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
G7 foreign ministers will attempt to agree a common position on the Syrian conflict, before the US secretary of state flies to Russia to try to persuade it to abandon its Syrian ally. Rex Tillerson will also meet officials from allied Middle Eastern countries before heading to Moscow. The UK has suggested threatening tightly focused … Read more
The Chiefs and people of coastal districts in the Western Region have welcomed the entry of Springfield Exploration and Production Company, the first wholly owned Ghanaian oil and gas company to venture into the upstream sector of the industry since its inception. Speaking at a community sensitisation tour of the six coastal districts – Ellembelle, … Read more
The new Floating Production Storage and Offloading (FPSO) vessel, John Agyekum Kufuor, has safely arrived in the country’s waters. It is currently being moored on top of wells at the Tano Basin Offshore Cape Three Points (OCTP). The arrival of the FPSO marked the final stage of the development of Ghana’s third independent oilfield in … Read more
The Ministry of Energy and the national Petroleum Authority have commended Ghana Oil Company, GOIL for its Commitment in Promoting local content in the Oil and Gas Sector. The commendations were made at the commissioning of the company’s 13.5 million litre Marine Gas Oil Storage Facility at the Takoradi Port in Takoradi. The Facility solely … Read more
The Ministry of Energy and the National Petroleum Authority have commended Ghana Oil Company (GOIL) for its commitment in promoting local content in the oil and gas sector. The commendations were made at the commissioning of the company’s 13.5-million litre Marine Gas Oil Storage Facility at the Takoradi Port in Takoradi. The Facility, solely financed … Read more
Wall Street stocks rallied Thursday, shrugging off uncertainty over President Donald Trump’s agenda and advancing as US fourth-quarter growth was upgraded and oil prices rose above $50 a barrel. Stocks were mixed elsewhere, with markets in Frankfurt and Paris rising, Tokyo falling and London flat. US investors took heart after the US Commerce Department revised … Read more
Ghana lost an estimated GHC43 million in 2014 as a result of fraudulent practices in the petroleum sector, the Chief Executive Officer (CEO)?of the National Petroleum Authority (NPA), Mr Alhassan Tampuli, has disclosed. According to him, the lost revenues, which were about 12 per cent of annual freight paid to the NPA, was largely due … Read more
THE National Petroleum Authority (NPA) says GH¢43million in petroleum profits were stolen by cabals due to the absence of an effective tracking system. This represents 12.3% of annual freight payments. Petroleum Service Providers (PSP) exploited the lack of capacity of the Unified Petroleum Price Fund (UPPF) Secretariat to independently confirm the delivery of petroleum products … Read more
The Ghana Chamber of Bulk Oil Distributors (CBOD) has called on the government to take pragmatic measures to deal with the inconsistencies in the policy regarding the petroleum downstream sector. According to the chamber, there had been several occasions where some policies enacted by the regulator, the National Petroleum Authority (NPA), had to be either … Read more
The Trump administration has issued a permit to energy company TransCanada to build the Keystone XL pipeline. The State Department said it had found the project, which was blocked by former US President Barack Obama, to be in the US national interest. The 1,180 mile (1,900km) pipeline will carry tar sands oil from Canada to … Read more
Royal Dutch Shell has sold its onshore oil and gas interests in the central African nation of Gabon for $587 million to private equity firm Carlyle Group, it said Friday. The Anglo-Dutch energy giant announced in a statement that it has sold the assets to Carlyle for the equivalent of 544 million euros in a … Read more
Saudi Arabia on Wednesday lost its high-quality credit rating from the Fitch agency, which lowered the kingdom a notch because of worsening public finances as the oil price wobbles. Dropping its notation from AA- to A+, Fitch said it was doubtful whether Saudi Arabia could implement its reform programme after a “significantly wider than expected … Read more
Over 500 key players in African downstream oil industry met in Cape Town for Africa Refiners Association (ARA) WEEK which was aimed at achieving clean fuels in Africa. Among the key players included representatives from NPA namely; Mr. Alhassan S. Tampuli (Chief Executive), Mr. Kwadwo Abbiw Jackson (Director, Legal and Human Resource), Mrs. Esther Anku … Read more
The United States on Saturday denied a report saying Secretary of State Rex Tillerson opted not to have dinner with his South Korean counterparts on a diplomatic visit because of “fatigue”. Tillerson visited Seoul Friday on his first tour of the flashpoint region, where he warned military action against nuclear-armed North Korea was an option … Read more
The United States’ “strategic patience” with nuclear-armed North Korea is over, Secretary of State Rex Tillerson said in Seoul on Friday after visiting the Demilitarised Zone. The announcement signals a clean break from the stance of the previous administration under Barack Obama, when the United States ruled out engaging the North until it made a … Read more
Halfway into an OPEC-led oil supply cut, Asia remains awash with fuel in a sign that the group’s efforts to rein in a global glut have so far had little effect. The Organization of the Petroleum Exporting Countries (OPEC) and other suppliers including Russia have pledged to cut production by almost 1.8 million barrels per … Read more
OPEC countries are complying with a landmark deal to reduce a worldwide glut in oil, but global supplies nevertheless increased in February, the International Energy Agency said on Wednesday. “The implementation of the OPEC production agreement appears in February to have maintained the solid start seen in January. For the first two months of the … Read more
Fuel prices is expected to fall by about 3% later this month. This is according to the Institute for Energy Security (IES). The IES projections comes at the back of drop of Brent crude, gasoline and gasoil prices on the world market. In the first pricing window of this month [March 2017], the markets recorded … Read more
Washington’s top diplomat was to fly into Tokyo on Wednesday to begin a first tour of Asian capitals under the shadow of North Korea’s nuclear posturing. Secretary of State Rex Tillerson has promised to take a tough line on Kim Jong-un’s isolated regime as he talks to allies Japan and South Korea and to rival … Read more