Nigeria’s crude oil production climbed marginally to 1.401 million barrels per day (bpd) in October, up from 1.39 million bpd recorded in September. This is according to the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Market Report (MOMR) released on Wednesday. Despite the modest increase, the report shows that Nigeria fell short of meeting...
Category: News
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Downstream petroleum market at a crossroads: Price pressures, competition shifts, and the urgent call for structural reform
Ghana’s downstream petroleum industry has grown into one of the most competitive and complex fuel markets in Africa. Over the past decade, reforms, private participation, and steady investments have redefined the way petroleum products are sourced, distributed, and sold across the country. With more than one hundred and eighty licensed Oil Marketing Companies(OMCs) operating from...
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From boardroom to courtroom: six Nigerian energy ministers arrested for alleged fraud
Nigeria’s energy sector — one of the largest contributors to the nation’s economy — has repeatedly been rocked by allegations of corruption, contract mismanagement, and abuse of office. Over the years, several ministers overseeing the petroleum and power portfolios have faced scrutiny from the Economic and Financial Crimes Commission (EFCC) or fallen out of favour...
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2026 Budget: CEMSE proposes $100m support for TOR crude purchases
The Centre for Environmental Management and Sustainable Energy (CEMSE) is proposing to the government to allocate $100 million in the upcoming 2026 national budget to support the purchase of crude oil for the Tema Oil Refinery (TOR). The government has already announced plans to restart crude oil refining at TOR by the end of this...
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Ethiopia selected over Nigeria to host COP32 climate summit in 2027
Ethiopia is set to host the United Nation’s COP32 climate summit in 2027 after edging out a rival bid from Nigeria. Richard Muyungi, the group chair of the African Group of Negotiators, told AFP that African nations have endorsed the move for Ethiopia to host COP32. He noted that the matter was discussed by the...
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Sierra Leone rides frontier exploration wave as Eni snares acreageItalian major moves fast to snap up five blocks, with eyes firmly on big Vega prospect
Sierra Leone has emerged from the exploration shadows cast by neighbouring Liberia and Ivory Coast after signing a major exploration deal with Eni that could see a wildcat drilled, possibly in 2026, on a huge deepwater structure that has been tantalising explorers for years. Italian energy company Eni has signed a major exploration agreement for...
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Government to Revive Tema Oil Refinery by End of 2025 to Cut $10.2bn Fuel Import Bill
The Government of Ghana has announced plans to restart crude oil refining operations at the Tema Oil Refinery (TOR) by the end of this year as part of a broader strategy to reduce the country’s annual USD 10.2 billion fuel import bill, stabilize domestic fuel prices, and conserve foreign exchange. Once operational, the refinery is...
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World Bank, Energy Ministry Deepen Collaboration on Ghana’s Power Reforms
The Minister of Energy and Green Transition, Hon. John Jinapor, on Monday 10th November received a delegation from the World Bank, led by Dr. Robert Taliercio, at his office in Accra to discuss ongoing reforms and future collaboration in Ghana’s energy sector. The meeting focused on strengthening partnership efforts aimed at improving efficiency, reducing system...
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Clean your house before raising tariffs — Abena Osei-Asare to ECG
Chairperson of Parliament’s Public Accounts Committee (PAC), Abena Osei-Asare, has urged the Electricity Company of Ghana (ECG) to address issues of financial mismanagement before making any further requests for tariff adjustments. Her comments follow deliberations at a PAC sitting that highlighted major discrepancies in ECG’s expenditure, as captured in the 2024 Auditor-General’s Report. The report...
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Welcome to the planet’s newest oil frontier
Off Brazil’s northeastern coast, where the sediment-heavy water of the vast Amazon River tips out into the Atlantic, are two very different types of treasure. The first is an ecological gem: a 3,600 square-mile deepwater coral reef discovered less than a decade ago. The second treasure puts the first in immediate danger. Billions of barrels...