Oil prices slipped on Friday as the market refocused on a persistent supply overhang that is not expected to abate unless OPEC and other producers cut their output significantly. International Brent crude futures LCOc1 traded at $45.13 per barrel at 0845 ET, down 70 cents from their last close. U. S. West Texas Intermediate (WTI) … Read more
Local service companies in the oil and gas sector have been advised to conduct feasibility studies into areas where they want to operate to avoid loss of investment. Mr. Theophilus Ahwireng, Acting Chief Executive Officer of the Petroleum Commission, gave the advice at the opening of the 2016 Local Content Conference and Exhibition in Takoradi. … Read more
Ghana is on course to get an additional 1-gigawatt of power to the national grid once gas production commences on the Sankofa project. That volume of power can feed at least 750,000 homes. The Floating, Production and Storage and Offloading (FPSO) vessel for the project is expected in the country by March 2017 after which … Read more
Oil prices fell in early trading on Friday, as the market refocused on a persistent fuel supply overhang that is not expected to abate unless OPEC and other producers make a significant cut to their output. International Brent crude oil futures LCOc1 were trading at $45.74 per barrel at 0445 GMT, down 10 cents, or … Read more
Barring any last minute hitch, the Floating, Production, Storage, Offloading (FPSO) vessel for the Sankofa Gye Nyame Oil and Gas project, will arrive in Ghana in March 2017. This is the indication from the Managing Director of ENI Ghana, Fabio Cavanna. According to him, construction works have advanced steadily and the vessel is set to … Read more
The World Bank is raising its 2017 forecast for crude oil prices to $55 per barrel from $53 per barrel. It explained that this was the case as members of the Organization of the Petroleum Exporting Countries (OPEC) prepared to limit production after a long period of unrestrained output. It said in its Online Media … Read more
The World Bank is raising its 2017 forecast for crude oil prices to $55 per barrel from $53 per barrel. It explained that this was the case as members of the Organization of the Petroleum Exporting Countries (OPEC) prepared to limit production after a long period of unrestrained output. It said in its Online Media … Read more
The 3rd Ghana Oil and Gas Awards (GOGA 2016) brought together players in the oil and gas industry. The awards recognizes achievements from local and international companies involved in the Ghana oil and gas sector and rewarded those that have played a defining role in moving the industry forward. Operators in oil and gas fields … Read more
The Ghana National Gas Company says power supply to the national grid will not be affected as a result of cut in gas supply to the facility. Tullow Oil cut supply of gas by almost 50 per cent due to remedial works upstream on the FPSO. According to the Ghana National Gas Company, the situation … Read more
Tullow Oil says it has successfully completed the six-monthly redetermination of its Reserve Based Lend (RBL) facility. RBL is a type of financing where a loan is secured by the undeveloped reserves of oil and gas of a borrower. The facility is repaid using the proceeds that derive from sales in the field or portfolio … Read more
Tullow Oil has reduced the volume of gas it supply to Atuabo processing plant for the next 21 days, beginning November 1. The action has been influenced critical works on the turret, located on the Jubilee FPSO which will result in Tullow cutting current daily supply by 40 million standard cubic feet of gas. Corporate … Read more
Oil production from members of the Organisation of Petroleum Exporting Countries (OPEC) may have reached a new record, according to a Reuters survey, as Nigerian and Libyan output partially recovered from disruptions and Iraq boosted exports. The report noted that the increasing output could counter OPEC’s ability to seal the Algiers Accord, an agreement reached … Read more
the oscar winner said he might work at the theatre Mark Rylance says he is unlikely to perform at the Royal Shakespeare Company unless it drops a sponsorship deal with BP. Asked if he would work at the theatre, the Oscar winner and Wolf Hall star told the BBC’s Luke Jones, “no, probably not”. BP … Read more
In a bid to meet Nigeria’s gas requirements, Dangote industries Limited (DIL) has completed the acquisition of Twister B. V, a company based in the Netherlands. The company delivers reliable, high-yield and robust solutions in natural gas processing and separation to the upstream and midstream oil and gas sectors. Its unique separation capabilities are designed … Read more
Russia is betting oil prices will stay low for a long time. President Vladimir Putin’s government has just set a draft budget for the next three years based on the assumption Russia will be able to sell its oil for $40 a barrel. That’s $10 below current world prices. Russia is the second biggest oil … Read more
The Chamber of Petroleum Consumers Ghana, has forecast a likely 7-13 percent fuel price adjustment beginning Sunday October 16. According to the Chamber, “the decision for cuts in OPEC production levels seem to have taken a toll on world price indexes as prices on the world market have surged by between 7-13% as of today. … Read more
The Minister of Petroleum, Emmanuel Armah Kofi Buah says the passage of the Petroleum (Exploration and Production) Act 2016 and the development of a number of subsidiary legislation to give better effect to the Act, have contributed to Ghana maintaining its position as a preferred investment destination in the sub-region despite the downturn in the … Read more
Ghana has begun supplying gasoline and gas oil to the landlocked countries of Burkina Faso, Niger and Mali from the Bolgatanga Petroleum Depot. The state-owned Bulk Oil Storage and Transportation Company (BOST) Limited is also supplying petroleum products from the depot to Benin and Nigeria. The Minister of Petroleum, Mr Emmanuel Armah-Kofi Buah, who made … Read more
In 2009, Kosmos Energy, a small oil exploration company in Texas, wished to cash in on its discovery of an oil field off the coast of Ghana — one of the largest found in West Africa in a decade. The company had an eager buyer in ExxonMobil. But some in Ghana believed the firm had … Read more
The oil producers cartel Opec has agreed a preliminary deal to cut production for the first time in eight years, sending crude prices surging. The major oil exporting nations struck the deal at talks in Algeria on Wednesday to ease fears of oversupply. “Opec made an exceptional decision today,” Iran’s Oil Minister Bijan Zanganeh said. … Read more