There are 54 countries in Africa. More than 20 produce oil, and five of these countries are part of the world’s 30 oil-producing countries. However, only two countries in Africa do not import oil. In 2019 Africa accounted for more than 7.9 million barrels per day, which is about 9.6 per cent of global output. […]
An oil production and storage vessel exploded off the coast of Nigeria early on Wednesday with 10 crew members on board though it was not yet clear if there were any casualties or how much crude might have spilled into the sea. Nigeria’s Shebah Exploration & Production Company Ltd (SEPCOL) said on Thursday that flames […]
The lead operator of the Offshore Cape Three Point (OCTP), Eni has announced a significant oil discovery in Ghana with the potential to produce 700 million barrels of oil equivalent (Mboe). The company in a statement said the discovery was made on the Eban exploration prospect in Cape Three Points Block 4, offshore Ghana and production testing […]
Price fluctuations in global crude and refined product prices are taking a heavy toll on Ghana’s downstream markets, resulting in Bulk Oil Distributors losing millions of dollars and throwing many indigenous Oil Marketing Companies out of business. Out of the 130 oil marketing companies operating in the country, 50 – according to estimates – are […]
Oil rose on Wednesday, hitting $40 a barrel for the first time since March, supported by lower U.S. inventories, expectations OPEC+ will keep oil output cuts in place and signs of demand recovery from the coronavirus crisis. Suggesting a supply glut is on the way out, the American Petroleum Institute said on Tuesday U.S. crude […]
Mr. Alex Mould has heaped praises on the former president, John Agyekum Kuffour for giving Ghana a very good oil deal during his tenure as president of Ghana. This took place at a two-day conference on Oil & Gas at the University of the East London, UK which took place on 29th and 30th October […]
The Institute of Economic Affairs (IEA) is advocating for a new model contract which pays oil companies for each barrel of crude oil recovered from the ground or seabed. According to the independent public policy institute, this model will provide huge foreign reserves for Ghana’s development. Some countries using the model Several countries, including Iran, […]
The Ghana National Petroleum Corporation (GNPC) is optimistic of finding oil in commercial quantities in the Northern, Savanna and North East Regions. The Chief Executive Officer of GNPC, Dr. KK Sarpong who made the announcement during a meeting with the Mayor of Tamale, Iddrisu Musah Superior during a visit to the latter’s office in Tamale […]
