Ghana has received yet another significant boost in its vision of establishing a state-of-the-art petroleum and petrochemical hub following the signing of a Memorandum of Understanding (MoU) between the Petroleum Hub Development Corporation (PHDC) and leading Egyptian firm, Chemexa Petrochemical Trading, along with its local partner, Afdat Group of Companies. Signed on Tuesday, October 14,...
Category: Energy
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Crude Oil and Refined Products Market Review and Outlook
During the pricing window under review, the international market price of crude oil declined by about 2.03% compared to the previous window. Increased production from both OPEC and non-OPEC member countries largely drove the price reduction, resulting in a higher supply relative to demand. It has been projected by the International Energy Agency (IEA) that...
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UTM Partners Global Engineering Giants to Deliver Nigeria’s First FLNG Project by 2029
The Group Managing Director and Chief Executive Officer of UTM Offshore Limited, Dr. Julius Rone, has reaffirmed the company’s commitment to delivering Nigeria’s first Floating Liquefied Natural Gas (FLNG) project by 2029, emphasizing that the initiative is being executed in collaboration with some of the world’s leading engineering and energy companies.Speaking at the just-ended African...
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Ghana’s oil output peaked in 2019 – PIAC warns of sharp production decline
Ghana’s oil production has been on a steady decline since peaking in 2019, raising serious concerns about the country’s future petroleum revenue and energy sustainability, according to the executive secretary of the Public Interest and Accountability Committee (PIAC) Isaac Dwamena. Speaking on JoyNews’ PM Express Business Edition on October 14, he revealed that Ghana recorded...
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Nigeria, Sahara, others unveil first fully owned floating oil terminal in 50 years
The NNPC Limited, Sahara Group, Eroton E&P, and Bilton Energy Ltd have unveiled Nigeria’s first wholly owned 2.2-million-barrel capacity Floating Storage and Offloading vessel, designed to drive sustained oil and gas production. In a statement seen by BusinessDay, the firms said the vessel is Nigeria’s first crude oil terminal to be commissioned in 50 years....
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PHDC Nears Partnership Agreement with Egyptian Consortium for Petroleum Hub Project
The Petroleum Hub Development Corporation (PHDC) is on the verge of finalising a partnership agreement with a consortium of leading Egyptian firms Chemexa Petrochemical Trading and Kaolin alongside the African International Alliance for Business and Sustainable Development and Ghana’s Adfat Group of Companies as local partners. The development follows a productive meeting held on Monday,...
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Energy Minister Engages Power Sector Stakeholders on Long-Term Strategies to Ensure Stable Power Supply
The Minister for Energy and Green Transition, Hon. John Jinapor, has held a strategic engagement with key stakeholders in the power sector aimed at sustaining and ensuring consistent electricity supply across the country. The meeting focused on developing comprehensive strategies and actionable plans to guide the sector from now through to 2030, with emphasis on...
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BOST Energies Leadership Pays Courtesy Call on Ga Mantse to Strengthen Collaboration
The leadership of BOST Energies has paid a courtesy visit to His Royal Majesty King Tackie Teiko Tsuru II, the Ga Mantse and President of the Ga Traditional Council, as part of efforts to deepen relations between the company and the Ga State.The delegation, led by Managing Director Afetsi Awoonor and Deputy Managing Director Adjoa...
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GRA Foils Attempted Diesel Diversion, Saves State GH¢2.3 Million in Revenue
The Ghana Revenue Authority (GRA), working in collaboration with the National Security Authority, has uncovered and intercepted a fuel diversion syndicate attempting to illegally reroute diesel meant for export. According to the GRA, the operation which thwarted what could have been a GH¢2.3 million tax loss involved 10 trucks loaded with approximately 540,000 litres of...
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PIAC criticises $100m cap on Stabilisation Fund, calls for compliance
The Public Interest and Accountability Committee (PIAC) has expressed concern over the government’s continued breach of the legal capping formula for the Ghana Stabilisation Fund (GSF), warning that the move undermines Ghana’s ability to withstand future fiscal shocks. According to PIAC’s 2025 Half year report, the government maintained a US$100 million cap on the Fund...