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: Oil and Gas
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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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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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Ukraine and Russia’s intensifying energy war brings gas shortages and economic pain
Almost 900 miles from Ukraine’s borders, a fire erupted at a Russian oil refinery on Saturday. The blaze – a result of a strike by Ukrainian long-range drones, according to sources in the country’s security services – was the third at the facility in the last month alone. It was just the latest episode in...
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StarOil Commissions First-Ever AI Smart Lab in Bleamezado
StarOil Ghana has commissioned an ultra-modern Artificial Intelligence (AI) Smart Lab at Kaledzi Memorial Basic School in Bleamezado, Volta Region, as part of its corporate social responsibility and ongoing commitment to promoting education through technology. The initiative, undertaken in partnership with the Coral Reef Innovation Hub, was officially launched on Monday, October 6, 2025, and...
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Petroleum Revenues Drop 56% in H1 2025 to $370.34m
Ghana’s petroleum receipts for the first half of 2025 fell sharply by 56 percent year-on-year, according to the Public Interest and Accountability Committee (PIAC) in its 2025 Semi-Annual Report on the utilisation of revenue from the country’s crude oil production. The report revealed that a total of US$370,343,681.17 was lodged into the Petroleum Holding Fund...
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Ghana’s Crude Oil Output Dips by 25.9% in First Half of 2025
Ghana’s crude oil production declined sharply by 25.92 percent year-on-year in the first half of 2025, according to the Public Interest and Accountability Committee (PIAC). The Committee’s 2025 Semi-Annual Report on the management and use of petroleum revenues revealed that total output from the country’s three producing offshore fields — Jubilee, TEN, and Sankofa-Gye Nyame...