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...
Category: News
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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...
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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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Kuwait strikes major offshore gas discovery in Persian Gulf
State-owned Kuwait Oil Co. made a “major” discovery in the Jazah natural gas field in the OPEC member’s offshore region. The initial exploration well recorded the highest production rate from a vertical well in the Minagish formation in Kuwait’s history,” KOC said in a statement on Oct. 13. The company has made similar announcements for...
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Guyana hits record three-quarter million barrels of oil per day
Total offshore production from Guyana’s Stabroek Block has hit over 700,000 barrels of oil per day, President of ExxonMobil Guyana Limited Alistair Routledge confirmed at a press briefing this morning. The start-up of the Yellowtail development is behind the spike. The project struck first oil on August 8. According to Routledge, Yellowtail production was “around...
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Guyana oil fund gets another US$133 million from oil sales in September
Guyana oil fund gets another US$133 million from oil sales in SeptemberGuyana received payments for two cargoes of crude oil in September 2025, totaling US$133 million (approximately GY$28 billion). The shipments, lifted from the Payara and Liza 1 projects, reflect the continued strength of the country’s oil production profile and the steady flow of revenue...
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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...