Oil & Gas
Government to closely monitor gold-for-oil value chain – Energy Minister
At the 2023 energy sector retreat in Senchi in the Eastern Region of Ghana – where the Ministry of Energy and its agencies gathered to plan for the coming year – Dr Matthew Opoku Prempeh, Energy Minister, has assured that the ministry will closely monitor every step...
Russian oil exports increase with new customers outside
Russian refined fuels are finding new customers outside of Europe, just like Russian crude oil, according to reports. Asia and the Middle East are now the main new markets. In an effort to punish Moscow for its invasion of Ukraine on February 24 of last year, the...
Gold for Oil deal to reduce cost of importing oil products
The National Petroleum Authority (NPA) has assured the public that the Gold for Oil (G4O) initiative will ensure that the cost of importing products from international oil traders is comparatively cheaper, and will supply 50% of the country's oil needs by March 2023....
DR Congo: NGOs demand end to oil auction after trade-off leak
Following news of a secret deal between Oil Minister Didier Budimbu, Nigerian gambling tycoon Chukwuma Ayodeji Ojuroye, and US consultancy GeoSigmoid, a coalition of civil society groups has called for the immediate cancellation of a massive oil and gas auction in the...
Uganda: EACOP displaces 203 people
Contrary to social media claims by activists, the East African Crude Oil Pipeline Company (EACOP) Ltd has reported that the project will physically displace a total of 203 people, with compensation in progress. Activists had claimed that the pipeline had displaced...
Ghana records $696.8m total oil receipts in second-half 2022
According to the Ghana Petroleum Funds report, Ghana earned a little over $696 million from oil lifting, corporate tax, and other sources in the second half of 2022. Between July and December 2022, oil lifting generated $492.186 million. In all, five liftings with the...
Uganda: Historic day as Uganda commences oil drilling
President Yoweri Museveni of Uganda, on Tuesday January 24 2023, launched the spudding process for oil exploration and production in the Kingfisher area of Kikuube district, ensuring that the East African country joins the world's oil producing nations. Spudding is...
Oil prices rise on stronger China outlook
Oil prices jumped over $88 a barrel on Monday, extending last week's gains, on the strength of a better prognosis due to a predicted economic recovery in top oil importer China this year. Brent crude was up 42 cents, or 0.48%, to $88.05, while West Texas Intermediate...
Oil production Increases in second-largest shale field in the United States
Oil production in South Texas, home to the country's second largest shale field, is expected to rise by up to 4% this year as higher prices encourage more drilling and US crude exports set new highs. According to US government data, output in the Eagle Ford shale...
Oil prices fluctuate amid weak Chinese economic data
Oil prices were mixed on Tuesday after China reported its slowest annual economic growth in nearly half a century, with the country's late-2022 U-turn in COVID-19 policy underpinning hopes of a recovery in fuel demand this year. Brent crude futures rose 7 cents, or...
