West Africa remains one of the most expensive regions in the world for oil drilling, making it increasingly difficult for African producers, particularly in Nigeria, to compete globally, according to Deloitte’s latest West African Oil Market Report. The report attributes the region’s high operating costs to elevated cost premiums faced by African independent oil producers....
Category: News
Post
Post
Ghana to Account for 20% of $80 Billion West African Oil Market Value by 2033
Ghana is projected to account for 20 percent of West Africa’s estimated $80 billion oil market value by 2033, according to Deloitte’s latest report on the West African Oil Market. This projection translates to a contribution of approximately $16 billion from Ghana to the region’s total market value over the next eight years. Nigeria, the...
Post
Chamber of Oil Marketing Companies Projects Drop in Fuel Prices as Global Crude and Forex Trends Improve.
The Chamber of Oil Marketing Companies (OMCs) has projected a marginal drop in fuel prices at the pumps during the October 16, 2025 pricing window, citing the decline in international crude oil prices and the recent appreciation of the cedi. According to data released by the Chamber, crude oil prices on the international market fell...
Post
PHDC Signs MoU with Chemexa Petrochemical Trading and Afdat Group of Companies for the Construction of Storage Tanks
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,...
Post
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...
Post
Fuel Prices Expected to Fall in October — CBOD Projects Relief for Consumers
The Chamber of Bulk Oil Distributors (CBOD) has projected a decline in fuel prices for the first pricing window of October 2025, citing a drop in international refined petroleum prices and a notable appreciation of the cedi against major trading currencies. In its latest market outlook report covering the period October 16–31, CBOD said the...
Post
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...
Post
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...
Post
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....
Post
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,...