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OPEC will continue to play a key role in oil supply and prices in the global oil market through 2040, despite the relentless oil production in the Permian and expectations for production increases in the United States and other non-OPEC countries in the 2020s. That’s the takeaway from Wood Mackenzie’s latest long-term outlook for global […]

Oil prices rose by more than $1 dollar per barrel on Tuesday due to growing global supply outages, with Norway shutting down one oilfield as hundreds of workers began a strike and Libya saying its production more than halved in recent months. The disruptions add to supply worries around the world. Venezuela’s production has collapsed

The National Petroleum Authority (NPA) has tasked all stakeholders in the downstream petroleum industry to aim at zero accident at all their retail outlets, adding that the loss of lives due to petroleum-related fires is becoming too many. To achieve this, the authority has tasked all operators of petroleum product facilities to improve upon their

Despite moves by the central bank to sanitize the banking sector, the industry’s asset quality remains a source of concern as the Non-Performing Loans (NPLs) ratio remain high, the Bank’s Sector Report has revealed. The stock of NPLs increased from GH¢7.1bn as at end-April 2017 to Gh¢8.63bn in April 2018- a new record high, the

South Africa’s Eskom Holdings SOC Ltd. and KfW, the German development bank, signed a $100 million loan facility to connect renewable-power projects run by independent producers to the grid. The loan will support expanding the transmission network in the Northern Cape province after the government signed long-delayed power-purchase agreements in April for projects worth $4.1

The Chief Executive of Ghana’s Petroleum Commission, Egbert Faibille, has described petroleum data as a national asset which must be safeguarded through efficient data management systems for future benefit to the state. “It is a time-tested truth that oil and gas discoveries are the product of repeated use of data. This underscores the value of

Saudi Arabia has increased its oil production this month by 700,000 bpd to 10.70 million bpd, very close to its highest-ever production of 10.72 million bpd from November 2016, a Reuters survey showed on Friday in a clear sign that OPEC’s largest producer is making up for supply drops elsewhere within the cartel. Saudi Arabia’s

It has emerged that Seadrill Ghana Operations Limited is demanding $277 million from Tullow Oil Ghana Limited (TGL), a subsidiary of Tullow Oil Plc, in an arbitration process in London. The company, which filed claims in a Commercial Court in London – United Kingdom, is seeking a declaration that Tullow was not entitled to terminate

Government is on course to transform the country’s energy system away from fossil fuels towards energy efficiency and sustainable energies such as wind and biomass, a Deputy Minister for Energy, Joseph Cudjoe, has told parliament. Answer a question on plans to transform the country’s energy system away from fossil fuels, Joseph Cudjoe said by the

Oil company Tullow Oil has contracted a second rig to work on its drilling program and accelerate production growth in Ghana. Tullow is the operator of two fields located off Ghana, the Jubilee and Tweneboa, Enyenra, Ntomme (TEN). In addition to Maersk Drilling-owned Maersk Venturer drillship, which is already working off Ghana, Tullow has now