Six years of Oil Production in Ghana under the Ghana Hybrid System The cumulative total losses to Ghana as at the end of 2016 is US$7,097,665,662 for not adopting PSA The sixth year of oil production in Ghana ended last December, 2016 and with the publication of the 4th Quarter Petroleum Receipt and Distribution Report, … Read more
The price of oil has plummeted by about 5%, despite oil-producing nations agreeing to extend production cuts for a further nine months. Meeting in Vienna, energy ministers from both Opec and non-Opec countries agreed to maintain output curbs, due to expire next month, until March 2018. But investors had been hoping the oil producers would … Read more
President Donald Trump’s budget released Tuesday proposed radically downsizing the US Strategic Petroleum Reserve, arguing that America’s shale boom has lessened the need for an emergency stockpile. Trump’s proposal would sell off half the oil in the SPR, an emergency storage facility created amid the energy shocks of the 1970s. Slashing the reserve would raise … Read more
Oil exploration company, Tullow is seeking to invest in new exploration opportunities in the country, aside its two major projects, Jubilee and Tweneboa- Enyera- Ntomme (TEN) fields. The new opportunities are expected to add new oil reserves that will extend the production life of the company in Ghana. The Managing Director of Tullow Ghana Limited, … Read more
Saudi Arabia’s energy minister expressed confidence on Sunday of extending a global cut in oil production designed to boost prices. Khalid al-Falih spoke ahead of a meeting on Thursday between the Organization of the Petroleum Exporting Countries (OPEC) and Russia, where they are expected to extend the production cut pact. “We have full commitment from … Read more
American oil production is approaching record levels again, led by shale projects, potentially foiling efforts by OPEC to support prices. Oil prices were boosted this week after Saudi Arabia and Russia signaled they intend to extend an agreement to limit output. That raised expectations the Organization of the Petroleum Exporting Countries will sign off on … Read more
Ratings agency Fitch has lauded government’s efforts in getting the economy back on track after a recent ‘crisis’ that forced the economy to seek solace in a US$918 million bailout from the International Monetary Fund (IMF). According to Fitch in a statement issued on Friday, “the country is making progress in stabilising its economy after … Read more
Suffering from rampant inflation, stalled investment and mass layoffs, Nigeria is still gripped by one of the worst economic crises in its history. But for the first time in months, the West African economic giant is finally looking to exit its first recession in decades. On Thursday, parliament approved the government’s ambitious seven-trillion-naira ($23-billion) budget … Read more
International ratings agency Fitch has revised the outlook on Ghana’s long-term foreign and local currency Issuer Default Ratings (IDR) from negative to stable. Fitch has also affirmed the issue ratings on Ghana’s senior unsecured foreign and local currency bonds at ‘B’, as well as the ‘BB-‘ rating on Ghana’s $1 billion partially guaranteed notes. According … 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
Renewed fears about the oil supply glut have sent crude prices plunging 15% Renewed fears about the oil supply glut have sent crude prices plunging 15% from their peak in mid-April to $45.52 a barrel on Thursday. It’s the weakest level for oil since November 29, the day before OPEC finalized a deal to slash … Read more
The Jubilee Oil field would be shut down again during the second half of this year to allow for the completion of repair works on the vessel. The turret bearing of the FPSO Kwame Nkrumah developed a fault last year, resulting in a prolonged shut down which affected oil production. Although the problem has been … Read more
The Jubilee Oil field would be shut down again during the second half of this year The Jubilee Oil field would be shut down again during the second half of this year to allow for the completion of repair works on the vessel. The turret bearing of the FPSO Kwame Nkrumah developed a fault last … Read more
It’s been 10 years since Ghana discovered marketable quantities of oil in 2007. We have had our highs and lows. The ‘new’ industry required new regulatory frameworks. Whilst some were done, others could not, bringing some sort of ‘discomfort’ to government and the people in the industry. In this 30 minutes production supported by the … Read more
It’s been 10 years since Ghana discovered marketable quantities of oil in 2007. We have had our highs and lows. The ‘new’ industry required new regulatory frameworks. Whilst some were done, others could not, bringing some sort of ‘discomfort’ to government and the people in the industry. In this 30 minutes production supported by the … Read more
Libya’s oil production, the country’s main source of revenue, rose Monday to more than 760,000 barrels per day for the first time since 2014, the National Oil Corporation said. Oil is Libya’s main natural resource, with reserves estimated at 48 billion barrels, the largest in Africa. NOC chief Mustafa Sanalla indicated in a statement that … Read more
The country’s economy last year grew by 3.5 percent, the lowest rate in the past 22 years and the fifth consecutive year of decline, data from the Ghana Statistical Service (GSS) has shown. Even before the statistical service announced the GDP growth figure, analysts predicted a torrid time for the economy on the back of … Read more
Nigerian commander Remi Fadairo points to the roiling plume of black smoke blotting the morning horizon in the Niger Delta — the unmistakable sign of an illicit oil refinery. “Let’s see if we can go eat them for breakfast,” he says with an ominous chuckle. The 44-year-old colonel, a man with broad shoulders wearing his … Read more
The Africa Centre for Energy Policy (ACEP) is urging government implementing the provisions in the Petroleum (Exploration and Production) Act, 2016 Act 919, with emphasis on the award of oil contracts. Implementing the provisions, ACEP believes, will help build transparency in the sector and will ultimately foster investor confidence. A Policy Analyst at ACEP, Ms … Read more
Economic growth in Saudi Arabia and most other Arab oil exporters will slow this year following production cuts aimed at propping up energy prices, the International Monetary Fund said Tuesday. In its latest World Economic Outlook report, the IMF cut its 2017 growth forecast for the region comprising the Middle East, North Africa, Afghanistan and … Read more