Macroeconomic Management: The Recent Ghanaian Experience’, was precisely published by The World Bank and the United Nations University World Institute for Development Economic Research (UNU-WiDER) … Read more
Tullow Oil has posted a loss after tax of 300 million dollars for the first half of this year. The figure represents a decrease of 270 million dollars compared to the 30 million dollars profit after tax recorded for the same period last year. The oil company’s revenue for the first half of 2017 however … Read more
Gunmen believed to be Boko Haram Islamists have kidnapped 10 members of an oil exploration team in northeast Nigeria, colleagues and the state-run oil firm said on Wednesday. “About 10 staff from the survey and geological department of the University of Maiduguri were abducted on Tuesday,” said Ndu Ughamadu of the Nigerian National Petroleum Corporation. … Read more
Anglo-Dutch energy giant Shell said Tuesday it has shut down a key crude supply pipeline in Nigeria’s restive south because of a leak. Shell subsidiary the Shell Petroleum Development Corporation of Nigeria Ltd (SPDC) said the Trans Niger Pipeline (TNP) was shut on July 21 at B-Dere in Ogoniland. “Efforts are ongoing for a joint … Read more
The head of Libya’s National Oil Company announced on Wednesday that oil production is expected to reach 1.25 million barrels per day by the end of 21017. NOC president Mustafa Sanalla said, however, that “despite a surge of more than one million bpd” oil production would fluctuate “in the absence of a budgetary law”. Sanalla, … Read more
Nigeria is reviving its search for oil in the country’s conflict-riven northeast, aided by China and emboldened by gains made against Boko Haram. President Muhammadu Buhari’s government is exploring inland basins ranging from central Benue state to Boko Haram’s heartland in northeast Borno. Renewed attacks on oil and gas infrastructure in the southern Niger delta … Read more
Voters went to the polls in legislative elections in the oil-rich Republic of Congo on Sunday, the first since a violence-marred presidential poll last year which returned Denis Sassou Nguesso to power. The first round of polling to elect National Assembly members as well as local councils is taking place with the opposition calling foul, … Read more
Congo voters go to the polls Sunday in legislative elections in the oil-rich African country, the first since violence-marred presidential polls last year which returned Denis Sassou Nguesso to power. While no fresh violence is expected opposition parties have cried foul, as over 2 million voters are expected to cast their ballots in the first … Read more
The Ghana National Petroleum Corporation, GNPC, has appealed to President Akufo Addo to intervene and grant the necessary approval in the proposed oil exploration activities in the Voltaian basin. The CEO of GNPC, Dr. Kofi Koduah Sarpong explains that Ghana may miss out on potential increase in oil revenue due to increased exploration activities should … Read more
President Akufo Addo has committed to the efficient use of Ghana’s oil revenue to give value for money and protect the interest of Ghanaians. According to him, Ghana has no reason not to improve the lot of citizens with a decade of commercial oil exploration. The President was also hopeful the judicious use of the … Read more
The Islamic State group has lost more than 60 percent of its territory and 80 percent of its revenue, an analysis firm said Thursday, as the jihadist “caliphate” turns three. The group declared its self-styled “caliphate” across swathes of Iraq and Syria on June 29, 2014, prompting the formation of a US-led coalition in a … Read more
Public Interest and Accountability Committee (PIAC) wants government to consider hedging a portion of Ghana’s share of crude oil exports. Although the committee is recommending this to cushion the country against oil price volatility, it said such a decision should be preceded with the requisite expertise to ensure that hedging inured to the benefit of … Read more
The Ghana National Petroleum Company (GNPC) has denied allegations made by the Public Interest and Accountability Committee (PIAC) that oil revenues were understated in 2016, arguing that, monitoring mechanisms in place are strong enough to prevent revenue leakage. PIAC in its analysis of the performance of the country’s petroleum sector for 2016, said that revenue … Read more
Continuous dip in some key commodity prices on the world market is likely to impact the output of certain commodity-bound listed companies on the Ghana Stock Exchange. The world price of Crude Oil is currently on a downward trajectory given the rise in the supply of oil output while demand remains stifled. This has led … Read more
The Ghana Institute of Governance and Security (GIGS) claims the country has not benefited enough from its oil find, 10 years on. Speaking to Johnnie Hughes on Late Edition on 3FM 92.7 to commemorate 10 years of oil production in Ghana, Mr Solomon Kwawukume, a Senior Research Officer of GIGS accused Parliament of having integrity … Read more
Co-chair of the Ghana Extractives Industry Transparency Initiative (GHEITI) Dr. Emmanuel Steve Asare Manteaw, who is also a member of the Public Interest and Accountability Committee (PIAC), has said the inability of the country to properly sequence the governance frame work was the first mistake after the oil find in 2007. According to Dr Manteaw, … Read more
Oil production dipped by some 13.7percent in 2016, from 37.41million barrels in 2015 to 32.30 million barrels, in spite of the coming of stream of the TEN field in August 2016 to augment production at jubilee. In its 2016 annual report, released Thursday, the Public Interest and Accountability Committee (PIAC), which has the mandate to … Read more
Nigeria’s troubled economy will record tremendous improvement by the third quarter of the year, the Central Bank of Nigeria (CBN), has predicted. The Director of Banking Supervision of CBN, Mr Ahmed Abdullahi, told newsmen that the prediction was the outcome of the 333rd Bankers’ Committee meeting in Lagos. According to him, this is because the … Read more
With oil production at its lowest in years, a total halt in phosphate exports and power generation sharply reduced, Syria’s economy is on its knees, government ministers have said. The ministers were speaking at a conference hosted by the British Syrian Society in Damascus this week titled “The War in Syria: Challenges and Opportunities.” “The … Read more