Saudi Arabia is committed to stabilising the global oil market, the energy ministry of the world’s biggest oil exporter said on Tuesday, as prices fell below $48 a barrel. OPEC and non-OPEC countries last year pledged to reduce output by around 1.8 million barrels per day (bpd) as part of a concerted effort to curb … Read more
Fuel prices will fall by three per cent later in the month on the back of the drop of Brent crude, gasoline and gasoil prices on the world market, the Institute for Energy Security (IES) has projected. According to IES, the first pricing window in the month of March 2017 closed with the market recording … Read more
Ken Ofori-Atta, Minister of Finance, has announced that government will add a total of 1,227MW of installed power capacity to the national grid to meet the growing demand for electricity. This would be outside of the 880MW total installed generation capacity facilitated by the previous administration last year. Mr. Ofori-Atta said the projects to be … Read more
Oil hovered around three-month lows on Monday, as rising U. S. inventories and drilling activity offset optimism over OPEC’s efforts to restrict crude output. Brent crude LCOc1 was down 7 cents on the day, at $51.30 a barrel by 1202 GMT, having hit a session trough of $50.85, its lowest level since Nov. 30. U.S. … Read more
Exxon Mobil Corp (XOM. N), the world’s biggest publicly traded oil producer, has agreed to pay Italy’s Eni (ENI.MI) $2.8 billion for a 25 percent stake in a giant Mozambique gas field to strengthen its position supplying rich Asian markets. Eni is currently the operator of Mozambique’s Area 4 license which, with 85 trillion cubic … Read more
The Chamber of Petroleum Consumers (COPECGH) has charged relevant authorities in the country to ensure that unreasonable fuel price increments are curtailed. According to a press release signed and released by the Executive Secretary of COPECGH, Duncan Amoah, “The current spate of fuel price increases is simply unsustainable and must be a top priority for … Read more
OPEC compliance with oil output reductions has exceeded the target because of higher Saudi cuts, Kuwaiti Oil Minister Essam al-Marzouk, head of a committee overseeing the decreases, said Wednesday. Non-OPEC compliance, however, has so far been modest, the minister told reporters outside parliament. Under a deal signed last year, OPEC and non-OPEC countries agreed to … Read more
Tullow Ghana Limited has completed the Interim Spread Mooring of the Jubilee FPSO, Kwame Nkrumah. This milestone involving the installation of an interim anchoring system on the stern of the FPSO to hold the vessel in place, completes the first phase in the Turret Remediation Project which will eventually provide the FPSO with a long-term … Read more
The United States almost tripled the volume of crude oil bought from Nigeria last year, seven years after it began depending less on the country ‘s crude. This comes as the Shale oil production surged. Latest data from the US Energy information Administration (EID) shows that the country imported 76.9 million barrels of the country’s … Read more
The energy sector is the stock market’s dud so far in 2017 after a banner performance in 2016, and the rest of the year may also be rocky for investors due to the unclear path for crude oil prices. Energy outdid all other sectors last year, up nearly 24 percent thanks to a late-year rally … Read more
The biggest names in the oil world come together this week for the largest industry gathering since the end of a two-year price war that pitted Middle East exporters against the firms that drove the shale energy revolution in the United States. When OPEC in November joined with several non-OPEC producers to agree to a … Read more
Ghana’s National Petroleum Authority (NPA) has been adjudged the Downstream Regulator of the Year 2016 in Africa for sanitizing the country’s petroleum downstream industry to bring about fairness in the sector. The award, given by the Oil Trading and Logistics (OTL), was presented to the Chief Executive Officer of the NPA, Hassan Tampuli in London … Read more
Tullow Ghana Limited and its partners have completed the first phase of the Turret Remediation Project on the Jubilee FPSO. In a statement, Tullow announced that on behalf of the Jubilee Joint Venture Partners, the Interim Spread Mooring of the Jubilee FPSO, Kwame Nkrumah has been completed. “This milestone involving the installation of an interim … Read more
The Senate, yesterday, alerted the nation to the fact that corrupt politicians now hide stolen money in caskets and uncompleted buildings in remote villages. The revelation came as the Upper Chamber of the National Assembly commenced probe of Nigerian National Petroleum Corporation, NNPC, over allegation of unremitted fuel subsidy funds to the tune of N5.1 … Read more
The Institute for Energy Security (IES) has said the relative stability for the price of Brent Crude, and global prices for gasoline and gasoil points to the stability of local fuel prices but “the only variable that threatens the stability of prices on the local market is the steep decline in the value of the … Read more
Dr Steve Manteaw, Chairman of the Civil Society Platform on Oil and Gas (CSPOG), writes to President Akufo-Addo on some of the key governance challenges that thwart efforts at fully harnessing the socio-economic potential of Ghana’s oil and gas industry. 1st March, 2017 Dear Sir, Re: 10 Years into oil discovery, substantial governance gaps still … Read more
As part of efforts to provide Ghana with the option of a reliable and cheaper power to power its thermal plants for the next decade, Quantum Power, a pan African energy infrastructure investment platform has cut sod for the construction of the Tema LNG terminal. The terminal when completed will consist of facilities for the … Read more
Nigeria’s gross domestic product fell by 1.5 per cent in 2016 due to lower oil revenues, the National Bureau of Statistics said on Tuesday, for its first annual contraction in 25 years. Africa’s largest economy slid into recession in the second quarter of 2016 as a slump in crude prices hammered the OPEC member’s public … Read more
Chairman of the Civil Society Platform on Oil and Gas (CSPOG), Dr. Steve Manteaw has revealed that one of several factors preventing the growth and efficiency of Ghana National Petroleum Company (GNPC) is continuous political interference and control of the entity. In an open letter to the president of the republic, Nana Akufo-Addo, the group … Read more
Oil prices rose on Monday as investors showed record confidence in prices rising further, though gains were capped by the prospect of faster growth in U. S. oil production. Brent crude oil LCOc1 rose 55 cents to $56.54 a barrel by 1053 GMT, while U.S. West Texas Intermediate CLc1 added 39 cents to $54.38. Money … Read more