President John Dramani Mahama has raised concerns over what he describes as a “toxic environment” inherited from the previous administration in Ghana’s oil and gas sector, which he says led to significant disinvestment and a steady decline in production.
Oil prices climbed by nearly 2% today, with both Brent and West Texas Intermediate (WTI) benchmarks posting gains and marking the third consecutive session of increases.
Crude oil experienced a sharp decline, dropping by more than 5% at the peak of the sell-off, pushing prices to their lowest levels in over four years. West Texas Intermediate (WTI) crude fell to $55 per barrel before paring some of its losses and attempting to reclaim the $57 mark.
It seems that the global oil market is going through a critical phase, where economic and geopolitical factors intertwine, casting a heavy shadow over crude prices, particularly U.S. crude, which continues its downward trajectory, nearing $59.50 per barrel.
Brent prices have dipped below $65 per barrel again as the willingness of Saudi Arabia and other OPEC+ countries to unwind even more production into the summer months depresses market sentiment.
Cairo, Egypt// — To address Africa’s persistent reliance on imported refined petroleum products, which accounted for an amount of US$30billion annually in petroleum import costs due to inadequate refining, African Export-Import Bank (Afreximbank) has launched a US$3 Billion Revolving Intra-African Oil Trade Financing Programme to finance the purchase of refined petroleum products by African and […]
Fishermen operating at Cape Three Points, where oil exploration activities are taking place, are requesting a physical demarcation of the safety zone from Tullow and its Jubilee Partners to facilitate safe and efficient fishing operations.
As the Western hemisphere wound down trading activity with the onset of the Easter holidays, crude oil markets have posted an impressive 7% week-on-week rise, with ICE Brent now back at $68 per barrel.
London, UK// – Tullow Oil plc announced that its wholly-owned subsidiary, Tullow Overseas Holdings BV, has signed a heads-of-terms agreement with Gulf Energy Ltd to sell Tullow Kenya BV, which holds Tullow’s entire working interests in Kenya, for a total consideration of at least $120 million.
Cape Town, South Africa/ — NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC) has called for greater utilization of African financial solutions to address the continent’s $15.7 billion infrastructure deficit.
