The extractives sector plays a crucial role in revenue generation for countries, especially where tax collection is effective. Countries that have lax tax collection systems and regimes that tolerate opaque ownership structures facilitate the syphoning of public money, conflicts of interest and tax evasion. The Africa Centre for Energy Policy (ACEP) has developed manuals for […]
The Tema Oil Refinery (TOR), has shut down again following a shortage of crude oil at the facility. The refinery, which has the capacity to refine about 45,000 barrels of crude oil a day, has been operating below capacity for some time now. Confirming the shutdown to Citi News, the Executive Director of the Institute of
TOR shuts down again over crude oil shortage Read More »
The return of the U.S. sanctions on Iran will not impact an agreement between Iran and Iraq to swap crude oil, Iraq’s Oil Minister Jabbar al-Luiebi said on Friday. Iraq and Iran agreed last year to begin an oil swap deal this year, under which Iraq will send oil from its northern Kirkuk fields to
U.S. Sanctions Won’t Affect Iraq-Iran Crude Oil Swap Deal Read More »
An Accra circuit court has convicted three persons for diverting premix fuel meant for fishermen at Chorkor in Accra. Benjamin Nii Quaye, Paul Dogba and Emmanuel Kubi, all pleaded guilty to conspiracy and discharging petroleum into a container (drums) instead of motorbike tanks. However, the court presided over by Mr Emmanuel Essandoh deferred the sentence
Three convicted for diverting premix fuel Read More »
A relatively unknown group in the Niger Delta is threatening to stop production at oil facilities of the Nigerian Agip Oil Company (NAOC) in the area, saying that a so-called ‘Operation Zero Barrels’ would begin at “any time from 00hrs on Wednesday, June 20.” The group, Niger Delta Activists Forum (NDAF), says that it represents
Niger Delta Militants Threaten Nigerian Oil Facilities Read More »
The U.S-led coalition fighting Islamic State has killed the leader of the militants responsible for its oil and gas smuggling operations, Combined Joint Task Force Operation Inherent Resolve officials said on Tuesday. Abu Khattab al-Iraqi, the leader of ISIS’s oil network who managed revenue generation through the illicit sale of oil and gas, was killed
U.S.-Led Coalition Kills ISIS Chief Of Oil Smuggling Read More »
IRVING, Texas – ExxonMobil and its partners have achieved an eighth deepwater oil discovery in the Stabroek block offshore Guyana. The Longtail-1 exploration well, spudded by the drillship Stena Carron late last month in 6,365 ft (1,940 m) of water in the southeastern part of the block, penetrated around 256 ft (78 m) of good-quality,
ExxonMobil makes eighth oil discovery offshore Guyana Read More »
Aker BP has been given a permission by the Norwegian Petroleum Directorate to drill three wells in the North Sea. The company will use the Maersk Intrepid jack-up drilling rig to drill production wells 25/10-16 S, 25/10-16 A, and 25/10-16, after it completes drilling production wells on the Martin Linge field in the northern part
Aker BP given nod for three North Sea wells Read More »
The Tema Oil Refinery (TOR) is expected to shut down due to lack of crude oil which serves as raw material for the refinery. Highly-placed sources at TOR told Class News on Wednesday, 20 June 2018 that the situation is as a result of TOR’s inability to raise letters of credit to import crude oil
Tema Oil Refinery to shut down Read More »
As oil prices continue to fall, the American Petroleum Institute (API) reported a draw of 3.016 million barrels in crude oil inventories for the week ending June 15, compared to analyst expectations that this week would see a draw in crude oil inventories of 1.898 million barrels. Last week, the American Petroleum Institute (API) reported a
Oil Prices Steady After API Reports Crude Draw, Gasoline Build Read More »
