Tullow Oil is gearing up to announce job cuts by the end of the first quarter as UK and North Sea oil and gas companies scramble to cut costs in line with the savage fall in the price of crude.
Category: Oil & Gas
Oil Price ‘To Fall To $20’ As Gulf States Battle Shale Drillers In US
Oil traders are betting that crude prices will hit a 20-year low of $20 a barrel as prices fell again yesterday and as Gulf producers stood firm on their plan to turn the screws on shale drillers in the United States.
Oil Rigs Laid Up As Crude Hits New Low
Oil exploration in the North Sea is set to be hit hard this year as companies mothball as many as half of the exploration drilling rigs in operation, resulting in thousands of job losses.
Ghana: Falling Oil Prices To Throw Gov’t Budget Off Gear
A renowned Chartered Economist, Dr. John Gatsi, has warned that if the trend of the falling oil crude prices on the international market continues into the second quarter of this year, it will pose a challenge to the 2015 budget.
President Mahama Justifies 10% Reduce Of Fuel Prices
Ghana’s President John Dramani Mahama has justified the recent paltry reduction of fuel prices in the country insisting that Ghanaians cannot continue to demand a reduction in fuel prices and still expect meaningful development.
Ghana: Court Throws GNPC Loan Injunction
The Commercial Court in Accra Wednesday dismissed an injunction application that sought to restrain the Ghana National Petroleum Corporation (GNPC) from accessing a $700 million loan facility.
Moody’s: Global oil And gas Players Enter A Challenging 2015
The global oil and gas industry is entering a challenging 2015 based on stubbornly low oil prices, Moody’s Investors Service says in a new report.
Tema Oil Refinery Bounces Back With A Bang
Despite numerous attempts being made by cabals in the petroleum downstream industry to frustrate the Tema Oil Refinery (TOR) from operating, the state owned refinery has managed to strike a deal with Sahara Energy Resources to supply it with crude oil for processing.
Brent Crude Falls Below $54 A Barrel For First Time In 5 Years
Oil prices fell through the $54 a barrel mark this afternoon, hitting a five-and-a-half year low, as the worldwide slump showed no signs of abating.
Blows Over Crude Oil Debt
There is a fierce battle between the National Petroleum Authority (NPA) and the Bulk Oil Distribution Companies (BDCs) over the country’s crude oil import bills.