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...
Category: Oil and Gas
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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...
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Kadijah Amoah urges Africa to tap $250bn pension assets for oil and gas growth
At a time when global appetite for oil investments is shrinking under the weight of the energy transition, Kadijah Amoah, CEO of Pecan Energies Ghana, has issued a bold call for African nations to turn inward and leverage the continent’s own wealth to fund the future of its oil and gas sector. Speaking at the...
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Crude oil to average $60 per barrel in 2026 – World Bank
Crude oil is expected to average $60 per barrel in 2026, the World Bank has revealed in its latest Commodity Markets Outlook. This will be lower than the expected $68 per barrel in 2025, and will be favourable to inflation. According to the report, prices are forecast to fall further in 2026, as oil consumption...
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UK refined oil exports to Nigeria hit £1.5bn
Refined oil accounted for more than two-thirds of the United Kingdom’s total goods exports to Nigeria in the four quarters ending June 2025, rising sharply to £1.5bn, The PUNCH reports. This is according to the latest UK–Nigeria Trade and Investment Factsheet released by the UK Department for Business and Trade. The report, based on data...
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Nigeria’s earnings from crude fall 43% despite higher output
Nigeria’s gross profit from crude oil and gas sales fell by N824.66 billion in 2024 despite an increase in production, according to a new report from the Budget Office of the Federation.Figures in the fourth-quarter Budget Implementation Report show gross profit dropped to N1.08 trillion in 2024, down from N1.90 trillion the previous year —...
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Energy Consortium Secures $50 billion to Build Africa’s Second-Largest Refinery in Nigeria
Nigeria is set to consolidate its dominance in Africa’s oil refining landscape as an international energy consortium secured over $50 billion for the construction of a 500,000-barrel-per-day refinery and a 1,471-hectare free trade zone in Ondo state.Before this project, Algeria’s Skikda Refinery, with a capacity of about 356,500 barrels per day, held the title of...
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How Star Oil proved Ghana’s low-price fuel can be high-quality
Star Oil Ghana’s Chief Executive Officer, Philip Tieku, says the company’s steady rise to market leadership has exposed the long-held myth that low-priced fuel must mean poor quality. Speaking on JoyNews’ PM Express Business Edition with George Wiafe on Thursday, November 6, Mr Tieku said the results speak for themselves. “The jury is out there....
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Star Oil’s Rise to the Top Not Just About Pricing – CEO Philip Tieku
The Chief Executive Officer of Star Oil Ghana, Philip Tieku, has emphasized that the company’s emergence as Ghana’s leading oil marketing firm is the result of a broad strategic approach rather than merely competitive pricing.According to Mr. Tieku, Star Oil’s impressive growth stems from a deliberate combination of efficiency, innovation, and disciplined management. He highlighted...
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How Ghana Has Spent Its Oil Wealth Since 2011 — Fourteen Years On
How Ghana Has Spent Its Oil Wealth Since 2011 — Fourteen Years OnFourteen years after the first barrels of oil flowed from the Jubilee Field, Ghana’s petroleum story remains one of promise and underwhelming returns. Despite earning an estimated $11.58 billion from crude production since 2011, the sweeping transformation many anticipated has yet to materialize.The...